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October 2020

AcSB endorses IASB’s Amendments to IAS 1

Oct 01, 2020

On October 1, 2020, the Accounting Standards Board (AcSB) endorsed the IASB’s amendment to defer effective date of Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

The amendment, which defers the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) by one year, is now in Part I of the CPA Canada Handbook. The amendments to IAS 1 are effective for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted.

Review the effective dates for new standards on the AcSB's website.

AcSB Response – General Presentation and Disclosures

Sep 30, 2020

On September 30, 2020, the Accounting Standards Board (AcSB) responded to the IASB’s Exposure Draft, issued in December 2019.

The IASB’s proposals take significant steps forward toward enhancing the relevance of financial statements. The AcSB’s letter encourages the IASB to consider the balance between users’ needs for better information about financial performance, and the effort and level of professional judgment required of preparers to generate that information.

Review the letter on the IASB's website.

FRC guidance on reporting in times of uncertainty

Oct 15, 2020

On October 15, 2020, the Financial Reporting Lab of the UK Financial Reporting Council (FRC) released guidance covering some critical areas of focus for 2020 year-ends.

In view of COVID-19, many companies are facing a challenging year-end. While the uncertainty creates risks for annual reporting it also presents opportunities. The two new guides look at key elements in respect of resources, action, and the future and in respect of going concern, risk, and viability. Both guides:

  • summarize key messages from earlier reports;
  • provide an update on recent developments in corporate reporting;
  • offer some thoughts regarding how corporate reporting can develop; and
  • contain practical examples from reports and presentations released by companies.

Review the COVID-19: Resources, action, the future - a look forward and COVID 19: Going concern, risk, and viability - a look forward on the FRC's website.

FRC publishes discussion paper on the future of corporate reporting

Oct 08, 2020

On October 8, 2020, the UK Financial Reporting Council (FRC) published a discussion paper proposing a future for corporate reporting based on a principles-based framework.

The discussion paper outlines a blueprint for a more agile approach to corporate reporting which challenges existing thinking about how companies can more effectively meet the information needs of investors and other stakeholders.

Proposals include:

  • unbundling the existing purpose, content, and intended audiences of the current annual report by moving to a network of interconnected reports;
  • a new common set of principles that applies to all types of corporate reporting;
  • objective-driven reports that accommodate the interests of a wider group of stakeholders, rather than the perceived needs of a single set of users;
  • embracing the opportunities available through technology to improve the accessibility of corporate reporting; and
  • a model that enables reporting that is flexible and responsive to changing demands and circumstances.

Comments on the discussion paper are invited by February 5, 2021.

Review the discussion paper and related documents on the FRC's website.

IFRS Foundation Trustee discusses sustainability reporting

Oct 09, 2020

On October 9, 2020, the International Accounting Standards Board (IASB) issued an article by IFRS Foundation Trustee Teresa Ko which discusses the possible roles the IFRS Foundation may have for the development of internationally recognized standards on sustainability reporting.

Specifically, Ms. Ko discussed work done by the European Commission, CFA Institute, five ESG standard-setters, the World Economic Forum, and the IFRS Foundation Trustees towards establishing a common set of non-financial reporting standards. Ms Ko also discussed the new Sustainability Standards Board and the important role it will play in the development of sustainability standards and how the IFRS Foundation can aid in establishing effective synergies with existing financial reporting. She especially noted:

The Trustees of the Foundation are aware of the enormity of the task of developing a global set of sustainability standards. The Trustees are very clear that building on and working with regional initiatives is a ‘must’ in order to achieve global consistency and reduce complexity and hopefully cost too. [...] The new Sustainability Standards Board must develop a structure and culture that seeks to build effective synergies with existing financial reporting. This should give the IFRS Foundation an added advantage in playing a key role in the field of sustainability reporting. It would not be right to emphasise one form of reporting at the expense of another. [...] Approached in this way, everybody would benefit from the useful and globally comparable information and data that would result.

Review the full article on the IASB’s website.

Short video on the Trustee's sustainability reporting consultation

Oct 15, 2020

On October 15, 2020, the IFRS Foundation released a short video with the Chair of the Trustees, Erkki Liikanen, explaining why the Trustees are consulting on sustainability reporting and what questions they are asking.

The Trustee's published the consultation paper on September 30, 2020. Comments are requested by December 31, 2020.

View the video (just over three minutes long) on YouTube.

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.