Australian bank regulator makes IFRS proposals
01 Dec 2005
The Australian Prudential Regulation Authority (APRA) has issued a consultation package outlining its proposed prudential response to the adoption of IFRSs in Australia by deposit-taking institutions and general insurers.
APRA's approach addresses a range of issues including fair value measurement, excess of market value over net assets (EMVONA) employer sponsored defined benefit superannuation fund surpluses and deficits, and loan loss provisioning. APRA's Chairman, Dr John Laker, said:
The consultation package includes draft prudential standards, guidance notes, and reporting forms. Comments are due by 16 January 2006. The standards will come into force from 1 July 2006.
APRA's approach seeks to align its prudential and reporting standards with IFRS-based financial reports to the extent practicable.... Where APRA has chosen to depart from accounting standards, it has done so in the interests of depositors and policyholders and after taking into account the approach of other prudential regulators. |
- (PDF 15k)
- Draft Prudential Standards and Guidance Notes for Deposit-taking Institutions (Link to APRA Website)
- Draft IFRS Reporting Forms for Deposit-taking Institutions (Link to APRA Website)
- Draft IFRS Reporting Forms for Registered Financial Corporations (Link to APRA Website)