August

Report on the future of financial reporting and interview with Board member Ann Tarca

18 Aug, 2020

Chartered Accountants Australia and New Zealand (CAANZ) has released a report 'The future of financial reporting', examining the ways in which digital reporting can reshape the way financial information is used.

The report notes that:

  • Digital financial reporting presents significant advantages for preparers, auditors, regulators, users and analysts;
  • Through a unified labeling system, reports can be tailored to the needs of users; and
  • With simple access to detailed information, accountants can focus on advice and assurance.

The report is accompanied by a 25 minute interview with IASB Board member Ann Tarca, who recently delivered a speech discussing the benefits and costs of digital reporting.

Both, the report and the interview, can be accessed through the press release on the CAANZ website.

Summary of the July 2020 ITCG meeting

18 Aug, 2020

The IASB has published a summary of the IFRS Taxonomy Consultative Group (ITCG) meeting held on 28 July 2020.

The ITCG discussed the following:

  • IFRS Taxonomy content — Tagging comparative information reported in accordance with a superseded IFRS Standard.
  • Technical updates to the IFRS Taxonomy.

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

Summary report of a field-test workshop on the IASB's PFS proposals

26 Aug, 2020

EFRAG, in close coordination with the European national standard-setters and the IASB, is conducting field-tests of the IASB proposals included in the Exposure Draft ED/2019/7 'General Presentation and Disclosures' published in December 2019. A report is now available from a field-test workshop held on 7 July 2020.

Participants of the field-test were asked to apply the IASB's proposals to their financial statements and answer a questionnaire from EFRAG and the IASB. The results were then discussed in the workshop.

Please click for additional information and the report from the workshop on the EFRAG website.

Results from a similar workshop with financial institutions were released in September 2020.

Updated IASB work plan — Analysis (August 2020)

11 Aug, 2020

The IASB has updated its work plan, which we have analysed to see what changes have resulted since it was last revised in July 2020. Changes are minimal — three expected dates have been clarified.

Below is an analysis of all changes made to the work plan since our last analysis on 25 July 2020.

Research projects

  • Dynamic Risk Management — Core model outreach is now expected in October 2020 (previously Q4 2020).

Other projects

  • IFRS Taxonomy Update — 2020 General Improvements and Common Practice — A proposed IFRS Taxonomy Update is now expected in October 2020 (previously Q4 2020).
  • IFRS Taxonomy Update — Common Practice (IAS 19 Employee Benefits) — The timing of a proposed IFRS Taxonomy Update is now expected in October 2020 (previously Q4 2020).

The above is a faithful comparison of the IASB work plan at 25 July 2020 and 11 August 2020. For access to the current IASB work plan at any time, please click here.

Updated IPSAS-IFRS alignment dashboard

28 Aug, 2020

The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

Please click to access the updated alignment dashboard prepared for the September 2020 IPSASB meeting on the IPSASB website.

Deloitte offers a summary of the provisions of all IPSAS in our IPSAS in your pocket publication.

We comment on the IIRC consultation draft of its revised Framework

24 Aug, 2020

In February 2020, the International Integrated Reporting Council (IIRC) launched the revision of the International <IR> Framework and called for market feedback on specific themes to inform the nature and direction of the revision. A consultation draft of the revised Framework was released for a 90 day comment period in May 2020.

In our comment letter on the consultation draft, we especially note two points:

  • The IIRC should especially focus on collaboration with framework and standard-setters to achieve a consolidated and comprehensive system of standards and to achieve connectivity between non-financial and financial reporting standards; and
  • the IIRC should support deeper engagement between the IIRC and the Trustees of the IFRS Foundation to create a clearer path towards a single system with connected oversight of standards for all forms of corporate reporting while also advocating for a broadening of the Trustees’ remit.

We also note that the subject of assurance has not been included in the consultation. We believe the IIRC should play an important role in enhancing the ‘assurance readiness’ of the Framework.

Please click to access out full comment letter here.

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