Michiel van der Lof, Partner, Ernst & Young LLP
The latest challenges faced by a bank’s finance function include traditional challenges like accounting, regulatory and market changes, as well as unique challenges posed by climate change risks, interest rate benchmark reform and the technological changes associated with the fourth industrial revolution.
The core theme of the EY biannual European International Financial Reporting Standards (IFRS) banking conference on 7 June 2019 was the financial and regulatory reporting challenges faced by the European banking sector, and offered a valuable opportunity to share the experiences and insights of leading industry specialists and peers.
The event included sessions on several diverse topics, including:
- Recent International Accounting Standard Board (IASB) activities impacting banks
- Practical responses to the challenges relating to interbank offered rate (IBOR) reform as well as an overview of the IASB’s proposed accounting relief
- Disclosure benchmarking: IFRS 9 – Financial instruments; what did banks disclose?
- Insights into the finance function of the future
- An update from the European Banking Authority (EBA)
- Climate change risk and its impact on the banking sector
- IFRS hot topics and accounting in the digital age
- The macro environment and related accounting and reporting impacts
- Insights from ‘Inside Brussels’
This magazine provides a high-level summary of insights from the discussions, as well as the findings of real-time polls taken during the conference.
Hear from Tara Kengla, Partner, Ernst & Young LLP: