July 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:
Meet the new IASB Chair—Andreas Barckow
Andreas Barckow is no stranger to the IFRS Foundation, and on 1 July 2021 he began his first term as Chair of the Board. Here he talks about his career, his experience at the Foundation so far and his priorities for the next few years.
For the first time in his new role, Andreas will address delegates at the World Standard-setters Virtual Conference taking place on 27-28 September, sharing his first impressions of joining the Board from the perspective of a former national standard-setter. Find out how to register or read the latest newsletter for national standard-setters.
Update on IFRS Foundation Trustees’ work on sustainability
Earlier in July, the Trustees hosted two webinars covering similar updates on their work on sustainability—watch the recordings here. You can also read a summary of the Trustees’ meeting held virtually on 26 July 2021 during which they discussed arrangements for seed capital for the new board. The Foundation also responded to a communiqué from the G20 Finance Ministers and Central Bank Governors that welcomed the Trustees’ work programme to develop a baseline global reporting standard under robust governance and public oversight. Finally, you can see the recording of Trustee Chair Erkki Liikanen taking part in a panel debate on regulations, disclosures, financial risk and private financing for the green economy at the recent International Conference on Climate Change.
To keep abreast of developments in the Foundation’s project on sustainability, sign in or register on ifrs.org and move the relevant slider to green under 'Categories' on your 'Follows and notifications' settings.
Board proposes minor amendment to transition requirements for insurers applying IFRS 17 and IFRS 9 for the first time
The proposed narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts does not affect any other requirements in IFRS 17.
IASB proposes reduced disclosure requirements for subsidiaries
The Board has also proposed a new IFRS Standard that would permit eligible subsidiaries to apply IFRS Standards with a reduced set of disclosure requirements. The proposals are designed to ease financial reporting for eligible subsidiaries while meeting the needs of the users of their financial statements.
IASB extends the comment period for targeted Standards-level disclosure consultation
The Board decided at its 21 July 2021 meeting to extend the comment period for Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach to next January because of the unique nature of, and significant new thinking in, the proposals. In particular, the comment period will allow more time for preparers to conduct fieldwork and provide feedback on the practical application of the proposals.
You can also watch the recording of a virtual workshop on this consultation held by the Board in conjunction with the European Accounting Association (EAA) and the European Financial Reporting Advisory Group (EFRAG).
Webinar recordings available
A number of webinars were held in June and July to update stakeholders on some of the projects on the Board’s current work plan. Recordings are now available for:
Business Combinations under Common Control—feedback from initial outreach with Board Member Bruce Mackenzie;
Third Agenda Consultation—overview of the consultation across two webinars with question and answer sessions; and
Management Commentary—overview of the Board’s proposals for a new comprehensive framework for preparing management commentary with questions from the audience.
IASB and IFRS Interpretations Committee podcasts now available
In the July episode of the IASB podcast, we introduce new Chair Andreas Barckow as he and Vice-Chair Sue Lloyd discuss Goodwill and Impairment, Primary Financial Statements and the post-implementation review of IFRS 9 Financial Instruments, among other topics. You can also read the full IASB Update for July 2021, which includes an update on the joint IASB-FASB education session.
In this episode of the IFRIC podcast, IFRS Interpretations Committee Chair Sue Lloyd joins Technical Staff Member Patrina Buchanan to discuss topics including finalised agenda decisions from the second quarter of 2021 on Supplier Finance Arrangements and Economic Benefits from Use of a Windfarm, among others.