IASB defers the effective date of amendments to IAS 1

The International Accounting Standards Board (Board) has issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements.  Classification of Liabilities as Current or...

Directors’ competency crucial to uphold quality in financial reporting

ACRA issued its latest report on key findings from the third review cycle of the Financial Reporting Surveillance Programme (FRSP) today. It was observed that the lack of deep knowledge and due care by preparers and directors were the root causes contributing to material non-compliances with...

June 2020 IASB podcast available now

In this episode of our monthly IASB podcast, Hans Hoogervorst and Sue Lloyd, Chair and Vice-Chair of the International Accounting Standards Board (Board), focus on the Board’s discussions at the meeting held virtually from 23–25 June 2020. The podcast covers the following projects:  IBOR...

Combinations of businesses under common control—one size does not fit all

The International Accounting Standards Board (Board) is carrying out a research project to consider filling a gap in IFRS Standards by improving the comparability and transparency of reporting on combinations of businesses under common control.  IFRS 3 Business Combinations covers how...

June 2020 IASB Update available and work plan updated

The June 2020 IASB Update has been published.  The Board met remotely on 23–25 June 2020.  The topics, in order of discussion, were as follows: Maintenance and consistent application Disclosure Initiative—Accounting Policies Disclosure Initiative—Targeted...

IASB issues amendments to IFRS 17 Insurance Contracts to help companies with implementation

The International Accounting Standards Board (Board) has today issued amendments to IFRS 17 Insurance Contracts aimed at helping companies implement the Standard and making it easier for them to explain their financial performance.  The fundamental principles introduced when the...

Goodwill and Impairment project webinars in English, Japanese and Chinese—recordings now available

Webinars were recently held in English, Japanese and Chinese to introduce the Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment, a consultation document of the Goodwill and Impairment project. Recordings of these live webinars are now available; each lasted...

June IASB meeting papers and agenda now available

The agenda papers and agenda for the International Accounting Standards Board meeting to be held on 23–25 June 2020 are now available.  The topics for discussion are as follows:  Maintenance and consistent application Disclosure Initiative—Accounting Policies Disclosure...