April 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 launches updated website
Updates include an improved search function and advanced options for customising how you search and receive information, including a new IFRS Standards Navigator, to enhance your experience with IFRS Standards and related information.
Speaker line-up confirmed for the IFRS Foundation Virtual Conference
The past, present and future of financial reporting, and its global impact, will be discussed by a host of speakers in this year’s IFRS Foundation Virtual Conference, being held on 3–4 June. The conference coincides with the 20th anniversary of the International Accounting Standards Board, and gives a chance to bid farewell to outgoing Chair of the Board, Hans Hoogervorst.
Trustees publish institutional arrangements for proposed new sustainability standards board
The Trustees of the IFRS Foundation have proposed amendments to the Constitution of the Foundation to accommodate the potential formation of a new International Sustainability Standards Board (ISSB) within the governance structure of the organisation. In addition, they have published a Feedback Statement that summarises feedback received to their consultation on sustainability reporting.
Bertrand Perrin to join International Accounting Standards Board
Mr Perrin, from France, has extensive experience as a preparer and has worked closely with the Board and the Foundation for several years, most recently as a member of the IFRS Interpretations Committee. He joins the Board on 1 July 2021 for an initial five-year term.
IFRS Foundation publishes 2020 Annual Report and financial statements
This year’s report showcases the resilience and responsiveness of the Board, the Foundation’s staff and the Trustees in their efforts to deliver on the mission to bring transparency, efficiency and accountability to the world’s capital markets, in the face of the global covid-19 pandemic.
IASB proposes amendments setting out accounting for when no foreign exchange rate exists
The proposed amendments to IAS 12 The Effects of Changes in Foreign Exchange Rates aim to help companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. The deadline for comments is 1 September 2021.
IASB proposes changes to the IFRS Taxonomy 2021
A proposed update to the IFRS Taxonomy 2021 has been published to account for two amendments published earlier this year relating to the disclosure of accounting policies and the definition of accounting estimates. The deadline for comments is 21 June 2021.
Recording of virtual workshop on Post-implementation Review of group accounting standards
The Board, in conjunction with the European Accounting Association (EAA) and the European Financial Reporting Advisory Group (EFRAG), held a virtual research workshop on 26 March 2021 that provided an overview of the Board’s Request for Information Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.
IFRS Interpretations Committee podcast
In the first episode of the quarterly IFRS Interpretations Committee podcast of 2021, Committee Chair and Board Vice-Chair Sue Lloyd joins Technical Staff Member Patrina Buchanan to talk about the definition of net realisable value in IAS 2, sale of a subsidiary with a leaseback (IFRS 10 and IFRS 16), and narrow-scope amendments to IAS 8 and IFRS 16. The IFRIC Update April 2021 is also now available.
Compilation of Agenda Decisions—Volume 4 published
This compilation brings together agenda decisions published by the Interpretations Committee from October 2020 to March 2021, including those relating to IFRS 7 Financial Instruments: Disclosures, IAS 1 Presentation of Financial Statements, IAS 7 Statement of Cash Flows, and IAS 38 Intangible Assets
Recruiting for the IASB and the IFRS Foundation Advisory Council
Board candidates are being sought for Europe, to start soon after 30 June 2021, and the Americas to start 1 April and 1 July 2022. Applications to be received by 30 June 2021.
A new Chair for the Advisory Council is also being sought to start from 1 February 2022. 16 Advisory Council member vacancies need to be filled too. Deadline for applications is 16 July 2021.
The IFRS Foundation is also looking for a Customer Services Team Leader and candidates to join the IASB technical staff. The deadline for applications for this role is 7 and 28 May 2021 respectively.