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.
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.
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.