Building trust takes time, whether it is between individuals, stakeholders’ groups, or institutions, the road to cooperation is long and requires important investments. The objective of this policy note is to provide in a succinct document, some of the key aspects for building that trust to foster cooperation, using the experience of several supervisors.
The present Guide draws together recommendations to improve the relationship between supervisors and external auditors illustrated by good practices from 35 supervisory authorities across Europe and Central Asia (ECA). It has been developed as a supplement to the 2015 World Bank Centre for Financial Reporting Reform (CFRR) report on Banking Supervisors and External Auditors: Building a Constructive Relationship.
This publication presents key findings from the World Bank CFRR survey – Financial supervisors and external auditors: building a constructive relationship that was conducted during the second half of 2014, and discussions with regulators conducted in 2015.
The Financial Stability Board coordinates the work of international regulators to support integrating sustainability policies at the request of the G20, including though climate and environment monitoring, under four key policy areas: firm-level disclosures, data, vulnerabilities analysis, and regulatory and supervisory practices and tools.
From December 1 2015, banks in Ukraine are required to fully transition to the International Financial Reporting Standards (IFRS). Successful transition and implementation of IFRS in Ukraine's banking sector will depend on the ability of both those responsible for arriving at financial estimations and preparing financial statements, and for banking supervisors to understand and confidently apply the key principles of IFRS.
The new International Financial Reporting Standard 9 (IFRS 9) Financial Instruments comes into effect starting January 1, 2018, for all entities reporting under the IFRS. This new standard is the biggest change in 10 years in the accounting for financial instruments, fundamentally redrafting the accounting rules, replacing the incurred loss impairment model with a more forward looking expected loss model, as well as bringing new methodology for financial instruments classification.