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July

IASB announces third webinar on PFS ED

03 Jul 2020

In December 2019, the IASB published the exposure draft of a new standard 'General Presentation and Disclosures' that is intended to replace IAS 1 'Presentation of Financial Statements'. The IASB is introducing the exposure draft in a series of webinars.

The third webinar on 9 July 2020 will explain the Board’s detailed proposals for disaggregation including general guidance, the analysis of operating expenses and unusual income and expenses. The webinar will last approximately 60 minutes and will include a question-and-answer session. More information is available here.

EFRAG to undertake preparatory work for possible EU non-financial reporting standards

03 Jul 2020

In February 2020, the European Commission (EC) launched an initiative to review the European Non-Financial Reporting Directive (NFRD). One of the aspects of the review looks at whether to mandate the use of a common set of non-financial reporting standards and whether these should be especially developed European standards. The EC has now sent two letters to the European Financial Reporting Advisory Group (EFRAG) asking it to undertake preparatory work for the possible elaboration of such standards.

The first letter tasks the Steering Group of the European Reporting Lab with appointing a multi-stakeholder project task force to carry out the preparatory work for possible standards. The second letter is directed ad personam to the EFRAG Board President to consider a possible need for changes to the governance and financing of EFRAG if it were to be tasked with the development of European non-financial reporting standards in a revised NFRD. 

The press release on the EFRAG website offers access to both letters.

Report on the May 2020 IFRS Advisory Council meeting

01 Jul 2020

A summary report has been released of the meeting of the IFRS Advisory Council held by remote participation on 27-28 May 2020.

The participants discussed:

  • Digital experience for customers and stakeholders — Council members received a presentation on the Foundation’s digital experience. The proposed digital framework was well received by the members.
  • Key performance indicators (KPIs) on Board technical activities — Council members reviewed the areas of the Board’s technical work that will benefit from the use of KPIs; the types of KPIs to be used; the manner in which KPIs support the Foundation’s key objectives as well as KPIs’ limitations; and the use and interpretation of KPI data.
  • Monitoring adoption — Council members received presentations BCBS, IOSCO, and the IMF. Each organisation shared some of the pertinent lessons learnt from their experience in monitoring and assessing standards.
  • Update on Board activities and Update on the Board’s activities — Council members received updates on recent trustee activities and on recent activities of the Board and the IFRS Foundation.

The full meeting summary is available on the IASB's website. There are also recordings of the individual sessions.

Correction list for hyphenation

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