May

May 2020 IASB meeting agenda posted

07 May 2020

The IASB has posted the agenda for its next meeting, which will be held via video conference on 20–21 May 2020. There are six topics on the agenda.

The Board will discuss the following:

    • Amendments to IFRS 17 Insurance Contracts
    • Management commentary
    • Research programme update
    • Maintenance and consistent application
    • IBOR reform and the effects on financial reporting (oral update)
    • Disclosure initiative — accounting policies

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.

IASB announces supplementary meeting

07 May 2020

On 15 May, the IASB will hold a supplementary meeting on COVID-19-related matters. The meeting will be held by conference call and is expected to last one hour (10:00-11:00 hrs BST).

The only point for discussion will be the comment letter analysis and redeliberation of the proposed amendment to IFRS 16 in relation to COVID-19-related rent concessions. An agenda paper for the meeting is not yet available. The IASB expects to post the paper on 12 May.

IASB announces meeting updates in view of the COVID-19 pandemic

05 May 2020

The International Accounting Standards Board (IASB) announces that the June CMAC/GPF meeting has been postponed and the July ASAF meeting has been cancelled.

The CMAC/GPF meeting was originally scheduled for 18-19 June 2020. A new date has not yet been announced.

The ASAF meeting was to be held on 9-10 July. It has been cancelled completely and the next regularly meeting is currently scheduled for 1-2 October 2020. 

Second IPSASB research forum

05 May 2020

The second Research Forum of the International Public Sector Accounting Standards Board (IPSASB) will be held virtually on 17 June 2020.

Topics to be discussed include:

  • Presentation of Financial Statements in the Public Sector
  • Differential Reporting
  • Contextual Factors and Imprudent Discount Rate Assumptions
  • Disclosure of Tax Expenditures

Registration is now open until 15 May. Participants can attend free of charge, however, registration is required.

Please click for more information on the IPSASB website.

IASB proposes to defer effective date of IAS 1 amendments

04 May 2020

The International Accounting Standards Board (IASB) has published an exposure draft 'Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Proposed amendment to IAS 1)' proposing to defer the effective date of the January 2020 amendments to IAS 1 by one year. Comments are requested by 3 June 2020.

 

Background

On 23 January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1 Presentation of Financial Statements based on the contractual arrangements in place at the reporting date. The amendments currently have an effective date of 1 January 2022.

In April 2020, the IASB held a supplementary IASB meeting to consider COVID-19-related matters including the Board's timelines in view of the COVID-19 pandemic. The Board tentatively decided to delay by one year the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after 1 January 2023.

The proposed amendment published today is solely seeking to delay the effective date of the January 2020 amendments by one year.

 

Suggested changes

The changes proposed in ED/2020/3 Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Proposed amendment to IAS 1) would defer the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after 1 January 2023. Earlier application of the January 2020 amendments would continue to be permitted.

 

Comment period

Comments on the exposure draft are requested by 3 June 2020. The shortened comment period of 30 days was approved in a DPOC meeting on 16 April 2020.

 

Additional information

Please click for:

 

IFRS Interpretations Committee holds April 2020 meeting

01 May 2020

The IFRS Interpretations Committee met via video conference on 29 April 2020. We have posted Deloitte observer notes for the technical issues discussed during this meeting.

Comments on Tentative Agenda Decision

IAS 12 Income Taxes—Multiple Tax Consequences of Recovering an Asset (Agenda Paper 2): The Committee decided to finalise the agenda decision, with some suggested changes to the drafting.

Research Summary

Supply Chain Financing—Reverse Factoring (Agenda Paper 3): The Committee members provided suggestions for the questions to be addressed in the upcoming agenda paper for supply chain financing.

More Information

Please click to access the detailed notes taken by Deloitte observers.

Agenda for the May 2020 IFRS Advisory Council meeting

01 May 2020

An agenda has been released for the upcoming meeting of the IFRS Advisory Council, which was originally scheduled for March 2020 and will now be held by remote participation on 27 and 28 May 2020.

A summary of the agenda is set out below:

Wednesday 27 May 2020 (12:00-15:00)

  • Update on Trustees and Foundation Activities
  • Chairman’s preview
  • Monitoring adoption (panel discussion and general discussion)
  • Customer’s digital experience (introduction and discussion)

Thursday 28 May 2020 (12:00-14:15)

  • Update on the Board’s activities
  • KPIs Board’s activities (introduction and discussion)
  • Focus on the Advisory Council
  • Summing up of the meeting

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

EFRAG draft comment letter on rent concessions ED

01 May 2020

The European Financial Reporting Advisory Group (EFRAG) has published a draft comment letter on the IASB exposure draft ED/2020/2 'Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16)'.

In the draft comment letter, EFRAG agrees with the proposals in the exposure draft published last Friday that would provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. However, EFRAG would support expanding the scope of the amendment to include all rent concessions granted during 2020 and not just payments due in 2020.

EFRAG has also published a preparatory draft of an endorsement advice of the amendment. Doing so before issuance of the final amendment by the IASB is intended to allow for the finalisation of the endorsement advice as soon as possible after the IASB has issued the amendment to IFRS 16. The preparatory draft of the endorsement advice is based on the assumption that the final amendment will not be substantially different from the proposals in the exposure draft.

Comments on EFRAG's draft comment letter are requested by 7 May 2020, comments the preparatory draft of an endorsement advice by 20 May 2020. For more information, see the press release, the draft comment letter and the preparatory draft of an endorsement advice on the EFRAG website.

EFRAG is also offering a public outreach event on the exposure draft on Thursday 7 May 2020. More information is available here.

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