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July 2020

Extractive Activities: IASB reviews academic literature at its July 2020 meeting

Jul 22, 2020

On July 22, 2020, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) discussed a literature review of academic evidence relevant to the Extractive Activities project. The review indicates that there is considerable diversity in current accounting policies and disclosures.

The IASB’s agenda paper for the meeting summarizes the academic evidence on extractive activities obtained by its staff after a comprehensive search for papers on topics relevant to IFRS 6, Exploration for and Evaluation of Mineral Resources.

While the number of international comparative studies on extractive companies’ accounting practices is very limited, the IASB’s review found that:

  • there appears to be considerable diversity of accounting policies for exploration and evaluation expenditures. Accounting policies varied by country, by sub-industry sector (oil and gas, and mining) and by company size; and
  • there appears to be considerable diversity in the disclosure of information about reserves and resources. Many companies disclosed information required by their local jurisdiction or local stock exchange and a few companies disclosed additional information.

For further information, refer to the agenda paper discussed at the IASB’s meeting.

Goodwill and Impairment project webinar

Jul 31, 2020

On July 31, 2020, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) released a webinar to introduce the Discussion Paper "Business Combinations—Disclosures, Goodwill and Impairment", a consultation document of the Goodwill and Impairment project.

The IASB is seeking feedback on the Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment. The webinar discusses the Board’s preliminary views expressed in the Discussion Paper, which set out to improve the information companies provide to investors, at a reasonable cost, about the acquisitions those companies make. The recording lasts approximately 50 minutes.

Listen to the recording on the IASB's website.

IASB announces third webinar on Primary Financial Statements ED

Jul 02, 2020

On July 2, 2020, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) announced the third webinar on its Exposure Draft of a new standard 'General Presentation and Disclosures' that is intended to replace IAS 1 'Presentation of Financial Statements'.

The third webinar on July 9, 2020 will explain the Board’s detailed proposals for disaggregation including general guidance, the analysis of operating expenses and unusual income and expenses. The webinar will last approximately 60 minutes and will include a question-and-answer session.

More information is available here.

IASB defers effective date of IAS 1 amendments by one year

Jul 15, 2020

On July 15, 2020, the International Accounting Standards Board (IASB) published 'Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)' deferring the effective date of the January 2020 amendments to IAS 1 by one year.

Background

On January 23, 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1, Presentation of Financial Statements, based on the contractual arrangements in place at the reporting date. The amendments had an effective date of January 1, 2022.

In April 2020, the IASB held a supplementary IASB meeting to consider COVID-19-related matters including the Board's timelines in view of the COVID-19 pandemic. The Board tentatively decided to delay by one year the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after January 1, 2023 and published a corresponding exposure draft in May 2020.

The finalized amendment published today defers the effective date of the January 2020 amendments by one year.

Changes

The changes in Classification of Liabilities as Current or Non-current — Deferral of Effective Date defer the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after January 1, 2023. Earlier application of the January 2020 amendments continues to be permitted.

For additional information, please refer to the IASB press release.  

IASB issues webcast on amendments to IFRS 17

Jul 30, 2020

On July 30, 2020, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) issued a two-part webcast that provides an overview of the amendments in IFRS 17.

The IASB issued amendments to IFRS 17 in June 2020 to address concerns and implementation challenges. Specifically, the webcast focuses on implementation issues related to the amendments related to (1) requirements other than transition and (2) transition requirements.

Listen to the webcasts on the IASB’s website.

IASB publishes Proposed Taxonomy Update

Jul 16, 2020

On July 16, 2020, the IFRS Foundation published a Proposed Taxonomy Update, 'IFRS Taxonomy 2020 — 'Amendments to IFRS 17', 'Extension of the Temporary Exemption from Applying IFRS 9' and 'Property, Plant and Equipment — Proceeds before Intended Use''. Comments are requested by September 14, 2020.

The proposed update includes elements to reflect

  • amend­ments to the new and old insurance contracts Standard, IFRS 17 and IFRS 4, issued in June 2020; and
  • amend­ments to IAS 16 regarding proceeds before the intended use issued in May 2020.

For more in­for­ma­tion, see the press release and proposed update on the IASB’s website.

Recording in English of the third round of IASB webinars on the exposure draft on general presentation and disclosures

Jul 21, 2020

On July 21, 2020, the International Accounting Standards Board (IASB) posted a recording of its June 2020 English language webinar summarizing the Board’s detailed proposals for disaggregation including general guidance, the analysis of operating expenses and unusual income and expenses.

The English language recording posted on YouTube can be accessed through the press release on the IASB website.

Recording of the IASB’s third webinar on the Primary Financial Statements ED

Jul 14, 2020

On July 9, 2020, the IASB offered an English language webinar summarizing the Board’s detailed proposals for disaggregation including general guidance, the analysis of operating expenses and unusual income and expenses.

recording of this webinar is now available on YouTube.

Updated IASB work plan — Analysis (July 2020 meeting)

Jul 25, 2020

Following the IASB's July 2020 meeting, we have analyzed the IASB work plan to see what changes have resulted from the meeting and other de­vel­op­ments since the work plan was last revised in June 2020. Changes are numerous.

Below is an analysis of all changes made to the work plan since our last analysis on June 26, 2020.

Stan­dard-set­ting projects

Main­te­nance projects

Research projects

Other projects

  • Due Process Handbook Review — the revised Due Process Handbook is now expected in July 2020 (pre­vi­ously June 2020).
  • IFRS Taxonomy Update —2020 General Im­prove­ments and Common Practice — This project has been added to the work plan and a proposed IFRS Taxonomy Update is expected in the fourth quarter of 2020.
  • IFRS Taxonomy Update — Amend­ments to IFRS 17, IFRS 4 and IAS 16 — This project now correctly includes IFRS 4 and dis­cus­sion of the feedback on the proposed IFRS Taxonomy Update is expected in the fourth quarter of 2020 (pre­vi­ously proposed update expected in July 2020).
  • IFRS Taxonomy Update — COVID-19 Related Rent Con­ces­sions (Amend­ments to IFRS 16)— A final Taxonomy Update is expected in August 2020 (pre­vi­ously feedback to be discussed in July 2020).
  • IFRS Taxonomy Update — Interest Rate Benchmark Reform — Phase 2— The timing of a proposed IFRS Taxonomy Update is now expected in September 2020 (pre­vi­ous­ly Q3 2020).

The above is a faithful com­par­i­son of the IASB work plan at June 26, 2020 and at July 24, 2020.

For access to the current IASB work plan at any time, please click here.

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