Welcome to the 2021 edition of IFRS in your pocket.

IFRS in your pocket is a comprehensive summary of the current IFRS Standards and Interpretations along with details of the projects on the standard-setting agenda of the International Accounting Standards Board. Backing this up is information about the Board and an analysis of the use of IFRS Standards around the world. This combination has made IFRS in your pocket an annual, and indispensable, worldwide favourite. It is the ideal guide, update and refresher for everyone involved.

In terms of new accounting requirements for annual periods beginning on or after 1 January 2021, it is a relatively quiet year, compared to recent years that saw the initial application of IFRS 9, IFRS 15 and IFRS 16. Nonetheless, there are some important changes coming to financial instrument accounting with the adoption of Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16).

Looking ahead, IFRS 17 Insurance Contracts is effective from 1 January 2023.

The Board will also be seeking input on several projects. In November 2020, the Board published a Discussion Paper to consult on Business Combinations under Common Control. Furthermore, the Board is seeking input on the post-implementation review of IFRS 10, IFRS 11 and IFRS 12. In January 2021, ED/2021/1 Regulatory Assets and Regulatory Liabilities was published for public comment, proposing a new Standard on rate-regulated activities that is intended to replace IFRS 14.

In March 2021, the Board published a further ED under the Disclosure Initiative—Targeted Standards-level Review of Disclosures and a Request for Information on the Agenda Consultation to help shape the five-year plan. At the time of publication the Board is also expected to consult on proposals for a reduced disclosure framework for subsidiaries that are small and medium-sized entities, on Lack of Exchangeability (amendments to IAS 21) and on Management Commentary.

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