Banking Law News

Canada Bank Regulator and Global Peers Work on Accounting Rules

March 25, 2020, 8:47 PM

Canada’s banking regulator is working with its global counterparts to coordinate an “appropriate and effective” application of international accounting rules amid the Covid-19 pandemic.

The Office of the Superintendent of Financial Institutions said in a statement Wednesday that it is pursuing broader cooperation with regulators around the world.

It seeks “to coordinate an appropriate and effective application of accounting standards in light of current conditions,” including the international rules known as IFRS 9, the Ottawa-based regulator said.

European authorities are considering more relief for banks dealing with bad loans, including the suspension of parts of IFRS 9 that require...

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