News

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Summary report of a field-test workshop with financial institutions on the IASB's PFS proposals

09 Sep, 2020

EFRAG, in close coordination with the European national standard-setters and the IASB, is conducting field-tests of the IASB proposals included in the Exposure Draft ED/2019/7 'General Presentation and Disclosures' published in December 2019. A report is now available from a field-test workshop held held with financial institutions on 7 July 2020.

Participants of the field-test were asked to apply the IASB's proposals to their financial statements and answer a questionnaire from EFRAG and the IASB. The results were then discussed in the workshop.

Please click for additional information and the report from the workshop on the EFRAG website.

Results from a similar workshop with corporates were released in August 2020.

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EFRAG publishes August 2020 issue of 'EFRAG Update'

07 Sep, 2020

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

The update reports on the EFRAG Board webcast meeting on 24 August and the EFRAG TEG webcast meeting on 24 August.  The publication also covers the activities of the European Reporting Lab.

The update also lists EFRAG publications issued in August including:

Please click to download the August EFRAG Update from the EFRAG website.fThe 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.fdThe update reports on the EFRAG Board webcast meeting on 24 August and the EFRAG TEG webcast meeting on 24 August.  The publication also covers the activities of the European Reporting Lab.

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European Lab announces members of its task force on possible EU non-financial reporting standards

07 Sep, 2020

The European Financial Reporting Advisory Group (EFRAG) has published a list of the members of a new project task force on preparatory work for the elaboration of possible EU non-financial reporting standards.

The task force will be chaired by Patrick de Cambourg, President of the French standard-setter ANC.

Please click for a list of all members in the press release on the EFRAG website.

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Agenda for the September/October 2020 IFASS meeting

04 Sep, 2020

The International Forum of Accounting Standard Setters (IFASS) will meet on 30 September and 30 October 2020. The meeting will be held virtually.

The full agenda for the meeting is summarised below.

Wednesday, 30 September 2020 (11:00–15:00)

  • Welcome and opening remarks
  • Issues surrounding separate financial statements
    • Presentations by Brazil, Italy, and Korea
  • Primary financial statements
    • Presentations by EFRAG and Korea on the IASB exposure draft
  • Cryptoassets
    • EFRAG discussion paper on the accounting for cryptoassets
  • Intangibles
    • Joint paper by Canada, Germany, Japan, UK and US

Thursday, 1 October 2020 (11:00-14:30)

  • Going Concern
    • Presentations by Australia and New Zealand
  • International financial reporting for non-profit organisations
  • IPSASB update
  • Fintech application and accounting standards
    • Presentation by Taiwan
  • Impact of COVID-19 in Sri Lanka
    • Presentation by Sri Lanka
  • Closing remarks
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September 2020 IFRS Interpretations Committee meeting agenda posted

04 Sep, 2020

The IFRS Interpretations Committee has posted the agenda for its next meeting, which will be held by video conference on 15 September 2020.

The Committee will discuss the following:

  • Administrative matters
  • IFRS 10 and IFRS 16 — Sale and leaseback in a corporate wrapper
  • IAS 12 — Deferred tax related to assets and liabilities arising from a single transaction
  • Work in progress

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.

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Agenda for the October 2020 ASAF meeting

02 Sep, 2020

The International Accounting Standards Board (IASB) has released an agenda and meeting papers for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held by remote participation on 2 October 2020.

The agenda for the meeting is sum­marised below:

Friday, 2 October (11:00-14:15)

  • Goodwill and Im­pair­ment
    • ASAF members’ views and feedback from their jurisdictions on the dis­cus­sion paper.
  • Business Combinations Under Common Control
    • ASAF members to advise on possible outreach activities for the upcoming discussion paper.
  • Conceptual Framework for Financial Reporting
    • The FASB will provide an overview of its proposed Chapter 4, Elements of Financial Statements, of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.

For more in­for­ma­tion, please see the agenda and meeting papers on the IASB's website.

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Integrated reporting and COVID-19

02 Sep, 2020

The South African Integrated Reporting Committee (IRC) has published 'FAQ – Reporting in a time of crisis'.

The publication explores where and how an organisation should show the impacts of the pandemic and the uncertainties that lie ahead in its integrated report.

Please click to access FAQ – Reporting in a time of crisis on the IRC website.

The IRC also offers a dedicated website with publications, resources and examples of COVID-19 reporting in integrated reports.

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Recording of the fourth webinar on PFS ED

28 Aug, 2020

On 21 August 2020, the IASB offered an English language webinar summarising the Board’s detailed proposals for management performance measures.

A recording of the webinar is now available on YouTube.

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Updated IPSAS-IFRS alignment dashboard

28 Aug, 2020

The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

Please click to access the updated alignment dashboard prepared for the September 2020 IPSASB meeting on the IPSASB website.

Deloitte offers a summary of the provisions of all IPSAS in our IPSAS in your pocket publication.

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Interview with new Board member

28 Aug, 2020

Zach Gast from the United States joined the International Accounting Standards Board (IASB) at the beginning of August. The IASB has released an interview with him where he talks about his first few weeks on the Board and what he’s looking forward to in his new job.

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