Pending Comment Letters

Your comments are extremely important to us to provide the best response by WOCCU to these regulatory proposals.

Listed below are all pending regulatory actions for which WOCCU intends to submit a Comment Letter. The listed date is the date by which Comments are due to the respective agency. All Comment Letters filed by WOCCU can be viewed on the Comments & Position Papers tab. Comments filed by the European Network of Credit Unions can be found here.

Please be sure to provide us with your comments in advance of the Due Date so that we may include them in our Comment Letter.

Agency	Pending Comment Letters	Due Date
FATF	Public Consultation Recommendation 16 on Payment Transparency	May 3, 2024

Recent News on our Competent Authorities

2023-06-26

ISSB Issues Inaugural Climate Risk and Sustainability Disclosure Standards; Includes Proportionality

The International Sustainability Standards Board (ISSB) issued its inaugural standards—IFRS S1 and IFRS S2 — related to sustainability disclosures for capital markets worldwide. The Standards will help to improve trust and confidence in company disclosures about sustainability to inform investment decisions. The standards are designed to create a common language for disclosing the effect of climate-related risks and opportunities on a company’s prospects. These standards will likely for the basis for disclosures that will ultimately be incorporated by supervisors for credit unions.

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International Accounting Standards Board

ISSB Issues Inaugural Climate Risk and Sustainability Disclosure Standards; Includes Proportionality

2023-03-29

IASB Initiates Project to Consider Climate-related Risks in Financial Statements

The International Accounting Standards Board (IASB) has added a project to its work plan to explore whether and how companies can provide better information about climate-related risks in their financial statements.

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International Accounting Standards Board

IASB Initiates Project to Consider Climate-related Risks in Financial Statements

2023-03-13

WOCCU Urges Greater Flexibility for Credit Unions in IASB Standard

World Council of Credit Unions (World Council) urged the IASB to provide greater clarity in its proposed revisions to the IFRS’ Exposure Draft for IFRS for SMEs Accounting Standard (Exposure Draft), that would clearly delineate that credit unions can used the relaxed standard for its allowance for loan and lease loss accounting (IFRS 9 or CECL). This standard is currently utilized in several countries for credit unions, however, many countries due to the current definition of “publicy accountable” contained in the current definition. Some jurisdiction tend to view credit unions as “publicly accountable” even though the term as used in the standard tend to apply to publicly traded vs. non-publicly traded entities, thus acting as a barrier to utilization of the IFRS for SME’s standard. Other countries have allowed accounting standards based on the IFRS for SME standard for credit unions.

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International Accounting Standards Board

WOCCU Urges Greater Flexibility for Credit Unions in IASB Standard

2022-07-29

IASB Publishes Its Priorities for the Next Five Years

The International Accounting Standards Board (IASB) released its Third Agenda Consultation Snapshot and Feedback Statement, outlining its priorities from 2022 to 2026. The Feedback Statement summarized feedback received from a 2021 public consultation, contributing, in large part, to shaping its priorities and work plan. The IASBs key strategic priorities include:

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IFRS, International Accounting Standards Board

IASB Publishes Its Priorities for the Next Five Years

2021-04-01

IASB Extends Application Period of Practical Expedient in IFRS 16 Leases

In response to stakeholders and in light of the continuing Covid-19 pandemic, on March 31, 2021, the International Accounting Standards Board (Board) prolonged aid to lessees accounting for Covid-19-related rent concessions by extending, for one year, the application period of the practical expedient in IFRS 16 Leases.

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International Accounting Standards Board

IASB Extends Application Period of Practical Expedient in IFRS 16 Leases

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