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:
Strengthening the relevance of financial reporting
Hans Hoogervorst, Chair of the Board, delivered the keynote speech at the 2019 IFRS Foundation Conference in London. He outlined the Board's plans to help companies strengthen their financial reporting by improving the structure and content of primary financial statements and providing more useful information in management commentary.
Digitalisation, economics and financial reporting
Erkki Liikanen, Chair of the Trustees of the IFRS Foundation, delivered a speech at the Eurofiling Conference 2019 in Frankfurt. He discussed whether digitalisation will increase productivity in the global economy and the IFRS Foundation's own digital transformation.
IASB consults on amendments to aid implementation of IFRS 17
As part of its efforts to support implementation, the Board published proposed amendments to IFRS 17 Insurance Contracts for public consultation. The proposed amendments aim to reduce the costs of implementing the Standard.
Meeting of the IFRS Foundation's Trustees in Munich
The Trustees, who govern and oversee the Board, met on 25–27 June in Munich. The papers from and recordings of the Due Process Oversight Committee (DPOC) meeting are freely available. The DPOC is the Trustees' committee responsible for overseeing the due process procedures of the Board and its Interpretations Committee.
June IASB podcast now available
In our June podcast, Board members Nick Anderson, Darrel Scott and Ann Tarca discuss the Board's latest meeting as well as other developments and events this month.
Webcast: Borrowing costs and revenue recognition
In this webcast, staff members explain the conclusions reached by the IFRS Interpretations Committee in its recently published agenda decision on 'over time transfer of a constructed good'.
European Commission requires electronic tagging of financial statements using the IFRS Taxonomy
The European Commission announced that for financial years starting on or after 1 January 2020, listed companies that prepare consolidated financial statements using IFRS Standards are required to tag their primary financial statements electronically using the IFRS Taxonomy.
IFRS Taxonomy 2018 now available in Ukrainian
The files for the IFRS Taxonomy 2018 are now available in Ukrainian.
Call for members—Capital Markets Advisory Committee
The CMAC is seeking new candidates to join for a term of three years starting from 1 January 2020 and renewable once for a further three years.