Global

Details

  • Service: Audit, IFRS
  • Industry: Financial Services, Capital Markets, Banking
  • Type: Business and industry issue
  • Date: 1/8/2014

IFRS Newsletter: Banking - issue 12, Q4 2013 

The Bank Statement is KPMG’s IFRS Banking Newsletter produced by the International Standards Group and IFRS banking specialists around the KPMG network. It is a quarterly publication that provides updates on IFRS developments directly impacting banks, considers accounting issues affecting the sector, and discusses potential accounting implications of regulatory developments.
cover image
Download Now
PDF files require Adobe Reader to view

Highlights:

  • The IASB issued a new general hedge accounting model – part of IFRS 9 Financial Instruments (2013) – which will align hedge accounting more closely with risk management.
  • The mandatory effective date for the application of IFRS 9 Financial Instruments will be no earlier than annual periods beginning on or after 1 January 2017.
  • Deliberations continue on some of the key aspects of the IASB’s proposals for expected credit losses and classification and measurement to form part of the future financial instruments standard.
  • Non-EU banks have already applied IFRS 10 Consolidated Financial Statements, which is effective for annual periods beginning on or after 1 January 2013. We discuss some of the learning points from the first year of implementation.
  • The European Central Bank is to perform an asset quality review of the eurozone’s most significant 130 banks. We consider some possible accounting implications.

 

Related links:

 

    To receive the IFRS Newsletter: Banking alert, please register to the site.
IFRS banking news - Receive newsletters and briefings from KPMG IFRG to update you on accounting and reporting developments in the banking sector. 

Share this

Share this
  • Subscribe to related feeds