May 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:
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
The Board has proposed 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.
Listen to the latest podcasts
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
Click here to access the IASB Update and updated work plan from the Board meeting held on 20 and 21 May 2020.