The Australian Prudential Regulation Authority (APRA) this week issued the first of two consultation packages outlining its proposed prudential response to the adoption of International Financial Reporting Standards (IFRS) in Australia by authorised deposit-taking institutions (ADIs) and general insurers.
This consultation package follows industry consultation and outlines APRA's approach on a range of issues including fair value measurement, excess of market value over net assets (EMVONA) employer sponsored defined benefit superannuation fund surpluses and deficits as well as loan loss provisioning.
APRA's Chairman, Dr John Laker, said that APRA's approach seeks to align its prudential and reporting standards with IFRS-based financial reports to the extent practicable.
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