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EBA Comments on IASB's 2015 Agenda Consultation

Core Content

The European Banking Authority (EBA) has provided feedback on the International Accounting Standards Board (IASB)'s Request for Views: 2015 Agenda Consultation. The EBA emphasizes the importance of high-quality, transparent, and comparable accounting and disclosure standards for the banking and financial industry, which are essential for strengthening market discipline.

Main Views and Key Points

1. Support for Completed Standards

The EBA welcomes the completion of IFRS 9 Financial Instruments, which was long-awaited and aligns with its previous recommendations. This standard is seen as a significant improvement in financial reporting post-financial crisis.

2. Priority for Existing Projects

The EBA supports the IASB in giving higher priority to the completion of existing major projects, including:

• Revised Insurance Contracts Standards
• New Standard on Leases
• Conceptual Framework

It also recommends that the IASB considers any additional work required due to the implications of the updated Conceptual Framework on existing standards.

3. Recommendations for Development Stage Projects

The EBA agrees with the proposed research projects in development and suggests prioritizing the following:

• Dynamic Risk Management: This project is vital for banks, as it complements IFRS 9 and will provide a comprehensive set of rules for financial instruments.
• Financial Instruments with Characteristics of Equity: The EBA highlights ongoing challenges and complexity in the classification of these instruments, especially regarding the equity-liability distinction and the introduction of "economic compulsion" into the liability definition.
• Disclosure Initiative – Principles of Disclosure: The EBA encourages the IASB to leverage existing work to complete this initiative, which is crucial for improving transparency in financial reporting.

4. Focus on Assessment Stage Projects

The EBA also recommends that the IASB prioritize projects currently at the assessment stage, such as:

• Provisions, Contingent Liabilities and Contingent Assets
• Discount Rates
• Goodwill and Impairment

These projects are considered important for improving the accuracy and consistency of financial reporting.

5. Need for Transparency and Resource Allocation

The EBA calls for more transparency in the IASB's process for developing the work plan, making decisions on project selection, timelines, and resource allocation. It believes that such transparency will help stakeholders understand the rationale behind the IASB's decisions and lead to greater public acceptance of the standards.

6. Support for the Three-Year Agenda Cycle

Despite acknowledging the burden of the three-year consultation cycle, the EBA supports it as an appropriate frequency. It notes that the time between decisions following each consultation has expanded beyond three years, and the cycle allows for timely stakeholder input to ensure the relevance of the IASB's agenda.

Conclusion

The EBA's comments reflect a strong endorsement of the IASB's efforts to improve the standard-setting process by basing it on evidence of need and ensuring consistency and transparency. It encourages the IASB to prioritize existing projects, address ongoing challenges, and maintain a balanced and timely agenda development process.