Author: Veille reglementaire (Page 1 of 2)
1 – What does it mean?
It’s a new payment instrument available 24/7/365 and resulting in the immediate or close-to-immediate interbank clearing of the transaction and crediting of the payee’s account with confirmation to the payer. (Definition of the Euro Retail Payment Board (ERPB)
On 24 July 2014, the International Accounting Standards Board (IASB) completed the final element of its overall response to the financial crisis by publishing the final version of the standard “IFRS 9 – Financial Instruments”, replacing the standard “IAS 39 – Financial Instruments: recognition and Measurement”.
IFRS 9 is to date still not approved by the European Union.
At the end of 2009, and after the August 2008 financial crisis, the European commission initiated work to review the MIF directive adopted on 21 April 2004.