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IASB Chairman opens WSS meeting

  • IFRS - IASB Image

Sep 30, 2019

On September 30, 2019, the International Accounting Standards Board (IASB) released the opening remarks of IASB Chairman Hans Hoogervorst delivered at the World Standard-Setters (WSS) meeting held in London.

The focus of Mr. Hoogervorst's speech was the IASB's work programme for 2020, which will see three exposure drafts, two discussion papers, and three requests for views.

On individual projects, Mr. Hoogervorst spoke about

  • Primary financial statements. The IASB plans to publish an exposure draft at the end of 2019. The IASB is looking at introducing new subtotals in the income statement, is looking at improving discipline around management performance measures, and wants to improve disaggregation.
  • Goodwill and impairment. The IASB plans to publish a discussion paper in February 2020. While the IASB feels that the impairment model is not great, they are not sure whether any of the alternatives are better. By publishing a discussion paper, the IASB is hoping for new evidence and insights.
  • Rate-regulated activities. The IASB will publish an exposure draft in the first half of 2020. The IASB has developed an accounting model that will improve the information to investors about what rights and obligations a company has and is looking for feedback whether they have got the model right.

The IASB is also going to consult on a revised Management Commentary Practice Statement, on proposals on business combinations under common control, on whether the IFRS for SMEs should be updated to reflect changes in full IFRSs, and on the future agenda of the IASB.

Review the full transcript of Mr. Hoogervorst's speech on the IASB's website.

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