The podcast is hosted by IFRS Interpretations Committee Chair and IASB Vice-Chair Sue Lloyd and Technical Staff member Patrina Buchanan and focuses on configuration or customisation costs in a cloud computing arrangement (IAS 38), costs necessary to sell inventories (IAS 2), other finalised agenda decisions, economic benefits from use of a windfarm (IFRS 16), TLTRO III transactions (IFRS 9 and IAS 20), supplier finance arrangements (IFRS 7 and IAS 7), and the classification of debt with covenants as current or non-current (IAS 1) .

For more information, see the press release on the IASB website.

Participants at the meeting, which was chaired by IASB member Tadeu Cendon, discussed rate-regulated activities, the current agenda consultation, business combinations under common control, agenda decisions of the IFRS Interpretations Committee, the review of the IFRS for SMEs, and the application of IAS 12 Income Taxes. In addition, the EEG received an update on sustainability reporting as well as a general update on IASB projects.

Please click for access to the full report on the IASB website.

The strategy consists of a whole package of measures reflected in statements, communications and a variety of documents. The central Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions also includes a comment on IFRS financial reporting against the background of sustainability aspects:

The Commission strongly supports international work on integrating sustainability considerations into financial reporting and accounting and will seek the highest level of ambition. The Commission will work with the European Financial Reporting Advisory Group (EFRAG), the European Securities and Markets Authority (ESMA) and the International Accounting Standards Board (IASB) to assess whether international financial reporting standards (IFRS) appropriately integrate sustainability risks. [...] In particular, it should be assessed how to recognise and report relevant climate and environmental risks in financial statements adequately and on a timely basis.

Further, the communication also comments on the general debate around sustainability reporting standards and notes that international standards may overlap, be inconsistent and vary in ambition. The Commission, therefore, welcomes efforts for a baseline global reporting standard for sustainability and advocates for comprehensive sustainability reporting standards that address all sustainability issues and capture the double materiality perspective, in line with the recently proposed EU Corporate Sustainability Reporting Directive (CSRD).

Please click to access the package of documents published today on this EC website. Direct access to the central communication is available here.

The HKICPA and the ASBJ provided updates on their respective activities and exchanged views on the accounting for goodwill, the accounting for business combinations under common control, and the IASB’s third agenda consultation.

HKICPA and ASBJ plan to continue these meetings.

Please click for the press release on the ASBJ website.

For the convenience of stakeholders in different time zones, there will be two sessions of the webinar, one in the morning and one in the afternoon. The first session will feature Board Member Rika Suzuki and the second session will feature Board Member Nick Anderson, along with technical staff. The one-hour webinar will include a question-and-answer session.

For more information, see the press release on the IASB’s website.

Update: On 19 July 2021, the IASB has issued a recording of this webinar.

Before joining the IASB, Dr Barckow served as President of the Accounting Standards Committee of Germany (Deutsches Rechnungslegungs Standards Committee e.V.). He is a former Deloitte Partner and has been an active participant in numerous advisory bodies to the IFRS Foundation and the IASB, including membership of the IASB’s Accounting Standards Advisory Forum (ASAF) and the IFRS Advisory Council, and is a highly recognised expert on IFRSs at national, European and international level. In an interview published on the IASB website today he talks about his career, his experience at the Foundation so far and his priorities for the next few years.

Please click to access the interview on the IASB website.