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News

IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

Updated IPSAS-IFRS alignment dashboard

28 Mar 2019

The International Public Sector Accounting Standards Board (IPSASB), which develops the of 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.

The alignment dashbord was updated for the March 2019 IPSASB meeting and now also includes IPSAS 42 Social Benefit issued in January 2019.

Please click to access the updated dashboard on the IPSASB website.

In this context, please also so our 2019 edition of IPSAS in your pocket published yesterday.

IFRS Foundation (blue) Image

IFRS conference in London

28 Mar 2019

The IFRS Foundation has announced that its next IFRS conference in Europe will be held in London on 20–21 June 2019.

The main conference programme includes:

Day 1

  • Chairman’s keynote
  • Keynote address
  • IASB update
  • Break-out sessions:
    • Business combination under common control
    • Goodwill and impairment
    • Management commentray
    • Implementation and application of standards

Day 2

  • Better Communication — What the Board is doing to improve communication in financial reporting
  • Electronic reporting – Why everyone should care about the IFRS Taxonomy
  • Break-out sessions (repeated from day 1)
  • Getting the best from IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers
  • Q&A session with IASB Members and staff

There are also three pre-conference special interest workshops.

More details, including registration information, are available on the conference website

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG issues final endorsement advice on amendments to IFRS 3 regarding the definition of a business.

28 Mar 2019

The European Financial Advisory Group (EFRAG) has issued its final endorsement advice letter relating to the use in the European Union of ‘Definition of a Business (Amendments to IFRS 3)’ (“the Amendments”).

The Amendments, published in October 2018 aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets.

EFRAG recommends the endorsement of the Amendments. EFRAG’s assessment is that the Amendments meet all the technical endorsement criteria of the IAS Regulation and are conducive to the European public good.

EFRAG also considers that the overall benefits of the amendments are likely to outweigh the associated costs to implement them.

A press release and the endorsement advice letter to the European Commission are available on the EFRAG website. EFRAG has also updated its endorsement status report.

IFRS Foundation (blue) Image
XBRL (eXtensible Business Reporting Language) (mid blue) Image

2019 IFRS XBRL taxonomy issued

27 Mar 2019

The IFRS Foundation has issued its 2019 IFRS Taxonomy. The IFRS Taxonomy is a translation of IFRS Standards into XBRL (eXtensible Business Reporting Language).

The IFRS Taxonomy 2019 is consistent with IFRSs as issued by the IASB at 1 January 2019 and includes changes to the IFRS Taxonomy 2018 such as:

  • disclosure requirements in IFRS 13 Fair Value Measurement; and
  • improvements including (1) the introduction of implementation notes and duration type elements, (2) the removal of entry points without documentation labels, and (3) other improvements.

The IFRS Foundation has also published IFRS Taxonomy 2018—Update 1 Common Practice (IFRS 13 Fair Value Measurement) and IFRS Taxonomy 2018—Update 2 General Improvements. The IFRS Taxonomy 2019 incorporates the changes resulting from these two updates.

For more information, see the press release and the IFRS Taxonomy 2019 page on the IASB's website.

ESMA (European Securities and Markets Authority) (dark gray) Image

ESMA publishes report on the activities of accounting enforcers and their findings within the EU in 2018

27 Mar 2019

The report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Union (EU) when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2018.

European enforcers examined the financial statements of about 950 issuers representing an average examination rate of 16% of all IFRS issuers with securities listed on regulated markets. These examinations resulted in 328 actions taken to address material departures from IFRS.

Enforcers also assessed the non-financial information related to ESG for 819 issuers, covering approximately 31% of the total estimated number of issuers subject to the new requirements, resulting in 51 enforcement measures.

In addition, 746 management reports were reviewed for evaluating compliance with ESMA’s guidelines on alternative performance measures, covering around 15% of all IFRS listed issuers in Europe against which were taken 136 corrective actions.

Please click to access the full report on the ESMA website. ESMA has also updated its compliance table showing which competent authorities have informed ESMA that they comply, do not comply or intend to comply with the ESMA’s guidelines on the enforcement of financial information.

Finance for Future 2019 Image

Finance for the Future Awards - open for entries

26 Mar 2019

The Finance for the Future Awards 2019 are now open for entries to all organisations, globally, whether listed, small, charities, a social enterprise or public sector, and to individuals who drive change in this area

One of the awards is for ‘Communicating integrated thinking’, and is open to organisations that are demonstrating clearly, through communicating to their providers of financial capital, how sustainability is embedded into their overall strategy and decision making process, and how this integrated thinking is contributing to a sustainable business model which delivers long-term value.

Other categories recognise organisations who embed an integrated approach into their decision making; innovative projects; financial services organisations who integrate long-term thinking; sustainable financial products; and individuals who drive change through education, training and academia. This year there is an additional Judges Award to be presented, recognising Climate Leadership, which will be selected from the finalists from across all the categories.

Founded by Institute of Chartered Accountants in England and Wales (ICAEW) and The Prince’s Accounting for Sustainability Project (A4S) and in partnership with Deloitte, these global awards recognise financial leadership in driving sustainable economies.

Last year’s winners and finalists include Salesforce (US), Coca Cola HBC (Switzerland), Solvay SA (Belgium), Standard Bank (South Africa), Econet Life (Zimbabwe), Stora Enso (Finland), and Heathrow Airport (UK).

Find out more information about the Awards, including details on the judging process and how to enter (by 17 May), as well as interviews with last year’s winners at www.financeforthefuture.org

AcSB (Accounting Standards Board - Canada) Image

Overview – Research findings on hybrid pension plans

25 Mar 2019

At the July 2018 meeting of the IASB's Accounting Standards Advisory Forum (ASAF), the Canadian Accounting Standards Board (AcSB) presented the results of research performed by Canada, Germany, Japan, the UK and the US on hybrid pension plans, which are neither defined contribution plans nor defined benefit plans. The AcSB has now published an short overview of the research findings.

The overview provides insights into:

  • why the research was undertaken;
  • what the research is about;
  • key research findings and observations; and
  • what the standard-setters recommended to the IASB.

The IASB plans to consider the results of the research on hybrid plans when assessing priorities in its next agenda consultation.

Please click to access the overview on the AcSB website.

Leaf - sustainability (green) Image

CRD launches market consultation to gather views on how to drive better alignment of sustainability reporting frameworks

25 Mar 2019

The Corporate Reporting Dialogue (CRD) has launched a six week consultation to gather views from stakeholders on how to drive better alignment of sustainability reporting frameworks, as well as with frameworks that promote integration between non-financial and financial reporting.

The Corporate Reporting Dialogue (CRD), via an online survey, will consult stakeholders on how to support effective disclosures, addressing the Task Force for Climate-related Financial Disclosures (TCFD) recommendations, and identifying how non-financial metrics relate to financial outcomes and how this can be integrated in mainstream reports.

As well as an online survey (which closes on 30 April 2019), the consultation process will also include regional stakeholder engagement roundtables to be held in locations around the world up until the end of May 2019.

Information gathered from the consultation period will inform an initial report due for publication in September 2019, showing the linkages of the TCFD recommendations with the respective frameworks and the linkages between the frameworks.

Further information is available on the CRD website here.

TRG meeting (mid blue) Image

Insurance contracts transition resource group releases meeting agenda

25 Mar 2019

The IASB has released the agenda for IFRS 17 transition resource group (TRG) meeting on 4 April 2019.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. By analysing and discussing potential implementation issues, the TRG will help the IASB determine whether additional action is needed, such as providing clarification or issuing other guidance. This meeting will be the fouth meeting where technical matters will be discussed. Items are getting fewer as the IASB has already begun discussing potential amendments to IFRS 17.

The agenda for the meeting is as follows:

Thursday, 4 April 2019 (9:30-12:00)

  • Welcome and introductory remarks
  • Investment components within an insurance contract
  • Reporting on other questions submitted
  • Administrative matters

Agenda papers for this meeting are available on the IASB's website.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

New EFRAG TEG Chair and EFRAG CEO appointed

22 Mar 2019

The EFRAG Board has appointed Chiara Del Prete as new EFRAG TEG Chair for a three-year term, renewable once. Furthermore, the EFRAG Board has appointed Saskia Slomp as new EFRAG CEO. Both appointments take effect as of 1 April 2019.

Ms Prete and Ms Slomp will succeed Andrew Watchman whose term ends this month. For more information, see the press release on the EFRAG’s website.

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