The full agenda for the meeting is summarised below:

Agenda papers for this meeting are available on the IASB's website.

The agenda for the meeting is sum­marised below:

For more in­for­ma­tion, please see the agenda and meeting papers on the IASB's website.

The full agenda for the meeting is summarised below.

The UKEB has been set up to endorse and adopt new or amended international accounting standards on behalf of the UK, when the transition Period comes to an end.  The UKEB will ensure that the UK can continue to play a key role in the global development of these standards.  

Further information is included in the press release available on the Government website. 

Local authorities in the United Kingdom are required to keep their accounts in accordance with 'proper practices'. This includes compliance with the terms of the Code of Practice on Local Authority Accounting in the United Kingdom prepared by the CIPFA/LASAAC Local Authority Accounting Code Board (CIPFA/LASAAC).

The changes and feedback requested in the Invitation to Comment (ITC) relate to the following:

• Further developments on the implementation of IFRS 16 Leases including:
  • the treatment of housing revenue account tenancy agreements under leasing standards.
  • the measurement of the service concession arrangement liability.
  • the accounting requirements for leases at peppercorn (or lease payments for nominal or nil consideration), by following the principles in the Code for the treatment of donated assets.
  • changes to IFRS 16 for COVID-19 related rent concessions issued by the IASB in May 2020.
• Other changes to accounting standards.
• Areas of augmentation to the Code’s provisions.

CIPFA/LASAAC consulted on the implementation plans for IFRS 16 in 2018 and 2019.  It is noted that the agreed text might be subject to change pending the outcome of the issues identified above.  The ITC does not specifically re-expose the proposals to consultation.

CIPFA/LASAAC are also consulting on:

• the impact of the Redmond Review recommendations and commentaries on financial reporting and CIPFA/LASAAC’s strategic plan.
• the future implementation of IFRS 17 Insurance Contracts
• specific issues relating to CIPFALASAAC’s strategic plan.

Comments are requested by 23 October 2020.

Click for (all links to the CIPFA website):

• Press release
• The 2021/22 Code of Practice on Local Authority Accounting in the United Kingdom - Invitation to CommentThe changes and feedback requested in the Invitation to Comment (ITC) relate to the following:

Mr Garnett served as an IASB board member from 2001 to 2010, during a period of widespread adoption of IFRS Standards around the world. He also chaired the IFRS Interpretations Committee from 2005 until 2011. He served as a committee member on IASC's (the predecessor of the IASB) project on extractive industries and was a member of the South African Accounting Practices Board.

Please click for the statement on the passing of Mr Garnett on the IASB website.

The Board achieved consensus on all issues with the exception of annual cohorts, with nine Board members voting in favour of the cohorts meeting the endorsement criteria and seven members disagreeing. The actual letter containing the DEA is not expected until October as questions to constituents still need to be agreed. Stakeholders will be given four months to comment on the DEA. A final advice will be aimed for by the end of March 2021.

The Board achieved consensus on all issues with the exception of annual cohorts, with nine Board members voting in favour of the cohorts meeting the endorsement criteria and seven members disagreeing. Comments on the DEA are requested by 29 January 2021. Please click to access the different consultation documents and appendices through the press release on the EFRAG website.

EFRAG has also updated its endorsement status report to the issuance of the positive draft endorsement advice.

The amendments address issues that might affect financial reporting after the reform of an existing interest rate benchmark, including its replacement with alternative benchmark rates. The amendments are effective for annual periods beginning on or after 1 January 2021, with earlier application permitted.

EFRAG recommends the endorsement of the Amendments. EFRAG’s assessment is that the Amendments meet all the technical endorsement criteria of the IAS Regulation and are conducive to the European public good.

Final endorsement of the amendments is currently expected in the fourth quarter of 2020.

A press release and the endorsement advice letter to the European Commission are available on the EFRAG website. EFRAG has also updated its endorsement status report.

The event will have a wide range of high-level speakers and will be seeking input from the community of interested stakeholders on the IASB’s preliminary views included in the Discussion Paper Business Combinations —  Disclosures, Goodwill and Impairment and the EFRAG’s Draft Comment Letter.

Please click for more in­for­ma­tion and reg­is­tra­tion for the event on the EFRAG website.