The guide sets out considerations to help banks and their auditors deal with three areas of the standard affected by the economic consequences of coronavirus: 

• forecasting and multiple economic scenarios;
• significant increase in credit risk; and
• reporting and disclosure

The guide draws together statements from the International Accounting Standards Board, European Securities and Markets Authority and the Basel Committee on Banking Supervision about how the principles in IFRS 9 may be applied to the situation created by COVID-19. 

Please click to access the following information on the ICAEW website:Please click to access the following information on the ICAEW website:

• Press release
• The full version of the guide

As well as providing an overview of the requirements, the webinar will cover which companies and what activities are in scope and what exemptions are available.

Further details are available on the ICAEW website.

A full list of appointees is available on the IASB's website.

The IFRS Foundation initiated the new compilation series in October 2019 and will continue it by publishing new volumes biannually in April and October. For more information, see the press release and compilation on the IASB website.

IASB members are appointed for an initial five-year term with the possibility of being reappointed for another three years (in exceptional circumstances for another five years). Nominations for IASB Board membership close on 26 June 2020. For more information, see the press release on the IASB’s website.

The IFRS Foundation is seeking four Trustees: one from Europe, two from the Americas and one from the At Large category. Trustees’ responsibilities include oversight of the organisation in the public interest, its strategic direction, appointments to the Board, the IFRS Interpretations Committee and the IFRS Advisory Council, and ensuring the financing of the organisation and approving its budget. The role description notes:

Qualified candidates should have top-level experience in an organisation with an interest in accounting standards. They should demonstrate a firm commitment to serving the public interest, to the work of the Foundation and to the Board as a high quality global standard-setter. They should be financially knowledgeable and be able to meet the time commitment, which includes, but is not limited to, at least three three-day meetings each year. Trustees should have an understanding of, and be sensitive to, the challenges associated with the adoption and application of high quality global accounting standards developed for use in the world’s capital markets as well as to relevant current issues such as the impact of new technologies on corporate reporting, the development of non-financial reporting and changes in investors and markets demands.

Please click to access the press release on the IASB website.

To inform its work, the SFN drew on a survey of the initiatives planned or undertaken by securities regulators and market participants to address the opportunities and challenges posed by sustainable finance. The report reflects the expectations from regulators and market participants that IOSCO should take an active role in facilitating global coordination and addressing transparency. The report notes:

[T]he SFN work to date points to a need to improve the comparability of sustainability-related disclosures. The lack of consistency and comparability across third party frameworks could create an obstacle to cross border financial activities and raise investor protection concerns.

The SFN has identified several actions that could contribute to enhanced comparability of sustainability related disclosure:

• Alignment of frameworks and requirements
• Identification of relevant components of disclosure
• Increased public accountability and assurance standards
• Increased engagement with asset managers on the integration of ESG factors in investment decision processes

Building on these, the report sets out the role that IOSCO can play and a proposal for next steps:

In response to these demands, IOSCO is looking to play an important role in addressing the challenges identified by the SFN while avoiding duplicating work done or being carried out by other standard-setting bodies or similar organizations. In particular, facilitating the provision of disclosure, both qualitative and quantitative, that is decision useful for both investors and companies is an area where IOSCO should be able to contribute meaningfully.

Therefore, IOSCO has decided to establish a Sustainability Task Force (STF). With a view to improve sustainability–related disclosures made by issuers and asset managers, the STF will identify and develop categories of disclosure which are material for investors and which are capable of falling within the supervisory and regulatory competence of securities regulators. The STF will then examine the categories of disclosure to assess whether industry specific or more broad metrics would provide decision useful information and comparability between different issuers. For this work, the STF will engage with the industry, voluntary third-party disclosure standard-setters and other relevant organisations.

Please click for the press release and the final report on the IOSCO website.

The statement notes that the responsibility for developing and maintaining high quality standards resides with the IASB and welcomes the IASB's recent educational material that addresses the application of accounting for expected credit losses in accordance with IFRS 9 Financial Instruments during the period of economic uncertainty arising from the COVID-19 outbreak. IOSCO also notes that the related financial instruments principles-based disclosure requirements in IFRSs (i.e. IFRS 7, IAS 1) should result in disclosure that considers the impact of the important emerging issues.

Please click to access the statement on the IOSCO website.

As a response to the additional challenges facing stakeholders as a result of the COVID-19 pandemic, the IPSASB has decided to provide them with additional time to undertake outreach and prepare their responses. A press release on the IPSASB website announces that the new comment letter deadline for the three exposure drafts is now 1 November 2020.

The objective of the document is to indicate the accounting implications of COVID-19-related government initiatives, including how IPSAS and other IPSASB guidance deal with transactions and events which arise because of the pandemic. The publication does not constitute an authoritative pronouncement of the IPSASB, nor does it intend to amend, or override the requirements of existing IPSAS or provide further implementation guidance.

Please click to access the publication on the IPSASB website.