Please click to access the updated alignment dashboard prepared for the December 2020 IPSASB meeting on the IPSASB website.

Deloitte offers a summary of the provisions of all IPSAS in our IPSAS in your pocket publication.

The consultation is intended to assess demand for global sustainability standards and what role the Foundation might play in the development of such standards.

Please click for access to the recordings on the IASB website. The introductory part in both sessions is the same, the questions put forward by the audience differ.

At its October 2020 meeting, the Board decided unanimously to separate the PIR of the IFRS 9 classification and measurement requirements (including FVOCI equity instruments) from the PIR of the rest of IFRS 9 and to start the PIR on classification and measurement as soon as possible.

One argument brought forward for a separation of classification and measurement was that this part of IFRS 9 did not have a transition resource group (TRG) and thus application issues have not been addressed since publication of the standard. It was also noted that there is not much overlap between classification and measurement and the rest of IFRS 9, so the PIRs can be done separately.

Please see the press release on the IASB website for more information.

The Advisory Council is the formal advisory body to the Trustees and the IASB. It advises the IFRS Foundation on its strategic direction, technical work plan and priorities.

The new and reappointed members of the Advisory Council are:

• Kristian Koktvedgaard - BusinessEurope
• Sibel Ulusoy Tokgöz - Capital Markets Board of Turkey
• Thorsten Sellhorn - European Accounting Association (EAA)
• Javier de Frutos - European Federation of Financial Analysts Societies (EFFAS)
• Saskia Slomp - European Financial Reporting Advisory Group (EFRAG)
• Ken Warren - External Reporting (XRB), New Zealand
• Ron Edmonds - Financial Executives International (FEI)
• Ian Burger - International Corporate Governance Network
• Antonio Quesada - International Organization of Securities Commissions (IOSCO)
• Marie Seiller - International Organization of Securities Commissions (IOSCO)
• Alan Trotter - Investment Company Institute
• Henry Daubeney - Pricewaterhouse Coopers
• Barbara McGowan - World Bank
• Eduardo Flores
• Tania Wimberley 

All appointments take effect 1 January 2021 and are for a three-year period.

In addition, the Trustees note that the following members are stepping down from the Council at the end of 2020 or have already stepped down earlier this year: Areewan Aimdilokwong, Clive Brown, Garth Coppin, Jean Paul Gauzes, Professor Ann Jorissen, Ton Meershoek, Pam O'Connell.

The press release announcing the new appointments can be found on the IASB's website.

The IFRS Foundation disclosed this decision in its Coronavirus update.

The errors affect the stand-alone standards only.

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors. The editorial corrections can be viewed on the editorial corrections page of the IASB's website.

For the first phase of the project, the task force was split into several work streams to assess the current situation and report on it to the European Commission. The streams included focuses on special groups (e.g. financial institutions, SMEs) EU focuses (e.g. current reporting practices and momentum of reporting in the EU) and an international focus (which initiatives exist and can their work be leveraged).

While the EU-focused assessment includes "all current, developing and expected European initiatives", the international assessment, despite the 31 October cut-off date, makes no reference to newer initiatives such as the Trustees' consultation on establishing a global sustainability standard-setter, the WEF publication on an ESG framework and common metrics for reporting or the statement of intent of CDP, CDSB, GRI, IIRC, and SASB to work together towards a comprehensive corporate reporting system. A vague reference to these developments might be read into the statement that "Convergence and harmonisation efforts among some initiatives are taking place. These efforts include Memorandums of Understanding, Statements of Intent, Consultation processes and, from a technical standpoint, tables of translation from one initiative to another." However, the report dismisses these efforts in the very same paragraph and states: "Despite such efforts, the number of initiatives has continued to grow over the past years."

Please click to access the full progress report on the EFRAG website.

Dr Barckow, currently the President of the Accounting Standards Committee of Germany (ACSG), will succeed Hans Hoogervorst on his retirement as chair of the IASB at the end of June 2021.

Dr Barckow, a former Deloitte Partner, 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. He will step down from all his present positions in order to join the IASB.

A biography of Dr Barckow and statements on the appointment are available in the IASB's press release and the press release on the ACSG website.

The International Organization of Securities Commissions (IOSCO) has published a Statement of the IFRS Foundation Monitoring Board on the appointment of Mr. Andreas Barckow as the next Chair of the IASB welcoming the appointment.

Major groups of valuation topics identified in the consultation paper as potential IVSC projects include gaps in the current IVS suite of standards, automated valuation models, environmental, social and governance aspects, long-term value, social value, uncertainty and risk as well as data management.

Please click to access the consultation paper on the IVSC website. Comments are requested by 15 January 2021.

The agenda for the meeting is summarised below:

For more information, please see the agenda and meeting papers on the IASB's website.