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2018

We comment on three IFRS Interpretations Committee tentative agenda decisions

21 Aug 2018

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions related to IAS 21 and IAS 23, as published in the June 2018 IFRIC Update.

More information about the issues is set out below:

Issue

Agenda decision supported?

More information

IAS 21 — Determination of the exchange rate when there is a long-term lack of exchangeability

Yes; however, we believe that to address the facts that (as stated in the tentative agenda decision) economic conditions are constantly evolving and that different conditions exist in different jurisdictions this research should not focus solely on the current situation in Venezuela

IAS 23 — Expenditures on a qualifying asset

Yes; however, we believe that the value of the tentative agenda decision could be enhanced by elaborating on the statement that “the entity does not disregard expenditures on the qualifying asset incurred before the entity obtains the general borrowings”

IAS 23 — Borrowing costs on land

Yes

Click to access all our comment letters to the IASB, IFRS Foundation, and IFRS Interpretations Committee.

EFRAG publishes a feedback statement on its 2018 research agenda feedback statement

21 Aug 2018

The European Financial Reporting Advisory Group (EFRAG) has published a feedback statement on its 2018 research agenda consultation.

EFRAG published its 2018 Research Agenda Consultation in April 2018 to solicit input on the strategic direction of its research activities.

The feedback statement summarises the main messages received from constituents and notes any key themes identified. Based upon the input received, the EFRAG Board will deliberate over the next few months which projects should be added to its Research Agenda.

A press release and the full feedback statement are available on the EFRAG website.

IASB posts webcast on IFRS 17

20 Aug 2018

The IASB has posted a webcast on insurance contracts with participation and other features in IFRS 17 'Insurance Contracts'.

The webcast is presented in two parts:

  • Part 1 discusses the measurement of the fulfilment cash flows
  • Part 2 covers the contractual service margin and the scope and requirements of the variable fee approach

For more information, see the press release on the IASB’s website. In addition, earlier webcasts and webinars on IFRS 17 are available through an archive.

IASB member discusses the relevance of accounting information

17 Aug 2018

On 9 August 2018, IASB member Ann Tarca gave a lecture during a conference at the University of Western Australia in Perth.

Her speech entitled ‘Check the numbers: Accounting information still matters to you, me and investors around the world’ covered (1) the relationship between accounting information and share prices, (2) whether current accounting practices and economic changes have diminished the role for accounting information, and (3) how the IASB is addressing issues raised by those who consider accounting has lost its relevance.

The full version of Ms Tarca’s speech is available on the IASB’s website.

IPSASB publishes guidance on financial instruments

17 Aug 2018

The International Public Sector Accounting Standards Board (IPSASB) has released IPSAS 41 'Financial Instruments'.

IPSAS 41 replaces IPSAS 29 Financial Instruments: Recognition and Measurement, and introduces:

  • Simplified classification and measurement requirements for financial assets;
  • A forward-looking impairment model; and
  • A flexible hedge accounting model.

IPSAS 41 includes public sector-specific guidance and illustrative examples on: (1) financial guarantees issued through non-exchange transactions; (2) concessionary loans; (3) equity instruments arising from non-exchange transactions; and (4) fair value measurement.

For more information, see the press release, IPSAS 41, and At-a-Glance summary on the IPSASB website.

IIRC launches a new <IR> Academic Database

14 Aug 2018

The International Integrated Reporting Council (IIRC) has launched a new <IR> Academic Database. The database highlights potential positive benefits of adopting integrated reporting (<IR>) and emerging best practice based on academic studies.

The <IR> Academic Database is run on a voluntary basis by the<IR> Academic Network; a network that provides a space for connecting theory and practice by bridging academia to those who directly prepare and benefit from integrated reports.

Over 1,600 companies in 65 countries are using integrated reporting. Research included in the database concludes that integrated reporting leads to increased stock liquidity, better performance, higher market valuation and a longer-term investor base for the businesses that adopt it.

The database, which represents the most comprehensive collection of scholarly investigation into the impact of integrated reporting in the world, will be the focal point for academic research on integrated reporting in the future and provides opportunity for further study, complementing the IIRC’s global <IR> Academic Network.

The press release and the database, a freely available resource, can be found on the integrated reporting website.

IFRS Foundation issues seven educational modules on IFRS for SMEs

14 Aug 2018

The IFRS Foundation has issued seven new stand-alone educational modules which support the learning, application, and reading of financial statements prepared with the IFRS for SMEs Standard.

The IFRS Foundation expects to issue stand-alone modules for each section of the 2015 IFRS for SMEs Standard (35 in total). This is the second batch of modules released by the Foundation; the first three modules were posted in April 2018. The seven new modules issued cover the following topics:

  • Statement of comprehensive income and income statement.
  • Statement of changes in equity and statement of income and retained earnings.
  • Statement of cash flows.
  • Basic financial instruments.
  • Other financial instrument issues.
  • Inventories.
  • Events after the end of the reporting period.

For more information, access the IFRS for SMEs modules (free registration required) and see the press release on the IASB’s website.

IASB releases fifth FICE DP webast

13 Aug 2018

The IASB has released its fifth webcast in a series of web presentations related to Discussion Paper, “Financial Instruments With Characteristics of Equity.”

This webcast discusses the Board’s preferred approach to presenting equity instruments.

The next and final webcast in the series will cover the pre­sen­ta­tion of financial li­a­bil­i­ties.

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

Agenda for the September 2018 IFRS Advisory Council meeting

09 Aug 2018

An agenda has been released for the upcoming meeting of the IFRS Advisory Council, which is being held in London on 4–5 September 2018.

A summary of the agenda is set out below:

Tuesday 4 September 2018

Morning session (09:00-13:00)

  • Welcome and Chair's preview
  • Tee-up strategic trends
    • Breakout session on strategic trends
  • Tee-up due process review
  • Tee up addressing perceptions about timeliness
    • Breakout session on addressing perceptions about timeliness

Afternoon session (14:00-17:45)

  • Tee-up comment letters
    • Breakout session on comment letters
  • Feedback session on addressing perceptions about timeliness
  • Update on the Board and the Foundation
  • Feedback session on comment letters

Wednesday 5 September 2018

Morning session (9:00-12:00)

  • Tee-up strategic trends and the Foundation
    • Breakout session on strategic trends and the Foundation
  • Tee-up IFRS Taxonomy
    • Breakout session on IFRS Taxonomy

Afternoon session (13:15-14:50)

  • Recap on observed strategic trends
  • Feedback session on IFRS Taxonomy
  • Summary of advice received on the Due Process review
  • Sum up meeting

Agenda papers for the meeting are available on the IASB website.

IFRS Foundation moves London office

07 Aug 2018

The IFRS Foundation has relocated its offices within London. The new address for the IFRS Foundation — including the IASB — is 7 Westferry Circus, Canary Wharf, London. All email addresses and phone numbers will remain the same.

For more information, see the press release on the IASB's website.

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