2020

IFRS IC (IFRS Interpretations Committee) (blue) Image

IFRS Foundation appoints four new IFRS Interpretations Committee members

10 Aug, 2020

The Trustees of the IFRS Foundation have announced the appointments of Renata Bandeira, Sophie Massol, Jon Nelson and Donné Sephton as IFRS Interpretations Committee members. The new members will serve a three-year term which took effect on 1 July 2020.

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

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IFRS Foundation meetings to be held remotely in 2020

07 Aug, 2020

The IFRS Foundation has announced that due to concerns about the COVID-19 pandemic and the global nature of its organization, all meetings with advisory and consultative groups will be held remotely until the end of 2020.

The Foundation has been holding all meetings remotely since March and will continue with videoconference meetings through December 2020.

For more information, see the press release on the IASB's website.

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IASB announces fourth webinar on PFS ED

07 Aug, 2020

In December 2019, the IASB published the exposure draft of a new standard 'General Presentation and Disclosures' that is intended to replace IAS 1 'Presentation of Financial Statements'. The IASB is introducing the exposure draft in a series of webinars.

The fourth and final webinar in this series will be held on 21 August 2020. It will explain the Board’s detailed proposals for management performance measures. The webinar will last approximately 60 minutes and will include a question-and-answer session. More information is available here.

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IASB posts webinar on the IFRS Taxonomy 2020

05 Aug, 2020

The IASB has posted to its website a webinar, hosted by IASB Board Member Ann Tarca and Technical Staff Vivek Baid, that provides a short introduction to the IFRS Taxonomy 2020 and an overview of changes from the 2019 taxonomy.

For more in­for­ma­tion, see press release on the IASB's website.

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EFRAG publishes July 2020 issue of 'EFRAG Update'

04 Aug, 2020

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

The update reports on the EFRAG Board conference call on 6 July and webcast meeting on 16 July, the EFRAG TEG webcast meeting on 1-2 July, 8 July and a conference call on 6 July and the EFRAG TEG and EFRAG CFSS webcast meeting on 1 July.  The publication also covers the activities of the European Reporting Lab.

The update also lists EFRAG publications issued in July including:

Please click to download the July EFRAG Update from the EFRAG website.

IASB webcast Image

IASB announces webinar on the second comprehensive review of the IFRS for SMEs Standard

03 Aug, 2020

The IASB will be holding two repeated live webinars on 17 August 2020 (09:00 and 15:00 (BST)) to discuss the second comprehensive review of the IFRS for SMEs Standard.

The webinars will be hosted by IASB Board Member Darrel Scott and the IASB’s technical staff. Participates are allowed to submit question prior to the webinars.

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

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BIS calls IFRS 17 a "welcome development"

03 Aug, 2020

The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) has published a paper 'Accounting standards and insurer solvency assessment' dealing with IFRS 17 'Insurance Contracts'.

Most of the 20 jurisdictions surveyed for the paper expressed the belief that IFRS 17 will contribute to financial stability through greater transparency as the current international accounting standards for insurance contracts permit a variety of approaches, which complicate comparison between insurers’ financial results. The paper states:

Overall, IFRS 17 is a welcome development. It is aimed at improving global comparability with respect to the structure of liability valuation and transparency in insurer balance sheets, thus benefiting policyholders, investors and, ultimately, financial stability.

Please click to access the paper on the BIS website.

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EFRAG outreach event in the context of the endorsement process of IBOR Phase 2

03 Aug, 2020

The issuance of final amendments as result of the IASB project on 'IBOR reform and the effects on financial reporting — Phase 2' is expected in August. Given the urgency of the endorsement and the accelerated consultation process, the European Financial Reporting Advisory Group (EFRAG) has organised a public outreach event on 7 September 2020 to collect additional views from constituents on the draft endorsement advice EFRAG plans to publish at the end of August (shortly after the publication of the amendments by the IASB).

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

ITCG (IFRS Taxonomy Consultative Group) (mid blue) Image

IFRS Foundation announces new ITCG member

31 Jul, 2020

The IFRS Foundation has announce the appointment of Liudmyla Haponenko as a member to the IFRS Taxonomy Consultative Group (ITCG). Ms Haponenko begins her one-year term on 1 August 2020.

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

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IASB issues webcast on amendments to IFRS 17

30 Jul, 2020

The IASB has issued a two-part webcast that provides an overview of the amendments in IFRS 17.

The IASB issued amendments to IFRS 17 in June 2020 to address concerns and implementation challenges. Specifically, the webcast focuses on implementation issues related to the amendments related to (1) requirements other than transition and (2) transition requirements.

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

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