This week the International Accounting Standards Board (IASB) issued amendments to IFRS 17 (insurance contracts).
The European Securities and Markets Authority (ESMA) has published a draft update to the ESEF Regulatory Technical Standards (RTS) to reflect the changes that have been made to the 2020 IFRS taxonomy.
Francois Denimal, Managing Director at FIS, an international provider of financial services technology, has emphasised that Vietnam’s banking sector must adopt international reporting standards and financial regulations to compete on the world stage. Vietnam’s economy has been growing at pace, and after demonstrating a world-leading response to Covid-19, should continue to grow in 2020, even […]
The third in a series on the Coronavirus and corporate reporting, Accountancy Europe has released a podcast looking at how to report in accordance with the IFRS standards during this irregular period – focusing on how to use the flexibility of IFRS 9 – and the various accommodations that have been made for companies and […]
There is a compelling case for the IFRS Foundation to help develop globally comparable standards for sustainability reporting – according to a recent speech from IFRS Foundation Trustee Teresa Ko. Ko’s speech, given at the inaugural meeting of the Hong Kong Monetary Authority’s Green and Sustainable Finance Cross-Agency Steering Group, suggested that sustainability reporting is […]
Yesterday the International Accounting Standards Board (IASB) issued a package of narrow-scope amendments to the IFRS Standards. These included IAS 37, Onerous Contracts; IFRS 3, Reference to the Conceptual Framework; IAS 16, Property, Plant and Equipment; and Annual Improvements to IFRS Standards 2018–2020. The amendments will come into force in January 2022. Find out more about […]
Not sure how to account for Expected Credit Losses (ECL) in the current uncertain climate? IFRS Foundation have issued guidance in order to support a consistent application of IFRS 9, Financial Instruments. IFRS 9 sets out a framework for determining when a significant increase in credit risk on a financial instrument requires an Expected Credit […]
This week the IFRS Foundation published the IFRS Taxonomy 2020, based on the latest IFRS Standards. It incorporates an update designed to help data users understand how uncertainty relating to interest rate benchmark reform affects an entity’s hedging relationships. The publication is accompanied by the updated IFRS Taxonomy Formula Linkbase 2020 which can help validate […]
Recent IFRS speeches indicate a new willingness to better integrate IFRS reporting with additional non-financial reporting metrics that have developed out of changing investor needs. Technology means we have seen a dramatic shift in the importance of intangible assets, reducing the relevance of the traditional balance sheet. Demand from investors for sustainability reporting is on […]
ESMA Chair Steven Maijoor’s speech underlined the importance of IFRS going forward and described the expected impact of structured (ESEF) data in Inline XBRL for users and regulators alike. He also urged policy makers to focus on standardisation of ESG disclosures.