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2019

Interviews with new IASB members

08 Aug 2019

The IASB has released two short interviews introducing Tadeu Cendon and Rika Suzuki. Mr Cendon and Ms Suzuki were appointed to the IASB board by the Trustees of the IFRS Foundation in March 2019 for terms which began on 1 July 2019.

For more information, see the interviews with Mr Cendon and Ms Suzuki on the IASB website.

IASB seeks candidates for IFRS Taxonomy Consultative Group

08 Aug 2019

The IASB is seeking candidates for membership to its IFRS Taxonomy Consultative Group. The group provides an advisory and review forum for members to actively assist the IASB in the maintenance and development of the IFRS Taxonomy and related activities.

The Board is keen to appoint members with professional experience as preparers or users of electronic financial reports prepared using the IFRS Taxonomy. Technical knowledge of XBRL is desirable, but not required. Applications are requested by 7 October 2019. For more information, see the press release on the IASB website.

IVSC Financial Instruments Board consults on future agenda

08 Aug 2019

The International Valuation Standards Council (IVSC) has published a consultation document seeking feedback regarding the approach its newly established Financial Instruments Board should take, and the prioritisation of that work.

The Standards Review Board of the IVSC recognised the need to develop guidance for the valuation of financial instruments and created IVS 500 as a holding chapter on financial instruments, which was initially released as part of IVS 2017.

In December 2018, the IVSC Financial Instruments Board was formed and met for the first time in April 2019. At that meeting, the Board agreed to significantly modify and enhance the existing financial instrument standard IVS 500 and, as a first step, to publish a consultation document to obtain feedback from stakeholders on how to modify and enhance the existing standard.

The consultation document now released solicits feedback about the valuation topics the IVSC and its newly established Board for financial instruments should address as part of its current agenda and additional financial instruments valuation topics that stakeholders feel should be prioritised or added to IVSC’s agenda.

Please click to access the consultation document through the press release on the IVSC website. Comments are requested by 19 September 2019.

Study into the uptake of integrated reporting

06 Aug 2019

The International Integrated Reporting Council (IIRC) has posted to its website a study 'Integrated Reporting and the Capitals’ Diffusion'. The study quantitatively analyses integrated reporting to determine the extent of diffusion of integrated reporting, the depth of integrated reporting adoption, and the extent and nature of the disclosure of multiple capitals.

The study was sponsored by the Autorité des Normes Comptables (ANC), the French standard setter, and was presented at the 8th Symposium on Accounting Research 2018 in Paris (a recording of the research forum is available here).

The project behind the study sought answers to the questions:

  • Where and by whom has integrated reporting been adopted?
  • To what extent has the International <IR> Framework been followed (‘depth’ of adoption)?
  • How are organisations reporting on the capitals?
  • Are integrated reporters using the GRI Standards too?

The research reveals that integrated reporting has matured into fast-paced diffusion around the world, but it also offers some interesting insights such as the fact that more developed countries are lagging in adoption, some companies developed integrated reports even before the International <IR> Framework was published, and the title ‘integrated report’ is not necessarily used - some integrated reports are labeled 'annual report' or 'sustainability report'.

Please click for the press release on the IIRC website, which offers a brief summary and access to the full report.

IPSASB review of developments 2017-2018

06 Aug 2019

The International Public Sector Accounting Standards Board (IPSASB) has published 'Delivering for the Future: IPSASB 2017-2018 Biennial Review'.

The publication summarises the IPSASB’s achievements, challenges, and key developments in 2017 and 2018 and can be downloaded from the IPSASB website.

IPSASB publishes proposed 'Improvements to IPSAS, 2019'

05 Aug 2019

The International Public Sector Accounting Standards Board (IPSASB) has published an exposure draft 'Improvements to IPSAS, 2018', which sets out proposed amendments to International Public Sector Accounting Standards (IPSAS) to address issues raised by stakeholders.

This year, the exposure draft does not include proposed amendments that aim at convergence with recent IASB amendments.

Candidates for such amendments would have the the IASB's Definition of Material (Amendments to IAS 1 and IAS 8) and Definition of Business (Amendments to IFRS 3), both issued in October 2018. However, on the definition of material the IPSASB decided not to amend the definition IPSAS 1 and IPSAS 3. Before making standards-level amendments the IPSASB will review the guidance on materiality in its own framework and in doing so will take account of the IASB’s amendments.

On the definition of a business the IPSASB decided not to amend the definition of an operation in IPSAS 40 (which draws on the definition of a business in IFRS 3) as the definition in IPSAS 40 applies to amalgamations as well as to acquisitions while some of the additional guidance in IFRS 3 would only be relevant to acquisitions. The modifications that would be needed to ensure that this guidance does not apply to amalgamations would go beyond the remit of the improvements project. A separate narrow scope project to evaluate the potential impact of the IASB’s revised definition of business on IPSAS 40 may be considered in the future.

Please click to access the exposure draft Improvements to IPSAS, 2019 on the IPSASB website. Comments are requested by 30 September 2019.

Final papers presented at the fifth IASB Research Forum

05 Aug 2019

The International Accounting Standards Board (IASB) hosted its fifth Research Forum on 11 and 12 November 2018 in Sydney.

The meeting saw the presentation of six academic papers. These have now been finalised and also reflect the responses by academics and standard-setters to the presentations at the forum. We already posted our short summaries of the discussions in November 2018. In December 2018, the IASB made available audio recordings of the presentations and responses. The finalised papers are now available in Abacus Volume 55, Issue 1.

FRC issues consultation on Streamlined Energy and Carbon Reporting Taxonomy

02 Aug 2019

The Financial Reporting Council (FRC) has published a consultation on the draft Streamlined Energy and Carbon Reporting (SECR) Taxonomy.

The draft taxonomy reflects the new requirements introduced by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 requiring quoted and large unquoted companies and LLPs to report on greenhouse gas emissions, energy consumption and energy efficiency. 

The draft is available via Yeti, a live consultation programme enabling  interested parties to submit responses in relation to the SECR taxonomy as and when they wish or apply it in practice. In addition, the FRC has set out some specific questions, including consideration of whether the SECR taxonomy should include the Recommendations of the Task Force for Climate Disclosure (TCFD).

For the press release and access to the draft, click here.

EFRAG publishes July 2019 issue of 'EFRAG Update'

02 Aug 2019

The European Financial Reporting Advisory Group (EFRAG) has published an 'EFRAG Update' summarising public technical discussions held and decisions made during July 2019.

The update reports on the EFRAG Board meeting on 9 July 2019, the EFRAG Technical Expert Group (TEG) meeting on 3-4 July 2019, the EFRAG Consultative Forum of Standard Setters (EFRAG CFSS) and the EFRAG TEG meeting on 3 July 2019 and EFRAG TEG conference call on 23 July 2019. The update also list publications issued in July 2019:

Please click to download the July EFRAG Update from the EFRAG website.

FRC launches consultation on limited revisions to the Client Asset Audit Standard

02 Aug 2019

The Financial Reporting Council (FRC) has launched a consultation proposing limited revisions to the Client Asset Audit Standard (CASS Standard).

e CASS Standard was introduced in 2015 to support the Financial Conduct Authority’s regulatory activity and oversight of the CAThe CASS Standard was introduced in 2015 to support the Financial Conduct Authority's regulatory activity and oversight of the CASS sector.

The revisions follow a post implementation review of the standard.  The proposed changes include:

  • regulatory changes to the scope of the CASS regime;
  • changes to improve the value of reporting to those charged with governance; and
  • some streamlining to requirements.

The consultation runs until Friday 27 September 2019.  

A press release and the consultation are available on the FRC website.

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