BETA
Home MEPs Dossiers Committees Subjects Blog About Dumps
download json


2016/2898(RSP) Resolution on International Financial Reporting Standards: IFRS 9

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier:
Legal Basis:
RoP 136-p5

Events

2017/03/29
   EC - Commission response to text adopted in plenary
Documents
SP(2017)67
2016/10/06
   EP - Results of vote in Parliament
Documents
Results of vote in Parliament
2016/10/06
   EP - Decision by Parliament
Details

The European Parliament adopted a resolution on International Financial Reporting Standards: IFRS 9.

On 24 July 2014, the International Accounting Standards Board (IASB) published the international financial reporting standards (IFRS 9) as a key response to some aspects of the financial crisis and to its impact on the banking sector. IFRS 9 will be effective from 1 January 2018 and replaces IAS 39.

The European Financial Reporting Advisory Group (EFRAG) issued a positive endorsement advice on IFRS 9 with a number of observations concerning the use of ‘fair value’ in stressed market conditions, the lack of a conceptual basis regarding the 12-month loss provisioning approach and unsatisfactory provisions pertaining to long-term investment.

Concrete guidance : Parliament acknowledged that IFRS 9 constitutes an improvement on IAS 39 insofar as the move from an ‘incurred loss’ to an ‘expected loss’ impairment model addresses the problem of ‘too little, too late’ in the loan loss recognition procedure.

In this regard, Members called for guidance to be developed by the European Supervisory Authorities in cooperation with the Commission and EFRAG in order to prevent any abuse of management discretion.

Better understanding of the impact of IFRS : noting the absence of a proper quantitative impact assessment for IFRS 9 which is due in part to a lack of reliable data, Parliament underlined the need to gain a better understanding of the impact of IFRS 9 on the banking sector, the insurance sector and the financial markets in general, but also on the financial sector as a whole. It reiterated the request of its Committee on Economic and Monetary Affairs to the ESRB for an analysis of the financial stability implications of the introduction of IFRS 9.

Members welcomed the ongoing EBA assessment of IFRS 9’s impact on banks in the EU.

The Commission is called upon to propose appropriate steps in the prudential framework by the end of 2017 , e.g. to insert into the Capital Requirements Regulation a progressive phase-in regime that will mitigate the impact of the new impairment model for a three-year period, or until an adequate international solution has been put in place, and avoid any sudden unwarranted impact on banks’ capital ratios and lending.

Promote long-term investments : Parliament called on the Commission to make sure that IFRS 9 serves the EU’s long-term investment strategy and reduces pro-cyclicality and incentives for excessive risk-taking. It called on the Commission to come forward with an evaluation no later than December 2017.

It also welcomed the Commission’s current initiative to compare Member States’ practices with regard to dividend distribution . It called on it to ensure compliance of IFRS 9 with the Capital Maintenance Directive and the Accounting Directive.

Ensure appropriate monitoring : Parliament called on the Commission, together with the European Supervisory Agencies (ESAs), the ECB, the European Systemic Risk Board (ESRB) and EFRAG, to closely monitor the implementation of IFRS 9 in the EU, to prepare an ex post impact assessment no later than June 2019 and to present this assessment to the European Parliament and act in accordance with its views.

The IASB should conduct a post-implementation review (PIR) of IFRS 9 in order to identify and assess unintended effects of the standard, in particular on long-term investment.

Documents
T8-0381/2016
2016/10/06
   EP - End of procedure in Parliament
2016/10/04
   EP - Debate in Parliament
Documents
Debate in Parliament
2016/10/03
   EP - Oral question/interpellation by Parliament
Documents
B8-0721/2016
2016/10/03
   EP - Motion for a resolution
Documents
B8-1060/2016
2016/09/22
   EP - Amendments tabled in committee
Documents
PE589.375

Documents

Activities

Votes

B8-1060/2016 - Am 1 #

2016/10/06 Outcome: -: 446, +: 100, 0: 68
EL CY IE EE SI LU LV FI MT LT HR PT DK HU SE AT CZ BG SK IT BE NL FR ES RO GB PL DE
Total
19
5
8
4
7
6
6
11
6
8
9
17
10
18
16
18
15
14
13
60
18
21
63
44
24
49
45
79
icon: GUE/NGL GUE/NGL
45

Greece GUE/NGL

6

Cyprus GUE/NGL

2

Ireland GUE/NGL

2

Finland GUE/NGL

For (1)

Merja KYLLÖNEN
1

Portugal GUE/NGL

4

Sweden GUE/NGL

For (1)

Malin BJÖRK
1

Czechia GUE/NGL

1

Italy GUE/NGL

3

Netherlands GUE/NGL

3

France GUE/NGL

4

Spain GUE/NGL

11

United Kingdom GUE/NGL

1

Germany GUE/NGL

6
icon: ENF ENF
30

Austria ENF

4

Italy ENF

5

Belgium ENF

For (1)

Gerolf ANNEMANS
1

Netherlands ENF

3

France ENF

15

Romania ENF

1

Germany ENF

For (1)

Marcus PRETZELL
1
icon: EFDD EFDD
36

Lithuania EFDD

Against (1)

Rolandas PAKSAS
1

Sweden EFDD

Against (1)

Kristina WINBERG
1

Czechia EFDD

Abstain (1)

Petr MACH
1

Italy EFDD

15

France EFDD

Against (1)

Joëlle BERGERON
1

United Kingdom EFDD

16

Poland EFDD

1
icon: NI NI
13

Greece NI

4

Hungary NI

3

France NI

For (1)

Bruno GOLLNISCH

Against (1)

Aymeric CHAUPRADE
2

United Kingdom NI

Against (1)

Diane DODDS
1

Poland NI

Abstain (1)

Janusz KORWIN-MIKKE
1

Germany NI

2
icon: Verts/ALE Verts/ALE
41

Estonia Verts/ALE

Abstain (1)

Indrek TARAND
1

Slovenia Verts/ALE

Abstain (1)

Igor ŠOLTES
1

Luxembourg Verts/ALE

Abstain (1)

Claude TURMES
1

Latvia Verts/ALE

Abstain (1)

Tatjana ŽDANOKA
1

Finland Verts/ALE

Abstain (1)

Heidi HAUTALA
1

Lithuania Verts/ALE

Abstain (1)

Bronis ROPĖ
1

Croatia Verts/ALE

Abstain (1)

Davor ŠKRLEC
1

Denmark Verts/ALE

Abstain (1)

Margrete AUKEN
1

Hungary Verts/ALE

2

Sweden Verts/ALE

3

Austria Verts/ALE

3

Belgium Verts/ALE

2

Netherlands Verts/ALE

Abstain (1)

Judith SARGENTINI
1

France Verts/ALE

4

Spain Verts/ALE

4

United Kingdom Verts/ALE

3

Germany Verts/ALE

11
icon: ECR ECR
50

Greece ECR

For (1)

Notis MARIAS
1

Latvia ECR

Against (1)

Roberts ZĪLE
1

Finland ECR

Against (1)

Jussi HALLA-AHO
2

Croatia ECR

Against (1)

Ruža TOMAŠIĆ
1

Denmark ECR

2

Czechia ECR

2

Bulgaria ECR

2

Slovakia ECR

3

Italy ECR

Against (1)

Remo SERNAGIOTTO
1

Belgium ECR

2

Netherlands ECR

Against (1)

Bas BELDER
1

Romania ECR

Against (1)

Monica MACOVEI
1

United Kingdom ECR

9

Poland ECR

17

Germany ECR

5
icon: ALDE ALDE
62

Ireland ALDE

Abstain (1)

Marian HARKIN
1

Estonia ALDE

Against (1)

Urmas PAET
1

Luxembourg ALDE

Against (1)

Charles GOERENS
1

Latvia ALDE

1

Finland ALDE

4

Lithuania ALDE

3

Croatia ALDE

2

Portugal ALDE

2

Denmark ALDE

3

Sweden ALDE

3

Austria ALDE

Against (1)

Angelika MLINAR
1

Czechia ALDE

4

Bulgaria ALDE

4

Belgium ALDE

6

Netherlands ALDE

6

France ALDE

6

Spain ALDE

7

Romania ALDE

2

United Kingdom ALDE

Against (1)

Catherine BEARDER
1

Germany ALDE

4
icon: S&D S&D
159

Greece S&D

4

Cyprus S&D

2

Ireland S&D

Abstain (1)

Nessa CHILDERS
1

Estonia S&D

Against (1)

Marju LAURISTIN
1

Slovenia S&D

For (1)

Tanja FAJON
1

Luxembourg S&D

Against (1)

Mady DELVAUX
1

Finland S&D

2

Malta S&D

3

Lithuania S&D

1

Croatia S&D

2

Portugal S&D

5

Denmark S&D

3

Hungary S&D

3

Sweden S&D

5

Austria S&D

5

Czechia S&D

2

Bulgaria S&D

Against (1)

Momchil NEKOV

Abstain (1)

Georgi PIRINSKI
2

Slovakia S&D

4

Italy S&D

27

Belgium S&D

4

Netherlands S&D

Against (2)

Agnes JONGERIUS, Kati PIRI
2

France S&D

Abstain (1)

Isabelle THOMAS
12

Spain S&D

10

Romania S&D

12

United Kingdom S&D

18

Poland S&D

5

Germany S&D

22
icon: PPE PPE
177

Greece PPE

4

Cyprus PPE

Against (1)

Lefteris CHRISTOFOROU
1

Ireland PPE

4

Estonia PPE

Against (1)

Tunne KELAM
1

Slovenia PPE

5

Luxembourg PPE

3

Latvia PPE

3

Finland PPE

Against (1)

Sirpa PIETIKÄINEN
1

Malta PPE

3

Lithuania PPE

2

Croatia PPE

3

Portugal PPE

6

Denmark PPE

Against (1)

Bendt BENDTSEN
1

Hungary PPE

10

Sweden PPE

3

Austria PPE

5

Czechia PPE

5

Bulgaria PPE

6

Slovakia PPE

6

Italy PPE

9

Belgium PPE

3

Netherlands PPE

5

France PPE

19

Spain PPE

12

Romania PPE

8

Poland PPE

21

Germany PPE

28

History

(these mark the time of scraping, not the official date of the change)

2021-12-18Show (5) Changes | Timetravel
docs/0/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE589.375
New
https://www.europarl.europa.eu/doceo/document/ECON-AM-589375_EN.html
docs/2/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/B-8-2016-1060_EN.html
New
https://www.europarl.europa.eu/doceo/document/B-8-2016-1060_EN.html
events/0/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20161004&type=CRE
New
https://www.europarl.europa.eu/doceo/document/CRE-8-2016-10-04-TOC_EN.html
events/2
date
2016-10-06T00:00:00
type
Decision by Parliament
body
EP
docs
url: https://www.europarl.europa.eu/doceo/document/TA-8-2016-0381_EN.html title: T8-0381/2016
summary
events/2
date
2016-10-06T00:00:00
type
Decision by Parliament, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/doceo/document/TA-8-2016-0381_EN.html title: T8-0381/2016
summary
2020-01-19Show (3) Changes | Timetravel
docs/2/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2016-1060&language=EN
New
http://www.europarl.europa.eu/doceo/document/B-8-2016-1060_EN.html
docs/3/body
EC
events/2/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0381
New
http://www.europarl.europa.eu/doceo/document/TA-8-2016-0381_EN.html
2019-09-04Show (1) Changes | Timetravel
committees/0/date
    2019-07-06Show (13) Changes | Timetravel
    activities
    • date: 2016-10-04T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20161004&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
    • date: 2016-10-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0381 type: Decision by Parliament, 1st reading/single reading title: T8-0381/2016 body: EP type: Decision by Parliament, 1st reading/single reading
    commission
    • body: EC dg: Financial Stability, Financial Services and Capital Markets Union commissioner: DOMBROVSKIS Valdis
    committees/0
    type
    Responsible Committee
    body
    EP
    committee_full
    Economic and Monetary Affairs
    committee
    ECON
    associated
    False
    date
    committees/0
    body
    EP
    responsible
    True
    committee_full
    Economic and Monetary Affairs
    committee
    ECON
    docs
    • date: 2016-09-22T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE589.375 title: PE589.375 type: Amendments tabled in committee body: EP
    • date: 2016-10-03T00:00:00 docs: title: B8-0721/2016 type: Oral question/interpellation by Parliament body: EP
    • date: 2016-10-03T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2016-1060&language=EN title: B8-1060/2016 type: Motion for a resolution body: EP
    • date: 2017-03-29T00:00:00 docs: url: /oeil/spdoc.do?i=27651&j=0&l=en title: SP(2017)67 type: Commission response to text adopted in plenary
    events
    • date: 2016-10-04T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20161004&type=CRE title: Debate in Parliament
    • date: 2016-10-06T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=27651&l=en title: Results of vote in Parliament
    • date: 2016-10-06T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0381 title: T8-0381/2016 summary: The European Parliament adopted a resolution on International Financial Reporting Standards: IFRS 9. On 24 July 2014, the International Accounting Standards Board (IASB) published the international financial reporting standards (IFRS 9) as a key response to some aspects of the financial crisis and to its impact on the banking sector. IFRS 9 will be effective from 1 January 2018 and replaces IAS 39. The European Financial Reporting Advisory Group (EFRAG) issued a positive endorsement advice on IFRS 9 with a number of observations concerning the use of ‘fair value’ in stressed market conditions, the lack of a conceptual basis regarding the 12-month loss provisioning approach and unsatisfactory provisions pertaining to long-term investment. Concrete guidance : Parliament acknowledged that IFRS 9 constitutes an improvement on IAS 39 insofar as the move from an ‘incurred loss’ to an ‘expected loss’ impairment model addresses the problem of ‘too little, too late’ in the loan loss recognition procedure. In this regard, Members called for guidance to be developed by the European Supervisory Authorities in cooperation with the Commission and EFRAG in order to prevent any abuse of management discretion. Better understanding of the impact of IFRS : noting the absence of a proper quantitative impact assessment for IFRS 9 which is due in part to a lack of reliable data, Parliament underlined the need to gain a better understanding of the impact of IFRS 9 on the banking sector, the insurance sector and the financial markets in general, but also on the financial sector as a whole. It reiterated the request of its Committee on Economic and Monetary Affairs to the ESRB for an analysis of the financial stability implications of the introduction of IFRS 9. Members welcomed the ongoing EBA assessment of IFRS 9’s impact on banks in the EU. The Commission is called upon to propose appropriate steps in the prudential framework by the end of 2017 , e.g. to insert into the Capital Requirements Regulation a progressive phase-in regime that will mitigate the impact of the new impairment model for a three-year period, or until an adequate international solution has been put in place, and avoid any sudden unwarranted impact on banks’ capital ratios and lending. Promote long-term investments : Parliament called on the Commission to make sure that IFRS 9 serves the EU’s long-term investment strategy and reduces pro-cyclicality and incentives for excessive risk-taking. It called on the Commission to come forward with an evaluation no later than December 2017. It also welcomed the Commission’s current initiative to compare Member States’ practices with regard to dividend distribution . It called on it to ensure compliance of IFRS 9 with the Capital Maintenance Directive and the Accounting Directive. Ensure appropriate monitoring : Parliament called on the Commission, together with the European Supervisory Agencies (ESAs), the ECB, the European Systemic Risk Board (ESRB) and EFRAG, to closely monitor the implementation of IFRS 9 in the EU, to prepare an ex post impact assessment no later than June 2019 and to present this assessment to the European Parliament and act in accordance with its views. The IASB should conduct a post-implementation review (PIR) of IFRS 9 in order to identify and assess unintended effects of the standard, in particular on long-term investment.
    • date: 2016-10-06T00:00:00 type: End of procedure in Parliament body: EP
    links
    other
    • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
    procedure/dossier_of_the_committee
    Old
    ECON/8/07836
    New
    • ECON/8/07836
    procedure/legal_basis/0
    Rules of Procedure EP 136-p5
    procedure/legal_basis/0
    Rules of Procedure of the European Parliament EP 128-p5
    procedure/subject
    Old
    • 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
    • 2.50.08 Financial services, financial reporting and auditing
    • 3.45.03 Financial management of undertakings, business loans, accounting
    New
    2.50.03
    Securities and financial markets, stock exchange, CIUTS, investments
    2.50.08
    Financial services, financial reporting and auditing
    3.45.03
    Financial management of undertakings, business loans, accounting
    procedure/subtype
    Old
    Debate or resolution on oral questions
    New
    Debate or resolution on oral question/interpellation
    2016-10-08Show (4) Changes | Timetravel
    activities/1/docs
    • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0381 type: Decision by Parliament, 1st reading/single reading title: T8-0381/2016
    activities/1/type
    Old
    Vote in plenary scheduled
    New
    Decision by Parliament, 1st reading/single reading
    procedure/stage_reached
    Old
    Awaiting Parliament 1st reading / single reading / budget 1st stage
    New
    Procedure completed
    procedure/title
    Old
    International financial reporting standards: IFRS 9
    New
    Resolution on International Financial Reporting Standards: IFRS 9
    2016-10-07Show (2) Changes | Timetravel
    activities/0/docs
    • url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20161004&type=CRE type: Debate in Parliament title: Debate in Parliament
    activities/0/type
    Old
    Debate in plenary scheduled
    New
    Debate in Parliament
    2016-10-01Show (5) Changes
    activities
    • date: 2016-10-04T00:00:00 body: EP type: Debate in plenary scheduled
    • date: 2016-10-06T00:00:00 body: EP type: Vote in plenary scheduled
    committees
    • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
    links
    other
    • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
    procedure
    dossier_of_the_committee
    ECON/8/07836
    reference
    2016/2898(RSP)
    title
    International financial reporting standards: IFRS 9
    legal_basis
    Rules of Procedure of the European Parliament EP 128-p5
    stage_reached
    Awaiting Parliament 1st reading / single reading / budget 1st stage
    subtype
    Debate or resolution on oral questions
    type
    RSP - Resolutions on topical subjects
    subject
    @parltrack
    @parltrack@eupolicy.social
    [javascript protected email address]
    code AGPLv3.0+
    data ODBLv1.0
    site content CC-By-Sa-3.0

    ParlTrack - 2011-2024

    © European Union, 2011 – Source: European Parliament
    Hosted by AS250.net Foundation