​EFRAG seeks input to an academic study on the effects of the adoptions of IFRS 15 Revenue from Contracts with Customers on management control systems.

26 May, 2023

The European Financial Reporting Advisory Group (​EFRAG) has launched a survey to seek input from preparers to an academic study on the effects of the adoptions of IFRS 15 'Revenue from Contracts with Customers' on management control systems.

The study aims to collect information on the effects of the new standard, as well as on how the implementation requirements of IFRS 15 impact the internal production and use of information.

The deadline to complete the survey is 1 September 2023.

Further details are available in the press release on the EFRAG website.


Agenda for the May 2023 Islamic Finance Consultative Group meeting

28 May, 2023

An agenda has been released for the meeting of the Islamic Finance Consultative Group that will be held virtually and in London on 31 May 2023.

A summary of the agenda is set out below:

Wednesday 31 May 2023 (08:30-11:30)

  • Current practices on Mudarabah — Profit equalization reserve (SOCPA presentation)
  • Issues relating to the applicability of IAS 29 to Islamic financial institutions (AAOIFI presentation)
  • ISSB update
  • IASB and IFRS Interpretations Committee update

Agenda papers for the meeting are available on the IFRS Foundation website.

Agenda for the upcoming EEG meeting

02 May, 2023

The Emerging Economies Group (EEG) will meet by video conference on 10–11 May 2023. An agenda for the meeting is now available.

The agenda for the meeting is summarised below:

Wednesday 10 May 2023 (12:00-15:15)

  • Welcome
  • Amendments to the classification and measurement of financial instruments
  • Carbon offset (Brazil)
  • Climate-related risks in financial statements

Thursday 11 May 2023 (12:00-15:30)

  • Primary financial statements
  • Subsidiaries without public accountability: Disclosures
  • Business combinations under common control
  • Update on IASB and IFRS Interpretations Committee activities

Agenda papers from this meeting are available on the IFRS Foundation website.

Agenda papers available for the UK Endorsement Board Public Board Meeting on 18 May 2023

12 May, 2023

The meeting agenda and papers for the UK Endorsement Board (UKEB) public Board meeting on 18 May 2023 are available.

The agenda items for discussion are as follows:

  • Supplier Finance Arrangements: Amendments to IAS 7 and IFRS 7 – Project Initiation Plan
  • IASB Exposure Draft Amendments to Classification & Measurement of Financial Instruments: Proposed amendments to IFRS 9 and IFRS 7 – Draft Comment Letter
  • IASB General Update
  • Connectivity – Update on Analysis of 2022 Annual Reports
  • Connectivity – UKEB Staff Paper Fair Value Measurement
  • ISSB Request for Information: Project Initiation Plan
  • Items to note

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

A recording of the meeting is available on the UKEB website.

April 2023 IASB meeting notes posted

03 May, 2023

The IASB met in London on 25–27 April 2023. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

The following topics were discussed:

Dynamic Risk Management: The IASB discussed risk mitigation intention and the construction of the benchmark derivatives, as well as further considerations on the current net open risk position. The IASB supported all staff recommendations and will continue its discussion on the topics identified in the project plan.

Financial Instruments with Characteristics of Equity: The IASB voted in favour of the staff recommendations related to proposed amendments to IFRS 7 in relation to an entity’s issued equity instruments, additional disclosures related to classification and presentation topics, and proposed transition requirements.

Rate-regulated Activities: The IASB discussed long-term performance incentives and derecognition. The IASB decided that the final Accounting Standard retains the proposal that an entity is required to estimate the amount of a long-term performance incentive and determine the portion of that estimated amount that relates to the reporting period using a reasonable and supportable basis. The IASB also supported several staff recommendations with regard to the derecognition of regulatory assets and liabilities.

Maintenance and consistent application: The IASB did not object to the IFRS Interpretations Committee Agenda Decision ‘Definition of a Lease—Substitution Rights (IFRS 16)’ and discussed the March 2023 IFRIC Update.

Equity Method: The IASB decided that an entity should recognise a deferred tax asset (or liability) on the difference between its share of the fair value and the tax base of an associate’s identifiable assets and liabilities. The IASB also decided to move the project to its standard-setting work plan; work towards publishing an exposure draft as the next due process step; continue to use the expertise of its advisory bodies instead of establishing a consultative group; and update the project’s objective.

International Tax Reform—Pillar Two Model Rules: The IASB decided to instigate narrow-scope standard-setting to amend Section 29 Income Tax of the IFRS for SMEs Accounting Standard for the upcoming amendment to IAS 12 with regard to international tax reform.

Provisions—Targeted Improvements: The IASB discussed an amendment of the liability definition and the requirements and guidance supporting the present obligation recognition criterion, applying concepts added to the Conceptual Framework in 2018. No decisions were made.

Business Combinations under Common Control (BCUCC): The IASB discussed the project direction and the measurement method to apply to a BCUCC. No decisions were made.

Post-implementation Review of the IFRS 9 impairment requirements: The IASB approved the publication of the Request for Information (RFI) and agreed with a 120-day comment period for the RFI.

Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures: The IASB made decisions on aspects of the proposed disclosure requirements and language in the draft Standard.

An analysis of how the IASB’s work plan has changed as a result of the meeting is available here.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

Call for papers – 2024 IASB Research Forum

22 May, 2023

The IFRS Foundation has announced that it will host the 2024 IASB Research Forum in Sydney in early November 2024 and are seeking research papers to help inform the IASB’s standard-setting activities.

In particular, research papers are welcomed on the following research areas of interest:

  • Intangible assets
  • Statement of cash flows and related items
  • Impact of IFRS 17 Insurance Contracts
  • Disclosure in financial reports, including
    • guidance for developing and drafting disclosure requirements in IFRS Accounting Standards;
    • segment reporting;
    • climate-related risks in the financial statements;
    • connectivity between the financial statements and sustainability-related financial disclosures; and
    • management commentary and integrated reporting
  • Any other topics on the IASB’s work plan

Research papers are requested by 31 March 2024.

For more information, see the press release and call for papers on the IFRS Foundation website.

Chair of the Trustees speaks at EAA Conference

28 May, 2023

Erkki Liikanen, Chair of the IFRS Foundation Trustees, spoke at the he European Accounting Association Conference about relationships between the IFRS Foundation, its standard-setting boards, and the academic community around the world.

Mr Liikanen opened his speech by introducing the recent work of the IASB and the ISSB and pointing out parallels between what lead to establishing the two Boards. He noted that companies, investors, regulators, auditors and academics all benefited from the global lingua franca of IAS/IFRS and will also do so from a global global baseline of sustainability disclosures for the capital markets.

Mr Liikanen also noted that none of this would have been or will be possible without the deep involvement of the academic community:

We value academic research for its independence and rigour. We continually look for high-quality evidence that can assist in making standard-setting decisions.

Please click to access the full transcript of his speech on the IFRS Foundation website.

DBT, working with the FRC, conducts a review of the non-financial reporting requirements UK companies need to comply with to produce their annual report

25 May, 2023

The Department for Business and Trade (DBT), working with the Financial Reporting Council (FRC), is conducting a review of the non-financial reporting requirements UK companies need to comply with to produce their annual report and to meet broader requirements that sit outside of the Companies Act 2006.

Through the non-financial reporting review, the government is looking at what opportunities exist to refresh and rationalise current reporting requirements so that the UK’s non-financial reporting framework is fit for purpose and delivers decision-useful information to the market.

The review will largely consider the following:

  • costs and benefits of current non-financial reporting requirements and opportunities to streamline existing reporting requirements. This will also consider the degree to which stakeholders believe that requirements within company law align with regulatory rules set by other regulators such as the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA);
  • thresholds and definitions used to determine whether companies and LLPs must comply with certain requirements. As part of considering size thresholds, the government will also review whether the existing micro-entity, small and medium reporting thresholds are set at appropriate levels; and
  • the future of the UK’s non-financial reporting framework. This will include views on the best way to integrate standards introduced by the International Sustainability Standards Board (ISSB) into the UK’s reporting framework, as well as the potential role for other reporting initiatives that are designed with sustainability-related goals in mind.

The call for evidence is open until 16 August 2023.

For more information, see the consultation on the DBT page.

Death of Ian Mackintosh, former Vice-Chair of the IASB

05 May, 2023

The members of the IASB and staff of the IFRS Foundation have released condolences on the death of Ian Mackintosh, former Vice-Chair of the IASB.

Mr Mackintosh served as the IASB Vice-Chair from 2011 to 2016. More recently, Mr Mackintosh served as Chair of the Corporate Reporting Dialogue from 2017 to 2021, where he played a fundamental role in laying the groundwork for consolidation of the disclosure landscape.

Please click for the statement on the passing of Mr Mackintosh on the IFRS Foundation website.

Due Process Oversight Committee hold May 2023 meetings

31 May, 2023

The Due Process Oversight Committee (DPOC) met on 4 May 2023 via video conference. A summary of the meeting is now available.

Meeting ac­tiv­i­ties included the following:

  • Approval for a shortened comment period for an exposure draft of proposed amendments to the IFRS for SMEs Accounting Standard
  • Update on the IFRS Taxonomy Consultative Group

For more in­for­ma­tion, see the summary of the DPOC meeting on the IFRS Foun­da­tion’s website.

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