The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

IASB Indicates Will Expedite Overhaul of IAS39 in Line with EU Government Requests

Following complaints by European Union finance ministers about a disparity between accounting standards in the region and the US, the International Accounting Standards Board (IASB) has indicated that it will speed up the decision making process with regards to altering the rules in question. The IASB had originally planned a revision of IAS39 to be published in October, but has this week said a draft of the revisions will be available by July.

Earlier this year, the US Financial Accounting Standards Board (FASB) relaxed the rules for mark to market accounting in order to give more leeway to financial institutions when valuing hard to value assets in illiquid markets. As a result, European ministers, including Italy’s Finance Minister Giulio Tremonti and French Finance Minister Christine Lagarde, have voiced concerns about the region’s banks being put at a disadvantage if the same rules do not apply in all jurisdictions.

This prompted the IASB to issue a statement that it would revise the rules by October, but this was deemed to be too slow by politicians. Accordingly, the standards body has expedited the process so that the rules will be in place before banks are required to compile their 2009 annual reports.

Related content

WEBINAR

Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...

BLOG

GLEIF LEI Search 2.0 and API Offer Customised, Automated Access to Rich LEI Data

The Global LEI Foundation (GLEIF) has responded to industry demand for customised, automated access to rich LEI data with LEI Search 2.0 and an API that allows third-party developers to automate searches and retrieve open, higher quality LEI data from within their application environments. LEI Search 2.0 expands the number of search parameters available, providing...

EVENT

RegTech Summit APAC

RegTech Summit APAC will explore the current regulatory environment in Asia Pacific, the impact of COVID on the RegTech industry and the extent to which the pandemic has acted a catalyst for RegTech adoption in financial markets.

GUIDE

Entity Data Management & the LEI

Just over a year since the Financial Stability Board handed over leadership and direction of the interim Global Legal Entity Identifier System – or GLEIS – to the Regulatory Oversight Committee (ROC) of the LEI the entity identifier is being used for reporting under European Market Infrastructure Regulation. This report discusses recent developments in the...