In this month’s podcast, the Chair of the International Accounting Standards Board (Board), Hans Hoogervorst, and the Board Vice-Chair, Sue Lloyd, are joined by communications team member Kasia Gilewska. The trio put the decisions made at September’s Board meeting into context and talk about other key developments and events that have taken place during September.
The podcast begins with a summary by Hans of the Board’s recent stakeholder events—including the World Standard-setters Conference, an annual gathering of over 150 standard‑setters from around the globe, and the recent meeting of the IFRS Advisory Council, the body that provides strategic advice to the Board and the IFRS Foundation. In the podcast, Hans emphasises the importance of international collaboration; he describes the IFRS community as an example of what can be achieved when people from all parts of the world work together towards a common goal.
Sue elucidates the Board’s discussions on its financial instruments projects. First, she provides an overview of the Board’s deliberations on the feedback received to the Discussion Paper Financial Instruments with Characteristics of Equity. She also describes how that project may progress. She then focuses on the Board’s work in relation to the reform of interest rate benchmarks, such as LIBOR. She explains how the Board has divided its project on IBOR Reform and its Effects on Financial Reporting into two phases—Phase 1 has been accomplished with amendments to IFRS 9, IAS 39 and IFRS 7; and work on Phase 2 has now begun.
The discussions moves onto the Business Combinations under Common Control project—especially, the decision made by the Board this month on the measurement approaches that will be included in the Board’s forthcoming discussion paper.
Finally, Hans talks about the Agenda Consultation the Board will undertake in 2020.