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News

IASB meeting (blue) Image

April 2019 IASB meeting agenda posted

29 Mar 2019

The IASB has posted the agenda for its next meeting, which will be held at its offices in London on 9–11 April 2019. There are ten topics on the agenda.

The Board will discuss the following:

  • Amendments to IFRS 17 Insurance Contracts:
    • Overview
    • Due process steps and permission for balloting
    • Sweep issues
    • Annual improvements
  • Business combinations under common control:
    • Update on the staff’s approach
    • Update on lenders and other creditors in BCUCC
  • Accounting policies and accounting estimates (Amendments to IAS 8):
    • Analysis of feedback — definition of accounting estimates
    • Analysis of feedback — other aspects
    • Project direction
  • Implementation matters
  • Disclosure Initiative:
    • Accounting policies — proposed amendments to IAS 1 and IFRS Practice Statement 2: due process steps and permission to begin the balloting process
  • Research programme update
  • Management commentary
  • Primary financial statements:
    • Amending proposals for management performance measures (MPMs)
    • Outstanding issues for financial entities
  • Goodwill and impairment:
    • Interconnecting issues
    • Better disclosures for business combinations
    • Better disclosures — feedback from consultative groups
  • Dynamic risk management:
    • Summary of decisions to date
    • Presentation
    • Determination of the target profile

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.

IASB (International Accounting Standards Board) (blue) Image
IFASS (International Forum of Accounting Standard Setters) (dark green) Image

IASB updates IFASS on IFRS 17, IASB meeting papers available

29 Mar 2019

At the meeting of the International Forum of Accounting Standard Setters (IFASS) currently held in Buenos Aires, IASB Board member Darrel Scott updated the IFASS members on the status of the project regarding potential amendments to IFRS 17 'Insurance Contracts'. In addition, the IASB has made available the papers for discussing the project at the upcoming IASB meeting.

In his presentation, Mr Scott first discussed where the project on possible amendments currently is, the envisioned timeline for the project and next steps:

  • The IASB expects to issue an exposure draft of proposed amendments to IFRS 17 by the end of June 2019.
  • A shortened comment period is likely in order to speed up the process.
  • The IASB expects the finalisation of the amendments in early to mid 2020.
  • The comparative period would begin in 2021.
  • The amended standard would become effective in 2022 (Mr Scott reminded IFASS members that the postponed effective date is still only an amendment to the standard the IASB intends to propose).

Mr Scott then went on to explain the amendments the IASB intends to propose. These comprise 12 amendments that fall into 7 broad areas:

  • Effective date;
  • Acquisition cash flows for renewals;
  • Profit allocation for some contracts;
  • Reinsurance contracts held;
  • Balance sheet presentation;
  • Transition; and
  • Loans that transfer insurance risks.

There will also be minor amendments to IFRS 17 that will be proposed as part of the annual improvements.

At its April 2019 meeting, the Board plans to consider the package of amendments tentatively decided by the Board as a whole. The following agenda papers were made available on the IASB website:

  • AP2: Cover note
  • AP2A: Overview of the amendments to IFRS 17
    • considering the proposed amendments as a whole;
    • evaluating each of the proposed amendments against the criteria the Board set in October2018; and
    • considering the likely effects of the proposed amendments to IFRS 17
  • AP2B: Due process steps and permission for balloting
    • asking the Board to confirm its tentative decisions from the November 2018 meeting relating to the mandatory effective date of IFRS 17;
    • considering the due process steps undertaken by the Board in completing the narrow-scope project on the amendments to IFRS 17 and asking the Board to confirm that it wishes to proceed with an exposure draft; and
    • asking if there are any planned dissents at this stage
  • AP2C: Sweep issues
    • discussing additional stakeholder concerns relating to IFRS 17 that have arisen in the project on the amendments to IFRS 17; and
    • recommending that the effective date of proposed amendments should be aligned with the effective date of IFRS 17
  • AP2D: Annual improvements
    • including recommendations for other minor changes that would fall within the scope of the annual improvements process but could also be addressed in the exposure draft of proposed amendments to IFRS 17
IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

Updated IPSAS-IFRS alignment dashboard

28 Mar 2019

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

The alignment dashbord was updated for the March 2019 IPSASB meeting and now also includes IPSAS 42 Social Benefit issued in January 2019.

Please click to access the updated dashboard on the IPSASB website.

In this context, please also so our 2019 edition of IPSAS in your pocket published yesterday.

IFRS Foundation (blue) Image

IFRS conference in London

28 Mar 2019

The IFRS Foundation has announced that its next IFRS conference in Europe will be held in London on 20–21 June 2019.

The main conference programme includes:

Day 1

  • Chairman’s keynote
  • Keynote address
  • IASB update
  • Break-out sessions:
    • Business combination under common control
    • Goodwill and impairment
    • Management commentray
    • Implementation and application of standards

Day 2

  • Better Communication — What the Board is doing to improve communication in financial reporting
  • Electronic reporting – Why everyone should care about the IFRS Taxonomy
  • Break-out sessions (repeated from day 1)
  • Getting the best from IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers
  • Q&A session with IASB Members and staff

There are also three pre-conference special interest workshops.

More details, including registration information, are available on the conference website

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XBRL (eXtensible Business Reporting Language) (mid blue) Image

2019 IFRS XBRL taxonomy issued

27 Mar 2019

The IFRS Foundation has issued its 2019 IFRS Taxonomy. The IFRS Taxonomy is a translation of IFRS Standards into XBRL (eXtensible Business Reporting Language).

The IFRS Taxonomy 2019 is consistent with IFRSs as issued by the IASB at 1 January 2019 and includes changes to the IFRS Taxonomy 2018 such as:

  • disclosure requirements in IFRS 13 Fair Value Measurement; and
  • improvements including (1) the introduction of implementation notes and duration type elements, (2) the removal of entry points without documentation labels, and (3) other improvements.

The IFRS Foundation has also published IFRS Taxonomy 2018—Update 1 Common Practice (IFRS 13 Fair Value Measurement) and IFRS Taxonomy 2018—Update 2 General Improvements. The IFRS Taxonomy 2019 incorporates the changes resulting from these two updates.

For more information, see the press release and the IFRS Taxonomy 2019 page on the IASB's website.

ESMA (European Securities and Markets Authority) (dark gray) Image

ESMA publishes report on the activities of accounting enforcers and their findings within the EU in 2018

27 Mar 2019

The report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Union (EU) when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2018.

European enforcers examined the financial statements of about 950 issuers representing an average examination rate of 16% of all IFRS issuers with securities listed on regulated markets. These examinations resulted in 328 actions taken to address material departures from IFRS.

Enforcers also assessed the non-financial information related to ESG for 819 issuers, covering approximately 31% of the total estimated number of issuers subject to the new requirements, resulting in 51 enforcement measures.

In addition, 746 management reports were reviewed for evaluating compliance with ESMA’s guidelines on alternative performance measures, covering around 15% of all IFRS listed issuers in Europe against which were taken 136 corrective actions.

Please click to access the full report on the ESMA website. ESMA has also updated its compliance table showing which competent authorities have informed ESMA that they comply, do not comply or intend to comply with the ESMA’s guidelines on the enforcement of financial information.

AcSB (Accounting Standards Board - Canada) Image

Overview – Research findings on hybrid pension plans

25 Mar 2019

At the July 2018 meeting of the IASB's Accounting Standards Advisory Forum (ASAF), the Canadian Accounting Standards Board (AcSB) presented the results of research performed by Canada, Germany, Japan, the UK and the US on hybrid pension plans, which are neither defined contribution plans nor defined benefit plans. The AcSB has now published an short overview of the research findings.

The overview provides insights into:

  • why the research was undertaken;
  • what the research is about;
  • key research findings and observations; and
  • what the standard-setters recommended to the IASB.

The IASB plans to consider the results of the research on hybrid plans when assessing priorities in its next agenda consultation.

Please click to access the overview on the AcSB website.

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Insurance contracts transition resource group releases meeting agenda

25 Mar 2019

The IASB has released the agenda for IFRS 17 transition resource group (TRG) meeting on 4 April 2019.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. By analysing and discussing potential implementation issues, the TRG will help the IASB determine whether additional action is needed, such as providing clarification or issuing other guidance. This meeting will be the fouth meeting where technical matters will be discussed. Items are getting fewer as the IASB has already begun discussing potential amendments to IFRS 17.

The agenda for the meeting is as follows:

Thursday, 4 April 2019 (9:30-12:00)

  • Welcome and introductory remarks
  • Investment components within an insurance contract
  • Reporting on other questions submitted
  • Administrative matters

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

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

New EFRAG TEG Chair and EFRAG CEO appointed

22 Mar 2019

The EFRAG Board has appointed Chiara Del Prete as new EFRAG TEG Chair for a three-year term, renewable once. Furthermore, the EFRAG Board has appointed Saskia Slomp as new EFRAG CEO. Both appointments take effect as of 1 April 2019.

Ms Prete and Ms Slomp will succeed Andrew Watchman whose term ends this month. For more information, see the press release on the EFRAG’s website.

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Agenda for the Management Commentary Consultative Group

21 Mar 2019

The agenda for the IASB's Management Commentary Consultative Group created to support the project to update the IFRS Practice Statement 'Management Commentary' is now available.

The meeting is scheduled for 3 April 2019 in London and will focus on the business model, strategy, operating environment and risks of management commentary.

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

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