FSB reports to G20
30 Nov 2018
In the context of the 2018 G20 Buenos Aires summit, the Financial Stability Board has released its fourth annual report on the implementation and effects of the G20 financial regulatory reforms and a letter by the FSB Chair to the G20 Leaders.
In the annual report, the FSB especially notes expected loan loss provisioning (IFRS 9 and the FASB's current expected credit loss model). The FSB has asked the standard-setters to monitor the consistent implementation of their standards. The annual report also notes IFRS 17 as setting out a single, consistent approach to accounting for insurance contracts.
In his letter to G20 Leaders, the FSB Chair especially comments on mitigating the financial stability risks from climate change through the Taskforce on Climate-related Financial Disclosures (TCFD). He notes "encouraging progress" and that a many companies are already reporting against some of the recommendations. The letter states: "Adoption can be expected to widen and improve as the private sector refines emerging good practice in efficient, decision-useful material climate-related financial disclosure."
Please click for the two documents on the FSB website:
