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  • IASB finalises amendment to IFRS 16 regarding COVID-19-related rent concessions

    28 May 2020

    The International Accounting Standards Board (IASB) has published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' amending the standard to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Concurrently, the IASB also published a proposed Taxonomy Update to reflect this amendment.

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  • EC review of the NFRD postponed by three months

    27 May 2020

    In February 2020, the European Commission (EC) launched an initiative to review the European Non-Financial Reporting Directive (NFRD). The COVID-19 pandemic has now led to changes in the timetable.

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  • IASB releases podcast on IFRS 17 (May 2020)

    26 May 2020

    The IASB has released a podcast featuring IASB member Darrel Scott and technical staff member Vitalina Kobernik as they discuss the developments at the May 2020 Board meeting related to the amendments to IFRS 17 'Insurance Contracts'.

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  • Updated IPSAS-IFRS alignment dashboard

    26 May 2020

    The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

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  • Updated IASB work plan — Analysis (May 2020 meetings)

    25 May 2020

    Following the IASB's May 2020 supplementary and regular meetings, we have analysed the IASB work plan to see what changes have resulted from the meetings and other developments since the work plan was last revised in April 2020. Almost all changes result from the numerous exposure drafts and final amendments the IASB has published recently.

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  • May 2020 IASB meeting notes posted

    24 May 2020

    The IASB met via video conference on 20–21 May 2020 to discuss six topics. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

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  • IASB announces webinars of PFS ED and on Goodwill DP

    22 May 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' and in March 2020 a discussion paper 'Business Combinations — Disclosures, Goodwill and Impairment' was published. Both consultation documents will see live webinars in early June.

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  • IIRC publishes consultation draft of its revised Framework

    22 May 2020

    In February 2020, the International Integrated Reporting Council (IIRC) launched the revision of the International <IR> Framework and called for market feedback on specific themes to inform the nature and direction of the revision. A consultation draft of the revised Framework has now been released for a 90 day comment period.

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  • Deloitte comment letter on the IASB's proposed amendments as a result of the second phase of its project on the IBOR reform

    published 25 May 2020

    We are largely supportive of the amendments. In particular, we support the key changes that ensure that entities that apply hedge accounting will continue to do so as they transition to new benchmark interest rates and that the accounting for the modification of hedged items, when those modifications arise directly from the reforms, are reflected on a prospective basis via the application of IFRS 9:B5.4.5. We consider these as being the two most important elements of the proposals.

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  • Accounting considerations related to COVID-19 — Employee benefits

    published 18 May 2020

    Entities may be considering or implementing restructuring plans to mitigate their exposures associated with unforeseen consequences of the COVID-19 pandemic. In determining how to account for these measures, entities must start by identifying the nature and characteristics of each proposed compensation plan because it may affect the timing of the recognition of the benefits provided to employees. Learn more about how to account for employee benefits in response to COVID-19 in this video.

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  • Accounting considerations related to COVID-19 — Government assistance

    published 18 May 2020

    Certain government assistance may be offered in various ways. For example, reimbursement of expenses, reduction of income taxes, or investment tax credits. As a first step in accounting for the various measures offered by a government is determining whether they should be accounted for by applying IAS 20 'Accounting for Government Grants and Disclosure of Government Assistance' or IAS 12 'Income Taxes'.

  • A Roadmap to Accounting and Financial Reporting for Carve-Out Transactions (2020) Image

  • A Roadmap to Accounting and Financial Reporting for Carve-Out Transactions (2020)

    published 15 May 2020

    This Roadmap summarizes key factors for entities to consider in preparing carve-out financial statements (i.e., financial statements derived from those of a larger parent entity). Topics discussed include the basic principles of a carve-out transaction, accounting and disclosure guidance on common balance sheet and income statement items included in carve-out financial statements, and SEC reporting topics that entities should take into account when preparing IPO and other SEC filings. AppendixD of the Roadmap outlines the key changes made since the publication of the 2020 edition.

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  • Heads Up — Highlights of the CARES Act

    published 15 May 2020

    This Heads Up discusses key aspects of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides $2.2 trillion of economy-wide financial stimulus in the form of financial aid to individuals, businesses, nonprofits, states, and municipalities. The Heads Up focuses on provisions of the CARES Act related to financial instruments, income taxes, and accounting models for government assistance.

  • Accounting Spotlight — Accounting for costs incurred in the application of agile software development Image

  • Accounting Spotlight — Accounting for costs incurred in the application of agile software development

    published 13 May 2020

    This Accounting Spotlight discusses cost capitalization considerations for entities that apply the agile method of software development. Because of the dynamic nature of agile software development, differences with the traditional method of software development in terms of the stages of project planning and their interdependence can lead to unique challenges in the application of the guidance on software cost capitalization.

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

    published 07 May 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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