The Bank Statement is KPMG's IFRS Banking Newsletter produced by the International Standards Group and IFRS banking specialists around the KPMG network. It is a quarterly publication that provides updates on IFRS developments directly impacting banks, considers accounting issues affecting the sector, and discusses potential accounting implications of regulatory developments.


  • The IASB makes a call on the mandatory effective date for the application of IFRS 9 Financial Instruments.
  • Deliberations continue on some of the key aspects of IASB's classification and measurement and expected credit losses models to form part of the future financial instrument standard.
  • The implementation of Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) still presents some challenges, despite only a few months to go before the effective date of 1 January 2014. 
  • Banks continue to see the impact of the OTC central clearing reforms on accounting for financial instruments. One such impact relates to the assessment of whether, when acting as an intermediary in a clearing arrangement, a bank acts as a principal or as an agent for determining whether the criteria for the recognition of a financial instrument have been met.

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