The working drafts address the following topics:

The working draft addresses investment banking M&A advisory fees. Comments on the working draft are due by February 15, 2018.

The papers are the following:

• Elements for a European conceptual framework (cover note and proposed framework) (available in English)
• Using proforma to predict future cash-flows: the impact of income statement (available in English and French)
• The value relevance of IFRS earnings totals and sub-totals and non-GAAP performance measures (available in English and French (executive summary))
• L’impact du numérique sur l’information financière: quel enjeu stratégique pour la normalisation comptable international? Le cas du langage XBRL comme «Standard Business Reporting Language» (available in English (executive summary) and French)
• Quel impact de l’économie numérique sur la comptabilité ? l’enjeu de la reconnaissance des actifs immatériels (available in English and French)

Investors act as fiduciaries, making decisions on behalf of millions of pension fund holders and institutions. They rely significantly on company financial statements to support their investment decisions and (at least for those that have taken the time to consider the issues at stake) have come out strongly in favour of independent audit or assurance around Inline XBRL documents.

Review the blog on XBRL International's website.

The 2018 version of the U.S. GAAP taxonomy “contains updates for accounting standards and other improvements.” The 2018 SEC taxonomy “contains elements necessary to meet SEC requirements for financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil- and gas-producing activities.”

The Lab considered how XBRL could be used in the production, distribution and consumption of listed company annual reports. The Lab identified gaps between the characteristics that users and preparers desired from digital reporting and the expected implementation of XBRL for listed company reporting. To close these gaps, the report recommends a series of actions for regulators, technology companies, preparers and investors and notes:

We are at a turning point for the use of technology in corporate reporting. The paper-based way of reporting is likely to change with the European requirement to prepare digital financial information by 2020. The changing demands of users, supported by upcoming regulatory changes mean that boards can no longer ignore digitization of listed company reporting. This report urges all those involved in corporate reporting to help shape the future.

Review the report on the FRC's website.

Annual Improvements to IFRS Standards 2015–2017 Cycle makes amendments to the following standards:

The Amendments to IFRS 3 and IFRS 11 were originally included in Exposure Draft ED/2016/1 Definition of a Business and Accounting for Previously Held Interests. However, the Board believed that these amendments meet the criteria for annual improvements and therefore included them in this cycle.

Furthermore, the Exposure Draft ED/2017/1 Annual Improvements to IFRS Standards 2015-2017 Cycle included amendments to IAS 28 regarding long-term interests in an associate or joint venture. Those amendments have been finalised separately as a narrow-scope amendment to IAS 28.

The amendments published today are all effective for annual periods beginning on or after January 1, 2019.

Review the press release on the IASB's website.

The new webcast is available on the IASB website in two parts: (i) an overview and (ii) a deep dive. It is part of a series on the implementation of IFRS 17. Earlier webcasts and webinars on IFRS 17 are available through an archive.

Ms. Lloyd started by recapping some of the major standards finalized in the past few years, which include IFRS 9, Financial Instruments, IFRS 15, Revenue From Contracts With Customers, IFRS 16, Leases, and IFRS 17, Insurance Contracts. She noted that for some of these standards, the IASB worked closely with the FASB to develop comparable guidance where possible. In addition, she discussed how the Interpretations Committee and the implementation groups play a key role in gathering information about issues in practice related to application of accounting guidance.

Next, Ms. Lloyd commented that one of the objectives the IASB has for the next five years is to improve communication effectiveness. She explained that this area of work is broken into three parts: (1) improving performance reporting, (2) improving the effectiveness of financial statement disclosures, and (3) enhancing content with the use of electronic tagging (IFRS Taxonomy).

Lastly, she mentioned that the IASB has added a project to its work plan on wider corporate reporting, which will investigate what information is useful to investors that goes beyond the traditional financial statement.

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

Implementing IFRS 17 represents fundamental changes for some insurers. Many concepts in IFRS 17 are new; it is the first time an IFRS Standard has prescribed the measurement of insurance contracts. Because insurers currently use local requirements to account for their insurance contracts, they will approach the transition to the new accounting requirements from many different perspectives. Applying the requirements in IFRS 17 will prompt changes in insurers’ operations; for example, many insurers may have to upgrade their data, systems and processes.

The tools include:

• A dedicated email address for questions about IFRS 17
• Webcasts and webinars
• Transition resource group
• Events
• Investor education

Review the press release on the IASB's website.