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Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
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Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
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Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
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Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
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The IASB has published amendments to IFRS 9 ‘Financial Instruments’ that allow companies to measure particular prepayable financial assets with negative compensation at amortised cost or at fair value through other comprehensive income.
The amendments also include clarifications to the modification or exchange of a financial liability that does not result in derecognition(see overleaf).
Background
After IFRS 9 was issued, the IFRS Interpretations Committee received a request on how to apply the IFRS 9 requirements for recognising and measuring financial instruments to certain debt instruments where the borrower is permitted to prepay the instrument at an amount that could be less than the unpaid principal and interest owed. Such a prepayment feature is often referred to as including potential 'negative compensation'.
Main issues addressed by the amendments to IFRS 9
Under the then existing requirements of IFRS 9, a company would have measured a financial asset with negative compensation at fair value through profit or loss as the ‘negative compensation’ feature would have been viewed as introducing potential cash flows that were not solely payments of principal and interest. However, to improve the usefulness of the information provided, in particular on the instrument’s effective interest rate and expected credit losses, the Board issued ‘Prepayment Features with Negative Compensation (Amendments to IFRS 9)’. The amendment means that entities will now be able to measure some prepayablefinancial assets with negative compensation at amortised cost.
The amendments are effective for annual periods beginning on or after 1 January 2019, with earlier application permitted.