Interpretative Communication from the European Commission which clarifies the flexibility available in IFRS 9 and explains how that can maintain the flow of liquidity to EU households and businesses.
Coronavirus in Europe
Discover what you need to know from ICAEW in Europe.
Public statement from the European Securities and Markets Authority (ESMA) commenting on the timeliness of fulfilling the external audit requirements for interest rate benchmark administrators and contributors. ESMA expects National Competent Authorities (NCAs) not to prioritise supervisory actions against administrators and supervised contributors relating to the timeliness of fulfilling those audit requirements where the audits are carried out by 30 September 2020.
Technical clarification issued by the Basel Committee on Banking Supervision with questions and answers on treatment of extraordinary support measures related to COVID-19, expected credit loss accounting, and transitional arrangements for expected credit loss accounting.
Statement issued by the International Organization of Securities Commissions (IOSCO) addressing the application of accounting for expected credit losses (ECL) in accordance with IFRS 9 during the COVID-19 outbreak.
The European Securities and Markets Authority's (ESMA) updated risk dashboard shows large equity market corrections since mid-February 2020, with corporate bond, government bond markets and a number of investment funds also under stress. Market infrastructures have however continued to function normally despite significant surges in trading activity, the use of circuit breakers and increases in derivatives margins.
EBA provides additional clarity on measures to mitigate the impact of COVID-19 on the EU banking sector
The European Banking Authority (EBA) has issued a new statement setting out expectations in relation to dividend and remuneration policies as well as providing additional guidance on how to use flexibility in supervisory reporting. The Authority has also recalled the importance of measures to prevent money laundering and terrorist financing.
Coronavirus: Commission Statement on consulting Member States on the proposal to extend State aid Temporary Framework
The European Commission has proposed to extend the State Aid Temporary Framework to cover five additional types of aid supporting coronavirus-related research and development; construction and upgrading of testing facilities; production of products relevant to tackle to coronavirus outbreak; deferral of tax payments and/or suspensions of employers' social security contributions; and wage subsidies for employees. It has also temporarily removed all countries from the list of 'marketable risk' countries under the Short-term export-credit Communication.
Recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure - Coronavirus/COVID-19
EIOPA, a EU financial regulatory institution contributing to public confidence in the insurance and occupational pensions sectors, has issued recommendations on supervisory flexibility regarding the reporting and public disclosure deadlines for the sector in light of coronavirus (COVID-19).
The European Banking Authority (EBA), part of the European System of Financial Supervision, has issued a statement the actions being taken to mitigate the impact of COVID-19 on the EU banking sector. The EBA calls on all competent authorities to make full use of the flexibility embedded in existing regulation.
To help counteract the negative impact of coronavirus (COVID-19), Accountancy Europe is collecting all resources relevant for European professional accountants and they will keep adding to the list. It includes guidance from member bodies (organised by country), as well as information from public authorities and firms.
A collection of inspiring content from the Chartered Accountants Worldwide network created in response to the challenges of the Coronavirus pandemic.
The European Investment Bank (EIB) has announced a series of measures to mobilise funding and support to help ensure that SMEs have access to capital for as long as necessary.
Hub created by the European Association of Development Agencies (EURADA) highlighting national measures to support SMEs, EU institution responses and other global initiatives. The organisation has also compiled a spreadsheet showing a complete list of measures as well as a document listing the most frequent measures across EU countries.
The European Central Bank (ECB) is committed to supporting every citizen of the euro area. A temporary pandemic emergency purchase programme (PEPP) has been designed to counter the serious risks posed by coronavirus (COVID-19).
The European Centre for Disease Prevention and Control (ECDC) is closely monitoring the coronavirus (COVID-19) outbreak, providing risk assessments, public health guidance, and advice on response activities.
The European Commission's response to the COVID-19 outbreak includes reinforcing public health sectors, mitigating socio-economic impact and providing objective information to contain the virus.
The European Securities and Markets Authority (ESMA) works to safeguard the stability of the European Union's financial system, currently facing the threat of COVID-19. Their mission is to enhance investor protection and promote a stable and orderly financial market.
Guide to the government assistance packages from 38 countries by INSOL International, the international association of restructuring, insolvency and bankruptcy professionals. The individual country guides present a clearly presented overview of the policy responses, legislative reforms, financial sector measures implemented by regulators and measures introduced to deal with increased insolvency cases.
Collection of resources from IFAC professional accountancy organisations on audit, financial reporting, business continuity and crisis management, and professional and personal wellness during the coronavirus pandemic.
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