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International Financial Reporting Standards (IFRS): IFRS 17 - Insurance Contracts
This briefing, prepared for a scrutiny session of the ECON Committee, provides background on the International Financial Reporting Standard (IFRS) 17 Insurance Contracts which will have a major impact on the accounting of insurance companies. IFRS 17 was issued by the IASB in 2017; the Parliament adopted a resolution on 3 October 2018. As some remaining issues were raised at EU level, the IASB has issued amendments to IFRS 17 on 25 June 2020. The next step for endorsement was the EFRAG's consultation ...
Plenary round-up – Brussels, November II 2017
The adoption of the 2018 budget was one of the main points of the November II plenary session. It also included debates on the State of Energy Union 2017 and the situation in Yemen, with a resolution adopted on the latter. Members addressed an oral question to the European Commission regarding negotiations for a Convention establishing a multilateral court for the settlement of investment disputes (MIC). Members also adopted, inter alia, reports on transnational arrangements for mitigating the impact ...
Arrangements for mitigating the impact of IFRS 9
The legislative proposal regarding transitional arrangements for mitigating the impact of international financial reporting standard (IFRS) 9 on financial institutions' regulatory capital is scheduled to be voted in the November II plenary session. These arrangements should enter into force before the start of the mandatory application of IFRS 9, on 1 January 2018. Therefore, the European Parliament and the Council had agreed to adopt them using a rapid procedure.
Provisioning policies for non-performing loans: How to best ensure a “clean balance sheet”?
In view of a regular public hearing with the Chair of the Supervisory Board of the ECB in ECON on 9 November 2017, some academic experts for banking supervision were asked to assess which provisioning practices best ensure from a prudential perspective that banks present “sound and clean balance sheets” that do not carry uncovered or hidden losses. Some of the points raised by the experts in their briefing papers are highlighted in the following summary.
Information on IFRS (International Accounting Standards)
International Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). The EU has to endorse IFRS 'as they are' in order to be fully compliant. Non-endorsement or carve-outs are possible, but EU firms have still to comply with the full IFRS if they want to benefit from IFRS’ global acceptance, e.g. in the US, permitting a European company to use IFRS only without the need to adapt the accounting to national generally ...
The Relationship between Banking Supervisors and Banks' External Auditors
The briefing prepared by the Economic Governance Support Unit sketches the different roles that banking supervisors and banks' external auditors fulfil, outlines the need and extent to which they currently exchange information, and explains why in future they shall establish a more formal effective dialogue. Responsibilities for the enforcement of accounting rules and the review of accounting rules are briefly set out as well.
The Basis of the Endorsement Procedure for IFRS Accounting Standards
international Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). In order to become binding law in the EU, they must be ‘endorsed’ in a specific procedure prescribed in Article 3(1) and 6 Regulation No 1606/2002 and Articles 5a(1)-(4) and Articles 10-11 Council Decision 1999/468/EC, i.e. the ‘Regulatory Procedure with Scrutiny’. All standards and interpretations are adopted as Commission Regulations to have ...
IFRS Accounting Standards Endorsement Procedure
International Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). In order to become binding law in the EU, they must be ‘endorsed’ in a specific procedure prescribed in Article 3(1) and 6 Regulation No 1606/2002 and Articles 5a(1)-(4) and Article 10-11 Council Decision 1999/468/EC, i.e. the ‘Regulatory Procedure with Scrutiny’. All standards and interpretations are adopted as Commission Regulations to have ...