• UK GAAP application for reporting periods ending 31 March 2020

  31 Mar 2020

  The table below reflects new and revised UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 31 March 2020.

• EFRAG publishes pre-consultation document on IBOR ED

  31 Mar 2020

  The IASB expects to​​ issue an exposure draft on its project on the IBOR reform Phase 2 during April 2020 with a comment period of 45 days.​​ In order to maximise the period during which its constituents can comment on its draft comment, the European Financial Reporting Advisory Group (EFRAG) has now published pre-consultation document on the exposure draft.

• New and revised pronouncements as at 31 March 2020

  31 Mar 2020

  Our popular summary of new and revised financial reporting requirements, updated for financial reporting periods ending on 31 March 2020. This listing can be used to perform a quick check that new financial reporting requirements such as new and revised accounting standards and interpretations, and amendments to standards and interpretations, have been fully considered in the reporting close process.

• Updated IPSAS-IFRS alignment dashboard

  31 Mar 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.

• Charities SORP Committee publishes guidance on Covid-19

  30 Mar 2020

  The Charities Statement of Recommended Practice (SORP) Committee has published guidance on the implications of COVID-19 control measures and charity financial reporting.

• Seventh IASB research forum — Call for papers extended

  30 Mar 2020

  The International Accounting Standards Board (IASB) will host its seventh Research Forum on 2–3 November 2020 in Oxford. The deadline for submitting papers has now been extended to 28 May 2020.

• CARES Act would provide optional temporary relief from CECL accounting

  30 Mar 2020

  On 27 March 2020, US President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides relief from certain accounting and financial reporting requirements under U.S. GAAP. However, until actions are taken by the SEC or the FASB, the provisions of the CARES Act are not amendments to US GAAP.

• IFRS Foundation issues statement on its work during the COVID-19 pandemic

  27 Mar 2020

  The IFRS Foundation has issued a statement, ‘The coronavirus and the Foundation’s work,’ which acknowledges that this is a difficult time for stakeholders and provides information on what work they are doing to support their stakeholders.

• EFRAG requests the IASB extend consultation period

  27 Mar 2020

  The EFRAG have sent a letter to the IASB requesting an extension to the public consultation phase of recent or soon-to-be issued publications due to the affects of the coronavirus disease pandemic. In addition, the EFRAG suggests the amendment to IFRS 9 (IBOR Phase 2) should be published quickly after the publication of the exposure draft in April 2020 in order to avoid any potential complications.

• IASB updates work plan in view of COVID-19 developments

  27 Mar 2020

  The IASB has postponed to May 2020 the publication of several narrow-scope amendments to IFRS Standards originally planned for March and April 2020. This consolidation of publications is intended to facilitate more efficient post-publication procedures by the stakeholders. The work plan has been updated accordingly.

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