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:
The Trustees of the IFRS Foundation announced the new composition of the Accounting Standards Advisory Forum (ASAF), a technical advisory body to the Board, for the next three years. The full composition of ASAF members can be accessed.
The Board issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business. The amendments will help companies determine whether an acquisition made is of a business or a group of assets.
The Board issued amendments to its definition of material to make it easier for companies to make materiality judgements.
In October 2018, Erkki Liikanen took over from Michel Prada as Chair of the IFRS Foundation Trustees. In this interview, Mr Liikanen shares his thoughts about his new role, the work of the IFRS Foundation and his interests outside of work.
Board member Ann Tarca delivered the RJ Chambers Memorial Research Lecture in Sydney on 29 October 2018. She discusses the relationships of the Board with its stakeholders and explores their contribution to standard-setting.
Standard-setters from more than 60 different countries gathered in London for the annual World Standard-setters Conference on 1 and 2 October. Find out more about the event.
During its October meeting, the Board discussed feedback it had received from stakeholders about IFRS 17 Insurance Contracts. This feedback allowed the Board and its technical staff to better understand the concerns relating to the implementation of IFRS 17, and whether further steps are required. View the meeting papers.
Hans Hoogervorst and Sue Lloyd, Chair and Vice-Chair of the Board, provide an update on the October meeting of the Board and other recent developments. Listen to the podcast here.
Darrel Scott, member of the Board, and Roberta Ravelli, technical staff, provide podcast update on next steps in implementation support for IFRS 17. Listen to the podcast here, on YouTube or our podcast page.
The papers that will be discussed at this year’s annual IASB Research Forum are now available. The event takes place in Sydney, Australia, on 11 and 12 November and brings together academics and non-academics from around the world.
Five teams of academics presented their accounting research projects to members and technical staff of the Board to receive comments on how their research can best be tailored to meet the needs of the Board. Read the story here.