January monthly News Summary
Please find below a brief summary of news and events from the IFRS®
Foundation over the past month:
IASB proposes temporary relief from deferred tax accounting for OECD tax rules
Proposed amendments to IAS 12 Income Taxes are currently out for
consultation, to provide temporary relief from accounting for
deferred taxes arising from the imminent implementation of the Pillar Two model rules published by the Organisation for
Economic Co-operation and Development (OECD).
The deadline for comments is 10 March 2023.
Article on major decisions made in Business Combinations─Disclosures, Goodwill and Impairment project
In this article, Rika Suzuki, IASB member, discusses the
reasons for the IASB’s decisions about how companies could disclose better
information about mergers and acquisitions (business combinations), and whether to
retain the impairment-only model to account for goodwill or to explore reintroducing
amortisation of goodwill.
ISSB Corporate Reporting Webinar series
This three-part series offers a deep dive into the International Sustainability
Standards Board's (ISSB) two proposed standards, one on general requirements for
sustainability-related disclosures and one on climate-related
disclosures. The webinars explain how companies can start the
ground work, data gathering and processes for ISSB reporting by using tools already
widely available for businesses and investors.
Part three takes place on Tuesday 7 February 04:00 GMT/13:00 JST. There are
recordings available for parts one and two.
Academics webinar on the application and impact of hedge accounting requirements of IFRS 9
The IASB is holding a live webinar for academics on Wednesday 8 February, 15:00-16:00
GMT to explain what academic research it is interested in
receiving to inform its forthcoming Post-implementation Review of the hedge
accounting requirements in IFRS 9 Financial Instruments (and related new
disclosure requirements in IFRS 7 Financial Instruments: Disclosures).
Webcast: IFRS for SMEs consultation on financial instruments proposals
This webcast gives a deeper dive into the proposals on
financial instruments as part of the International Accounting Standards Board’s
(IASB) Exposure Draft Third Edition of the IFRS for SMEs Accounting
Standard.
The deadline for comments is 7 March 2023.
Call for members—Capital Markets Advisory Committee
The Capital Markets Advisory Committee (CMAC) is seeking new candidates to join
from 1 January 2024 for a term of three years, renewable once
for a further three years. The CMAC welcomes applications from analysts and
investors from all over the world.
Advisory Council appointments
The Trustees of the IFRS Foundation have confirmed the appointment and reappointment of several organisations and representatives to
the IFRS Advisory Council, which took effect from 1 January 2023
for a three-year period.
IASB Update and podcast
The Update from the meeting held 24-26 January is now
available.
The January podcast is also now available.
ISSB Update and podcasts
The Update and podcast from the meeting held in
Frankfurt, Germany, 17-19 January is now available.
The December 2022 podcast is also available.
Q4 2022 IFRS Interpretations Committee podcast
The topics discussed in this latest podcast include a question
to the Committee relating to IFRS 16 Leases about whether a contract that
includes a particular substitution right is considered a lease. The Committee has
published a Tentative Agenda Decision on this topic; the
comment period closes 6 February 2023.