Current Prudential Issues: An Update from APRA

APRA has spent a great deal of time in the past year considering issues that are directly and indirectly related to accounting. I propose to review these today.

Prudential regulators and accountants, particularly auditors, are natural allies, so I feel that I am speaking to friends today. APRA has spent a great deal of time in the past year considering issues that are directly and indirectly related to accounting. I propose to review these issues today.

I will focus on three major topics. International Financial Reporting Standards or IFRS has been a career highlight issue for accountants around the world, and an exceptionally material issue for APRA. As I will discuss shortly, APRA’s IFRS strategy is mainly oriented upon facilitating a successful reconciliation between the prudential and financial accounting rules, but we have taken the opportunity to reconsider several specific prudential treatments.

See full Speech and Presentation Slides, both in pdf format.