EACT report on Regulatory Issues – February 2014
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The IASB published the long-awaited standard on hedge accounting in November. The changes have been widely accepted by preparers as an improvement. The new guidance provides relief from the ‘rules-based’ approach in IAS 39 and is likely to allow hedge accounting in more circumstances. It is expected that most corporates will adopt IFRS 9 to take advantage of the positive changes it introduces.
In general, IFRS 9 is good news, and its adoption will result ...Continue Reading »
As many IACT members will be aware, some initial obligations under the European Market Implementation Regulation (EMIR) commence with effect from Friday, 15 March 2013. We attach a briefing note highlighting some of the key implementation dates relevant to non-financial counterparties.
The Association of Corporate Treasurers in the UK has also prepared a more general EMIR briefing note and a webinar. These can be accessed from the ACT website on the following link:
The Irish Association of Corporate Treasurers (IACT) appreciates the opportunity to comment on the ESMA “Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories”.
The IACT supports the overall aim of the technical standards being the reduction of risk through the use of sound and resilient practices and appropriate risk mitigation techniques. However, we are concerned that there are a number of aspects of the proposals which, if applied in the context of a non financial counterparty ...Continue Reading »
On 25th June, the European Securities and Markets Authority (ESMA) published its draft proposals for improving the functioning of the derivatives markets in the European Union. The European Markets Infrastructure Regulations (EMIR) aim to reduce risk through the use of sound and resilient central clearing firms, increase transparency through mandatory trade notification mechanisms and reduce counterparty risk through appropriate risk mitigation techniques.
This members’ update is for general information only and ...Continue Reading »
The Accounting Standards Board published its most recent proposals on the future shape and direction of Irish GAAP earlier in the week. While less radical than previous drafts, it does contain a number of mandatory changes as well as some optional elections that may serve to simplify the traditional corporate financial reporting structure.
This members’ update is for general information only and should not be regarded as a substitute for tax, legal or ...Continue Reading »
Some more information and detail on the proposals to change lease accounting emerged last week. The two areas covered were the circumstances where profit can be recognised by lessors on entering a lease and dealing with uncertainties.
Lessors will account for leases using a “receivable and residual” approach. Under this approach, a lessor would derecognize the underlying asset and record a ...Continue Reading »
In response to the request for comment, the European Association of Corporate Treasurers (EACT) has submitted a letter to the International Accounting Standards Board (IASB) in respect of their proposal to overhaul the accounting rules in relation to hedge accounting.
While supportive of the IASB’s endeavours and aims, the comment letter does make a number of points from its membership where it considers that the proposals may not go far enough.
The International Accounting Standards Board (IASB) has issued an exposure draft that proposes to overhaul the current requirements for hedge accounting under IFRS. The proposals address general hedging of financial and non-financial items and relaxes many of the onerous requirements of the existing rules that prohibited economically sensible risk management practices from achieving hedge accounting. The key provisions include