Le Magazine du Trésorier - n°62 - 2ème trimestre 2008 - (Page 4)
FINANCIAL HIGHLIGHTS CLARIFICATION OF IFRS FOR CSSF CIRCULAR 08/340 OF 21 FEBRUARY 2008 Circular 08/340 of 21 February 2008 outlines changes introduced by the Law of 16 March 2006 relating to the introduction of the international accounting standards for credit institutions and provides clarification of certain issues related to the legal publication of financial statements. It also covers the mandatory application of IAS/IFRS standards to the prudential financial reporting from 1 January 2008. Credit institutions are required to provide the CSSF with a reconciliation, as of 1 January 2008, of equity according to Lux GAAP and to the new prudential reporting. This reconciliation accompanied by a description of accounting policies applied for the preparation of the new prudential accounting reporting will be subject to an audit. The auditor's report should be issued at the latest on 30 September 2008. Credit institutions not publishing their financial statements under IFRS are required to annually provide the CSSF with a reconciliation of equity according to the published accounts and to the prudential reporting. This reconciliation should be audited. The official launch of the Single Euro Payment Area (SEPA) took place on 28 January 2008. SINGLE EURO PAYMENT AREA (SEPA) LAUNCHED SEPA is an initiative of the European banking industry to enable electronic payments in Euro in the SEPA area at the same cost, speed, security and ease as domestic payments within one country. The SEPA area covers the European Economic Area (27 EU countries and Iceland, Liechtenstein and Norway) and Switzerland. SEPA covers three payment methods: SEPA Credit Transfers officially began in January 2008. In 2012, the maximum execution time will be reduced fro three business days to one. SEPA Direct Debits will be launched subsequently - in Luxembourg on 1 November 2009. The SEPA Cards Framework entered into force on 1 January 2008 but implementation will be effective after standardization in this segment has been achieved. The Payment Services Directive (Directive 2007/64/EC of 13 November 2007), creating an EUwide single market for payment services, has to be implemented by all Member States by 1 November 2009. AMENDMENTS TO IAS 32 FINANCIAL INSTRUMENTS Background: Currently, is an entity issues instruments that give the holder the option to put those instruments back to the entity, then its is required to classify these instruments as liabilities. This has resulted in many entities having little or no equity that did not reflect the substance of the instrument, for example, open-ended funds, closed-ended funds with a limited life, co-operatives and partnerships. The IASB issued an amendment to IAS 32 providing a limited exception to the definition of a liability as a practical, short term solution to the problem. Effective Date: The amendments require retrospective application for annual periods beginning on or after 1 January 2009 with early application permitted. Impact: This amendment will now permit a range of entities to recognise their capital as equity rather than as financial liabilities, as currently required by IAS 32. This will better align the accounting treatment of such transactions with their commercial rationale. The amendment reinforces that this is a limited scope exception to the definition of a financial liability and no analogies should be made to its requirements. BUSINESS COMBINATIONS AND CONSOLIDATIONS REVISIONS TO IFRS 3 AND LAS 27 The IASB issued a revised IFRS 3 Business Combinations (IFRS 3R) and IAS 27 Consolidated and Separate Financial Statements (IAS 27R) in January, which will significantly change the accounting for acquisitions and transactions with non controlling interests. Background: The scope of IFRS 3 has been revised to include combinations of mutual entities and combinations without consideration (dual listed shares), thereby capturing more transactions. Impact: The revised standards will have a significant impact on: profit and loss reported in the period of an acquisition, amount of goodwill recognised in a business combination, and profit and loss reported in future period. More details: http://www.eycom/IFRS Le Magazine du Trésorier - N° 62
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Le Magazine du Trésorier - n°62 - 2ème trimestre 2008