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:
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The past, present and future of financial reporting, and its global impact, will be discussed by a host of speakers in this year’s IFRS Foundation Virtual Conference, being held on 3–4 June. The conference coincides with the 20th anniversary of the International Accounting Standards Board, and gives a chance to bid farewell to outgoing Chair of the Board, Hans Hoogervorst.
The Trustees of the IFRS Foundation have proposed amendments to the Constitution of the Foundation to accommodate the potential formation of a new International Sustainability Standards Board (ISSB) within the governance structure of the organisation. In addition, they have published a Feedback Statement that summarises feedback received to their consultation on sustainability reporting.
Mr Perrin, from France, has extensive experience as a preparer and has worked closely with the Board and the Foundation for several years, most recently as a member of the IFRS Interpretations Committee. He joins the Board on 1 July 2021 for an initial five-year term.
This year’s report showcases the resilience and responsiveness of the Board, the Foundation’s staff and the Trustees in their efforts to deliver on the mission to bring transparency, efficiency and accountability to the world’s capital markets, in the face of the global covid-19 pandemic.
The proposed amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates aim to help companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. The deadline for comments is 1 September 2021.
A proposed update to the IFRS Taxonomy 2021 has been published to account for two amendments published earlier this year relating to the disclosure of accounting policies and the definition of accounting estimates. The deadline for comments is 21 June 2021.
The Board, in conjunction with the European Accounting Association (EAA) and the European Financial Reporting Advisory Group (EFRAG), held a virtual research workshop on 26 March 2021 that provided an overview of the Board’s Request for Information Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.
In the first episode of the quarterly IFRS Interpretations Committee podcast of 2021, Committee Chair and Board Vice-Chair Sue Lloyd joins Technical Staff Member Patrina Buchanan to talk about the definition of net realisable value in IAS 2, sale of a subsidiary with a leaseback (IFRS 10 and IFRS 16), and narrow-scope amendments to IAS 8 and IFRS 16. The IFRIC Update April 2021 is also now available.
This compilation brings together agenda decisions published by the Interpretations Committee from October 2020 to March 2021, including those relating to IFRS 7 Financial Instruments: Disclosures, IAS 1 Presentation of Financial Statements, IAS 7 Statement of Cash Flows, and IAS 38 Intangible Assets.