Highlights of the podcast include discussions on:

• the conclusion of technical discussions in the primary financial statements and subsidiaries without public accountability projects;
• matters arising in the dynamic risk management project;
• discussions on improvements to requirements in the impairment test in the goodwill and impairment project;
• the equity method project;
• a recommendation from the IFRS Interpretations Committee; and
• research regarding the extractive activities research project.

Access the podcast on the IASB website.

The Accounting Standard introduced a comprehensive and robust framework for the recognition, measurement and disclosure of revenue that applies to a wide range of transactions and industries. It sets out a single coherent approach to recognizing and measuring revenue that provides useful information to investors about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers.

As part of the IASB’s usual post-implementation review (PIR) process for Accounting Standards, it will assess whether the requirements are working as intended. The deadline for comments is October 27, 2023.

Re­fer to the video on the IFRS website.

The corrections relate to the illustrative examples accompanying the revised version of IFRS 3 Business Combinations.

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors.

Re­fer to the editorial corrections on the IFRS website.

The amendments in Lack of Exchangeability (Amendments to IAS 21) amend IAS 21 to:

• Specify when a currency is exchangeable into another currency and when it is not — a currency is exchangeable when an entity is able to exchange that currency for the other currency through markets or exchange mechanisms that create enforceable rights and obligations without undue delay at the measurement date and for a specified purpose; a currency is not exchangeable into the other currency if an entity can only obtain an insignificant amount of the other currency.
• Specify how an entity determines the exchange rate to apply when a currency is not exchangeable — when a currency is not exchangeable at the measurement date, an entity estimates the spot exchange rate as the rate that would have applied to an orderly transaction between market participants at the measurement date and that would faithfully reflect the economic conditions prevailing.
• Require the disclosure of additional information when a currency is not exchangeable — when a currency is not exchangeable an entity discloses information that would enable users of its financial statements to evaluate how a currency’s lack of exchangeability affects, or is expected to affect, its financial performance, financial position and cash flows.

An entity applies the amendments for annual reporting periods beginning on or after January 1, 2025. Earlier application is permitted.

An entity does not apply the amendments retrospectively. Instead, an entity recognizes any effect of initially applying the amendments as an adjustment to the opening balance of retained earnings when the entity reports foreign currency transactions. When an entity uses a presentation currency other than its functional currency, it recognizes the cumulative amount of translation differences in equity.

Access the press release and the webcast explaining the amendments on the IFRS website.

The five key takeaways from the conference are:

• Integrated thinking and reporting improve engagement and dialogue between investors and investees.
• Integrated thinking and reporting are integral to the IFRS Foundation’s development of a comprehensive global corporate reporting system.
• Integrated thinking and reporting improve performance.
• Integrated thinking and reporting can be a natural link between investor- and impact-focused sustainability reporting.
• Integrated thinking and reporting are complementary to the ISSB standards.

Review the summary on the Integrated Reporting website.