• 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.
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  • 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.


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