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  • BIS calls IFRS 17 a "welcome development"

    03 Aug 2020

    The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) has published a paper 'Accounting standards and insurer solvency assessment' dealing with IFRS 17 'Insurance Contracts'.

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  • EFRAG outreach event in the context of the endorsement process of IBOR Phase 2

    03 Aug 2020

    The issuance of final amendments as result of the IASB project on 'IBOR reform and the effects on financial reporting — Phase 2' is expected in August. Given the urgency of the endorsement and the accelerated consultation process, the European Financial Reporting Advisory Group (EFRAG) has organised a public outreach event on 7 September 2020 to collect additional views from constituents on the draft endorsement advice EFRAG plans to publish at the end of August (shortly after the publication of the amendments by the IASB).

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  • IFRS Foundation announces new ITCG member

    31 Jul 2020

    The IFRS Foundation has announce the appointment of Liudmyla Haponenko as a member to the IFRS Taxonomy Consultative Group (ITCG). Ms Haponenko begins her one-year term on 1 August 2020.

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  • Summary of responses to the EC consultation on the revision of the NFRD

    29 Jul 2020

    In February 2020, the European Commission (EC) launched a public consultation on a revision of the EU Non-Financial Reporting Directive (NFRD). A summary of responses is now available on the EC website. However, the summary ignores the many calls the consultation elicited for global standard-setting as opposed to regional standard-setting in non-financial reporting.

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  • Until the end of 2020, all IFRS Foundation meetings to be held remotely

    28 Jul 2020

    Since early March, all meetings of the IFRS Foundation, including the IASB, advisory and consultative groups were held remotely, with observers and participants alike videoconferencing in. The Foundation has now decided to continue with this process and all meetings will be held remotely until the end of 2020.

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  • July 2020 IASB meeting notes posted

    27 Jul 2020

    The IASB met on Wednesday 22 and Thursday 23 July 2020 via video conference to discuss six topics. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

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  • Updated IASB work plan — Analysis (July 2020 meeting)

    25 Jul 2020

    Following the IASB's July 2020 meeting, we have analysed the IASB work plan to see what changes have resulted from the meeting and other developments since the work plan was last revised in June 2020. Changes are numerous.

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  • IAS 34 compliance checklist 2020

    published 30 Jul 2020

    The checklist summarises the requirements of IAS 34 Interim Financial Reporting, formatted to allow the recording of a review of interim financial statements, with a place to indicate yes, no, or not-applicable for each item. The checklist addresses the requirements of IAS 34 as of 30 April 2020.

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  • Deloitte e-learning — IAS 1

    published 29 Jul 2020

    This Deloitte e-learning module provides training in the background, scope and principles under IAS 1 'Presentation of Financial Statements', and the application of this Standard. Topics covered include financial statements, aggregation and set off, classifying items as current or non-current, classifying items between profit or loss and other comprehensive income, items disclosed on the face of the statement of changes in equity, items disclosed, and the notes, nature of information and key assumptions required to complete the set of financial statements.

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  • A Roadmap to Accounting for Noncontrolling Interests (2020)

    published 27 Jul 2020

    This Roadmap provides Deloitte’s insights into and interpretations of the guidance on noncontrolling interests, primarily that in ASC 810-10 and ASC 480-10-S99. Throughout the publication, discussions and illustrative examples have been added, some existing discussions have been expanded, and minor edits have been made to improve clarity.

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  • A Roadmap to Consolidation — Identifying a Controlling Financial Interest (2020)

    published 17 Jul 2020

    This publication breaks down the requirements in ASC 8101 and reconstructs them in a logical narrative, making them easier to understand and apply. While the discussion focuses primarily on the complexities of identifying whether a legal entity is a variable interest entity (VIE) and whether a reporting entity should consolidate the VIE, it also addresses the voting interest entity model and provides a framework for its application.

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  • A Roadmap to Foreign Currency Transactions and Translations (2020)

    published 16 Jul 2020

    This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance under ASC 830 and IFRS® Standards (in Chapter 10). This update reflects guidance that is effective for annual reporting periods beginning on or after January 1, 2020.

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  • Accounting considerations in response to COVID-19 — Leases

    published 14 Jul 2020

    COVID-19 has led many lessors to provide relief to lessees by deferring or relieving them of amounts that would otherwise be payable. In some cases this is through negotiation between the parties, but can also be as a consequence of a government encouraging or requiring that the relief be provided. IFRS 16 requires lessees to assess whether changes to lease contracts are lease modifications as this term is defined in the Standard and, if so, the lessee must remeasure the lease liability using a revised discount rate. This video explains the amendments made in response to the current economic climate.

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