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CAQ Image

Hyperinflationary economies - updated IPTF watch list available

Jan 06, 2021

IAS 29 'Financial Reporting in Hy­per­in­fla­tion­ary Economies' defines and provides general guidance for assessing whether a par­tic­u­lar ju­ris­dic­tion's economy is hy­per­in­fla­tion­ary. But the IASB does not identify specific ju­ris­dic­tions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly in­fla­tion­ary' countries. The Task Force's criteria for iden­ti­fy­ing such countries are similar to those for iden­ti­fy­ing 'hy­per­in­fla­tion­ary economies' under IAS 29.

The IPTF's dis­cus­sion document for the November 10, 2020 meeting is now available and states the following view of the Task Force:

 Countries with three-year cu­mu­la­tive inflation rates exceeding 100%:

  • Argentina
  • Iran
  • Lebanon
  • South Sudan
  • Sudan
  • Venezuela
  • Zimbabwe

Countries with projected three-year cu­mu­la­tive inflation rates exceeding 100%:

  • Suriname

Countries where the three-year cu­mu­la­tive inflation rates had exceeded 100% in recent years:

There are no countries in this category for this period.

Countries with recent three-year cu­mu­la­tive inflation rates exceeding 100% after a spike in inflation in a discrete period:

There are no countries in this category for this period.

Countries with projected three-year cu­mu­la­tive inflation rates between 70% and 100% or with a sig­nif­i­cant (25% or more) increase in inflation during the current period

  • Angola
  • Haiti
  • Liberia
  • Yemen

The IPTF also notes that there may be ad­di­tional countries with three-year cu­mu­la­tive inflation rates exceeding 100% or that should be monitored which are not included in the analysis as the necessary data is not available. An example cited is Syria.

The full list, including exact numbers, detailed ex­pla­na­tions of the cal­cu­la­tion of the numbers, and ob­ser­va­tions of the Task Force is available on the CAQ website. Deloitte Global also offers the overview of the IPTF's as­sess­ment of hy­per­in­fla­tion­ary ju­ris­dic­tions at the end of our summary of IAS 29.

IFRS - AcSB Image

AcSB issues updated Covid-19 resource on assessing going concern

Jan 06, 2021

On January 6, 2021, the Ac­count­ing Stan­dards Board (AcSB) issued an Updated Covid-19 Resource in respect of Assessing Going Concern and Liquidity Risk under IFRSs.

Re­view the updated resource on the AcSB's web­site.

IESBA (International Ethics Standards Board for Accountants) (lt gray) Image

IESBA issues a report on its accomplishments 2016-2020

Dec 30, 2020

On December 30, 2020, the In­ter­na­tional Ethics Stan­dards Board for Ac­coun­tants (IESBA) released a report, “Ethics and Trust – Breaking New Ground” summarizing the Board’s Accomplishments from June 1, 2016 to July 31, 2020.

The Report includes an update on the IESBA’s current projects and initiatives, and highlights the Board’s extensive efforts in promoting awareness, adoption, and implementation of the International Code of Ethics for Professional Accountants (including International Independence Standards).  The Report also touches on the outreach activities undertaken by the Board to extend and deepen its dialogue with stakeholders about issues relevant to elevating global ethics and building public trust in the accounting profession.

Re­view the press re­lease and related report on the IESBA's web­site.

Securities - IOSCO Image

IOSCO responds to the IFRS Foundation's sustainability consultation

Dec 23, 2020

On December 23, 2020, the International Or­ga­ni­za­tion of Se­cu­ri­ties Com­mis­sions (IOSCO) has submitted its response to the IFRS Foun­da­tion's con­sul­ta­tion on sus­tain­abil­ity reporting.

IOSCO sees an urgent need to improve the com­plete­ness, con­sis­tency and com­pa­ra­bil­ity of sus­tain­abil­ity reporting and notes that:

Together, the IFRS Foun­da­tion’s con­sul­ta­tion and a parallel col­lab­o­ra­tive ini­tia­tive of an alliance of sus­tain­abil­ity reporting or­ga­ni­za­tions can further efforts to fa­cil­i­tate com­pa­ra­ble high-qual­ity international standards that provide the content that capital markets need, within a trans­par­ent stan­dard-set­ting ar­chi­tec­ture with a robust and inclusive gov­er­nance structure.

IOSCO also believes that robust sus­tain­abil­ity reporting standards, in­ter­con­nected with financial reporting standards, would also support audit and assurance – enhancing the market’s trust in sus­tain­abil­ity dis­clo­sures, and laying the foun­da­tions for mandatory corporate reporting on sus­tain­abil­ity in­ter­na­tion­ally.

Please click to access the full comment letter on the IOSCO website.


AICPA issues white paper on the use of blockchain

Dec 22, 2020

On December 22, 2020, the American Institute of Certified Public Accountants (AICPA) is­sued a new white paper to help auditors providing SOC for Service Organization (SOC) reports on organizations that have incorporated blockchain into their service delivery systems.

The White Paper, Implications of the Use of Blockchain in SOC for Service Organization Examinations, was developed by a Working Group of the AICPA Assurance Services Executive Committee (ASEC). The paper examines the skills and competencies auditors need to perform such engagements, the unique features of blockchain, the risks associated with using blockchain, and how the use of blockchain by service organizations may affect their SOC examinations.

For more information on the white paper, see the press release on the AICPA’s Web site.


Updated IASB Work Plan — Analysis (December 2020 Meeting)

Dec 18, 2020

Following the IASB's December 2020 meeting, we have analyzed the IASB work plan to see what changes have resulted from the meeting and what other de­vel­op­ments have occurred since the work plan was last revised in November 2020.

Below is an analysis of all changes made to the work plan since our last analysis on November 20, 2020.  

 Stan­dard-set­ting projects

 Main­te­nance projects

 Research projects

  • Business com­bi­na­tions under common control — a dis­cus­sion paper was published on November 30, 2020 and the feedback on the dis­cus­sion paper is expected to be discussed in the second half of 2021.
  • Ex­trac­tive ac­tiv­i­ties— a decision on the project direction is now expected in the second quarter of 2021 (pre­vi­ously first quarter of 2021).
  • Pension benefits that depend on asset returns — the review of the research was first discussed at the IASB's December 2020 meeting and detailed analysis is expected in February 2021.
  • Post-im­ple­men­ta­tion review of IFRS 10, IFRS 11 and IFRS 12— the request for in­for­ma­tion was published on December 9, 2020 and dis­cus­sion of the feedback is expected to begin in the second half of 2021.
  • Post-im­ple­men­ta­tion review of IFRS 9 — Clas­si­fi­ca­tion and Mea­sure­ment— the request for in­for­ma­tion is expected in the second half of 2021 (previously not specified).
  • Second com­pre­hen­sive review of the IFRS for SMEs Standard — this is the new name of the 2019 Com­pre­hen­sive Review of the IFRS for SMEs Standard project, which has also been re­cat­e­gorized from main­te­nance project to research project; after the IASB's dis­cus­sion of the feedback to the request for in­for­ma­tion at its December 2020 meeting, a decision on the direction of the project expected in the first quarter of 2021.

 Other projects

The above is a faithful com­par­i­son of the IASB work plan at November 20, 2020 and December 18, 2020. For access to the current IASB work plan at any time, please click here.


Leaf - sustainability (green) Image

Prototype climate-related financial disclosure standard

Dec 18, 2020

On De­cem­ber 18, 2020, following their statement of intent to work together towards a comprehensive corporate reporting system, the five internationally significant framework- and standard-setting institutions (CDP, CDSB, GRI, IIRC, and SASB) have published a prototype climate-related financial disclosure standard.

The group has published a paper that illustrates how their current frameworks, standards and platforms, along with the elements set out by the Task Force on Climate-related Financial Disclosures (TCFD), can be used together to provide a running start for development of global standards that enable disclosure of how sustainability matters create or erode enterprise value.

In their joint statement of intent published in September 2020, the group stressed their willingness and readiness to work with the Trustees of the IFRS Foundation in this area. The paper demonstrates that standard-setting for sustainability-related financial disclosure is a natural extension of the IFRS Foundation’s current role, and provides insight into how such an ambition can be achieved by building on content that already exists.

In the paper, the group of five explain that enterprise value reporting “is not therefore a replacement for sustainability reporting, which serves a broad range of stakeholders, can offer input to public policy design and reveals issues that may emerge as material for economic decision-making over time.” They believe, however, that consistent communication of how sustainability matters affect drivers of enterprise value can be a “complementary enabler of change, since it creates a financial incentive for companies and their investors to improve performance on some sustainability matters as much and as quickly as they can”.

Following the paper’s launch, the group is co-hosting a webinar on January 12, 2021, where the CEOs of each organization will come together to further outline the concepts and motivations behind the paper. 

Please click for the following additional information on the CDSB website:

Securities - OSFI Image

Superintendent of Financial Institutions Canada to leave office in June 2021

Dec 18, 2020

On December 18, 2020, the Superintendent of Financial Institutions Canada, Mr. Jeremy Rudin, has informed the Minister of Finance that he will conclude his seven-year term as Superintendent on June 28, 2021 and will not be seeking a second term. Mr. Rudin will continue to serve Canadians and the Government of Canada through the rest of his term and will retire from the public service at the end of his current mandate.

Re­view the press re­lease on OSFI's Web site.

FASB (US Financial Accounting Standards Board) (lt blue) Image

FASB releases 2021 U.S. GAAP and SEC taxonomies

Dec 17, 2020

On December 17, 2020, the Financial Accounting Standards Board (FASB) released the 2021 U.S. GAAP Financial Reporting Taxonomy, the 2021 SEC Reporting Taxonomy, and the 2021 XBRL U.S. Data Quality Committee (DQC) Rules Taxonomy (DQCRT).

The 2021 U.S. GAAP taxonomy reflects updates as a result of accounting standards and other improvements. The 2021 SEC taxonomy contains improvements based on two SEC final rules. The 2021 XBRL DQC taxonomy includes three new DQCRs.

The taxonomies are subject to final SEC approval, which is expected to be granted in early 2021. For more information, see the press release on the FASB’s Web site.


IFRS Foundation publishes IFRS Taxonomy update

Dec 17, 2020

On December 17, 2020, the IFRS Foundation published "IFRS Taxonomy 2020 — Update 2 Interest Rate Benchmark Reform — Phase 2''.

This Taxonomy update includes elements to reflect the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 introduced by Interest Rate Benchmark Reform — Phase 2 issued in August 2020.

Review the press release and Taxonomy update on the IASB’s website.

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