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:
IFRS Foundation appoints Masamichi Kono as Trustee
Masamichi Kono has been appointed as a Trustee, effective 1 July 2021. His distinguished career has spanned more than four decades and he has a wealth of regulatory, supervisory and policy experience in national authorities and international organisations overseeing global financial institutions and markets.
IASB consults on a new framework for management commentary reflecting changes in corporate reporting landscape
The Board published for public comment a proposed comprehensive framework for companies preparing management commentaries aligned with investors’ information needs. The consultation is open until 23 November 2021.
IASB clarifies the accounting for deferred tax on leases and decommissioning obligations
The Board issued targeted amendments to IAS 12, the IFRS Standard on income taxes, to specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations.
Call for fieldwork participants
The Board published the Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach in March 2021. Feedback is being sought on a proposed new approach to developing disclosure requirements in IFRS Standards and proposed new disclosure requirements for IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits. The IFRS Foundation is inviting accountants to participate in fieldwork to test these proposals.
May 2021 IASB Update is available
Read the full summary from the May IASB meeting. Topics covered include decisions taken in the Primary Financial Statements, the Second Comprehensive Review of the IFRS for SMEs Standard and Financial Instruments with Characteristics of Equity projects; discussions on feedback received on the Board’s Goodwill and Impairment and Lease Liability projects; updates on the Dynamic Risk Management project; and a new question that has arisen on IFRS 17 Insurance Contracts.
IFRIC Update April 2021 is available
A summary of the decisions reached by the IFRS Interpretations Committee in its public meeting on 20 April has been published. Topics covered include agenda decisions on Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) and Hedging Variability in Cash Flows due to Real Interest Rates (IFRS 9 Financial Instruments).