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March 2021 IFRS Interpretations Committee meeting agenda posted

04 Mar 2021

The IFRS Interpretations Committee has posted the agenda for its next meeting, which will be held by video conference on 16 March 2021.

The Committee will discuss the following:

  • Ad­min­is­tra­tive matters
  • Comment letter analysis of IAS 38 Intangible Assets — Configuration or customisation costs in a cloud computing arrangement
  • IFRS 16 — Non-refundable VAT on lease payments
  • IAS 32 — Accounting for warrants that are initially classified as liabilities
  • 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 March 2021 GPF meeting

03 Mar 2021

Representatives from the International Accounting Standards Board (IASB) will meet with the Global Preparers Forum (GPF) on 12 March 2021 via video conference. The agenda for the meeting has been released.

The full agenda for the meeting is sum­marised below:

Friday, 12 March 2021 (11:00-14:25)

  • Update on the IFRS Foundation Trustees’ Consultation Paper on Sustainability Reporting.
  • Post-implementation review of IFRS 9
    • Discussion about the application of IFRS 9 and items to consider for the post-implementation review.
  • Post-implementation review of IFRS 10, IFRS 11, and IFRS 12
    • Discussion about initial views of the Request for Information on the post-implementation review of IFRS 10, IFRS 11, and IFRS 12.
  • Rate-regulated activities
    • Discussion on the consultation in the exposure draft.
  • IFRS Interpretations Committee Update

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

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IVSC perspectives paper on ESG and business valuation

03 Mar 2021

The International Valuation Standards Council (IVSC) has published a perspectives paper to initiate discussion and debate on the topic of environmental, social, and governance (ESG) factors in business valuation.

The paper notes that currently there is no shortage of opinions when it comes to how, and even if, to proceed with the standardisation of ESG disclosures and reporting. However, the IVSC notes, regardless of the path taken by standard setters, ESG factors represent fundamental considerations to inform valuation analysis. Therefore, steps to begin incorporating ESG considerations into valuation practice are critical for the relevance, and therefore the sustainability, of the profession.

Please click to access the paper on the IVSC website.

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Appointment to the IFRS Advisory Council

02 Mar 2021

The Trustees of the IFRS Foundation have appointed Georg Lanfermann to the IFRS Advisory Council with immediate effect.

Mr Lanfermann is the new president of the Accounting Standards Committee of Germany (ASCG), and took over from Andreas Barckow, who will succeed Hans Hoogervorst as IASB Chair on 1 July 2021.

The IFRS Advisory Council member section on the IASB website has been updated accordingly.

For more information, please see the press release on the ASCG website.

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Supplementary IASB meeting

02 Mar 2021

On 10 March, the IASB will be holding a supplementary meeting on COVID-19-related rent concessions.

Although an agenda and the papers for the meeting are not yet available, it has obviously been set up to discuss the feedback received on exposure draft ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16) published in February. The time frame on that project is rather tight as the Board intends to finalise the amendment by the end of this month so that it can become effective on 1 April 2021.

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Case study-based survey on intangibles

02 Mar 2021

A new research project by the University of Ferrara is looking into information gaps regarding current company reporting of intangible assets.

Through a case-study-based survey, the project aims to obtain the opinion of preparers, users, and other relevant stakeholders, on the preparation and use of the information on intangibles with a focus on the following matters:

  • What are the measures and disclosures on unreported intangibles that are considered to be critical by users of this information (investors and financial analysts)?
  • When disclosed, how is information on intangibles used and what is its perceived role with regards to stewardship and decision-making?
  • What is the view of preparers on information on unaccounted intangibles?

The research project is supported by EFFAS, EFRAG and ICAS and the survey can be accessed through the press release on the EFRAG website.

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Updated IPSAS-IFRS alignment dashboard

01 Mar 2021

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 March 2021 IPSASB meeting on the IPSASB website.

In this context, please also so our 2021 edition of IPSAS in your pocket published in February.

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Agenda for March 2021 CMAC meeting

26 Feb 2021

Representatives from the International Accounting Standards Board (IASB) will meet with the Capital Markets Advisory Council (CMAC) by video conference on 11 March 2021. The agenda for the meeting has been released.

The full agenda for the meeting is sum­marised below:

Thursday, 11 March 2021 (10:00-14:10)

  • Welcome and in­struc­tions for virtual meeting
  • Post-implementation review of IFRS 9
    • Dis­cus­sion about the application of IFRS 9 and items to consider for the post-implementation review.
  • Post-implementation review of IFRS 10, IFRS 11, and IFRS 12
    • Dis­cus­sion about whether the disclosures a company provides relating to IFRS 12 are useful; including understanding if any information is missing or unnecessary.
  • Rate-regulated activities
    • Discussion on the exposure draft.
  • Business combinations under common control
    • Dis­cus­sion of on the Board’s preliminary views in discussion paper, Business Combinations under Common Control.

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

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IOSCO calls on IASB and FASB to collaborate on goodwill accounting

26 Feb 2021

The International Organization of Securities Commissions (IOSCO) has released a statement urging the International Accouting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to collaborate closely with each other on accounting for goodwill.

Both, IASB and FASB are currently working on goodwill projects, but some of their ideas seem to be diverging.

In July 2019, the FASB issued an invitation to comment Identifiable Intangible Assets and Subsequent Accounting for Goodwill, which noted that the FASB is considering whether to change the subsequent accounting for goodwill for cost-benefit reasons. In December 2020, during the deliberation of the responses, the FASB tentatively decided to reintroduce amortisation of goodwill (please see the decision summary on the FASB website).

The IASB has also been discussing restoring amortisation of goodwill. In December 2017, the Board decided tentatively not to reintroduce amortisation and to focus on improving the impairment model instead. Consequently, the discussion paper DP/2020/1 Business Combinations — Disclosures, Goodwill and Impairment published in March 2020 notes: "The Board reached a preliminary view that it should retain an impairment-only approach." The IASB has not started deliberations on the feedback received yet.

The IOSCO statement now notes:

We observe that when the requirements under U.S. GAAP are as aligned as possible with those under IFRS on accounting for goodwill, there is greater comparability in financial statements prepared under IFRS and U.S. GAAP. In our experience, the likelihood of achieving a converged outcome is greatly enhanced when the two Boards work collaboratively, including similar timelines with their respective projects. We believe that maintaining and enhancing convergence in this area should continue to be an important consideration for the IASB and FASB.

The IOSCO has consistently supported the objective of a single set of high-quality accounting standards that are consistently and rigorously applied and notes that this view is also shared by the leaders of G20 and other international organisations. Most recently, the IOSCO noted in its comment letter on the IASB discussion paper (submitted in December 2020):

The G20 leaders have emphasized the importance of achieving a single set of high-quality global accounting standards that are consistently and rigorously applied. We believe the argument by the G20 is still relevant for this issue and therefore we call on the IASB and the FASB to increase their efforts to achieve convergence.

Please click for the following additional information:

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IOSCO calls for globally consistent, comparable, and reliable sustainability standards

25 Feb 2021

The International Organization of Securities Commissions (IOSCO) has released a statement noting the urgent need for global sustainability standards and supporting a Sustainability Standards Board (SSB) under the IFRS Foundation.

The IOSCO Board has reviewed the progress made over the past year since the publication of its report Sustainable Finance and the Role of Securities Regulators and IOSCO in April 2020. IOSCO concludes that there is an urgent need to improve the consistency, comparability, and reliability of sustainability reporting, with an initial focus on climate change-related risks and opportunities, which would subsequently be broadened to other sustainability issues.

The IOSCO Board identified three priority areas for improvement in sustainability-related disclosures by companies and asset managers:

  1. Encouraging globally consistent standards;
  2. promoting comparable metrics and narratives; and
  3. coordinating across approaches.

The IOSCO Board expresses a clear commitment to work with the IFRS Foundation Trustees and other stakeholders to advance these priorities. IOSCO notes that its engagement with the Trustees will focus on the following objectives:

  • Establishing an SSB with a strong governance foundation. IOSCO welcomes the announcement by the Trustees of the IFRS Foundation on 2 February 2021 signalling the next phase of their work towards establishing an SSB under the IFRS Foundation structure as they have received clear feedback on their September 2020 consultation that the IFRS Foundation should play a role in this area. IOSCO looks forward to assessing the final proposals by the Trustees of the IFRS Foundation and to consider the future endorsement of the proposed SSB and its standards similar to its role in the endorsement and oversight of international accounting standard-setting by the IASB.
  • Building on existing efforts. IOSCO encourages the SSB to leverage the content of existing sustainability-related reporting frameworks. IOSCO welcomes the initiative of the alliance of leading sustainability reporting organisations and their prototype for an approach to climate-related disclosures published in December 2020; IOSCO encourages further consideration of this prototype as a potential basis for the SSB to develop climate-related reporting standards.
  • Encouraging a “building blocks” approach. IOSCO encourages a “building blocks” approach to establishing a global sustainability reporting system. This would provide a consistent and comparable baseline of sustainability-related information that is material to enterprise value creation, while also providing flexibility for coordination on reporting requirements that capture wider sustainability impacts. IOSCO aims to support ongoing international coordination and to help encourage global consistency on wider sustainability disclosure requirements. To this end, IOSCO is ready to explore the establishment of a multi-stakeholder expert consultative committee within the IFRS Foundation structure.

In conclusion, IOSCO repeats the statement in its response to the Trustees' consultation that together, the IFRS Foundation’s initiative and the parallel collaborative initiative of an alliance of sustainability reporting organisations can further efforts to facilitate comparable high-quality international standards that provide the content that capital markets need, within a transparent standard-setting architecture with a robust and inclusive governance structure.

Please click to access the full statement on the IOSCO website. The IOSCO work programme for 2021-2022 also notes IOSCO's intention to play a leading role in addressing the urgent goal of improving the completeness, consistency, and comparability of sustainability reporting and to further explore the establishment of a global comprehensive corporate reporting system under the IFRS Foundation.

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