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View All Comment Letters and Position Papers

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
Basel Committee on Banking Supervision Prudential Treatment of Banks' Cryptoasset Exposures September 30, 2022
IFRS Proposals to Update Accounting Standards for SMEs March 7, 2023
 

Recent News on our Competent Authorities

 

IASB Publishes Its Priorities for the Next Five Years

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IFRS, International Accounting Standards Board

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:

  • Maintaining the strategic direction and balance of the IASB’s activities. These will remain largely the same, but in response to stakeholder feedback, they will increase “efforts in developing digital financial reporting and on improving the understandability and accessibility of IFRS Accounting Standards”.
  • Completing current projects. This will include deliberations on current projects such as Primary Financial Statements, Goodwill and Impairment, as well others that will likely continue for the rest of 2022 and into 2023.
  • Adding intangibles and cash flows to work plan. This will involve a comprehensive review of accounting requirements for intangible assets and review of the accounting requirements for the statement of cash flows and related matters.The IASB also identified areas where they can work in tandem with the International Sustainability Standards Board (ISSB) to create a “connected financial reporting package”.
Included in the IASB’s workplan for 2022-2026 for credit unions, is its work on the IFRS for SMEs Accounting Standard. After analyzing feedback, the IFRS decided to maintain its current levels of focus on this activity. With the help of the SME Implementation Group (SMEIG), the IASB will set requirements under the Second Comprehensive Review of the IFRS for SMEs Accounting Standard and develop educational materials for preparers within SMEs (small-to-medium enterprises) to help them apply the accounting standard. This will hopefully aid credit unions in calculating their expected loss calculations and provide for a lighter touch in the implementation of IFRS 9 (CECL in the United States).

 



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