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
IFRS	Proposals to Update Accounting Standards for SMEs	March 7, 2023

Recent News on our Competent Authorities

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.

Tags
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:

Tags
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

2021-01-05

World Council Responds to IFRS Foundation’s Consultation Paper on Sustainability Reporting

In September 2020, the International Accounting Standards Board requested stakeholders to respond to the IFRS Foundation’s questions on sustainability reporting found in their Consultation Paper on Sustainability Reporting. The consultation paper hoped to address concerns surrounding consistency and comparability in sustainability reporting. According to the IFRS, “A set of comparable and consistent standards will allow businesses to build public trust through greater transparency of their sustainability initiatives, which will be helpful to investors and an even broader audience in a context in which society is demanding initiatives to combat climate change.”

Tags
Comment Letter, International Accounting Standards Board

World Council Responds to IFRS Foundation’s Consultation Paper on Sustainability Reporting

2021-01-05

World Council Comments on IASB Discussion Paper on Business Combinations

The International Accounting Standards Board requested comment on their Discussion Paper regarding Business Combinations – Disclosures, Goodwill and Impairment. World Council supported the adoption of the scheduled goodwill amortization as well as simplifications offered for the impairment test, but urged the disclosure of scheduled goodwill amortization as a separate item outside of the operating result. World Council expressed concern that this disclosure would “require the disclosure of internal confidential information that, if disclosed, could operate to the detriment of a company.”

Tags
Comment Letter, International Accounting Standards Board

World Council Comments on IASB Discussion Paper on Business Combinations

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