February

Russian MoF publishes consolidated version of IFRSs

05 Feb 2020

The Russian Ministry of Finance (MoF) has made available a consolidated version all IFRSs and amendments to IFRSs endorsed in Russia until 31 December 2019.

The MoF had compiled a similar document in 2013 and since then only published individual amendments as they were endorsed. The new consolidated version incorporates all amendments into the text of the relevant standards.

Please click to access the consolidated standards on the MoF website.

Additional change to IASB work plan

04 Feb 2020

The IASB has made an additional change to its work plan by moving the expected issuance of the discussion paper on its goodwill and impairment project to March.

For a list of other changes made to the work plan since it was last revised, see our IASPlus news item.

EC launches initiative to update the NFRD

04 Feb 2020

The European Commission (EC) has launched an initiative 'Revision of the Non-Financial Reporting Directive'.

As reported earlier, Executive Vice President Valdis Dombrovskis of the EC announced in January 2020 that later this year he would present a renewed sustainable finance strategy, which would include a revision of the Non-Financial Reporting Directive (NFRD).

As a first step of the corresponding initiative that has just been launched, an "Inception impact assessment" has been published. The background paper for the impact assessment notes the following current problems with the NFRD:

  • Reported non-financial information is not sufficiently comparable or reliable.
  • The reported non-financial information does not meet users' needs.
  • Companies incur unnecessary and avoidable costs related to reporting non-financial information.
  • Companies face uncertainty and complexity when deciding what non-financial information to report, and how and where to report such information.

The background papers names three options that could be followed to address these problems:

  1. Continue the current approach of non-binding guidelines to assist companies when reporting according to the NFRD.
  2. Explore the use of standards (which would remain voluntary for companies to use if they wish to).
  3. Revise and strengthen the provisions of the NFRD.

Given Mr Dombrovskis earlier remarks and the title of the initiative, it seems that the EC has already formed an opinion on the best way forward. However, stakeholders have the possibility to comment on the impact assessment (until 27 February 2020), and a formal full consultation is announced for the first quarter of 2020.

Please click for the consultation page on the EC website that offers access to the Inception impact assessment background paper, the feedback possibility and a general outline on the planned timing for the revision.

IASB releases podcast on IFRS 17

03 Feb 2020

The IASB has released a podcast featuring IASB member Darrel Scott and technical staff member Roberta Ravelli as they discuss the developments at the January 2020 Board meeting related to the amendments to IFRS 17 'Insurance Contracts'.

The podcast discusses the amend­ments ten­ta­tively finalised during the meeting and focuses on credit card contracts, risk mitigation option, contracts acquired in a settlement period, and acquisition cash flows.

The podcast can be accessed through the press release on the IASB website. Our summary of the meeting and the results of the IASB's votes is available here.

IPSASB completes set of guidance on accounting for government programmes

03 Feb 2020

The International Public Sector Accounting Standards Board (IPSASB) has issued 'Collective and Individual Services (Amendments to IPSAS 19)'. The guidance addresses a wide range of significant government expenditures.

In January 2019, the IPSASB issued IPSAS 42 Social Benefits providing guidance on accounting for social benefits expenditure. Together with the new standard, the IPSASB published an exposure draft of guidance complementing IPSAS 42 by providing requirements for accounting for collective services (such as defense at national-levels and street lighting at sub-national levels) and individual services (such as healthcare and education), which has now been finalised. Collective and Individual Services requires that an expense is recognised at the point of service delivery and is effective for periods beginning on or after 1 January 2022.

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

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