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September

Agenda for October 2020 joint CMAC-GPF meeting

25 Sep 2020

Representatives from the International Accounting Standards Board (IASB) will meet with both the Capital Markets Advisory Council (CMAC) and Global Preparers Forum (GPF) by video conference on 8 October 2020. The agenda for the joint meeting has been released.

The full agenda for the meeting is summarised below:

Thursday, 8 October 2020 (11:00-16:00)

  • Welcome and instructions for virtual meeting
  • Business combinations — Disclosures, goodwill and impairment
    • Discussion about three areas of feedback on the Board’s preliminary views that the staff have received to date.
  • Primary financial statements
    • Discussion of feedback from stakeholders on the Board’s proposals, received during outreach on the Exposure Draft.
  • Update session
    • Applying IFRS Standards in 2020
    • COVID-19 related matters

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

Agenda for the October 2020 ASAF meeting

02 Sep 2020

The International Accounting Standards Board (IASB) has released an agenda and meeting papers for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held by remote participation on 2 October 2020.

The agenda for the meeting is sum­marised below:

Friday, 2 October (11:00-14:15)

  • Goodwill and Im­pair­ment
    • ASAF members’ views and feedback from their jurisdictions on the dis­cus­sion paper.
  • Business Combinations Under Common Control
    • ASAF members to advise on possible outreach activities for the upcoming discussion paper.
  • Conceptual Framework for Financial Reporting
    • The FASB will provide an overview of its proposed Chapter 4, Elements of Financial Statements, of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.

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

Agenda for the September/October 2020 IFASS meeting

04 Sep 2020

The International Forum of Accounting Standard Setters (IFASS) will meet on 30 September and 30 October 2020. The meeting will be held virtually.

The full agenda for the meeting is summarised below.

Wednesday, 30 September 2020 (11:00–15:00)

  • Welcome and opening remarks
  • Issues surrounding separate financial statements
    • Presentations by Brazil, Italy, and Korea
  • Primary financial statements
    • Presentations by EFRAG and Korea on the IASB exposure draft
  • Cryptoassets
    • EFRAG discussion paper on the accounting for cryptoassets
  • Intangibles
    • Joint paper by Canada, Germany, Japan, UK and US

Thursday, 1 October 2020 (11:00-14:30)

  • Going Concern
    • Presentations by Australia and New Zealand
  • International financial reporting for non-profit organisations
  • IPSASB update
  • Fintech application and accounting standards
    • Presentation by Taiwan
  • Impact of COVID-19 in Sri Lanka
    • Presentation by Sri Lanka
  • Closing remarks

Chair of UK Accounting Standards Endorsement Board appointed

21 Sep 2020

The Government has appointed Pauline Wallace as the inaugural chair of the UK Accounting Standards Endorsement Board (UKEB).

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. 

CIPFA/LASAAC consults on a new Code of Practice on Local Authority Accounting

24 Sep 2020

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are seeking comments, via an ‘Invitation to Comment’, on proposals for developing the 2021/22 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2021.

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):

Death of Bob Garnett, former member of the IASB and chair of the IFRS Interpretations Committee

24 Sep 2020

The members of the IASB and staff of the IFRS Foundation have released condolences on the death of Robert (Bob) Garnett, former member of the IASB and Chair of the IFRS Interpretations Committee.

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.

EFRAG agrees on draft endorsement advice on IFRS 17

10 Sep 2020

In a public meeting, the Board of the European Financial Reporting Advisory Group (EFRAG) agreed today to publish positive a draft endorsement advice (DEA) on IFRS 17 'Insurance Contracts'.

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.

EFRAG draft endorsement advice on IFRS 17 now available

30 Sep 2020

As reported earlier, the Board of the European Financial Reporting Advisory Group (EFRAG) agreed to publish positive a draft endorsement advice (DEA) on IFRS 17 'Insurance Contracts' in a public meeting on 10 September 2020, however, the actual document itself was still outstanding.

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.

EFRAG issues final endorsement advice on amendments to the interest rate benchmark reform - Phase 2

12 Oct 2020

The European Financial Reporting Advisory Group (EFRAG) has issued its final endorsement advice letter relating to the use in the European Union (EU) of 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' (''the Amendments'').

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.

EFRAG outreach event on business combinations and subsequent accounting for goodwill

30 Sep 2020

The EFRAG, along with the IASB, will be hosting an outreach event on 16 October 2020 to discuss how to improve disclosures regarding acquisitions, enhancing impairment testing and accounting for goodwill.

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.

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