In the last IASB podcast of the year, Chair of the International Accounting Standards Board (Board) Hans Hoogervorst and Vice-Chair Sue Lloyd discuss the key developments from the Board meeting held on 11 and 12 December 2019.
Hans starts the episode by looking at the game-changing proposals outlined in the newly published Exposure DraftGeneral Presentation and Disclosures. These documents are open for comment until the end of June 2020.
Moving onto topics covered at December’s Board meeting, Sue discusses progress in terms of amendments to IFRS 17 Insurance Contracts and well as developments in the IBOR Reform project and Financial Instruments with Characteristics of Equity.
Hans updates listeners on Business Combinations Under Common Control and what work will be done on this project in 2020, before going into some more detail on the review of the IFRS for SMEs Standard, for which a Request for Information will be published early in the new year. He explains the difference between this and a separate research project that deals with subsidiaries that are SMEs and whether the latter could be a standard-setting project in 2020.
The penultimate topic tackled is the proposed amendments to IAS 8, and Sue touches on the decisions made by the Board in relation to the effective date of these changes.
Wrapping up the episode, both she and Hans share their highlights from the year.
A full summary of the Board meeting can be found in the December IASB Update.