January monthly news summary
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:
IASB to hold supplementary meeting in February on covid-19 rent concessions
A supplementary virtual meeting will be held on 4 February to discuss whether to propose extending the period of practical relief provided in the amendment to IFRS 16 Leases in relation to covid-19 rent concessions, issued in May 2020.
IASB proposes new IFRS Standard to give investors a more complete picture of the financial performance of rate-regulated companies
Rate regulation, which is common in industries such as utilities and public transport, determines the amount a company can charge its customers for goods or services supplied to them and the period when the company can charge that amount. The Board has published proposals for a new accounting standard on this topic.
IFRS Foundation announces first step in overhaul of future digital experience
The IFRS Foundation recently announced plans to move its three existing websites into a single, unified platform. The new platform will launch in April 2021, alongside several new features including an innovative Standards navigator and enhanced search capabilities.
January 2021 IASB Update and podcast now available
Listen to Vice-Chair Sue Lloyd talk about feedback received on our consultation paper General Presentation and Disclosures; decisions made in the Subsidiaries that are SMEs project; an overview of the Board's current work plan; the recently published Exposure Draft Regulatory Assets and Regulatory Liabilities; and the upcoming consultation on Targeted Standards-level Review of Disclosures. The IASB Update is also available, and you can catch up with what happened at the December 2020 meeting of the IFRS Interpretations Committee in its newest podcast.
IFRS Foundation publishes educational material to support companies in applying going concern requirements
Companies preparing financial statements using IFRS Standards are required to assess their ability to continue as a going concern. In the current stressed economic environment arising from the covid-19 pandemic, deciding whether the financial statements should be prepared on a going concern basis may involve a greater degree of judgement than usual. To support companies, the educational material brings together the requirements in IFRS Standards relevant for going concern assessments.
Webinars: how can academics inform post-implementation reviews of IFRS 9, IFRS 15 and IFRS 16?
Academics are invited to join a morning or afternoon session aimed at stimulating research into IFRS 15 Revenue from Contracts with Customers on 8 February 2021. Register for this webinar, or download the slides from the sessions on IFRS 9 Financial Instruments and IFRS 16 Leases that took place in January.