Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates have been issued. It will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency.
The International Accounting Standards Board (IASB) published a Request for Information in May 2023 as part of the post-implementation review of the impairment requirements of IFRS 9 Financial Instruments. The deadline for comments is 27 September 2023.
IASB Member Patrina Buchanan features in this video to explain the Request for Information that is currently out for comment on the Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. It was created to improve the quality and comparability of revenue information provided to investors globally.
Lee White joined the IFRS Foundation as Executive Director in 2018. He has been appointed Managing Director.
Andrea Pryde has been appointed Executive Operations Director, a newly established role serving as deputy to the Managing Director and working closely with the IFRS Foundation Trustees to support the smooth running of the IFRS Foundation’s operations and strategy.
More than 550 delegates from 60 countries attended the 2023 IFRS Foundation Conference in person and online. The conference was held in London on 26-27 June.
Eight new organisations will now participate in the ITCG as will two new representatives of organisations that have already been participating. Three members of participating organisations have also been reappointed.
Translations on various IFRS Accounting Standards publications are now available in Albanian, Arabic, Bosnian, Finnish, French, Georgian, Japanese, Montenegrin, Portuguese and Spanish.