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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.

In particular, the statement notes that its projects on IBOR reform and amendments to IFRS 17 are still on schedule; however, timelines will be discussed on specific projects during its April meeting. In addition, the publication of several narrow-scope amendments to IFRS Standards have been postpone to May 2020 (see our updated IASB work plan analysis).

The IFRS Foundation has also issued educational materials to support the application of IFRS 9 during the economic uncertainity arising from the coronavirus pandemic and has shifted to virtual meetings.

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

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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.

For more information, see the press release and letter on the EFRAG’s Web site.

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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.

Below is an analysis of all changes made to the work plan since our last analysis on 21 March 2020. We also note the projects the IASB intends to move forward with in April 2020.

Standard-setting projects

  • No changes

Maintenance projects

  • Annual improvements — 2018-2020 cycle — Final amendments are now expected in May 2020 (formerly April 2020). The following projects are part of the annual improvements:
    • Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities (Amendments to IFRS 9)
    • Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)
    • Subsidiary as a First-time Adopter (Amendment to IFRS 1)
    • Taxation in Fair Value Measurements (Amendment to IAS 41)
  • IBOR Reform and its Effects on Financial Reporting — Phase 2 — An exposure draft is still expected in April 2020
  • Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37) — An IFRS amendment is now expected in May 2020 (formerly Q2 2020)
  • Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) — An IFRS amendment is now expected in May 2020 (formerly March 2020)
  • Updating a Reference to the Conceptual Framework (Amendments to IFRS 3) — An IFRS amendment is now expected in May 2020 (formerly April 2020)

Research projects

  • Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 — The rescheduled research review is still expected to take place in April 2020

Other projects

  • Due Process Handbook Review — Final amendments are still expected in April 2020

The above is a faithful comparison of the IASB work plan at 21 March 2020 and at 27 March 2020. For access to the current IASB work plan at any time, please click here.

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IASB publishes statement on IFRS 9 and COVID-19

27 Mar 2020

The International Accounting Standards Board (IASB) has published a document responding to questions regarding the application of IFRS 9 'Financial Instruments' during the period of enhanced economic uncertainty arising from the COVID-19 pandemic.

The document is intended to support the consistent application of requirements in IFRSs. Therefore, it highlights requirements within IFRS 9 Financial Instruments that are relevant for companies considering how the pandemic affects their accounting for expected credit losses; it does not change, remove nor add to, the requirements of IFRS 9.

Please click to access the document on the IASB website.

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New IAS Plus resource page

27 Mar 2020

We have set up an IAS Plus resource page on accounting considerations related to COVID-19. The page includes news items and resources in connection with COVID-19 developments that highlight some of the key accounting and disclosure issues to be considered by entities that may arise as a result of COVID-19 in preparing financial statements applying IFRS Standards.

Please click to access our new resource page.

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IFRS Foundation Trustees and Due Process Oversight Committee hold February 2020 meeting

26 Mar 2020

The IFRS Foundation Trustees and the Due Process Oversight Committee (DPOC) met in Brussels on 19–20 February 2020.

Meeting ac­tiv­i­ties included the following:

  • Executive session:
    • Report of the Executive Director — The Trustees received a report from the Executive Director Lee White on ac­tiv­i­ties since the last meeting.
    • Strategy review — The Trustees discussed non-fi­nan­cial reporting including sus­tain­abil­ity reporting and climate change.
    • Gov­er­nance issues — The Trustees approved a change to (1) the IFRS Foundation Constitution regarding the IFRS Advisory Council’s role and (2) amendments to the IFRS Foundation’s Bylaws.
    • Op­er­a­tions analysis — The Trustees received pre­sen­ta­tions on the analysis of jurisdictional compliance with IFRS Standards.
    • Committee reports — The Trustees discussed reports from the Business Process and Tech­nol­ogy Committee, the Audit and Finance Committee, the Human Capital Committee, the Nom­i­nat­ing Committee, and the DPOC. (A report of the DPOC meeting is attached to the meeting summary.)
  • IASB Chairman’s report — The Chair of the IASB provided the Trustees with a general update on the IASB’s technical ac­tiv­i­ties, es­pe­cially on the proposed amend­ments to IFRS 17 and the project to revise IFRS Practice Statement 1 Management Commentary.
  • External en­gage­ment — The Trustees met with IFRS Foundation Monitoring Board. In addition, they held a stake­holder event with the EFRAG entitled Financial reporting: remaining relevant in a changing environment.

For more in­for­ma­tion, see the press release, which also offers an article on the stake­holder event, and the full summary on the IFRS Foun­da­tion Trustees’ and DPOC meeting on the IASB’s website. Our own report of the stakeholder event is available here.

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EFRAG sends letter to the IASB on IFRS 17 amendments

26 Mar 2020

In September 2018, the European Financial Reporting Advisory Group (EFRAG) submitted a letter to the IASB regarding IFRS 17 'Insurance Contracts' noting a number of concerns of EFRAG's constituents.

EFRAG has now sent a second letter sincerely appreciating the IASB’s efforts to address issues associated with the implementation of IFRS 17 identified in the September 2018 letter. However, while EFRAG is appreciative of the changes made, this new letter expresses regret that some of the conclusions reached by the Board deviate from EFRAG’s recommendations. In particular, EFRAG refers to the annual cohort requirement. In February 2020, the IASB discussed the issue but came to the conclusion that it was not possible to specify an exemption without the use of ‘bright lines’ and without developing a particularly complex set of criteria.

Please click to access the letter on the EFRAG website.

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ESMA statement on the accounting implications of the COVID-19 economic support and relief measures

25 Mar 2020

The European Securities and Markets Authority (ESMA) has issued a public statement on some accounting implications of the economic support and relief measures adopted by EU Member States in response to the COVID-19 outbreak. The measures include moratoria on repayment of loans and have an impact on the calculation of expected credit losses in accordance with IFRS 9.

ESMA has issued the statement in order to promote consistent application of IFRSs in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 outbreak, specifically as regards the calculation of expected credit losses and related disclosure requirements. In ESMA’s view, the principles-based nature of IFRS 9 includes sufficient flexibility to faithfully reflect the specific circumstances of the COVID-19 outbreak and the associated public policy measures.

Please click to access the statement on the ESMA website.

The European Banking Authority (EBA) has also issued a related statement regarding the prudential framework and accounting implications of COVID-19. The two statements are consistent as regards financial reporting. The statement can be accessed on the EBA website.

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IASB issues podcast on latest Board developments (March 2020)

24 Mar 2020

The IASB has released a podcast, featuring IASB Vice-Chair Sue Lloyd, to discuss the deliberations at the March IASB meeting.

The podcast features dis­cus­sions related to:

  • IFRS 17 and the extension of its effective date.
  • Management commentary.
  • Rate-regulated activities.

In addition, Vice-Chair Lloyd comments on the Discussion Paper Business Combinations — Disclosures, Goodwill and Impairment.

The podcast can be accessed through the press release on the IASB website. More in­for­ma­tion on the topics discussed is available through our com­pre­hen­sive notes taken by Deloitte observers at the March IASB meeting.

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2020 issued and annotated issued IFRS Standards now available

24 Mar 2020

The IFRS Foundation announces that the annual publication formerly known as the 'Red Book' is now available.

The Issued IFRS Standards 2020 publication contains the Standards as approved by the International Accounting Standards Board for issue up to 31 December 2019. These Standards include changes that are not yet required at 1 January 2020. The Annotated Issued IFRS Standards 2020 includes the same content as Issued IFRS Standards 2020, but with additional annotations containing extensive cross-references, explanatory notes and IFRS Interpretations Committee agenda decisions.

The books are available in electronic format for subscribers to eIFRS Professional. Printed copies of the books are available for sale through the IASB's web shop.

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