The Forum will be held in conjunction with the journal Accounting and Finance. The call for papers inviting submissions that can provide evidence to inform the standard-setting activities of the IASB notes the following areas of particular interest:

• Better communication in financial reporting
  • Primary financial statements
  • Management commentary
  • Disclosure initiative – Targeted standards-level review of disclosures
  • Taxonomy
• Research projects
  • Extractive activities
  • Equity accounting
  • Goodwill and impairment
  • Business combinations under common control
• Application
  • Post-implementation reviews of IFRS 9, IFRS 15 and IFRS 16
  • Comprehensive review of the IFRS for SMEs
• Any other topics on the IASB work plan or research pipeline

Please click for more information on the IASB website.

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 amendment can be accessed on the IPSASB website.

On the first day of the meeting, the IASB will discuss the following:

• Work plan
• Maintenance and consistent application
• Disclosure initiative — Subsidiaries that are SMEs
• Management commentary
• Post implementation review of IFRS 10-12

On the second day of the meeting, the IASB and FASB will discuss the following:

• Goodwill and impairment
• Leases other than COVID-19
• COVID-19
• Supply chain financing

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.

The webinar introduced in more detail the Board’s preliminary views about improving disclosures about acquisitions.

For access to the recordings, please see the press release on the IASB website.

During the introduction of the consultation paper Mr Liikanen noted that when the challenges are global, the most optimal solution would be global. He explained that there have calls for the IFRS Foundation to play a role in this area as the Foundation has a well-established model of global standard-setting, working in close cooperation with both public and private stakeholders.

The presentation was followed by a lively panel discussion on "Climate-related financial disclosures in mainstream entity reporting: Good practices and key challenges", that among other speakers saw participation of representatives of TCFD, CDSB, CDP, and UNEP FI.

Please click for the following additional information:

• Transcript of Mr Liikanen's presentation on the IASB website
• Recording of the entire session (two hours) on the UNCTAD website (please scroll down and choose 5/11/2020, 14:00) - this option also offers Arabic, Chinese, French, Russian, and Spanish translations of the presentations and discussion

The forum saw the presentation of four academic papers, followed by a responses of an academic and of an IASB/NNS representative, and two panel discussions around research opportunities related to IFRS 9 and to IFRS 15. The audience was invited to participate in the discussions. The recordings are now available on the IASB website.

The proposed new standard is intended to replace IAS 1 Presentation of Financial Statements.

In its final comment letter, EFRAG:

• supports the IASB's proposals to present an operating, investing and financing category in the statement of profit or loss to improve comparability and reduce diversity in practice, but has reservations over some of the proposals in the ED;
• expresses the view that separate presentation of integral and non-integral associates and joint ventures could provide relevant information for users of financial statements. However EFRAG is concerned that the IASB’s proposed definition would involve significant judgement and makes a number of suggestions in this regard;
• supports the IASB's proposal to continue requiring entities to present an analysis of expenses using either by-function or by-nature method, based on whichever method provides the most useful information to the users of financial statements. However EFRAG recommends that the IASB further investigates the cost/benefit profile of its requirement to disclose on a by-nature basis in the notes when presenting by-function on the face of the financial statements, and, if appropriate, consider focusing on information that is most needed by users.
• welcomes the IASB's efforts to define unusual income and expenses and to require entities to disclose such items in the notes, but notes that the definition of unusual items seems to be rather narrow;
• questions the cost/benefit profile of the requirement to present the split of tax and non-controlling interest components for all the items when a performance measure is adjusted; and
• welcomes the IASB's efforts to provide guidance on Management Performance Measures (‘MPMs’) but considers that not only subtotals on the face of the statement of profit or loss but also other measures, such as indicators of financial position or ratios, should be included in the scope of this requirement. EFRAG also considers that the IASB should articulate better the link between MPMs and IFRS 8

For more information, see the press release and the comment letter on the EFRAG website.  EFRAG's feedback statement which summarises the comments received by EFRAG on its draft comment letter and explains how those comments were considered by EFRAG during its technical discussions leading to the publication of its final comment letter is available on the EFRAG website here.

The purpose of the session was to obtain feedback from academics on the proposals in the March 2020 DP and to discuss relevant academic evidence.

Please click for more information and access to the recording (2 hours) on the IASB website.

The ITCG discussed the following:

• IFRS Taxonomy content — Disclosure of early application of new or amended IFRSs

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

The podcast discusses:

• Work plan changes as a result of COVID-19;
• 2020 Agenda consultation;
• Management commentary;
• Disclosure initiative — Subsidiaries that are SMEs;
• Equity method of accounting; and
• Maintenance and consistent application.

The podcast (15 minutes) can be accessed through the press release on the IASB website.

The detailed notes taken by Deloitte observers at the meeting are available here.