Please find below a brief summary of news and events from the International Accounting Standards Board (Board) and the IFRS® Foundation over the past month:
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. Read about how we are supporting our stakeholders in these unusual circumstances.
We recently published a document responding to questions regarding the application of IFRS 9 Financial Instruments during this period of enhanced economic uncertainty arising from the covid-19 pandemic.
After completing its discussions on the amendments to IFRS 17 Insurance Contracts, the Board decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after 1 January 2023. For more information on the amendments, listen to the dedicated IFRS 17 podcast.
The Board has published a Discussion Paper on possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those acquisitions have been.
In this episode of our monthly IASB podcast, Board Vice-Chair Sue Lloyd talks through three key projects discussed during the March 2020 Board meeting: IFRS 17, Management Commentary and Rate-regulated Activities. Read the full IASB Update here.
Developed by the SME Implementation Group (SMEIG), the Board has published guidance on the application of the IFRS for SMEs Standard. The document responds to a question on the application of the undue cost or effort exemption when measuring an investment property at fair value on transition to the IFRS for SMEs Standard.
The Trustees of the IFRS Foundation have appointed Jens Freiberg to the IFRS Interpretations Committee, effective immediately.
Find out what took place at the February meeting of the IFRS Foundation Trustees and read more about its stakeholder event, hosted jointly with the European Financial Reporting Advisory Group (EFRAG) under the theme of 'Financial reporting: remaining relevant in a changing environment'.
The IFRS Taxonomy enables electronic reporting of financial information prepared in accordance with IFRS Standards. Preparers can use the IFRS Taxonomy to tag disclosures, making them easily accessible to investors who prefer to receive financial information electronically. The updated IFRS Taxonomy is now available.
Webinars were recently held in Chinese, Portuguese, Korean and Spanish to introduce the Exposure Draft General Presentation and Disclosures, a consultation document of the Primary Financial Statements Project. Recordings of these live webinars are now available; each is approximately 45 minutes.