This is a brief summary of news and events from the International Accounting Standards Board (Board) and the IFRS® Foundation over the past month:
IASB Chair: Are we ready for the next crisis?
Hans Hoogervorst delivered a speech at the annual conference on regulatory developments organised by the American Institute of Certified Public Accountants describing the Board’s own response to the global financial crisis and discussing current risks in the global financial system.
IASB proposes clarifications for companies assessing whether contracts will be loss-making
The Board has published for public comment proposed amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to specify which costs a company should include when assessing whether a contract will be loss-making. Also available is a short document in which Board member Chungwoo Suh summarises the proposed changes.
IASB completes review of the Standard on fair value measurement
The Board published a summary report on its Post-implementation Review of the fair value measurement Standard, IFRS 13, which showed that the Standard works as intended.
Proposed general improvements to the IFRS Taxonomy 2018
The IFRS Foundation published IFRS Taxonomy 2018—Proposed Update 2 General Improvements for public consultation. The proposed changes aim to improve the quality of tagged data and to make the IFRS Taxonomy easier to use. Click here to access the document and supporting materials.
IASB to propose narrow-scope amendments to IFRS 17
The Board decided during its December meeting to propose an amendment to IFRS 17, the insurance contracts Standard issued in May 2017.
Podcasts from the IASB December meeting
The monthly IASB podcast, which summarises the Board’s December meeting and other recent developments, and a separate podcast focusing on the Board’s discussion of IFRS 17 during the same meeting, are now available.
IFRS Foundation appoints three new Trustees
Sarah J. Al Suhaimi, Dr Suresh P. Kana and Kazuyuki Masu have been appointed as new Trustees of the IFRS Foundation with effect from 1 January 2019. They replace Dr Abdulrahman Al-Humaid, Joji Okada and Wiseman Nkuhlu. Guillermo Babatz has been reappointed for a second term.
Updates and meeting summaries
The following meeting summaries have been published: December IASB Update (and the Board’s updated work plan), December IFRS for SMEs Update, the November IFRIC Update and the November Capital Markets Advisory Committee meeting.
A video explaining the differences between the IFRS Foundation’s major publications of Standards and a short video explaining the remit of the Accounting Standards Advisory Forum have been published on our website.