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July

IASB presentation slides

08 Jul 2019

The IASB has posted to its website the slides of two full presentations and one breakfast talk given by IASB members at the recent annual congress of the European Accounting Association (EAA).

The presentations were given by IASB Board member Ann Tarca and IASB Technical Staff Anne McGeachin. They covered the following topics (links to the slides on the IASB website):

New IASB podcast series

08 Jul 2019

The IASB has launched a new series of quarterly podcasts on the work of the IASB and IFRS Interpretations Committee.

The first podcast (25 minutes) focuses on the June 2019 meeting of the Interpretations Committee. Among the topics covered are questions about applying the new financial instruments, revenue recognition and leases Standards — IFRS 9, IFRS 15 and IFRS 16 — as well as the accounting for holdings of cryptocurrencies.

Please click to access the podcast through the press release on the IASB website.

 

IASB posts webinar on proposed amendments to IFRS 17

05 Jul 2019

The IASB has posted to its website a webinar offering an overview over the exposure draft ED/2019/4 'Amendments to IFRS 17' published on 26 June 2019.

The webinar is a recording that took place to provide national standard-setters with an overview of the proposed amendments to IFRS 17 right after the exposure draft was published.

Please click to access the 25 minute webinar through the press release on the IASB website.

SEC names chief accountant

03 Jul 2019

The SEC has appointed Sagar Teotia as chief accountant in the SEC’s Office of the Chief Accountant.

Mr. Teotia had been serving as the Commission’s acting chief accountant since the departure of Wesley Bricker in June. Previously, he has held positions as SEC professional accounting fellow, SEC deputy chief accountant, and partner at Deloitte LLP.

For ad­di­tional in­for­ma­tion, see the press release on the SEC’s Web site.

CRD position paper on transparency and accountability

03 Jul 2019

The Corporate Reporting Dialogue (CRD), which brings together organisations that have significant international influence on the corporate reporting landscape, has published a position paper noting that he world’s leading financial and non-financial corporate reporting frameworks have the same common foundations, based on the key objectives of transparency and accountability.

The position paper sets out the seven key principles report preparers should follow for achieving such transparency and accountability: materiality, completeness, accuracy, balance, clarity, comparability and reliability. It notes that these common principles are a reminder that the CRD participants have similar expectations from companies in preparing and disclosing information but also states that transparency needs accountability in order to drive effective behaviour or performance: disclosing in itself is not enough if those holding to account do not have the power to influence the behaviour or performance.

The position paper follows an earlier paper on SDGs and the future of corporate reporting and a consultation better alignment through an online survey and a series of global roundtables held in Australia, Colombia, France, Germany, Italy, Japan, Malaysia, Poland, South Africa, US and UK from March until June 2019.

Please click for the following additional information on the CRD website:

 

IASB posts webcast on IFRS IC and IASB agenda decisions

02 Jul 2019

In April 2019, the Trustees of the IFRS Foundation issued an updated IFRS Foundation Due Process Handbook for public comment. Clarifications regarding the role and status of agenda decisions published by the Interpretations Committee (IFRS IC) and amendments to make agenda decisions a tool for the Board were the most prominent proposed amendments.

In the context of the proposed amendments, the IASB has posted a webcast with IASB Chair Hans Hoogervorst, IASB Vice-Chair Sue Lloyd and IFRS Foundation staff member Sam Prestidge that discusses some of the main elements of due process around agenda decisions.

The 13 minute webcast can be accessed through the press release on the IASB website.

Hyperinflationary economies - updated IPTF watch list available

02 Jul 2019

IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. The Task Force's criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

The IPTF's discussion document for the 21 May 2019 meeting is now available and states the following view of the Task Force:

Countries with three-year cumulative inflation rates exceeding 100%:

  • Angola
  • Argentina
  • Democratic Republic of Congo
  • South Sudan
  • Sudan
  • Venezuela

Countries with projected three-year cumulative inflation rates exceeding 100%:

  • Islamic Republic of Iran
  • Yemen
  • Zimbabwe

Countries where the three-year cumulative inflation rates had exceeded 100% in recent years:

There are no countries in this category for this period.

Countries with recent three-year cumulative inflation rates exceeding 100% after a spike in inflation in a discrete period:

  • Suriname

Countries with projected three-year cumulative inflation rates between 70% and 100% or with a significant (25% or more) increase in inflation during the current period

  • Liberia
  • Libya

The full list, including exact numbers, detailed explanations of the calculation of the numbers, and observations of the Task Force are available on the CAQ website. We also offer the overview of the IPTF's assessment of hyperinflationary jurisdictions at the end of our summary of IAS 29.

Updated IPSAS-IFRS alignment dashboard

02 Jul 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 June 2019 IPSASB meeting. It also offers a table showing for which IFRSs there is no IPSAS equivalent and whether the IPSASB intends to fill that gap.

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

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