ACRA Issues Financial Reporting Practice Guidance No. 2 of 2020

ACRA has issued Financial Reporting Practice Guidance No. 2 of 2020 to guide directors in the review of the upcoming FY2020 financial statements. This year, directors are expected to deal with more uncertainties, particularly when making estimates or assessing cash flows/financial position....

IASB reviews package of IFRS Standards for group accounting

The International Accounting Standards Board (Board) is calling for feedback on the IFRS Standards for group accounting—IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.  The Request for...

ASC has issued Amendments to various standards on the Extension of the Temporary Exemption from Applying SFRS(I) 9 and FRS 109

ASC has issued Amendments to SFRS(I) 17 and Amendments to FRS 117, together with Amendments to SFRS(I) 4 and Amendments to FRS 104 on Extension of the Temporary Exemption from Applying SFRS(I) 9 and FRS 109, respectively in November 2020.  Please click here...

ASC has issued amendments to various SFRS(I)s and FRSs on Interest Rate Benchmark Reform—Phase 2

ASC has issued amendments to various SFRS(I)s and FRSs on Interest Rate Benchmark Reform—Phase 2 in November 2020.  Please click here for information.

IASB proposes amendment to its leases Standard to improve accounting for sale and leaseback transactions

The International Accounting Standards Board has today proposed to amend IFRS 16 Leases by specifying how a company measures the lease liability in a sale and leaseback transaction.  Sale and leaseback transactions are transactions for which a company sells an asset and leases that...

The IFRS Foundation proposes changes to the IFRS Taxonomy 2020 to support high-quality tagging of information related to employee benefits

The IFRS Foundation has today published IFRS Taxonomy 2020—Proposed Update 5 General Improvements and Common Practice—IAS 19 Employee Benefits.  The proposed changes aim to support the high-quality tagging of information disclosed about employee benefits in accordance with IAS 19...

November 2020 IASB podcast available

In this episode of our monthly IASB podcast, Hans Hoogervorst and Sue Lloyd, Chair and Vice-Chair of the International Accounting Standards Board (Board) respectively, talk about the Board’s discussions at the meetings held virtually on 18 and 19 November 2020:  joint education session...

Joint Capital Markets Advisory Committee and Global Preparers Forum October 2020 meeting summary available

The International Accounting Standards Board's user advisory groups, the Global Preparers Forum (GPF) and the Capital Markets Advisory Committee (CMAC), held a joint meeting on 8 October 2020.   The topics for discussion were as follows:  Primary Financial Statements Goodwill...