In this month’s podcast, the IFRS Foundation’s Education Director Matt Tilling is joined by Chair of the International Accounting Standards Board (Board) Hans Hoogervorst and the Board Vice-Chair Sue Lloyd. They provide a summary of the main discussions held during the July Board meeting as well as other developments and events that have taken place this month.
Hans summarises the Board’s discussion on the Goodwill and Impairment project, which in July’s meeting focused on the differences between accounting requirements for internally generated intangible assets and those for intangible assets required in a business combination. He also speaks about the recent announcement on the composition of the Management Commentary Consultative Group and about the use of language in IFRS Standards when drafting disclosure objectives and requirements.
Sue briefly touches upon the Board’s discussions on transactions involving commodities and cryptocurrencies for companies that report under IFRS Standards, as well as on rate-regulated activities with a focus on the accounting model that is being developed by the Board.
Sue also provides an overview of the recommendations made to the Board by the IFRS Interpretations Committee, that may result in a narrow-scope amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
The podcast is rounded off by Hans welcoming Erkki Liikanen, a former Governor of the Finnish Central Bank, who will succeed Michel Prada as Chair of the IFRS Foundation Trustees.