Tara Kengla, Ernst & Young LLP

The EY biannual European International Financial Reporting Standards (IFRS) banking conference on 8 November 2018 in London was attended by over sixty banks and regulators from across twenty different countries. The discussions included the ongoing challenges arising from the changes to accounting and regulatory rules and other developments affecting the banking industry.

The event included sessions on a number of topics, including points of view from banks, and regulators:

  • An update on recent International Accounting Standard Board (IASB) activities impacting banks
  • An update from the European Banking Authority (EBA)
  • Key accounting challenges for banks impacted by IFRS 17 Insurance Contracts
  • Discussion and insights regarding the navigation of IFRS 9 Financial Instruments post transition
  • Key accounting challenges arising from IFRS 16 Leases
  • Challenges and considerations associated with the global transition of interbank offered rates (IBORs) to alternative reference rates
  • The latest developments on Brexit and its implications for prudential and financial reporting
  • An update on guidance from the Prudential Regulation Authority (PRA) and the European Central Bank (ECB)

This magazine provides a high-level summary of insights from discussions with leading specialists and peers across the European banking industry, as well as the findings of real-time polls undertaken during the conference.

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