Article updated 28 May 2020
The IFRS Foundation shares global concerns about the impact of the coronavirus (covid-19) pandemic and is monitoring developments guided by statements from public health authorities. We recognise that this is a difficult time for our stakeholders.
We are supporting our stakeholders by:
Despite the challenges arising from the coronavirus pandemic, the International Accounting Standards Board (Board) and its technical staff continue to advance time-sensitive projects, such as the projects on IBOR reform and amendments to IFRS 17 Insurance Contracts, in accordance with the original project plans.
We also recognise the importance of giving our stakeholders enough time to respond effectively to our work.
On 27 March 2020, the decision was taken to postpone to May 2020 the publication of several narrow-scope amendments to IFRS Standards originally planned for March and April 2020. This consolidation of publications is intended to facilitate more efficient post-publication procedures by our stakeholders.
On 17 April 2020, the Board decided to extend the comment deadline for several ongoing consultations and to delay the publication of other planned consultation documents.
On 4 May 2020, the Board published an Exposure Draft proposing to extend by one year the effective date of amendments to IAS 1, Classification of Liabilities as Current or Non-Current.
Access the Board's updated work plan here.
We continue to support application of IFRS Standards during this period of enhanced economic uncertainty arising from the covid-19 pandemic.
On 27 March 2020, we published educational materials on the application of IFRS 9 Financial Instruments.
On 10 April 2020, we published educational materials on the application of IFRS 16 Leases.
On 28 May 2020, the Board issued an amendment to IFRS 16 Leases to make it easier for lessees to account for covid-19-related rent concessions while still providing useful information about their leases to investors.
Ongoing calendar updates
We have replaced regular meetings with virtual meetings where possible. Digital access to public meetings is provided as usual for those who wish to participate in or observe meetings remotely, and we encourage people to use this facility.
The Foundation closed its London office on 16 March 2020. Board members and staff are working from home and can be reached via email or phone as usual. Calls to the switchboard (+44 (0)20 7246 6410) will be answered as normal and messages passed on to the relevant staff members.