United States

Q3 2014 Issue of The Bank Statement

Oct 13, 2014
From the Financial Reporting Network and the IFRS Institute

KPMG’s ISG recently published the Q3 2014 issue of The Bank Statement to update readers about IFRS developments and accounting issues that affect the banking sector, and to discuss the potential implications of regulatory developments. The issue reports that the IASB issued IFRS 9, Financial Instruments, which is effective for annual periods beginning on or after January 1, 2018, and is applied retrospectively with some exemptions. The issue also discusses the new revenue recognition model under IFRS 15, Revenue from Contracts with Customers, and highlights certain key effects that may be of interest to the banking sector. Finally, the issue discusses the second report that the Enhanced Disclosures Task Force (EDTF) issued about the progress that banks have made in implementing the EDTF’s 2012 recommendations about disclosures.

Read KPMG ISG’s Newsletter – The Bank Statement