The webcast is hosted by IASB Vice-Chair Sue Lloyd and technical staff member Sid Kumar and covers the following areas:

• ECL model development
• Important characteristics of the ECL model
• ECL related disclosures
• Interaction with regulatory provisions

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

The podcast discusses:

• IBOR reform and the effects on financial reporting — Phase 2;
• Classification of liabilities as current or non-current;
• Disclosure initiative — Accounting policies;
• Disclosure initiative — Targeted standards-level review of disclosures; and
• Maintenance and consistent application.

The podcast also touches on the publication of the amended insurance contracts standard IFRS 17.

The podcast (17 minutes) can be accessed through the press release on the IASB website.

The document gives a broad explanation of that law and of the role and content of the Guidance on realised and distributable profits (TECH 02/17BL) issued by ICAEW and the Institute of Chartered Accountants of Scotland (ICAS). It aims to inform readers who are not accountants about the subject generally and to make TECH 02/17BL and its principles more widely accessible. The document does not change or supersede TECH 02/17BL which remains in effect as written.

The document covers:

• Laws relevant to dividends and other forms of distribution. This provides an overview of the various laws that directors should be aware of before making dividend payments. These laws include laws specific to dividends in the Companies Act 2006.
• General principles on the realisation of profits and losses. This outlines the general principles when applying the laws specific to dividends in the Companies Act 2006, including those derived from TECH 02/17BL.
• Directory of TECH 02/17BL. This briefly describes the subject matter of each chapter of TECH 02/17BL to help users of that publication to navigate its contents.

A press release and the full publication are available on the ICAEW website.

The webinar will cover:

• changes to IFRS Standards effective in 2020, including amendments to interest rate benchmark reform;
• the latest updated to IFRS 17 Insurance Contracts relevant to non-insurers;
• lessons learned from implementing IFRS 16 Leases; and
• forthcoming developments in IFRS Standards.

Further details are available on the ICAEW website.

The guide has been prepared primarily to support pension scheme auditors navigate the additional challenges they are likely to experience as a consequence of COVID-19 in meeting their responsibilities towards the scheme’s annual report, including the audited financial statements. Trustees and accounts preparers may also find the guide useful.

The Guide is relevant to private sector occupational defined benefit (DB) and defined contribution (DC) trust-based pension schemes in the UK, including hybrid schemes and DC master trusts, applying Financial reports of pension schemes: A statement of recommended practice (the Pensions SORP), published by PRAG.

The guide covers a wide range of topics including:

• responsibilities for reporting to The Pensions Regulator
• the impact of COVID-19 on the control environment of pension schemes
• the trustees' report and the chair's statement
• going concern and the trustees' assessment of going concern
• accounting for scheme investments
• events after the end of the reporting period
• audit issues
• the auditor's statement about contributions.

It should be read alongside the latest available COVID-19 guidance from The Pensions Regulator, the Financial Reporting Council (FRC) and other key third parties.

A press release and the full guide is available on the ICAEW website.

Mr Gast will join the Board for an initial term of five years on 1 August 2020. He comes from the Center for Financial Research and Analysis (CFRA) — a provider of independent investment research — where he currently serves as president, directing the organisation’s forensic accounting and equity research strategy.

For more information, please see the press release on the IASB website.

The report for 2019 provides an overview of the IFRS Foun­da­tion’s ac­tiv­i­ties during the past year and sets out the Foun­da­tion’s and IASB’s pri­or­i­ties for 2020.

For more in­for­ma­tion, see the press release and annual report (available in PDF format, inline XBRL version, and XBRL files)  on the IASB’s website.

The virtual conference will include the latest developments in IFRS Standards and major consultations as well as other presentations and interactive Q&A sessions.

For more information, see the conference page on the IASB’s website.

Supply Chain Financing Arrangements — Reverse Factoring: The Committee decided to publish a tentative agenda decision outlining how IFRS Standards apply to different aspects of accounting for reverse factoring arrangements (mainly presentation of the liability in the statement of financial position and presentation in the statement of cash flows). With regard to the recommended narrow-scope standard-setting on new disclosure requirements for arrangements entered in to fund payables to suppliers, no decision has been made and this will be reconsidered at a future meeting.

The comment period for the tentative agenda decision has been extended until the end of September 2020.

IFRS 16 Leases — Sale and Leaseback with Variable Payments: In March 2020, the Committee published a tentative agenda decision stating that for a sale and leaseback transaction with variable payments the seller-lessee recognises a lease liability at the date of the transaction, even if all the payments for the lease are variable and do not depend on an index or rate, reflecting how the right-of-use asset is measured to determine the gain or loss on the sale and leaseback transaction. The Committee decided to finalise the agenda decision, with some suggested changes to the drafting.

IAS 12 Income Taxes — Deferred Tax Related to an Investment in Subsidiary: In March 2020, the Committee published a tentative agenda decision that when an entity expects to recover the carrying amount of its investment in the subsidiary through distributions of profits by the subsidiary, the entity uses the distributed tax rate to measure the deferred tax liability related to its investment in the subsidiary. The Committee decided to finalise the agenda decision.

IAS 38 Intangible Assets — Player Transfer Payments: In November 2019, the Committee published a tentative agenda decision stating that when a football club transfers a player to another club it recognises the gain or loss in profit or loss applying IAS 38, and not revenue (IFRS 15). However, the agenda decision suggested that the intangible asset could be classified as inventory (IAS 2) if it was is acquired for development and sale in the ordinary course of business. The Committee decided to finalise the agenda decision, with the suggested removal of the analysis under IAS 2.

More In­for­ma­tion

Please click to access the detailed notes taken by Deloitte observers.

The statement discusses:

• the importance of disclosures about the impact on amounts recognised, measured and presented in the financial statements;
• the importance of transparent and complete disclosures that should be entity-specific and especially highlight significant judgments and estimates;
• non-GAAP measures that should be reliable and informative;
• interim reports that should provide robust disclosures of material information and management’s response to the changing circumstances;
• implications for the annual audit; and
• the balance between the flexibility provided by regulators by extending the period to file financial information and the responsibility to provide timely and comprehensive financial information that includes reasonable and supportable judgments.

A corresponding press release and the public statement are available on the IOSCO website.