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October

Agenda for the November 2020 IFRS Advisory Council meeting

22 Oct 2020

An agenda has been released for the upcoming meeting of the IFRS Advisory Council which will be held by remote participation on 3–4 November 2020.

A summary of the agenda is set out below:

Tuesday 3 November 2020 (12:00-15:45)

  • Updates on Trustees and Board’s Ac­tiv­i­ties
  • Feedback from previous Adisory Council meetings
  • Sustainability

Wednesday 4 November 2020 (12:00-14:45)

  • Sustainability
  • Chair’s summary

Agenda papers for the meeting are available on the IASB website.

Agenda for the October 2020 DPOC meeting

07 Oct 2020

The Due Process Oversight Committee (DPOC) will hold its 13 October 2020 by conference call.

The agenda for the DPOC meeting is sum­marised below.

Tuesday, 13 October 2020 (14:00–14:45)

  • In­tro­duc­tion and actions from the DPOC meeting held on 10 June 2020
  • Monitoring the Board and Interpretations Committee’s compliance with due process:
    • Technical activities: Key issues and update
  • Annual reports on Boards and Interpretations Committee activities:
    • Consultative Groups — annual review
    • Reporting Protocol — annual general report
    • Educational material — review of due process
  • DPOC matters
    • Update on publication of the revised Due Process Handbook
    • Correspondence: update since the agenda was circulated
  • Summary

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

Agenda for the October 2020 ITCG meeting

01 Oct 2020

The agenda is available for the next meeting of the IFRS Taxonomy Consultative Group (ITCG), which will be a virtual meeting on 7 October 2020.

The agenda is summarised below:

Wednesday 7 October 2020 (12:00-12:45)

  • IFRS Taxonomy content — Disclosure of early application of new or amended IFRSs

Agenda papers for this meeting will be made available on the IASB website.

Article on the impact COVID-19 might have on applying IFRSs

28 Oct 2020

IASB Board member Mary Tokar and technical staff member Sid Kumar have released an article that provides an overview of the key financial reporting considerations associated with COVID-19.

The article builds on a panel discussion at the IFRS Foundation Virtual Conference on 28 September 2020, which focused on what entities need to consider when developing assumptions in preparing financial statements in times of heightened uncertainty and what information to disclose about the assumptions used.

Please click to access In Brief: Applying IFRS Standards in 2020 — impact of covid-19 on the IASB website.

Chair of the IOSCO Task Force on Sustainable Finance reconfirms that IOSCO stands ready to support global sustainability reporting standards

29 Oct 2020

As reported earlier, the CDP, Climate Disclosure Standards Board, Global Reporting Initiative, International Integrated Reporting Council and Sustainability Accounting Standards Board sent an open letter to Erik Thedéen, Chair of the Sustainable Finance Task Force of the International Organization of Securities Commissions, on the need to work together to meet the needs of the capital markets as regards global sustainability reporting standards. Mr Thedéen already acknowledged the letter and responded to it in a speech in September, however, he has now released an open response.

In his response, Mr Thedéen repeats the April 2020 IOSCO statement that IOSCO is looking to play an important role in the area of sustainability reporting. Commenting once more on the IFRS Foundation sustainability reporting consultation and the statement of intent of CDP, CDSB, GRI, IIRC, and SASB, he notes again that while these initiatives are currently running in parallel, IOSCO is keen to see them come together.

On IOSCO's role and the path forward, Mr Thedéen reconfirms that IOSCO stands ready to offer support and help. He writes:

As noted, we agree that there is an urgent need to improve the completeness, consistency and comparability of sustainability reporting. Together your joint initiative and that of the IFRS Foundation [...] can set the foundations of a global system architecture that will deliver a more coherent and comprehensive corporate reporting system. [...] We believe that IOSCO is in a unique position to help in this process - just as we did 20 years ago when we endorsed IFRS for use in cross-border offerings and listings and set the foundations of the current three-tier governance structure that the IFRS Foundation enjoys today. We look forward to continuing and deepening our collaboration with your organisations and the IFRS Foundation.

Please click to access the full letter on the IOSCO website.

ECON briefing paper on IFRS 17

27 Oct 2020

A briefing paper prepared for a meeting of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament discussing the current situation as regards adoption of IFRS 17 'Insurance Contracts' is publicly available.

The briefing paper describes the positive draft endorsement advice of the European Financial Reporting Advisory Group (EFRAG) on IFRS 17 that notes that 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 briefing paper also cites an article by IASB Chair Hans Hoogervorst explaining the reasons supporting the IASB’s recent decision to uphold the annual cohort requirement in IFRS 17 for grouping insurance contracts to measure and recognise profit.

Please click to access the briefing paper on the website of the European Parliament.

EFRAG early-stage analysis of rate regulation proposals

28 Oct 2020

The European Financial Reporting Advisory Group (EFRAG) is inviting users to participate in an early-stage analysis of the likely impacts of possible changes to IFRS requirements as a result of the IASB project on the accounting for regulatory assets and regulatory liabilities. The IASB is expected to issue an exposure draft in early 2021.

The EFRAG analysis aims at assessing possible impacts of the new accounting model under consideration based on an understanding of users' current information needs and approaches towards analysing rate-regulated entities.

Please click for more information on the EFRAG website.

EFRAG issues final endorsement advice on four amendments to IFRS Standards

29 Oct 2020

​​The European Financial Reporting Advisory Group (EFRAG) has issued its final endoresment advice letters relating to the use in the European Union of four amendmenst to IFRS Standards affecting IFRS 1, IFRS 3, IFRS 9, IAS 16, IAS 37 and IAS 41.

The endorsement advice relates to the following narrow scope amendments to (the amendments):

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.

A press release and the endorsement advice lettesr 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 the investor view

16 Oct 2020

The EFRAG, along with the IASB, will be hosting an outreach event on 12 November 2020 that will focus on the views of European investment decision-makers as regards information about the objectives and targets for an acquisition and, in subsequent periods, information about how that acquisition is performing against those targets that they consider important.

High-level speakers and panellists will consider 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.

EFRAG publishes October 2020 issue of 'EFRAG Update'

03 Nov 2020

The European Financial Reporting Advisory Group (EFRAG) has published an 'EFRAG Update' summarising public technical discussions held and decisions made during October 2020.

The update reports on the EFRAG Board webcast meeting on 8 and 30 October 2020, the EFRAG webcast on 15 October 2020 and the EFRAG TEG webcast meeting on 21-22 October.  The publication also covers the activities of the European Reporting Lab.

The update also lists EFRAG publications issued in October including:

The October EFRAG Update can be found on the EFRAG website here.

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