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Part I - IFRS

AcSB Response – Business Combinations—Disclosures, Goodwill and Impairment

Jan 13, 2021

On January 13, 2021, the International Accounting Standards Board (IASB) published the comment letter submitted by the Accounting Standards Board (AcSB) in response to its Exposure Draft issued in April 2020. The IASB’s proposals take significant steps forward towards improving the accounting for goodwill and enhancing the relevance of information about acquisitions.

While the AcSB is supportive of the IASB’s objectives in developing the Discussion Paper, they encourage the IASB to consider areas where additional guidance is needed to address possible application challenges that may arise, should it decide to advance the proposals in the Discussion Paper. Their suggestions are made in order to strike an appropriate balance between users’ needs for better information about acquisitions, the effort and level of professional judgment required of preparers to generate that information, and the interaction of the proposals as a package of views.

Review the comment letter on the IASB's website.

Educational material on going concern requirements

Jan 13, 2021

On January 13, 2021, the IFRS Foundation issued educational material, "Going concern — a focus on disclosure", which intends to supports companies in its implementation of the requirements related to the preparation of financial statements using IFRS Standards on a going concern basis.

IAS 1 requires management to make an assessment of an entity's ability to continue as a going concern. If management has significant concerns about the entity's ability to continue as a going concern, the uncertainties must be disclosed. In the current stressed economic environment arising from the covid-19 pandemic, deciding whether the financial statements should be prepared on a going concern basis may involve a greater degree of judgement than usual.

Review the press release and publication on the IASB’s website.

IFRS Foundation webinars: Academics and the PIRs of IFRS 9, IFRS 15, and IFRS 16

Jan 12, 2021

On January 12, 2021, the IFRS Foundation announced that it is offering three webinars aimed at identifying how academics can contribute to the post-implementation reviews (PIRs) of IFRS 9 'Financial Instruments', IFRS 15 'Revenue from Contracts with Customers', and IFRS 16 'Leases'.

Each webinar will be offered once in the morning and once in the afternoon to accommodate stakeholders in different time zones. The webinars will last approximately 60 minutes and will consist of an overview of the standard’s objectives and related research opportunities, followed by questions and answers.

Please click for registration on the IASB website:

IFRS 9, Thursday 21 January 2021:

IFRS 16, Friday 22 January 2021:

IFRS 15, Monday 8 February 2021:

Re­view the press re­lease on the IASB’s web­site.

Hyperinflationary economies - updated IPTF watch list available

Jan 06, 2021

IAS 29 'Financial Reporting in Hy­per­in­fla­tion­ary Economies' defines and provides general guidance for assessing whether a par­tic­u­lar ju­ris­dic­tion's economy is hy­per­in­fla­tion­ary. But the IASB does not identify specific ju­ris­dic­tions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly in­fla­tion­ary' countries. The Task Force's criteria for iden­ti­fy­ing such countries are similar to those for iden­ti­fy­ing 'hy­per­in­fla­tion­ary economies' under IAS 29.

The IPTF's dis­cus­sion document for the November 10, 2020 meeting is now available and states the following view of the Task Force:

 Countries with three-year cu­mu­la­tive inflation rates exceeding 100%:

  • Argentina
  • Iran
  • Lebanon
  • South Sudan
  • Sudan
  • Venezuela
  • Zimbabwe

Countries with projected three-year cu­mu­la­tive inflation rates exceeding 100%:

  • Suriname

Countries where the three-year cu­mu­la­tive inflation rates had exceeded 100% in recent years:

There are no countries in this category for this period.

Countries with recent three-year cu­mu­la­tive inflation rates exceeding 100% after a spike in inflation in a discrete period:

There are no countries in this category for this period.

Countries with projected three-year cu­mu­la­tive inflation rates between 70% and 100% or with a sig­nif­i­cant (25% or more) increase in inflation during the current period

  • Angola
  • Haiti
  • Liberia
  • Yemen

The IPTF also notes that there may be ad­di­tional countries with three-year cu­mu­la­tive inflation rates exceeding 100% or that should be monitored which are not included in the analysis as the necessary data is not available. An example cited is Syria.

The full list, including exact numbers, detailed ex­pla­na­tions of the cal­cu­la­tion of the numbers, and ob­ser­va­tions of the Task Force is available on the CAQ website. Deloitte Global also offers the overview of the IPTF's as­sess­ment of hy­per­in­fla­tion­ary ju­ris­dic­tions at the end of our summary of IAS 29.

AcSB issues updated Covid-19 resource on assessing going concern

Jan 06, 2021

On January 6, 2021, the Ac­count­ing Stan­dards Board (AcSB) issued an Updated Covid-19 Resource in respect of Assessing Going Concern and Liquidity Risk under IFRSs.

Re­view the updated resource on the AcSB's web­site.

Updated IASB Work Plan — Analysis (December 2020 Meeting)

Dec 18, 2020

Following the IASB's December 2020 meeting, we have analyzed the IASB work plan to see what changes have resulted from the meeting and what other de­vel­op­ments have occurred since the work plan was last revised in November 2020.

Below is an analysis of all changes made to the work plan since our last analysis on November 20, 2020.  

 Stan­dard-set­ting projects

 Main­te­nance projects

 Research projects

  • Business com­bi­na­tions under common control — a dis­cus­sion paper was published on November 30, 2020 and the feedback on the dis­cus­sion paper is expected to be discussed in the second half of 2021.
  • Ex­trac­tive ac­tiv­i­ties— a decision on the project direction is now expected in the second quarter of 2021 (pre­vi­ously first quarter of 2021).
  • Pension benefits that depend on asset returns — the review of the research was first discussed at the IASB's December 2020 meeting and detailed analysis is expected in February 2021.
  • Post-im­ple­men­ta­tion review of IFRS 10, IFRS 11 and IFRS 12— the request for in­for­ma­tion was published on December 9, 2020 and dis­cus­sion of the feedback is expected to begin in the second half of 2021.
  • Post-im­ple­men­ta­tion review of IFRS 9 — Clas­si­fi­ca­tion and Mea­sure­ment— the request for in­for­ma­tion is expected in the second half of 2021 (previously not specified).
  • Second com­pre­hen­sive review of the IFRS for SMEs Standard — this is the new name of the 2019 Com­pre­hen­sive Review of the IFRS for SMEs Standard project, which has also been re­cat­e­gorized from main­te­nance project to research project; after the IASB's dis­cus­sion of the feedback to the request for in­for­ma­tion at its December 2020 meeting, a decision on the direction of the project expected in the first quarter of 2021.

 Other projects

The above is a faithful com­par­i­son of the IASB work plan at November 20, 2020 and December 18, 2020. For access to the current IASB work plan at any time, please click here.


IFRS Foundation publishes IFRS Taxonomy update

Dec 17, 2020

On December 17, 2020, the IFRS Foundation published "IFRS Taxonomy 2020 — Update 2 Interest Rate Benchmark Reform — Phase 2''.

This Taxonomy update includes elements to reflect the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 introduced by Interest Rate Benchmark Reform — Phase 2 issued in August 2020.

Review the press release and Taxonomy update on the IASB’s website.

IASB issues “Investor Update” newsletter

Dec 16, 2020

On December 16, 2020, the International Accounting Standards Board (IASB) issued the latest edition of its newsletter "Investor Update", which profiles recently introduced IFRS Standards and other changes to the pipeline as well as how those changes may affect companies and performance.

This issue features:

  • Spotlight — Reflecting on the financial reporting challenges stemming from COVID-19.
  • In Profile — Florian Esterer, Head of Core Equities, Bank J Safra Sarasin and member of the Capital Markets Advisory Committee
  • We need your views
  • Stay up to date
  • Resources for investors

Review the Investor Update newslet­ter on the IASB’s website.

IASB Chair discusses COVID-19 and IFRS Standards

Dec 16, 2020

On December 16, 2020, during the virtual seminar hosted by the Japanese Institute of Certified Public Accountants, IASB Chair Hans Hoogervorst gave a keynote speech discussing the effects of COVID-19 as well as developments in IFRS Standards.

Mr. Hoogervorst commented on the work done during the coronavirus pandemic which included the publishing of educational materials to support the application of IFRS 9, Financial Instruments, and IFRS 16, Leases and changes to the IASB’s work plan to give stakeholders more time on consultations.

Next, he reflected on the key developments of the past 10 years as the IASB Chair. These developments included the revised Conceptual Framework, primary financial statements project, issuance of major standards (IFRS 9, IFRS 15, IFRS 16 and IFRS 17), and progress in the adoption of IFRS Standards around the world. He then touched upon the IASB’s future plans that will include a focus on sustainability, goodwill, and the agenda consultation.

Review the full transcript of the speech on the IASB’s website.

Creation of new IFRS SSB

Dec 15, 2020

Mark Carney, UN Special Envoy for Climate Action and Finance, has commented on the IFRS Foundation Trustees' sustainability consultation and stresses that he endorses the creation of new IFRS Sustainability Standards Board (SSB).

In September 2020, the Trustees of the IFRS Foundation published a consultation paper to assess demand for global sustainability standards and, if demand is strong, assess whether and to what extent the Foundation might contribute to the development of such standards. The paper noted the option of creating the SSB. The new board could operate alongside the IASB under the same three-tier governance structure, build on existing developments, and collaborate with other bodies and initiatives in sustainability, focusing initially on climate-related matters.

In his letter, Mr. Carney notes:

The IFRS Foundation has an essential role to play in making this vision a reality, and I fully endorse your proposal for a new Sustainability Standards Board under the Foundation’s remit. The Foundation, with its track record of robust, reliable and independent global standard-setting should play a pivotal role in delivering sustainability reporting standards that are in the public interest.

Review the full letter on the IASB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.