The proposed update includes elements to reflect the new disclosure requirements introduced by the amendments to IFRS 9, IAS 39 and IFRS 7, issued by the Board on 26 September 2019.

For more information, see the press release and proposed update on the IASB’s website. Comments are requested by 13 December 2019.

The Board will discuss the following:

• Implementation matters — Property, plant and equipment, onerous contracts, sale of a single asset entity containing real estate, September 2019 IFRIC update
• Business com­bi­na­tion under common control
• Management commentary
• Amendments to IFRS 17 Insurance Contracts
• IBOR reform and the effects on financial reporting
• Financial instruments with characteristics of equity
• Dynamic risk management
• SME standard review and update
• Accounting policies and accounting estimates
• Im­ple­men­ta­tion matters — Property, plant and equipment: Proceeds before intended use (amend­ments to IAS 16)

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.

For both agenda items, background notes have been prepared by the UNCTAD secretariat to facilitate deliberations. The papers can be downloaded from the UNCTAD website:

• Practical implementation, including measurement, of core indicators for entity reporting on the contribution towards the attainment of the Sustainable Development Goals: Review of case studies
• Review of current developments in international standards of accounting and reporting in the public and private sectors

General information on the session including a provisional agenda for the meeting is available here.

Before the meeting, there will be a workshop on "Practical implementation of climate-related financial disclosures and their relationship to the SDGs" on 29 October 2019. More information is available here.

Further publication of interest in the context of the meeting are available on the UNCTAD website:

• International Accounting and Reporting Issues: 2018 Review
• Guidance on core indicators for entity reporting on contribution towards implementation of the Sustainable Development Goals

The conference will include a keynote speech from Michel Prada (former chairman of the IFRS Foundation Trustees and of the French regulator Autorité des Marchés Financiers) and two high-level panels on principles-based standards and regulation.

Please click for more information and registration details on the EFRAG website.

The reports analyse the disclosures in a sample of companies’ reports and provide examples of better practice.

The FRC concluded that IFRS 15 disclosures could be improved especially with respect to

• improving the descriptions of accounting policies and ensuring that these are tailored to their own particular circumstances; and
• providing more detailed information about the judgements significantly affecting the amount and timing of revenue.

In connection with IFRS 9 the FRC found that there was still room for companies to improve disclosures by

• analysing the credit quality of trade receivables by non-banking companies; and
• providing details of the indicators of a significant increase in credit risk particularly by the smaller banks.

As regards IAS 36 and the impairment of non-financial assets, the FRC encourage companies to pay greater attention to:

• providing relevant information around significant judgements and key assumptions made in estimating the recoverable amount of assets and cash-generating units;
• explaining the sensitivity to changes in key assumptions, where reasonably possible changes could give rise to impairment of goodwill or material further adjustments to already-impaired assets. 

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

• Press release
• IFRS 9 thematic review
• IFRS 15 thematic review
• Impairment of non-financial assets thematic review

The research report assesses whether current financial reporting requirements for parent/subsidiary structures meet user needs in a cost-effective way.

The report concludes that users most dependent on general purpose financial statements in the for-profit sector are generally satisfied with summary financial information about parent entities which is currently required in the consolidated financial statements. However, they state that they need more information disclosed about subsidiaries in consolidated financial statements than is currently required, particularly if complete sets of subsidiary financial statements were to be no longer available to them. Some also state that they need to know whether other financial statements pertaining to group entities (including the group itself) exist and, where they do, those users need to see cross-references to them.

While the report is mainly intended to provide input to the process through which the AASB will work with regulators, users, preparers and other stakeholders in Australia, the users’ views on the additional disclosures needed will also provide important input to the IFRS 12 Disclosure of Interests in Other Entities post-implementation review of the IASB.

Please click to access the research report on the AASB website.

The agenda for the DPOC meeting is summarised below.

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

The podcast features dis­cus­sions of the following topics in more detail (length of the podcast: 18 minutes):

• World Standard-Setters Conference.
• IFRS Advisory Council.
• Financial in­stru­ments with char­ac­ter­is­tics of equity.
• IBOR reform and its effects on financial reporting.
• Business com­bi­na­tions under common control.
• Agenda consultation.

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 September IASB meeting.

The proposed amendments are intended to help preparers in deciding which accounting policies to disclose in their financial statements.

EFRAG supports the proposal to replace the undefined reference to 'significance' with the defined concept of 'materiality'. EFRAG believes that this, with other Disclosure Initiative projects, may help entities to identify and disclose accounting policies that provide material information to users and the connection to the application of materiality to other information. However, EFRAG notes the possible inconsistencies of the proposed guidance with the existing disclosure requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors regarding accounting policies choices and changes.

Comments on EFRAG's draft comment letter are requested by 22 November 2019. For more information, see the press release and the draft comment letter on the EFRAG's website.

The forum will see the pre­sen­ta­tion of four academic papers, followed either by a response of an academic and an IASB/NNS rep­re­sen­ta­tive or by a panel dis­cus­sion. In both cases, the audience will be invited to par­tic­i­pate in the dis­cus­sion. The papers are the following (all links to the IASB website):

• Standard Precision and Aggressive Financial Reporting—The Influence of Incentive Horizon
• Real Effects of Intangibles Capitalization—Empirical Evidence from Voluntary IFRS adoption in Japan
• Mandatory IFRS and Corporate Governance in Peruvian Corporations
• The impact of IFRS 10 on consolidated financial reporting