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  • IASB announces third webinar on PFS ED

    03 Jul 2020

    In December 2019, the IASB published the exposure draft of a new standard 'General Presentation and Disclosures' that is intended to replace IAS 1 'Presentation of Financial Statements'. The IASB is introducing the exposure draft in a series of webinars.

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  • EFRAG to undertake preparatory work for possible EU non-financial reporting standards

    03 Jul 2020

    In February 2020, the European Commission (EC) launched an initiative to review the European Non-Financial Reporting Directive (NFRD). One of the aspects of the review looks at whether to mandate the use of a common set of non-financial reporting standards and whether these should be especially developed European standards. The EC has now sent two letters to the European Financial Reporting Advisory Group (EFRAG) asking it to undertake preparatory work for the possible elaboration of such standards.

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  • June 2020 IASB meeting notes posted

    30 Jun 2020

    The IASB met via video conference on 23–25 June 2020 to discuss six topics. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

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  • Comprehensive project update on business combinations under common control

    30 Jun 2020

    The IASB is currently working on a research project on combinations of businesses under common control as IFRS 3 'Business Combinations' only covers how to account for mergers and acquisitions between unrelated parties. IASB member Gary Kabureck has compiled a comprehensive project update that summarises and discusses the preliminary views the Board has so far reached in the project.

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  • IAAER grants for research informing the IASB's work

    30 Jun 2020

    The 'Research Informing the IASB Decision Process programme' of the International Association for Accounting Education and Research (IAAER) has awarded grants to academics from Canada, Sweden, the UK, and the USA to conduct research that will be relevant to the IASB's work.

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  • IAASB guidance on accounting estimates

    29 Jun 2020

    The International Auditing and Assurance Standards Board (IAASB) has released COVID-19 pandemic-related guidance on auditing accounting estimates and related disclosures.

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  • Financial Reporting Alert 20-4 — COVID-19 and Non-GAAP Measures Image

  • Financial Reporting Alert 20-4 — COVID-19 and Non-GAAP Measures

    published 01 Jul 2020

    This Financial Reporting Alert expands guidance on non-GAAP measures described Financial Reporting Alert 20-2. That alert discusses considerations for registrants related to reflecting specific impacts of COVID-19 in their non-GAAP measures as well as (1) important disclosures associated with the presentation of non-GAAP measures, (2) alternatives to non-GAAP measures, (3) disclosure controls and procedures related to non-GAAP measures, and (4) income statement classification considerations.

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  • Financial Reporting Alert 20-2 — Financial reporting considerations related to COVID-19 and an economic downturn

    published 01 Jul 2020

    This Financial Reporting Alert discusses key accounting and financial reporting considerations related to conditions that may result from the COVID-19 pandemic as well as various industry-specific considerations. Entities may find this publication particularly useful as they address some of the more pervasive and difficult accounting and reporting challenges stemming from the pandemic, including the preparation of forward-looking cash flow estimates; the recoverability and impairment of assets; the accounting for financial assets, contract modifications, and subsequent events; going-concern issues; and SEC reporting considerations.

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  • Accounting Spotlight — Revenue recognition — Contract modifications

    published 29 Jun 2020

    This publication discusses the accounting for contract modifications under the new revenue standard (ASC 606), including the determination of whether a price concession should be accounted for as a contract modification. It provides illustrative examples of contract modifications and price concessions that may arise in the current economic environment.

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  • EFRAG endorsement status report 25 June 2020

    published 25 Jun 2020

    The endorsement status report has been updated to reflect that EFRAG has published draft endorsement advice on 'Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)'. The update also reflects the issuance of today's amendments to IFRS 17.

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  • A Roadmap to Segment Reporting (2020)

    published 25 Jun 2020

    This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance in ASC 280. Each chapter of the Roadmap contains key takeaways from the chapter’s discussion, excerpts from ASC 280, Deloitte’s interpretations of those excerpts, and examples to illustrate the relevant guidance.

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  • EFRAG endorsement status report 24 June 2020

    published 24 Jun 2020

    The endorsement status report has been updated to reflect that EFRAG has published draft endorsement advice on Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37); Reference to the Conceptual Framework (Amendments to IFRS 3); Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); and Annual Improvements to IFRS Standards 2018-2020

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  • Accounting considerations in response to COVID 19 — Profit or loss statements

    published 24 Jun 2020

    In this webcast, we look at the presentation of COVID-19-related items in the statement of profit or loss. The impact of COVID-19 may give rise to material expense or income items for many entities, for example, restructuring provisions and impairment losses related to non-financial assets. Entities may identify and quantify such discrete items, they should be disclosed separately either in the statement of profit or loss and other comprehensive income or in the notes to the financial statements, with appropriate explanation of those amounts. Watch the video series to learn more.

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  • Accounting considerations in response to COVID-19 — Going concern

    published 22 Jun 2020

    Financial statements are prepared on a going concern basis unless management intends either to liquidate the entity or to cease trading, or has no realistic alternative but to do so. The effects from COVID-19 are disrupting operations of many businesses. Watch this video to learn more.

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