Accounting, actuarial and auditing

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IFRS 17 Insurance Contracts: What Supervisors Need to Know

TC note discusses amendments to IFRS

Toronto Centre Note covers the amendments to IFRS 17 issued in June 2020 (see Appendix 1) and the plans that insurance supervisors need to develop and implement to facilitate a smooth transition to IFRS 17. It is based upon the final Standard as amended and a review of publicly-available resources to glean the insights of insurers and professionals involved in the implementation of IFRS 17. This Note discusses: i) how the key features of the Standards have been designed to meet the IASB's objectives; ii) the potential implications for insurers applying IFRS 17; iii) considerations of the adoption of IFRS 17 for regulatory and supervisory purposes based on the guidance of the Insurance Core Principles (ICPs) of the IAIS; and iv) the need for supervisors to understand the impact and steps to ensure preparedness and adequate supervisory oversight of transition and implementation.

Publisher: Toronto Centre Release date: Nov 2020

Type: TC Notes

Topics: Accounting, actuarial and auditing , Transparency and disclosure

Sectors: Insurance

Supervisory Responses to the Impact of COVID-19 on Credit Quality

TC note discusses immediate and long-term options for banking supervisors in light of COVID-19

Toronto Centre Note discusses some of the immediate and medium-term options for banking supervisors in response to the COVID-19 outbreak. It covers the application of accounting standards, the calculation of regulatory capital, and some practical advice for the actions that supervisors should be taking. One key message to supervisors is that they should ensure that banks are judicious in the use they make of the flexibility offered by accounting standards.

Publisher: Toronto Centre Release date: Apr 2020

Type: TC Notes

Topics: Crisis management and contingency planning, Accounting, actuarial and auditing , Capital adequacy, COVID-19

Sectors: Banking

PRA's Approach to Enforcement: Statutory Statements of Policy and Procedure

Update of BOE policy first published in 2013

Bank of England (BOE) Prudential Regulation Authority (PRA) policy statement on how it will exercise disciplinary powers over external auditors and actuaries.

Publisher: National Regulators Release date: Oct 2019 Country: United Kingdom

Type: Law, Regulation and Policy

Topics: Accounting, actuarial and auditing , Early intervention and enforcement

Sectors: Banking

Guidelines on Disclosure of Non-Performing and Forborne Exposures

EBA guidelines provide better picture of the quality of the banks' assets

European Banking Authority guidelines set enhanced disclosure requirements and uniform disclosure formats applicable to credit institutions' public disclosure of information regarding non-performing exposures, forborne exposures and foreclosed assets.

Publisher: Regional Standard-Setting Bodies Release date: Dec 2018

Type: Guideline

Peer: Supervisory Reporting on Forbearance and Nonperforming Exposures , Guidelines on Management of Non-Performing and Forborne Exposures

Topics: Credit risk, Transparency and disclosure, Accounting, actuarial and auditing , Asset classification and provisioning

Sectors: Banking

Guidelines on Management of Non-Performing and Forborne Exposures

EBA guidelines on how to manage non-performing exposures

European Banking Authority guidelines on how to manage non-performing exposures (NPEs) and forborne exposures (FBEs). Guidelines target high NPE banks with the aim of achieving a sustainable reduction of NPEs.

Publisher: Regional Standard-Setting Bodies Release date: Oct 2018

Type: Guideline

Peer: Supervisory Reporting on Forbearance and Nonperforming Exposures , Guidelines on Disclosure of Non-Performing and Forborne Exposures

Topics: Credit risk, Asset classification and provisioning, Transparency and disclosure, Accounting, actuarial and auditing

Sectors: Banking

The Identification and Measurement of Nonperforming Assets: A Cross-Country Comparison

FSI Insights paper describes accounting and regulatory treatment of problem assets across a range of countries

Financial Stability Institute paper sets out the importance of timely recognition and loss provisioning on banks' balance sheets of non-performing assets (NPAs). Describes the role of prudential regulation and supervision in facilitating the prompt identification and measurement of NPAs, based in part on a cross-country survey. Outlines key differences in accounting standards on problem assets and provisioning across jurisdictions. Sets out policy options to enhance identification and measurement of NPAs.

Publisher: International Organizations Release date: Apr 2018

Type: Consultative, discussion and issues paper

Topics: Credit risk, Transparency and disclosure, Accounting, actuarial and auditing , Asset classification and provisioning, Capital adequacy

Sectors: Banking

Addendum to the ECB Guidance to Banks on Nonperforming Loans

ECB report on prudential provisioning backstop for non-performing exposures

European Central Bank addendum reinforces and supplements its Guidance to Banks on Non-Performing Loans by specifying quantitative supervisory expectations concerning the minimum levels of prudential provisions expected for non-performing exposures (NPEs). The expectations are based on the length of time an exposure has been classified as non-performing as well as the collateral held (if any). The measures are "prudential provisioning backstops" aimed at a prudent treatment of NPEs and avoiding the excessive build-up of non-covered, aged NPEs on banks' balance sheets.

Publisher: Regional Standard-Setting Bodies Release date: Mar 2018

Type: Consultative, discussion and issues paper

Peer: Guidance to Banks on Non-Performing Loans

Topics: Accounting, actuarial and auditing , Transparency and disclosure, Credit risk

Sectors: Banking

Actuarial Review of Insurer Insolvencies and Future Preventions

CIA, CAS and SOA study examines root causes of insolvencies

Canadian Institute of Actuaries, Casualty Actuarial Society, and Society of Actuaries study looks at causes of insolvencies and decisions made by management, regulators and policyholders over the life cycle of an insurance insolvency.

Publisher: Others Release date: Jan 2018

Type: Consultative, discussion and issues paper

Topics: Accounting, actuarial and auditing , Capital adequacy, Recovery and resolution

Sectors: Insurance

Canada Bank Capital Adequacy Requirements

OSFI risk-based capital adequacy guidelines

Office of the Superintendent of Financial Institutions of Canada final guideline on domestic implementation of two global capital adequacy standards issued by Basel Committee on Banking Supervision. Sets out discretionary approach to implementation of Basel III countercyclical buffer regime as well as guidance on application of BCBS's requirements that institutions hold adequate capital against equity investments in funds. Clarifies how the guidelines apply to federal credit unions, and treatment of allowances in anticipation of the adoption of IFRS 9 by deposit-taking institutions in 2018.

Publisher: National Regulators Release date: Nov 2017 Country: Canada

Type: Guideline

Parent: Countercyclical Capital Buffer Implementation

Topics: Capital adequacy, Accounting, actuarial and auditing , Macroprudential

Sectors: Banking

Methods of Prudential Consolidation

EBA consolidation sets out different methods of prudential consolidation

European Banking Authority consultation on draft Regulatory Technical Standards specifying the different methods of prudential consolidation which can be applied when certain conditions and criteria are met. Aims to ensure that appropriate method of prudential consolidation is applied for the calculation of the European Union's Capital Requirements Regulation (CRR) requirements on a consolidated basis. Addresses different methods of consolidation: full consolidation, proportional consolidation, aggregation method, and the equity method.

Publisher: Regional Standard-Setting Bodies Release date: Nov 2017

Type: Consultative, discussion and issues paper

Parent: Capital Requirements Regulation - CRR

Topics: Consolidated supervision, Accounting, actuarial and auditing

Sectors: Banking, Securities

Deadline for comments: Feb 2018

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Resources

382 records

IFRS 17 Insurance Contracts: What Supervisors Need to Know

Supervisory Responses to the Impact of COVID-19 on Credit Quality

PRA's Approach to Enforcement: Statutory Statements of Policy and Procedure

Guidelines on Disclosure of Non-Performing and Forborne Exposures

Guidelines on Management of Non-Performing and Forborne Exposures

The Identification and Measurement of Nonperforming Assets: A Cross-Country Comparison

Addendum to the ECB Guidance to Banks on Nonperforming Loans

Actuarial Review of Insurer Insolvencies and Future Preventions

Canada Bank Capital Adequacy Requirements

Methods of Prudential Consolidation

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