New Reporting Rules May Increase Capital Buffers, BoE Warns

Law360, London (February 14, 2020, 2:39 PM GMT) -- The Bank of England has said that a new global accounting standard, which allows banks to recognize permanent reductions from an early stage, could lead to financial companies being forced to hold higher capital buffers.

The central bank’s Financial Policy Committee, which monitors risks to the U.K.'s financial system, said Thursday that its stress test of banks could be adjusted to reflect the International Financial Reporting Standard 9, known as IFRS 9, which came into effect in 2018.

The new reporting rules force financial companies to recognize financial losses from permanent hits to their assets, known as impairment losses, at an early...

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