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:
IASB Chair's speech: IFRS Standards as enlightened self-interest
IASB Chair Hans Hoogervorst delivered a keynote speech at the IFRS Foundation’s conference in Frankfurt, in which he provided an update on the adoption of IFRS Standards around the world and the current focus areas of the Board.
IASB consults on the accounting for financial instruments with characteristics of equity
The Board published for public comment a Discussion Paper on how companies issuing financial instruments should classify them in their financial statements.
Video: IASB Vice-Chair Sue Lloyd talks about the Financial Instruments with Characteristics of Equity Discussion Paper
In this video, IASB Vice-Chair Sue Lloyd explains the background to the Discussion Paper and provides a brief summary of the IASB's approach.
New IFRS 9 Financial Instruments webcast available
A new educational webcast about IFRS 9 Financial Instruments is now available. In this webcast, IASB Senior Technical Adviser Liz Figgie discusses how to apply the Standard to financial assets with prepayment features.
IFRS Foundation consults on narrow-scope changes to its Constitution
The Trustees of the IFRS Foundation have proposed narrow-scope changes to the IFRS Foundation's Constitution to increase the maximum tenure of the Trustee Chair and Vice-Chairs.
IFRS Foundation Trustees appoint two IFRS Interpretations Committee members
Preparing the market for IFRS 17
IFRS 17 Insurance Contracts was issued by the Board in 2017 and comes into effect in 2021. Financial journalist Liz Fisher takes a look at what the new Standard means for the investor community.
June 2018 IASB Update, including IASB–FASB joint meeting
On 19 June, the Board held a joint education meeting with the Financial Accounting Standards Board. The summaries of the discussions and the monthly IASB meeting are now available.
The IFRS Taxonomy Illustrative Examples 2018 are now available
The examples demonstrate the use of IFRS Taxonomy 2018 elements by tagging the Illustrative Examples that accompany IFRS Standards. The examples are published in both the XBRL and iXBRL (Inline XBRL) formats.
Transforming the impact of financial information: the role of technology
CFA Institute and the IFRS Foundation hosted a panel debate at the Guildhall in London, asking whether traditional metrics are still relevant amidst rapid technological advancements. Moderator Jane Fuller captures some of the key points made during the discussion.
Call for members:
- The Board issued a call for two memberships: one from the Americas and one from the Asia-Oceania region.
- The IFRS Foundation is calling for applications from National Standard-setters and regional bodies to become members of the Accounting Standards Advisory Forum (ASAF).
- The Capital Markets Advisory Committee (CMAC) is seeking new candidates to join the CMAC from 1 January 2019.