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:
Dr Nicolas Peter, Chief Financial Officer of BMW AG, outlines the importance of IFRS Standards to the global financial market and discusses future challenges. His was the keynote address at a joint conference organised by the IFRS Foundation and the DRSC, the German accounting standard-setter, in Munich.
The Board published for public comment proposed changes to the IFRS Standard for income tax, IAS 12. The amendments clarify how companies account for deferred tax on leases and decommissioning obligations.
On 28 August 2019, the Board will hold an additional meeting to discuss the Interest Rate Benchmark Reform project and finalise Phase 1, which entails amending the financial instruments Standards, IAS 39 and IFRS 9. The meeting will be broadcast live on the IFRS Foundation’s website and you can read more here.
In this month’s podcast, Chair of the Board Hans Hoogervorst and the Board Vice-Chair Sue Lloyd together with Communications Team Member Kasia Gilewska summarise July Board meeting discussions and outline other developments.
In the first of our podcasts on discussions by the IFRS Interpretations Committee, the Board’s Vice-Chair Sue Lloyd and a Technical Staff Member Patrina Buchanan discuss questions about applying the new financial instruments, revenue recognition and leases Standards—IFRS 9, IFRS 15 and IFRS 16—as well as about the accounting for holdings of cryptocurrencies.
IASB Technical Staff give an overview of the Exposure Draft Amendments to IFRS 17 Insurance Contracts. Watch the recording of the live webinar here.
This webinar summarises the IFRS Interpretations Committee’s discussion and conclusion on how a company should present amounts in its statement of profit or loss if a credit-impaired financial asset is subsequently paid in full or no longer credit-impaired (cured).
In this webcast, the Board’s Vice-Chair Sue Lloyd joins Technical Staff Member Sam Prestidge to discuss the due process associated with agenda decisions.
The IFRS Taxonomy formula linkbase 2019, an update of the 2018 version, is now available to download. It reflects content changes in the IFRS Taxonomy 2019 and includes an updated technical structure.