This newsletter looks at IFRS and regulatory matters affecting accounting by banks
It provides an update on IFRS developments that directly impact banks, and considers the potential accounting implications of regulatory requirements.
Over the past few decades, the London inter-bank offered rate (LIBOR) has been a cornerstone of the global financial markets.
However, in a recent speech the chief executive of the Financial Conduct Authority (FCA) in the UK indicated that market participants should prepare for the likelihood that LIBOR will cease to exist in its current form by the end of 2021.
“Armed with the knowledge of the likely LIBOR reforms, market participants have already started to think about the possible actions that they would need to take.”
Shandhir Lachman and Colin Martin, KPMG in the UK
This newsletter explores some of the potential accounting impacts.
We look at capital management disclosures made by banks as part of their audited 2016 annual financial statements.
This issue also includes our regular sections on IFRS 9 and the IASB’s activities, as well as the recent US tax reforms’ potential impact on 2017 financial statements.