January 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: New member to join the International Accounting Standards Board The Trustees of the IFRS Foundation have appointed Bruce Mackenzie as a member of the Board from 1 October 2020. Help shape IFRS Standards in 2020 2020 is shaping up to be a busy year for consultations and calls for stakeholder views. Read more about our current work plan and have a say in our standard-setting projects. IASB consults on approach to updating its IFRS for SMEs Standard We recently opened consultation on the IFRS for SMEs Standard and we are asking for views on our approach to updating this simplified accounting standard for small and medium-sized entities. Also, read the latest IFRS for SMEs Update, which touches on this consultation and includes links to online resources that support the implementation and consistent application of IFRS Standards. IASB clarifies requirements for classifying liabilities as current or non-current The Board recently issued narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current.