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Accounting

IBFed responds to IASB Agenda Consultation - 30/11/11

IBFed has responded to the IASB's Agenda Consultation 2011.
In the letter we suggested that the standards on impairment and hedging should be given the highest priority so they can be completed within the short term envisaged by the G20. We also noted that the Board should focus on enhancing the consistency of application of IFRS. In addition, we highlighted that enhancement of the Conceptual Framework is a prerequisite for setting standards that are principles based, internally consistent and internationally converged.
The IBFed letter is available here.

 

IBFed responds to IFRS Foundation Trustees’ Strategy Review - 09/08/11

IBFed has provided its views to the IFRS Foundation on the Trustees’ Strategic Review. We have commented on four aspects of  their strategy – its mission, including the public interest in its work, its governance, the process and procedures used by the Foundation and the IASB, and its financing.
In addition, we have highlighted that the key challenge is the need to reappraise the balance between the IASB’s independence and the arrangements underpinning the IFRS Foundation’s public accountability.
The IBFed letter is available here.

 

IFRS Monitoring Board Consultative Report on the Governance Review - 11/05/11 

IBFed has responded to an IFRS Monitoring Board Consultative Report on its Review of the governance of the IASB.  In the response to the IFRS Foundation, IBFed commented on the importance of the governance framework to ensure that the IASB’s standards meet broader policy imperatives and to ensure that due process is appropriately designed and followed in practice.  Also, IBFed underlined the need for the conclusions of the Monitoring Board review to be consistent with the Trustees strategic review and vice versa.

  

IASB Hedge Accounting – 11/03/11

IBFed has submitted its response to the IASB’s Exposure Draft on Hedge Accounting.  IBFed expressed support for principles that increase stakeholders’ understanding of risk management activities and identified a number of technical amendments to enhance the operability of the proposals.  IBFed will continue to engage with the IASB on this issue, including reviewing the IASB’s forthcoming proposals on macro-hedging.

The IBFed letter is available here.

 

IBFed comments on IFRS Trustees’ Strategic Review – 04/03/11

IBFed has provided its views to the IFRS Foundation on the Trustees’ strategic review of the IASB’s activities.  In doing so, IBFed supported further development of the governance of the IFRS Foundation and commented on the importance of developing high quality international financial reporting standards set within the context of the broader regulatory environment and macroeconomic considerations including financial stability.  IBFed also underlined the importance of finding the right balance between accounting purity and ease of application.

The IBFed comment is available here.

 

Comments on IASB Consultation Paper: Effective Dates and Transition Methods – 31/01/11 

IBFed has provided views to the IASB on the appropriate Effective Dates and Transition Methods for a range of new IFRSs and improvements to existing IFRSs, including IFRS 9.

In responding, IBFed has supported a single date approach for key standards impacting on financial institutions and pointed out a vital need to provide further transitional assistance.  In addition, IBFed expressed a preference for the IASB and FASB to align the effective dates for comparable standards.

The IBFed letter is available here.

 

Comments on IASB Exposure Draft: Amortised Cost and Impairment – 30/06/10

In response to the International Accounting Standards Board (IASB)’s Exposure Draft on Amortised Cost and Impairment, IBFed has set out important industry concerns about the practicality of the IASB’s proposed model.  Whilst expressing general support for the Expected Loss approach, IBFed has stressed the importance of consistency with the current accounting methodology and banking practice.  In particular, IBFed expressed concern about changes to the calculation of interest rate risk and credit risk, the departure from the way banks manage their portfolios, and the different treatment of individually impaired loans from the current accounting standards.

The IBFed comment is available here.

 

IBFed writes to new IASC Trustee Chairman - 24/04/08

IBFed supports improvements to IASB governance and accountability arrangements but expresses concern about plans for the measurement of financial instruments.

IBFed news release is available here.  IBFed letter to new IASC Trustee Chairmans is available here.

 

IBFed’s Conceptual Paper for Accounting for Financial Instruments – 09/04/08

IBFed has responded to the International Accounting Standards Board (IASB) discussion paper on reducing complexity in financial statements.  In responding, IBFed included a conceptual paper on the extent to which the fair value measurement meets the needs of the user community and the objectives of financial reporting.  The conceptual paper represents an initial response on the relative merits of fair value and mixed measurement when used as the primary measurement basis for the published financial statements such as annual reports.

Here is the IBFed press release and here is the conceptual paper on Accounting for financial instruments.

 
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