July 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:
Digital reporting—questions for Standard-setters and researchers
Board Member Ann Tarca delivered a speech at the virtual annual conference
of the Accounting & Finance Association of Australia and New Zealand (AFAANZ).
She discussed developments in digital reporting, including tagging of financial
statements.
IASB defers the effective date of amendments to IAS 1
The Board has issued an amendment to defer by one year the effective date
of Classification of Liabilities as Current or Non-current, which amends IAS
1 Presentation of Financial Statements.
IASB proposes changes to the IFRS Taxonomy
The Board has published a proposed update to the IFRS Taxonomy 2020 to reflect recent
amendments to to IFRS 17, IFRS 4 and IAS 16.
IFRS for SMEs update published, and new SMEIG members announced
The update includes progress made on the second implementation
review of IFRS for SMEs Standard. A third webcast has been published to help stakeholders with
their comments to the Request for Information—deadline for submissions is 27 October
2020.
New members of the SME Implementation Group (SMEIG) have also been announced.
IFRS Foundation meetings to be held remotely in 2020
The IFRS Foundation continues to share global concerns about the
impact of the coronavirus (covid-19) pandemic, and is monitoring developments guided
by public health authorities.
Latest podcasts
In this month's IASB podcast Hans Hoogervorst and Sue Lloyd talk about Board discussions on
IBOR Reform and its Effects on Financial Reporting—Phase 2; Disclosure
Initiative—Accounting Policies; and Maintenance and consistent application.
The April and July IFRS Interpretations Committee podcasts are also
now available, talking through Board and Committee activities to support consistent
application of the IFRS Standards this year.
Webinar recordings
Webinars were recently held on the Exposure Draft General Presentation and Disclosures in
English, Chinese, Japanese, Korean, Portuguese and Spanish. Further webinars on the
Exposure Draft were held in English, Japanese and Korean. The Board and European Accounting
Association (EAA), also held a virtual research seminar providing an overview of the
Board's Exposure Draft General Presentation and Disclosures and relevant
academic literature.
Webinars were held in Portuguese and Spanish to introduce the
Discussion Paper Business Combinations—Disclosures, Goodwill and
Impairment, a consultation document of the Goodwill and
Impairment project.