Global responses to the coronavirus disease 2019 (COVID-19) outbreak continue to rapidly evolve. COVID-19 has already had a significant impact on global financial markets, and it may have accounting implications for many entities.
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 23 January 2020.
On 12 March 2020, the US Financial Accounting Standards Board (FASB) issued Accounting standards update (ASU) no. 2020-04 “Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. Equally to what the International Accounting Standards Board (IASB) did in September 2019, FASB responds to the planned reform of IBOR rates and the planned termination of the use of the LIBOR reference rate at the end of 2021 and to the impact of the changes on financial accounting. The ASU become effective since 12 March 2020 and will apply for a definite period of time, specifically until 31 December 2022.
New standardised INCOTERMS® 2020, issued by the International Chamber of Commerce in September 2019, became effective on 1 January 2020. Compared to the 2010 version, INCOTERMS® 2020 are clearer and offer more exact definitions of obligations and responsibilities.
On 17 December 2019, the International Accounting Standards Board (IASB) published an exposure draft of a new standard 'General Presentation and Disclosures' that is intended to replace IAS 1 'Presentation of Financial Statements'. Comments are requested by 30 June 2020.
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 23 January 2020.
In this article, we will briefly summarise the main features of Interpretation I-40 of the National Accounting Council entitled “Reporting of Intangible Results of Research and Development”.
This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for the December 2019 calendar year-end and subsequent accounting periods. Entities are, however, generally permitted to adopt the new and revised Standards and Interpretations in advance of their effective dates (refer to individual Standards and Interpretations for additional details). This article provides a summary of IFRSs and interpretations that an entity may elect to apply for the year ended 31 December 2019.
On 29 November 2019, Amendments to IAS 1 and IAS 8 Definition of Material were endorsed by the European Commission for use in the European Union. The EU effective date is the same as the IASB’s effective date (annual periods beginning on or after 1 January 2020). Earlier adoption of Amendments is permitted.
