The web presentations will provide an overview of the new requirements and will allow participants to ask questions. Registration is required (on the IASB's website) for the 18 May web presentations:

• Session at 9:00 (GMT)
• Session at 15:00 (GMT)

Stay tuned to IAS Plus for in­for­ma­tion on IFRS 17; we will have timely, com­pre­hen­sive coverage of the new insurance contracts standard to help readers un­der­stand the re­quire­ments and im­pli­ca­tions.

Both organisations have a public interest mission and they believe that combining their expertise and extensive networks will support developing economies to achieve sustainable and comprehensive development built on transparency, accountability, and efficient financial markets.

The Memorandum of Understanding notes three priorities of collaboration:

• Implementation of IFRSs and the IFRS for SMEs by encouraging adoption, supporting accessibility, and conducting research;
• Capacity development for the implementation of IFRSs by developing scalable programmes, supporting professional development, and thought leadership; and
• Enhancing engagement in standards development by strengthening standard-setting capabilities and participating in advisory bodies of the IFRS Foundation.

Please click to access the following information of the IASB website:

• Press release
• Memorandum of Understanding
• Video discussing the Memorandum of Understanding

The EBA guidelines build on the guidance by the Basel Committee on Banking Supervision (BCBS) in December 2015 on the same matter and feature a detailed section on the application of IFRS 9 Financial Instruments. A draft of the guidelines was subject to a three-month consultation period between July 2016 and October 2016. The guidance notes:

The EBA welcomes the move from an incurred loss model to an ECL model under IFRS 9. IFRS 9 is, overall, an improvement compared to IAS 39 in the accounting for financial instruments and the changes on credit loss provisioning should contribute in addressing the G20’s concerns about the issue of ‘too little, too late’ recognition of credit losses and improve the accounting recognition of loan loss provisions by incorporating a broader range of credit information. IFRS 9 is therefore expected to address some prudential concerns and contribute to financial stability. However, the application of IFRS 9 also requires the use of judgement in the ECL assessment and measurement process which could potentially affect the consistent application of IFRS 9 across credit institutions and the comparability of credit institutions’ financial statements.

The EBA notes that the objective of the guidelines is to be in line with the BCBS guidance. The EBA guidelines would also not prevent credit institutions from meeting the impairment requirements in IFRS 9. The guidelines should be implemented by 1 January 2018.

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

• Press release
• Final guidance

As calls for the exercise of increased professional scepticism grow, the report “explains how cognitive biases are central to improving the exercise of professional scepticism and to understanding the fundamental ethical principal of objectivity”. 

It “recommends a holistic approach that encourages market participants to think actively about cognitive bias and take steps to minimise its impact on audit quality”. 

A number of recommendations for standard setters, regulators and auditors are put forward to improve and encourage audit quality and tackle cognitive bias in the audit process. 

The press release and report are available on the ACCA website. 

The main drivers for the revisions are:

• revisions to UK auditing standards (ISAs (UK));
• changes to UK accounting standards (Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland) and the revision of the charities Statement Of Recommended Practice (SORP);
• continuing developments in regulation and guidance issued by the Charity Regulators; and
• changes in relevant legislation. 

Comments are requested until 25 August 2017. 

The press release and invitation to comment are available on the FRC website.

The English language event will introduce the main elements of the discussion paper and will give the preliminary European view on the paper. It also seeks input on a number of the key questions in the paper that will be used by EFRAG, DI and FSR in providing their input to the IASB.

Please click for the following additional information:

• Press release on the EFRAG website
• Additional information the FSR website (in the Danish language)
• Registration for the event on the FSR website

The GLASS research project is related to the recognition in the financial statements of high inflation effects before reaching hyperinflation, as IAS 29 Financial Reporting in Hyperinflationary Economies currently requires. As part of the research project, GLASS has prepared a questionnaire and would appreciate feedback from IAS Plus readers.

Please be advised that the deadline for the completed questionnaire is 31 May 2017. It is available for download here. Completed questionnaires should be submitted to fperezcervantes [at] cinif.org.mx.

Accountancy Europe is holding a lunch event focusing on the practical implications of the new European Directive 2014/EU/94 on non-financial and diversity information that came into force in January 2017. In particular, the 12 July 2017, free of charge event will address arising issues in the field of ESG reporting, how to best comply with the new requirements, stakeholder expectations, and what constitutes good reporting overall. Please click for more information on the Accountancy Europe website.

At the 4th African Congress of Accountants (ACOA17) the Pan-African Federation of Accountants (PAFA) announced an Integrated Reporting Committee for Africa. The Committee is an initiative by PAFA and the World Bank and its aim is to promote integrated reporting in African countries. The Committee will initially have seven member countries: Botswana, Kenya, Mauritius, Morocco, Namibia and South Africa. More information is available on this website.

The SASB Foundation, responsible for the funding and oversight of the Sustainability Accounting Standards Board (SASB), has announced the appointment of nine inaugural members to the SASB Standards Board. The members are independent experts appointed by the SASB Foundation Board of Directors to adopt the standards, review and maintain the technical agenda, make proposed updates to the standards, and have overall responsibility for the standards-setting process. Please click for the announcement on the SASB website.

Dr Lu is currently Director of the Accounting Regulatory Department of the Chinese Ministry of Finance and in charge of Chinese accounting standard-setting. He represents the China Accounting Standards Committee on the IASB's Accounting Standards Advisory Forum (ASAF) and has regularly contributed to the meetings of the IASB's Emerging Economies Group (EEG). Dr Lu is also known for his important contributions to the work of the Asian-Oceanian Standard-Setters Group (AOSSG).

Please click for the announcement on the IASB's website.

The exposure drafts regard an AAOIFI accounting standard on impairment and credit losses as well as an accounting standard on sukuk (comparable to conventional bonds). More information is available here:

• Impairment and credit losses exposure draft
• Sukuk exposure draft

The new standard regards repurchase transactions and the applicable Shariah rulings for the Islamic financial institutions. The new standard is the 58th standard issued by the AAOIFI. More information is available here.

The report AAOIFI in 850 Days, which was already released in February 2017, covers AAOIFI developments, activities, projects, and achievements from September 2014 to the end of 2016. It can be downloaded in an English and an Arabic version through this press release.

Finally, the AAOIFI board has approved a plan to issue guidance covering sharia-compliance, accounting and governance of awqaf, with a working group established for the project. Awqaf are Islamic endowments that receive donations to operate specific social projects, such as mosques, schools and welfare schemes. Most awqaf do not disclose full financial figures yet. More information is available in this press release.