February 2020

In Brief – IASB Exposure Draft: General Presentation and Disclosures

Feb 27, 2020

On February 27, 2020, the Accounting Standards Board (AcSB) released an overview of the IASB’s Exposure Draft: General Presentation and Disclosures.

Review the overview on the AcSB's website.

SEC and PCAOB issue joint statement on audit quality and coronavirus

Feb 19, 2020

On February 19, 2020, representatives from the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) issued a joint statement regarding their continued dialogue with audit firm representatives on audit quality in China and other emerging markets and the effects of the coronavirus on financial reporting, including the potential need for relief.

The joint statement emphasizes “(1) the need to consider potential disclosure of subsequent events in the notes to the financial statements . . . and (2) [the SEC’s] general policy to grant appropriate relief from filing deadlines in situations where, in light of circumstances beyond the control of the issuer, filings cannot be completed on time with appropriate review and attention.” In addition, issuers are encouraged to engage directly with the SEC staff on questions regarding potential subsequent-event disclosures or the need for relief from filing deadlines. The SEC staff will continue to monitor the situation, and the joint statement indicates that “[r]elief may be made available on a case-by-case or broader basis as circumstances merit.”

Review the joint statement on the SEC's website.

Summary of the December 2019 ASAF meeting now available

Feb 14, 2020

On February 14, 2020, the International Accounting Standards Board (IASB) staff published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held in London on December 17, 2019.

The topics covered during the meeting were the following (numbers in brackets are references to the corresponding paragraphs of the summary):

  • Agenda Consultation (1–11): The ASAF discussed potential financial reporting priorities for the Board to discuss in the request for information. As high-level recommendations ASAF members stated that the Board should communicate its resource capacity in the RFI, that the Board should prioritise post-implementation reviews and the completion of existing major projects, and should also prioritise the effects of technology and digital reporting on standard-setting.
  • Post-implementation review of IFRS 10, IFRS 11, and IFRS 12 (12–18): The ASAF was given an update on the feedback received from outreach in Phase 1 of the post-implementation review and commented on potential issues to be considered in the RFI.
  • Accounting for intangible assets (19–28): The KASB gave a presentation on its research project on exploring a way to complement financial statements with a separate statement that identifies core intangibles and presents their value.
  • IFRS 17 Insurance Contracts (29–35): The ASAF received an overview of the feedback on the exposure draft Amendments to IFRS 17 and was updated on the preliminary decisions of the Board at the November and December 2019 meetings.
  • Agenda planning (36–38) — The ASAF discussed the proposed agenda for its April 2020 meeting.

Review the full summary on the IASB's website.

Updated IASB work plan — Analysis (February 2020)

Feb 28, 2020

On February 28, 2020, the International Accounting Standards Board (the Board) updated its work plan following its February 2020 meeting.

Below is an analysis of all changes made to the work plan since our last analysis on January 31, 2020.

Stan­dard-set­ting projects

  • Disclosure initiative — Subsidiaries that are SMEs — Project has been retitled to include disclosure initiative. No expected date is given on the current stage in the process.

Main­te­nance projects

Research projects

Other projects

The revised IASB work plan is available on the Board's website.

Viral contagion? Implications of China’s Coronavirus outbreak for global business

Feb 04, 2020

On February 4, 2020, the Conference Board released a podcast on how the World Health Organization has declared the novel coronavirus outbreak an international public health emergency, acknowledging that the virus now represents a risk beyond China. Key questions need to be answered today in global business scenario - How can organizations prepare for and manage the potential impact of this fast-moving, deadly outbreak? What are the short and long-term economic implications? How can companies respond to a major health outbreak from various functional perspectives?

Listen to the podcast on the Conference Board's website.

With the Coronavirus underway, here are six steps for business leaders to consider

Feb 06, 2020

On February 6, 2020, the Conference Board released an article how as the World Health Organization declared the Coronavirus outbreak a global health crisis, and cases are arising around the world beyond the borders of China, companies are considering how to respond.

A company’s first priority should be for the health and safety of its employees, customers, suppliers, and communities. As companies are grappling with the multifaceted implications of this epidemic, corporate citizenship professionals specifically are at work looking at how to deploy company resources to help with the situation externally.

Review the full article on the Conference Board's website.

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