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 issues amendment to IFRS Standard on leases
The Board has issued an amendment to IFRS 16 Leases to make it easier for
lessees to account for covid-19-related rent concessions such as rent holidays and
temporary rent reductions.
Webinar presentations about ongoing consultations
A series of live webinars on Exposure Draft General
Presentation and Disclosures (published 17 December 2019) and Discussion
Paper Business Combinations—Disclosures, Goodwill and Impairment (published
19 March 2020) will take place in June to give stakeholders more information. A new
webcast about the Request for Information about the comprehensive review of the
IFRS for SMEs Standard has also been published.
IASB issues package of narrow-scope amendments to IFRS Standards
The Board has issued a package of small amendments that includes narrow-scope
amendments to three Standards as well as the Board's Annual Improvements.
IASB proposes deferring IAS 1 amendments' effective date due to covid-19
In this episode of our monthly IASB podcast, Hans Hoogervorst and Sue Lloyd, Chair and
Vice-Chair of the Board, talk through the decision to amend IFRS 16 Leases
for covid-19-related rent concessions, IBOR reform, Management Commentary and other
projects. A new IFRS 17 podcast is also available.
Sustainability reporting and its relevance to the IFRS Foundation
IFRS Foundation Trustee Teresa Ko spoke of the relevance of
sustainability reporting to the Foundation's work at the inaugural meeting of the
Green and Sustainable Finance Cross-Agency Steering Group in Hong Kong.
Read the IASB Update for May 2020
here to access the IASB Update and updated work plan from the
Board meeting held on 20 and 21 May 2020.