National Standard-setters newsletter—October 2019

Dear national standard-setters,

Welcome to the newsletter dedicated to keeping you up to date on the relevant activities of the International Accounting Standards Board (Board), the IFRS Interpretations Committee (Committee) and the IFRS Foundation.

In this edition

 

Highlights from the 2019 World Standard-setters conference

On behalf of the IFRS Foundation, we would like to thank all representatives of national standard-setters who participated in the 2019 World Standard-setter conference (WSS), which contributed greatly to it being an engaging event. It brought together over 160 delegates and observers from 70 jurisdictions, making it our busiest ever WSS.

The theme of the conference was preparation for the major consultations taking place in 2020. 

hans wss3

IASB Update

This session provided an overview of the Board’s work during the last year and highlighted upcoming consultations on which the Board will be seeking feedback. You can read all about the Board’s work in the National Standard-setters Times.

We asked NSS attending the conference: 

Have you started to plan for any of the major consultations due to take place in 2020?

poll1

During the session, we asked how many of the participants or the companies in their jurisdiction used the following:

Materiality Practice Statement (issued in 2017) 59%
Management Commentary Practice Statement
59%
Education material (including Board members articles and webinars)
83%
Require electronic tagging using IFRS Taxonomy
20%

Primary Financial Statements

The Board added the Primary Financial Statements project to its agenda in response to 2015 Agenda Consultation. The exposure draft is expected in December 2019. You can read the overview of the key proposals in the forthcoming exposure draft, which is summarised in the WSS presentation slides.

The audience of the WSS would like us help you with Primary Financial Statements outreach in their jurisdictions:

poll2

Rate-regulated Activities

The objective of this session was to provide information to help national standard-setters plan outreach on the forthcoming exposure draft. The exposure draft is expected to be issued the first quarter of 2020. Please see the slides for an overview of the accounting model for regulatory assets and regulatory liabilities (model) that will be proposed in the exposure draft.

Have you started thinking about the outreach for the upcoming exposure draft?

The audience of the WSS said: 

poll3

Goodwill and Impairment

This session provided an overview of problems we have heard from stakeholders about goodwill accounting and provided further information about the project’s objective.  The Board is exploring whether companies can, at a reasonable cost, provide more useful information about business combinations, enabling users to hold management to account for their acquisition decisions. The discussion paper is expected in the first quarter of 2020. Please see the slides to find out more.

These are materials and activities the audience of the WSS say would help stimulate feedback to the discussion paper:

poll4

Working together

In this session four national standard-setters discussed how to participate in the Board’s standard-setting process and support implementation in their regions.

Watch the video to find out more:

 

During the session we found out that participants of the WSS:

  • Had participated in or written a comment letter to the Board in the last three years:

poll5

  • organised training and education workshops on IFRS Standards:

poll6

You can find all the slides as well as the audio recordings of the sessions on the main agenda on the WSS webpage.

We are looking forward to meeting you at next year's WSS on Monday 28 and Tuesday 29 September 2020 at the Hilton London Canary Wharf Hotel, South Quay, Marsh Wall, London E14 9SH.

Other news

We would like to make you aware of a new publication Compilation of Agenda Decisions – Volume 1 which is available on our website (agenda decisions tab). This document brings together agenda decisions published by the Committee in the period January to September 2019.

We intend to publish this twice a year in April and October.

wss collage 1           wss collage 2

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