March

March 2021 IFRS Interpretations Committee meeting agenda posted

04 Mar 2021

The IFRS Interpretations Committee has posted the agenda for its next meeting, which will be held by video conference on 16 March 2021.

The Committee will discuss the following:

  • Ad­min­is­tra­tive matters
  • Comment letter analysis of IAS 38 Intangible Assets — Configuration or customisation costs in a cloud computing arrangement
  • IFRS 16 — Non-refundable VAT on lease payments
  • IAS 32 — Accounting for warrants that are initially classified as liabilities
  • Work in progress

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.

Agenda for the March 2021 GPF meeting

03 Mar 2021

Representatives from the International Accounting Standards Board (IASB) will meet with the Global Preparers Forum (GPF) on 12 March 2021 via video conference. The agenda for the meeting has been released.

The full agenda for the meeting is sum­marised below:

Friday, 12 March 2021 (11:00-14:25)

  • Update on the IFRS Foundation Trustees’ Consultation Paper on Sustainability Reporting.
  • Post-implementation review of IFRS 9
    • Discussion about the application of IFRS 9 and items to consider for the post-implementation review.
  • Post-implementation review of IFRS 10, IFRS 11, and IFRS 12
    • Discussion about initial views of the Request for Information on the post-implementation review of IFRS 10, IFRS 11, and IFRS 12.
  • Rate-regulated activities
    • Discussion on the consultation in the exposure draft.
  • IFRS Interpretations Committee Update

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

IVSC perspectives paper on ESG and business valuation

03 Mar 2021

The International Valuation Standards Council (IVSC) has published a perspectives paper to initiate discussion and debate on the topic of environmental, social, and governance (ESG) factors in business valuation.

The paper notes that currently there is no shortage of opinions when it comes to how, and even if, to proceed with the standardisation of ESG disclosures and reporting. However, the IVSC notes, regardless of the path taken by standard setters, ESG factors represent fundamental considerations to inform valuation analysis. Therefore, steps to begin incorporating ESG considerations into valuation practice are critical for the relevance, and therefore the sustainability, of the profession.

Please click to access the paper on the IVSC website.

Appointment to the IFRS Advisory Council

02 Mar 2021

The Trustees of the IFRS Foundation have appointed Georg Lanfermann to the IFRS Advisory Council with immediate effect.

Mr Lanfermann is the new president of the Accounting Standards Committee of Germany (ASCG), and took over from Andreas Barckow, who will succeed Hans Hoogervorst as IASB Chair on 1 July 2021.

The IFRS Advisory Council member section on the IASB website has been updated accordingly.

For more information, please see the press release on the ASCG website.

Supplementary IASB meeting

02 Mar 2021

On 10 March, the IASB will be holding a supplementary meeting on COVID-19-related rent concessions.

Although an agenda and the papers for the meeting are not yet available, it has obviously been set up to discuss the feedback received on exposure draft ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16) published in February. The time frame on that project is rather tight as the Board intends to finalise the amendment by the end of this month so that it can become effective on 1 April 2021.

Update: On 5 March 2021, the IASB has issued the agenda and meeting papers for this meeting. The discussions will consist of (1) feedback and project redeliberations and (2) due process and permission to ballot.

Case study-based survey on intangibles

02 Mar 2021

A new research project by the University of Ferrara is looking into information gaps regarding current company reporting of intangible assets.

Through a case-study-based survey, the project aims to obtain the opinion of preparers, users, and other relevant stakeholders, on the preparation and use of the information on intangibles with a focus on the following matters:

  • What are the measures and disclosures on unreported intangibles that are considered to be critical by users of this information (investors and financial analysts)?
  • When disclosed, how is information on intangibles used and what is its perceived role with regards to stewardship and decision-making?
  • What is the view of preparers on information on unaccounted intangibles?

The research project is supported by EFFAS, EFRAG and ICAS and the survey can be accessed through the press release on the EFRAG website.

Updated IPSAS-IFRS alignment dashboard

01 Mar 2021

The International Public Sector Accounting Standards Board (IPSASB), which develops the 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.

Please click to access the updated alignment dashboard prepared for the March 2021 IPSASB meeting on the IPSASB website.

In this context, please see also our 2021 edition of IPSAS in your pocket published in February.

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