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IFAC releases training material on IPSAS

10 Nov 2020

The International Federation of Accountants (IFAC) has developed a package of training materials to support International Public Sector Accounting Standards (IPSAS) implementation.

The training materials are aimed primarily at entities currently using a cash basis of accounting and transitioning to, or planning a move to, accrual IPSAS.

The course is structured over ten modules with each broken down into topics including assets, liabilities, financial instruments, and first-time adoption of accrual basis IPSAS.

Please click for more information and access to the materials on the IFAC website.

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IASB announces eighth research forum

09 Nov 2020

The International Accounting Standards Board (IASB) will host its eighth Research Forum on 1–2 November 2021 in the Asia Oceania region, or virtually if travel is not permitted.

The Forum will be held in conjunction with the journal Accounting and Finance. The call for papers inviting submissions that can provide evidence to inform the standard-setting activities of the IASB notes the following areas of particular interest:

  • Better communication in financial reporting
    • Primary financial statements
    • Management commentary
    • Disclosure initiative – Targeted standards-level review of disclosures
    • Taxonomy
  • Research projects
    • Extractive activities
    • Equity accounting
    • Goodwill and impairment
    • Business combinations under common control
  • Application
    • Post-implementation reviews of IFRS 9, IFRS 15 and IFRS 16
    • Comprehensive review of the IFRS for SMEs
  • Any other topics on the IASB work plan or research pipeline

Please click for more information on the IASB website.

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IPSASB delays effective dates

09 Nov 2020

The IPSASB has published 'Covid-19: Deferral of Effective Dates' delaying the effective dates of recently published standards and amendments by one year to 1 January 2023. The amendment is a response to the global COVID-19 pandemic and intended to provide stakeholders with additional implementation time.

The standards and amendments affected include: 

  • IPSAS 41 Financial Instruments;
  • IPSAS 42 Social Benefits;
  • Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41);
  • Collective and Individual Services (Amendments to IPSAS 19); and
  • Improvement to IPSAS, 2019

The amendment can be accessed on the IPSASB website.

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November 2020 IASB meeting agenda posted

07 Nov 2020

The IASB has posted the agenda for its next meeting, which will be held via video conference on 18–19 November 2020. The second day of the meeting will be a joint education session with the FASB.

On the first day of the meeting, the IASB will discuss the following:

  • Work plan
  • Maintenance and consistent application
  • Disclosure initiative — Subsidiaries that are SMEs
  • Management commentary
  • Post implementation review of IFRS 10-12

On the second day of the meeting, the IASB and FASB will discuss the following:

  • Goodwill and impairment
  • Leases other than COVID-19
  • COVID-19
  • Supply chain financing

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.

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English and Japanese recordings of the second webinar on the goodwill and impairment DP

06 Nov 2020

The IASB has made available the recordings of the recent second webinar on the goodwill and impairment discussion paper, which was offered in the English and the Japanese language.

The webinar introduced in more detail the Board’s preliminary views about improving disclosures about acquisitions.

For access to the recordings, please see the press release on the IASB website.

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Chairman of the IFRS Foundation Trustees presents sustainability consultation paper at ISAR 37, engages in panel discussion

06 Nov 2020

At the thirty-seventh session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) this week, Erkki Liikanen, Chairman of the IFRS Foundation Trustees, introduced the Trustees' consultation paper that was published in September to assess demand for global sustainability standards and what role the Foundation might play in the development of such standards.

During the introduction of the consultation paper Mr Liikanen noted that when the challenges are global, the most optimal solution would be global. He explained that there have calls for the IFRS Foundation to play a role in this area as the Foundation has a well-established model of global standard-setting, working in close cooperation with both public and private stakeholders.

The presentation was followed by a lively panel discussion on "Climate-related financial disclosures in mainstream entity reporting: Good practices and key challenges", that among other speakers saw participation of representatives of TCFD, CDSB, CDP, and UNEP FI.

Please click for the following additional information:

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Seventh IASB research forum — recordings available

05 Nov 2020

The International Accounting Standards Board (IASB) hosted its seventh Research Forum on 2–3 November 2020 as a virtual conference. Recordings of the individual sessions are now available on the IASB website.

The forum saw the presentation of four academic papers, followed by a responses of an academic and of an IASB/NNS representative, and two panel discussions around research opportunities related to IFRS 9 and to IFRS 15. The audience was invited to participate in the discussions. The recordings are now available on the IASB website.

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IASB and EAA virtual academic research seminar on goodwill — recording available

04 Nov 2020

On 30 October 2020, the International Accounting Standards Board (IASB) and European Accounting Association (EAA) held a virtual research seminar for academics related to the IASB’s Discussion Paper 'Business Combinations — Disclosures, Goodwill and Impairment' and relevant academic literature. A recording of the event is now available.

The purpose of the session was to obtain feedback from academics on the proposals in the March 2020 DP and to discuss relevant academic evidence.

Please click for more information and access to the recording (2 hours) on the IASB website.

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Summary of the October 2020 ITCG meeting

04 Nov 2020

The IASB has published a summary of the IFRS Taxonomy Consultative Group (ITCG) meeting held on 7 October 2020.

The ITCG discussed the following:

  • IFRS Taxonomy content — Disclosure of early application of new or amended IFRSs

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

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IASB issues podcast on latest Board developments (October 2020)

04 Nov 2020

The IASB has released a podcast featuring IASB Vice-Chair Sue Lloyd and Executive Technical Director Nili Shah discussing deliberations at the October 2020 IASB meeting.

The podcast discusses:

  • Work plan changes as a result of COVID-19;
  • 2020 Agenda consultation;
  • Management commentary;
  • Disclosure initiative — Subsidiaries that are SMEs;
  • Equity method of accounting; and
  • Maintenance and consistent application.

The podcast (15 minutes) can be accessed through the press release on the IASB website.

The detailed notes taken by Deloitte observers at the meeting are available here.

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