IFRS

The Financial Accounting Standards Board issued a proposed accounting standards update that would delay the effective date for one year for some private companies and nonprofits in applying its leases standard, and for franchisor businesses in applying the revenue recognition standard, because of the impact of the coronavirus pandemic. Earlier this month, the FASB board…

IESBA on January 30, 2020 issued the Exposure Draft (ED) titled Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers for public comments. The ED includes proposed guidance on the application of the conceptual framework in the International Code of Ethics for Professional Accountants to address the topic of the objectivity of…

IASB on February 3, 2020 published a podcast on its meeting for amendments to IFRS 17 Insurance Contracts. The Podcast provides an update on the board’s discussions on the matters raised by the stakeholders when providing the feedback on the amendments to IFRS 17 which were proposed in the Exposure Draft. The Podcast can be…

IASB on January 31, 2020 published the updates on its January 2020 meeting. The topics discussed at the January meeting were: Amendments to IFRS 17 Insurance Contracts; Business combinations under common control; Disclosure Initiative —Targeted standards-level review of disclosures; IBOR Reform and its effects on financial reporting; IFRS Taxonomy Update—IBOR Reform (Amendments to IFRS 9,…

IASB on January 28, 2020 has invited public comments on its approach to updating the IFRS for SMEs standard. The consultation aims to seek views on whether and how to align IFRS for SMEs with full IFRS. In particular, the consultation seeks views on how IFRS for SMEs could be aligned with newer IFRS standards…

International Accounting Standards Board (IASB) on January 24, 2020 published the decisions reached by the IFRS Interpretations Committee (Committee) in its public meetings held on January 21,2020. Topics discussed at the meeting were: Committee’s agenda decision on definition of Lease – Decision making rights (IFRS 16 Leases) – Agenda papers 2-2A Committee’s work in progress…

International Accounting Standards Board (IASB) on January 23, 2020 has issued narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt…