Agenda papers available for the UK Endorsement Board meeting on 20 January 2022

17 Jan, 2022

The agenda papers for the UK Endorsement Board (UKEB) meeting held on 20 January are available.

The agenda items for discussion are as follows:

  • Due Process Handbook
  • IFRS 17: Update on Consultation (including RITC)
  • Non-Current Liabilities with Covenants (IAS 1) – Approve PIP and Draft Comment Letter
  • Supplier Finance Arrangements—Approve PIP and Draft Comment Letter
  • PIR: IFRS 9 – Classification & Measurement—Approve Final Comment Letter, Feedback Statement and Compliance Statement
  • Intangible Assets – Approve PIP
  • Subsequent Measurement of Goodwill – Approve Updated PIP

The meeting agenda and papers and details of how to register are available on the UKEB website.

Update: a recording of the meeting is now available on the UKEB website.

January 2022 IASB meeting agenda posted

14 Jan, 2022

The IASB has posted the agenda for its next meeting, which will be held virtually on 25 January 2022. There are four topics on the agenda.

The Board will discuss the following:

  • Business combinations under common controls
  • Board work plan update
  • Maintenance and consistent application
  • Primary financial statements

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.

PRAG publishes guidance on TCFD disclosures for occupational pension schemes

13 Jan, 2022

The Pensions Research Accountants Group (PRAG) has published guidance to help practitioners understand the Taskforce on Climate-related Financial Disclosures (“TCFD”) governance and reporting requirements that have been introduced for certain pension schemes from 1 October 2021.

The new requirements do not affect financial reporting disclosures but do have an impact on the information included in, and linked from, the annual report of occupational pension schemes.

Click for the press release on the PRAG website. The guidance is available to PRAG members on its website.

Agenda for the upcoming SMEIG meeting

12 Jan, 2022

The next meeting of the SME Implementation Group (SMEIG) will be held on 21 January 2022 via video conference.

The SMEIG will discuss the following topics:

  • Definition of a business and reacquired rights in IFRS 3 Business Combinations
  • Simplifications to IFRS 15 Revenue from Contracts with Customers
  • Cryptocurrency
  • Recognition and measurement of development costs
  • Update on recent IASB decisions on the project to review the IFRS for SMEs

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

CMAC seeks members

11 Jan, 2022

The Capital Markets Advisory Committee (CMAC) is seeking new members and welcomes applications from analysts and investors from all over the world.

New members will start on 1 January 2023 for a term of three years, renewable once for a further three years. For more information, please see the press release on the IASB website.

Podcast on IFRS Interpretations Committee developments

10 Jan, 2022

The IASB has issued a podcast on the developments of the IFRS Interpretations Committee during the fourth quarter of 2021.

The podcast is hosted by IFRS Interpretations Committee Chair and IASB Vice-Chair Sue Lloyd and Technical Staff member Patrina Buchanan and focuses on economic benefits from use of a windfarm (IFRS 16), principal versus agent — software reseller (IFRS 15), negative low emission vehicle credits (IAS 37), and lease liability in a sale and leaseback (IFRS 16) .

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

IFRS Foundation seeks ISSB Board members

10 Jan, 2022

The IFRS Foundation Trustees are seeking to appoint up to eleven inaugural Board members for the newly formed International Sustainability Standards Board (ISSB).

Members of the ISSB will be appointed for an initial term of up to five years with the possibility of being reappointed for another three years (in exceptional circumstances for another five years). The roles are full-time, although a number of part-time members may be appointed. Members of the ISSB are expected to be based in one of the ISSB’s global offices and will be required to travel internationally to meet with fellow board members and staff, as well as stakeholders.

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

Hyperinflationary economies - updated IPTF watch list available

10 Jan, 2022

IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

The IPTF's discussion document for the 6 November 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
  • Yemen

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

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. Examples cited are Afghanistan, Ethiopia, and 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.

IFRS Foundation Trustees hold December 2021 meeting

07 Jan, 2022

The IFRS Foundation Trustees met by video conference on 13 December 2021.

Meeting ac­tiv­i­ties included the following:

  • ISSB leadership nominations — The Trustees reviewed the report from the Nominating Committee for appointments to the International Sustainability Standards Board (ISSB). Appointments to the ISSB are expected to be completed in January 2022.
  • Asia-Oceania office — The Trustees will be asked to approve the retention of its office in Tokyo for the next five year.
  • Departing Trustees — The Chair acknowledged the service of departing members Guillermo Babatz and Kazuyuiki Masu.

The meeting summary also includes strategic considerations for the ISSB as it begins its work.

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

EFRAG publishes December 2021 issue of EFRAG Update

07 Jan, 2022

The European Financial Reporting Advisory Group (EFRAG) has published an ‘EFRAG Update’ summarising public technical discussions held and decisions made during December 2021.

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