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:
IASB to hold supplementary meeting in February on covid-19 rent concessions
A supplementary virtual meeting will be held on 4 February to
discuss whether to propose extending the period of practical relief provided in the
amendment to IFRS 16 Leases in relation to covid-19 rent concessions, issued
in May 2020.
IASB proposes new IFRS Standard to give investors a more complete picture of the financial performance of rate-regulated companies
Rate regulation, which is common in industries such as utilities and public
transport, determines the amount a company can charge its customers for goods or
services supplied to them and the period when the company can charge that amount.
The Board has published proposals for a new accounting standard on this topic.
IFRS Foundation announces first step in overhaul of future digital experience
The IFRS Foundation recently announced plans to move its three existing websites into a single, unified
platform. The new platform will launch in April 2021, alongside
several new features including an innovative Standards navigator and enhanced search
capabilities.
January 2021 IASB Update and podcast now available
Listen to Vice-Chair Sue Lloyd talk about feedback received on
our consultation paper General Presentation and Disclosures; decisions made
in the Subsidiaries that are SMEs project; an overview of the Board's current
work plan; the recently published Exposure Draft Regulatory Assets and Regulatory
Liabilities; and the upcoming consultation on Targeted Standards-level
Review of Disclosures. The IASB Update is also available, and you can catch up with
what happened at the December 2020 meeting of the IFRS Interpretations Committee in its newest podcast.
IFRS Foundation publishes educational material to support companies in applying going concern requirements
Companies preparing financial statements using IFRS Standards are required to assess
their ability to continue as a going concern. In the current stressed economic
environment arising from the covid-19 pandemic, deciding whether the financial
statements should be prepared on a going concern basis may involve a greater degree
of judgement than usual. To support companies, the educational material brings
together the requirements in IFRS Standards relevant for going concern
assessments.
Webinars: how can academics inform post-implementation reviews of IFRS 9, IFRS 15 and IFRS 16?
Academics are invited to join a morning or afternoon session aimed at stimulating
research into IFRS 15 Revenue from Contracts with Customers on 8 February
2021. Register for this webinar, or download the slides from the
sessions on IFRS 9 Financial Instruments and IFRS 16 Leases that took
place in January.