August

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG draft comment letter on the IASB's proposed narrow-scope amendment to IFRS 17

05 Aug 2021

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2021/8 'Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Proposed amendment to IFRS 17)'.

In the draft comment letter, EFRAG expresses its appreciation for the IASB’s swift response and delivery of the exposure draft. Also, EFRAG commends the IASB for addressing most of the comments raised by European constituents in this area. Overall, EFRAG agrees with the IASB proposals in the exposure draft as they form a clear improvement over the current situation.

Comments on EFRAG's draft comment letter are requested by 15 September 2021. For more information, see the press release and the draft comment letter on the EFRAG website.

IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

IPSASB consults on additional projects for its work programme

02 Aug 2021

As some of the projects included in its 2019-2023 work plan are being completed, the International Public Sector Accounting Standards Board (IPSASB) is consulting on projects that should be added to the work programme for the remainder of the period.

In view of the resources likely to become available, the IPSASB proposes adding two major projects:

  • Presentation of Financial Statements; and 
  • Differential Reporting.

In addition, the IPSASB proposes to add up to four smaller scope projects:

  • IPSAS 21, Impairment of Non-Cash-Generating Assets; 
  • IPSAS 31, Intangible Assets; 
  • IPSAS 33, First-Time Adoption of Accrual Basis IPSASs; and 
  • Making Materiality Judgements.

Comments on the consultation are requested by 30 November 2021. Please click for access to the consultation document, an At a Glance introduction and explanatory videos on the IPSASB website.

IVSC (International Valuation Standards Council) (lt green) Image

IVSC publishes updated version of IVS

02 Aug 2021

The International Valuation Standards Council (IVSC) has issued an updated version of the suite of International Valuation Standards (IVSs). They become effective from 31 January 2022, however, the IVSC encourages early adoption from the date of publication.

The updates include a new chapter on inventory as part of the intangible asset standards, technical revisions consulted on throughout 2020 and 2021 as well as updates to the introduction, the glossary, the IVS Framework, IVS 104, IVS 105, IVS 200, and IVS 400.

More information is available through the press release on the IVSC website.

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