March 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:
The coronavirus and the Foundation's work
The IFRS Foundation shares global concerns about the impact of the coronavirus (covid–19) pandemic and is monitoring developments guided by statements from public health authorities. Read about how we are supporting our stakeholders in these unusual circumstances.
Application of IFRS 9 in the light of the coronavirus uncertainty
We recently published a document responding to questions regarding the application of IFRS 9 Financial Instruments during this period of enhanced economic uncertainty arising from the covid-19 pandemic.
IASB decides on new effective date for IFRS 17
After completing its discussions on the amendments to IFRS 17 Insurance Contracts, the Board decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after 1 January 2023. For more information on the amendments, listen to the dedicated IFRS 17 podcast.
IASB consults on ways to help investors hold companies to account for acquisitions and on goodwill accounting
The Board has published a Discussion Paper on possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those acquisitions have been.
March 2020 IASB Update and podcast
In this episode of our monthly IASB podcast, Board Vice-Chair Sue Lloyd talks through three key projects discussed during the March 2020 Board meeting: IFRS 17, Management Commentary and Rate-regulated Activities. Read the full IASB Update here.
Q&A 35.1 on transition to the IFRS for SMEs Standard published
Developed by the SME Implementation Group (SMEIG), the Board has published guidance on the application of the IFRS for SMEs Standard. The document responds to a question on the application of the undue cost or effort exemption when measuring an investment property at fair value on transition to the IFRS for SMEs Standard.
New appointment to the IFRS Interpretations Committee
The Trustees of the IFRS Foundation have appointed Jens Freiberg to the IFRS Interpretations Committee, effective immediately.
Summary of Brussels meeting of the Trustees and stakeholder event
Find out what took place at the February meeting of the IFRS Foundation Trustees and read more about its stakeholder event, hosted jointly with the European Financial Reporting Advisory Group (EFRAG) under the theme of 'Financial reporting: remaining relevant in a changing environment'.
IFRS Foundation publishes IFRS Taxonomy 2020
The IFRS Taxonomy enables electronic reporting of financial information prepared in accordance with IFRS Standards. Preparers can use the IFRS Taxonomy to tag disclosures, making them easily accessible to investors who prefer to receive financial information electronically. The updated IFRS Taxonomy is now available.
PFS Exposure Draft webinars available in various languages
Webinars were recently held in Chinese, Portuguese, Korean and Spanish to introduce the Exposure Draft General Presentation and Disclosures, a consultation document of the Primary Financial Statements Project. Recordings of these live webinars are now available; each is approximately 45 minutes.