Standard setting |
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Invitation to comment |
The Institute is seeking comments on the International Accounting Standards Board (IASB) Exposure Draft ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021 by 22 February. |
Amendments to IAS 1, IFRS Practice Statement 2, and IAS 8 |
The IASB has issued narrow-scope amendments to the following standards:
- IAS 1 Presentation of Financial Statements. The amendments require companies to disclose their material accounting policy information rather than their significant accounting policies.
- IFRS Practice Statement 2 Making Materiality Judgements. The amendments provide guidance on how to apply the concept of materiality to accounting policy disclosures.
- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates.
The amendments to IAS 1 and IAS 8 will be effective for annual reporting periods beginning on or after 1 January 2023, with early application permitted. |
February IFRS Interpretations Committee update |
The February IFRS Interpretations Committee Update newsletter, summarizing the decisions reached by the Interpretations Committee at its February meeting, is now available. |
IASB’s webinar on Exposure Draft Regulatory Assets and Regulatory Liabilities |
On 24 February, a webinar by the staff of the IASB on Exposure Draft ED/2021/1 Regulatory Assets and Regulatory Liabilities will take place. This webinar will provide an overview of the proposals and give viewers an opportunity to ask questions. Members can submit their comments on the exposure draft by 31 May. |
Recordings of the IASB’s webinars on three standards |
Recordings are now available for the webinars held by the IASB to stimulate research into three standards and to inform the post-implementation reviews of them.
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Discussion Paper Business Combinations under Common Control |
Members may be interested in the following recordings concerning the IASB Discussion Paper DP/2020/2 Business Combinations under Common Control, which explain the IASB’s preliminary views on how to reduce the diversity in practice and improve the transparency and comparability in reporting business combinations under common control. Members can submit their comments on the paper by 5 July. Recordings are now available for two discussions on the paper:
- IASB webinar providing an overview of the paper
- IASB, European Accounting Association, and European Financial Reporting Advisory Group virtual research workshop, providing an overview of the paper and discussing academic evidence
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Reminder: Call for research proposals |
The IASB has published a call for research proposals to help inform the IASB planned post implementation reviews, focusing specifically on the quality of the disclosures provided by companies applying the following three standards:
- IFRS 9 Financial Instruments
- IFRS 7 Financial Instruments: Disclosures
- IFRS 15 Revenue from Contracts with Customers
The deadline for submissions is 31 March. |
Joint call for research papers on key standards |
In conjunction with the Financial Accounting Standards Board and The Accounting Review, the IASB has published a joint call for research papers on the following standards:
- Revenue recognition (Accounting Standards Codification (ASC) Topic 606 and IFRS 15)
- Leases (ASC Topic 842 and IFRS 16)
- Financial instruments (ASC Topic 326 and IFRS 9)
The deadline for submissions is 15 May 2022. |
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Workshop for new auditors – Rerun |
Join the workshop on 17, 18 and 19 March covering the core concepts and practical skills essential for new auditors. Speakers will teach the auditing concepts and practical skills, as well as shares recent practice experience relevant to new auditors. The workshop targets auditors with less than two years of experience. |
IAASB February board meeting |
The audio recording of the International Auditing and Assurance Standards Board (IAASB) February board meeting is now available. |
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Invitation to comment |
The Institute is seeking comments on the International Ethics Standards Board for Accountants Exposure Draft Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code by 3 April. The proposed revisions broaden the definition of a public interest entity in the International Code of Ethics for Professional Accountants (Including International Standards) to include more categories of entities. |
