EBF letter to the Council Presidency and the IFRS permanent group to ask the EU institutions for a quick endorsement of an amendment to IFRS 9 on prepayment features with negative compensation. The objective of the amendment is to address the classification of particular prepayable financial assets in IFRS 9. As the IFRS 9 is effective from January 2018, the EBF thinks that it would be more efficient for banks, preparing to transition to IFRS 9, and for markets, for the amendment to be applied at the same time as the IFRS 9 standard. Thus, to avoid undue complexity and to enable European banks to apply the amendment at the same time as IFRS9, it is important that the EU endorsement process is accelerated and the amendment, endorsed ideally before 31 January 2018.
The EBF is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
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