The IPTF's discussion document for the 18 May 2021 meeting is now available and states the following view of the Task Force:

Countries with three-year cumulative inflation rates exceeding 100%:

• Argentina
• Iran
• Lebanon
• South Sudan
• Sudan
• Venezuela
• Zimbabwe

Countries with projected three-year cumulative inflation rates exceeding 100%:

• Suriname

Countries where the three-year cumulative inflation rates had exceeded 100% in recent years:

There are no countries in this category for this period.

Countries with recent three-year cumulative inflation rates exceeding 100% after a spike in inflation in a discrete period:

There are no countries in this category for this period.

Countries with projected three-year cumulative inflation rates between 70% and 100% or with a significant (25% or more) increase in inflation during the current period

• Angola
• Haiti
• Liberia
• Yemen

The IPTF also notes that there may be additional countries with three-year cumulative inflation rates exceeding 100% or that should be monitored which are not included in the analysis as the necessary data is not available. An example cited is Syria.

The full list, including exact numbers, detailed explanations of the calculation of the numbers, and observations of the Task Force is available on the CAQ website.

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, comprising:
  • the measurement of the service concession arrangement liability.
  • further clarification of the treatment of Housing Revenue Account tenancy agreements under leasing standards following a separate consultation, in November 2020.
• Other changes to accounting standards.
• Other matters including further consultation on the future. implementation of IFRS 17 Insurance Contracts and review of capital financing requirement disclosures.

CIPFA/LASAAC consulted on the implementation plans for IFRS 16 in 2018 and 2019 and 2020.  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.

Comments are requested by 11 October 2021.

Click for (all links to the CIPFA website):

• Press release
• The 2022/23 Code of Practice on Local Authority Accounting in the United Kingdom - Invitation to Comment.

Links to the videos, which cover an overview, hot topics and proposed changes to IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits are available on the UK Endorsement Board website.

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

The conference summary is comprised of five sections which mirror the five virtual sessions at the conference:

• Building an audit firm culture that supports high quality audit;
• The role of the audit committee;
• The importance of a culture of challenge;
• Embedding and measuring organisational culture; and
• Audit firm culture, audit quality and the role of the regulator.

A press release, the conference summary, and a recording of all five sessions, are available on the FRC Website.

On the 2nd December 2021, the FRC released a Collection of Perspectives which explores these matters.

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

• Business combinations under common control (1–13): The ASAF members discussed the Board’s outreach and provided feedback on when and how the acquisition method and a book-value method should be used to report business combinations under common controls.
• Third agenda con­sul­ta­tion (14–39): The ASAF members discussed the strategic direction and balance of the Board’s activities, criteria for assessing the priority of financial reporting issues, and financial reporting issues that could be added to the work plan.
• Sustainability-related reporting (40–44): The ASAF members were presented with an update on the Trustees project on sustainability.
• Rate-regulated activities (45–66): ASAF members shared their views on Exposure Draft Regulatory Assets and Regulatory Liabilities. Specifically, the members discussed the scope, total allowed compensation, measurement, interaction with IFRS 12, and other topics.
• Goodwill and impairment (67–84): ASAF members shared their initial views on key items for the Board to consider for redeliberation and issues related to convergence between the Board’s preliminary views and US GAAP.
• Disclosure initiative — Targeted Standards-level review of disclosures (85–91): ASAF members discussed the outreach and fieldwork performed on Exposure Draft Disclosure Requirements in IFRS Standards — A Pilot Approach.
• Agenda planning (92–96): The ASAF members discussed topics for the October 2021 ASAF meeting.

A full summary of the meeting is available on the IASB's website.

Meetings with advisory bodies and other events will continue to be held online for the time being.

Please click for the announcement on the IASB website.

In the draft comment letter, the UKEB:

• supports the proposals in the exposure draft indicating that they will enable insurers to increase the relevance and understandability of comparative information on transition to IFRS 17 Insurance Contracts by permitting them to avoid classification mismatches that arise purely from differences in transition requirements between IFRS 9 Financial Instruments and IFRS 17.
• Agrees that the classification overlay should be optional and be applied on an instrument-by-instrument basis.
• Agrees that entities should present comparative information as if the classification and measurement requirements of IFRS 9 had been applied to financial assets within the scope of the classification overlay based on reasonable and supportable information available at the transition date.
• Supports permitting, but not requiring, entities to apply the impairment requirements in IFRS 9 to financial assets within the scope of the classification overlay. 
• Provides some recommendations to enhance the proposals in the ED including enhancements to the disclosure requirements to allow greater transparency for users of financial information.

Comments are requested by 30 August 2021.  The draft comment letter and separate invitation to comment are available on the UKEB website.

Part of the process involves seeking views from stakeholders on those areas that might be considered as part of the review.  In addition to stakeholder feedback the review will consider recent developments in financial reporting (such as changes in IFRS) and relevant developments in the wider reporting framework. 

To help inform stakeholders, the FRC will be hosting a short webinar on 13 September (15.00-15.30) to provide additional information about the review including next steps. 

The FRC will also be holding roundtable events so that stakeholders can discuss the review in more detail and share their views directly:

• the first roundtable on Thursday 23 September (15.00-16.00) will be primarily to discuss matters relevant to large and medium-sized entities.
• the second roundtable on Wednesday 13 October (15.00-16.00) will be primarily to discuss matters relevant to small and micro entities.

A press release including details of how to register for the webinar and roundtable events and a podcast discussing the importance of the periodic review is available on the FRC website.

The UKEB 'broadly supports' the proposed constitutional amendments.  However the UKEB makes some detailed observations where it believes that further development of the exposure draft is required:

• It encourages the Foundation to define the scope, mandate and working relationships of the two boards further highlighting that "this will be critical where there will be 'common ownership' of key elements to avoid any potential duplication and confusion".
• It recommends that the Foundation take the initial steps to ensure that an Interpretations Committee is mobilised as a priority.
• It does not support the proposal in paragraph 54 of the Constitution that a simple majority is required to publish an Exposure Draft or a final Standard. In the absence of an explanation for the lower threshold, the UKEB recommends equivalence with the IASB voting framework per paragraph 35 of the Constitution.
• It proposes that the International Sustainability Standard Board's (ISSB's) associated standards should be called "International Corporate Sustainability Reporting Standards’ (ICSRS)".  The UKEB indicates that "this would make the ‘corporate’ or ‘reporting’ nature of the new standards clear and avoid stakeholder confusion on the mandate and scope of the standards".
• The UKEB agrees with the proposed consequential amendment that the Foundation’s Executive Director shall engage with both the IASB and ISSB Chairs regarding operational decisions of the Foundation and its staff.

The full comment letter is available on the UKEB website.