PRA Dear CFO letter – Transition disclosures for IFRS 9 ‘Financial Instruments’

The PRA has published a Dear CFO letter setting out its expectations as to the minimum transition disclosures for International Financial Reporting Standard 9’s expected credit loss accounting (ECL) requirements. The Dear CFO letter is addressed to the larger UK-headquartered credit institutions (Barclays Bank, HSBC, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland, Santander UK and Standard Chartered Bank). The expectations the PRA sets out in the Dear CFO letter are likely to be of some relevance to other credit institutions, particularly those that manage their investor-base actively but, as the PRA has not discussed transition disclosure with those firms, it is not addressing the expectations to them. The Dear CFO letter covers: the objective of transition disclosures. The objective is to help market participants understand how ECL works, what its implications are, and what the implications are of the choices the firm has made in implementing…

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