Please find below a brief summary of news and events from the
International Accounting Standards Board (Board) and the IFRS® Foundation over the past
IFRS Foundation Trustees announce next steps in response to broad
demand for global sustainability standards
The Trustees of the IFRS Foundation met this month to review responses to the first
three questions asked by their Consultation Paper on Sustainability
Reporting. The responses indicate growing and urgent demand
to improve the global consistency and comparability in sustainability reporting, as
well as broad demand for the IFRS Foundation to play a role in this.
IASB amends IFRS Standards to improve accounting policy disclosures and clarify
distinction between accounting policies and accounting estimates
The amendments will help companies to improve accounting policy
disclosures so that they provide more useful information to investors and other
primary users of the financial statements, and to distinguish changes in accounting
estimates from changes in accounting policies.
IASB proposes to extend support for lessees accounting for covid-19-related rent
The Board has proposed to extend by one year the application period of the amendment
to IFRS 16 Leases issued in 2020 to help lessees accounting for
covid-19-related rent concessions. Comments on this consultation closed on 25
February 2021 and a Supplementary Board meeting is planned for early March—details
will be published here when they are available.
The IFRS Interpretations Committee met on 2 February 2021. Read the summary of their discussions on topics such as Sale
and Leaseback of an Asset in a Single-Asset Entity (IFRS 10 Consolidated
Financial Statements and IFRS 16 Leases) and tentative agenda
decisions on Costs Necessary to Sell Inventories (IAS 2 Inventories) and
Preparation of Financial Statements when an Entity is No Longer a Going Concern (IAS
10 Events after the Reporting Period).