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:
Meet the new Board members
Tadeu Cendon from Brazil and Rika Suzuki from Japan joined the Board in July. Read what they have to say on their new positions, first impressions, and the role of financial reporting in the global economy.
IASB proposes amendments to IFRS Standards to improve accounting policy disclosures
The Board has proposed narrow-scope amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements to help companies provide useful accounting policy disclosures to users of financial statements.
IASB adds phase two of its project on IBOR to the work plan
The Board's IBOR reform project has progressed into its second phase, which focuses on potential issues that might affect financial reporting once the existing interest rate benchmark is replaced with an alternative rate.
August IASB podcast published
An additional Board meeting was held on 28 August 2019 to progress its IBOR project. Board Vice-Chair Sue Lloyd summarises feedback received during the project's first phase and what the next steps will be in the August podcast.
Call for members—IFRS Taxonomy Consultative Group
The Board is seeking candidates to join the IFRS Taxonomy Consultative Group from 1 April 2020. This group contributes to the development of the IFRS Taxonomy by providing regular input on taxonomy-related issues.
Public comment required on draft Q&A on the IFRS for SMEs Standard
Developed by the SME Implementation Group (SMEIG), the draft Q&A responds to a question from stakeholders about the application of the undue cost or effort exemption for investment property on the date of transition to the IFRS for SMEs Standard. Stakeholders are being called on to comment.