The standards and amendments affected include: 

• IPSAS 41 Financial Instruments;
• IPSAS 42 Social Benefits;
• Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41);
• Collective and Individual Services (Amendments to IPSAS 19); and
• Improvement to IPSAS, 2019. 

The exposure draft can be accessed on the IPSASB website. Comments are requested by 15 August 2020.

A consolidated version of IFRS 17 incorporating the June 2020 amendments is now available freely on the IASB website. The amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted.

Please click to access the consolidated version of IFRS 17 on the IASB website.

The corrections affect IFRS 17 Insurance Contracts. In addition, the IASB has published a list of errata on Amendments to IFRS 17 published in June 2020.

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

A recording of this webinar is now available on YouTube.

The objective of the event is to collect input from the community of interested preparers that were unable to participate in the field-tests organised by EFRAG. The insights of the field testing will be presented and discussed with a panel of preparers. The audience will be able to contribute to the discussion through polling surveys and Q&A sessions.

Please click for more information on the EFRAG website.

ISA (UK) 315 (Revised-July 2020) adopts the revisions made to the underlying international standard issued by the International Auditing and Assurance Board (IAASB).Those revisions are designed to establish a more robust and consistent risk identification and assessment.

ISAE (UK) 3000 adopts the corresponding ISAE issued by the IAASB but has been modified to require that assurance practitioners applying it for engagements that the FRC has designated as "public interest assurance engagements" comply with the FRC's Ethical Standard.  Compliance with ISAE (UK) 3000 will be mandatory for such engagements which will ordinarily be particular engagements for which there is a requirement in law or regulation for an assurance report to be provided by an auditor or other assurance practitioner, or where a clear need has been identified to serve the public interest. Voluntary application to other assurance engagements is permitted.

Please click below for (all links to FRC website):

• Press Release
• ISA (UK) 315 (REVISED-July 2020)
• Feedback Statement and Impact Assessment for ISA (UK) 315
• (ISAE) (UK) 3000
• Feedback Statement and Impact Assessment for (ISAE) (UK) 3000

The project will seek to identify how information about stakeholders can be reported most effectively by examining existing practice and understanding investors' needs in this area.  Of particular interest will be reporting on other stakeholders including customers and suppliers.

The scope of the project will:

• focus on communications targeted towards shareholders but which may be of use to other stakeholders;
• explore companies’ approach to reporting about stakeholders, including how stakeholders’ views are gathered and the communication channels used;
• investigate how companies report on the decisions they are taking in relation to customers, employees, suppliers and the environment in which they operate, including difficult decisions in light of COVID-19;
• discuss which areas of reporting are most challenging for companies;
• consider the extent to which lessons can be learnt from emerging international reporting practice; and
• highlight interesting examples from current reporting practice (across both Section 172 statements and wider reporting).

A press release and further information are available on the FRC website.

The objectives of operational separation are to ensure that audit practices are focused on delivery of high-quality audits in the public interest and do not rely on cross subsidy from the rest of the firm.  The desired outcomes include:

• Audit practice governance that prioritises audit quality and protects auditors from influences from the rest of the firm that could divert their focus away from audit quality;
• The total amount of profits distributed to the partners in the audit practice does not persistently exceed the contribution to profits of the audit practice;
• The culture of the audit practice prioritises high-quality audit by encouraging ethical behaviour, openness, teamwork, challenge and professional scepticism/judgement; and
• Auditors act in the public interest and work for the benefit of shareholders of audited entities and wider society.

The FRC has asked the Big 4 firms to agree to operational separation of their audit practices on this basis and to provide a transition timetable to complete implementation by 30 June 2024.

Please click for the press release on the FRC website and the Deloitte press release. 

The Board will discuss the following:

• Disclosure initiative — Accounting policies
• Extractive activities
• IBOR reform and its effects on financial reporting — Phase 2
• Maintenance and consistent application
• Management commentary
• IFRS Taxonomy oral update

The full agenda for the meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries, as well as observer notes from the meeting on this page as they become available.

Five of the sixteen members of EFRAG TEG will reach the end of their current term of appointment on 31 March 2021 and two of the country liaison members will reach the end of their current term on 30 November 2020. Not all of the members are eligible for reappointment.

EFRAG welcomes all applications but in particular seeks candidates with an insurance background or user background.

For more information, please see the press release on the EFRAG website.

Please note that the application date has been extended to 2 November 2020.