This page highlights IFRS Foundation news and activities over the past month:
The International Accounting Standards Board (The Board) issued IFRS 17 Insurance Contracts
This first truly international IFRS Standard for insurance contracts will help investors and others better understand insurers’ risk exposure, profitability and financial position. Read more about the new Standard here. The Project Summary, Effects Analysis, Feedback Statement and a Fact Sheet are available on the project page here. A Debrief video, in which Chairman of the Board Hans Hoogervorst introduces the Standard, is available here.
The IFRS Foundation and World Bank announced a new cooperation agreement to provide greater support to developing economies in their use of IFRS Standards
The agreement, in the form of a Memorandum of Understanding (MoU), reflects the organisations’ view that the transparency, accountability and efficiency provided by adoption of IFRS Standards plays an essential role in attracting inward investment, boosting economic development and – ultimately – alleviating poverty. Read more here.
The Board began its second phase of IFRS 13 review with a call for information
The Board issued a request for stakeholders to tell them about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives. Read more here.
The Trustees appointed Dr Jianqiao Lu to the Board
Dr Lu will join the Board from the Chinese Ministry of Finance, where he is Director of the Accounting Regulatory Department and in charge of Chinese accounting standard-setting. Read more about Dr Lu’s appointment here.
2017 Pocket Guide published
The Guide provides an overview of the progress towards adoption of IFRS Standards in 150 jurisdictions around the world and includes information about the Standards and the organisation. Download the guide here.
Japan’s Financial Accounting Standards Foundation and the IFRS Foundation Trustees reaffirmed their shared commitment to global standards
Signed in conjunction with the Trustees’ meeting in Tokyo, the statement describes how the two organisations will work together to support adoption of IFRS Standards in Japan. Read more here.
Webcast on the Disclosure Initiative
In this webcast Gary Kabureck, member of the Board, and staff introduce and discuss the Discussion Paper Disclosure Initiative—Principles of Disclosure. The Discussion Paper was published by the Board in March 2017, and is the latest instalment in the Board's Disclosure Initiative, which was established in 2013. View the webcast here.
New Arabic, French, Japanese, Russian and Spanish translations were made available.
View all our translations here.