August monthly News Summary
Please find below a brief summary of news and events from the IFRS®
Foundation over the past month:
IASB sets out accounting requirements for when a currency is not exchangeable
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
have been issued. It will require companies to provide more
useful information in their financial statements when a currency cannot be exchanged
into another currency.
Insight into the Request for Information on IFRS 9
The International Accounting Standards Board (IASB) published a Request for Information in May 2023 as part of the
post-implementation review of the impairment requirements of IFRS 9 Financial
Instruments. The deadline for comments is 27 September 2023.
Stakeholders' views wanted on revenue recognition Accounting Standard
IASB Member Patrina Buchanan features in this video to explain
the Request for Information that is currently out for comment on the
Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.
It was created to improve the quality and comparability of revenue information
provided to investors globally.
IFRS Foundation Trustees announce two senior role changes
Lee White joined the IFRS Foundation as Executive Director in 2018. He has been
appointed Managing Director.
Andrea Pryde has been appointed Executive Operations Director, a newly established
role serving as deputy to the Managing Director and working closely with the IFRS Foundation Trustees to support the smooth running
of the IFRS Foundation’s operations and strategy.
IFRS Foundation Conference summary
More than 550 delegates from 60 countries attended the 2023 IFRS Foundation
Conference in person and online. The conference was held in London on 26-27 June.
New IFRS Taxonomy Consultative Group (ITCG) members appointed
Eight new organisations will now participate in the ITCG as will two new
representatives of organisations that have already been
participating. Three members of participating organisations have also been
reappointed.
New translations available on IFRS Accounting Standards publications
Translations on various IFRS Accounting Standards publications are now
available in Albanian, Arabic, Bosnian, Finnish, French,
Georgian, Japanese, Montenegrin, Portuguese and Spanish.