The purpose of the session is to obtain feedback from academics on the proposals in the March 2020 DP and to discuss relevant academic evidence.

Please click for more information on the IASB website.

The webcast will be held on 21 October 2020 at 11:00am BST and last about 45 minutes. To register for the webcast, submit a question, or for more information, please see the press release on the IASB's website.

Mr Scott provides his perspective from ten years in the position, while Mr Mackenzie discusses his expectations in his first term.

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

The error identified first occurred in Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) published in September 2019 and was later reproduced in the Red Book and the annotated Red Book 2020 as well as the Blue Book and the annotated Blue Book 2020.

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors. The editorial corrections can be viewed on the editorial corrections page of the IASB's website.

The proposed update includes elements to reflect common reporting practice and new and amended labels to clarify the accounting meaning and intended use of some existing elements.

For more information, see the press release and proposed update on the IASB’s website. Comments are requested by 5 January 2021.

The publication summarises management's responsibilities for assessing going concern and the associated implications for financial reporting in light of COVID-19. 

The guide is available on the ICAEW website.

This technical release is an updated version of TECH 07/13BL and provides guidance on eligibility for and application of the provisions in s479A-479C of the Companies Act 2006. These provisions permit subsidiary companies and limited liability partnerships to take an exemption from audit if the parent undertaking guarantees all outstanding liabilities to which the subsidiary is subject at the end of the financial year to which the guarantee relates, until they are satisfied in full.

The revised technical release applies for periods beginning on or after 1 January 2021. It reflects changes to UK law made since the previous version; most notably it reflects changes arising as a result of the UK’s withdrawal from the EU. In particular, for periods commencing on or after IP completion day (defined as 31 December 2020 at 11.00pm UK time), the exemption is only available where the guarantee is given by a parent undertaking that is established under UK law. This represents a narrowing of the availability of the exemption; for periods beginning before IP completion day, the exemption is available where the guarantee is given by a parent undertaking established in the EEA.

The technical release is available on the ICAEW’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.

Specifically, Ms Ko discussed work done by the European Commission, CFA Institute, five ESG standard-setters, the World Economic Forum, and the IFRS Foundation Trustees towards establishing a common set of non-financial reporting standards. Ms Ko also discussed the new Sustainability Standards Board and the important role it will play in the development of sustainability standards and how the IFRS Foundation can aid in establishing effective synergies with existing financial reporting. She especially noted:

The Trustees of the Foundation are aware of the enormity of the task of developing a global set of sustainability standards. The Trustees are very clear that building on and working with regional initiatives is a ‘must’ in order to achieve global consistency and reduce complexity and hopefully cost too. [...] The new Sustainability Standards Board must develop a structure and culture that seeks to build effective synergies with existing financial reporting. This should give the IFRS Foundation an added advantage in playing a key role in the field of sustainability reporting. It would not be right to emphasise one form of reporting at the expense of another. [...] Approached in this way, everybody would benefit from the useful and globally comparable information and data that would result.

The full article is available on the IASB’s website.

Meeting activities included the following:

• Executive session:
  • Report of the Executive Director — The Trustees received a report from the Executive Director Lee White on activities since the last meeting.
  • Update on sustainability reporting — The Trustees discussed the initial reactions to the consultation paper on sustainability reporting that they published in September.
  • Committee reports — The Trustees discussed reports from the Business Process and Technology Committee, the Audit, Finance and Risk Committee, the Human Capital Committee, the Nominating Committee, and the DPOC. (A report of the DPOC meeting is attached to the meeting summary.)
• IASB Chairman’s report — The Chair of the IASB noted the successful completion of time-sensitive amendments to IFRS 17 Insurance Contracts and to the financial instruments standards to address the effects of the ongoing IBOR reform, and updated the Trustees on the continuing discussion in the EU about endorsement of IFRS 17.

For more information, see the full summary on the IFRS Foundation Trustees’ and DPOC meeting on the IASB’s website.