Regulators announced a transition away from InterBank Offered Rates (IBOR or IBORs) to alternative Risk Free Rates (RFR or RFRs) and COVID-19 has not influenced any delay in implementation. Whilst IBOR will fundamentally impact banks and other lenders, companies reporting under IFRS and UK GAAP and have applied hedge accounting for IBOR-related hedges will be affected across a number of areas. The classification, recognition and measurement of cash products are also impacted to varying degrees. Other accounting estimates may be impacted as well (e.g. IAS 19, 36, 37 and 40, IFRS 2, 13, 15, 16 and 4/17 and associated FRS 102 sections). The IASB and FRC issued amendments to provide relief for pre-replacement issues in late 2019. The IASB and FRC have since proposed further amendments to provide further relief for replacements issues that arise in relation to modifications of financial instruments, more aspects of hedge accounting, modifications of lease contracts and an insurers temporary exemption from IFRS 9.
Mark is BDO UK’s Financial Services Accounting Advisory Leader and has been so since this team’s inception. He leads this BDO offering to clients across accounting change (IFRS 9, 16 and 17 and first-time adoption), accounting for group reorganisations and structuring of transactions, financial instruments, climate and corporate reporting and all other aspects of accounting. Mark has over 14 years’ experience of providing advisory and assurance services to credit institutions, non-bank lenders, investment banks, insurers, broker dealers, asset managers, investment houses, securitisation vehicles and treasury functions in Europe, the Americas and AsiaPac. When doing so he has engaged with various members of the C-Suite.
Mark’s special interests in relation to financial instruments include loan loss provisioning, classification and measurement, recognition and de recognition, valuation, offsetting and hedge accounting under IAS 39, IFRS 7, IFRS 9 and IFRS 13. He also has a special interest in the tax implications thereof, insurance accounting and acquisitions and disposals of interest in businesses.
John leads ICAEW’s programme on financial services issues that have a risk or regulation theme. As a Technical Manager, he has led on policy development, member education, he has organised topical discussion-based events and writes regularly in the faculty’s magazine. In his role, he looks at how financial services issues such as misconduct, crypto-currencies, corporate governance and IFRS 9 are influencing financial services firms, their regulators and lending to the real economy.
John joined ICAEW from the Prudential Regulation Authority. There he worked in various supervision roles and looked at large UK banks, international banks and insurance companies.
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