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 12 October 2020.
In a meeting held on 5 October 2020, the Government approved a proposal for the intended subject-matter of the new Accounting Act. The Ministry of Finance will prepare and present to the Government the Accounting Act arranged according to sections by 30 June 2022.
On 9 October 2020, Amendments to IFRS 16 Covid-19-Related Rent Concessions 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.
The following article provides a brief summary of the main principles of the new interpretation of the National Accounting Board: I-41 “Customer Loyalty Programmes”.
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 14 September 2020.
Previously, the content to regulatory and accounting matters was published on iasplus.com where you could also find US related content. Deloitte has recently concentrated all US related content to a new research tool called DART
On 25 Jun 2020, the International Accounting Standards Board (IASB) issued 'Amendments to IFRS 17' to address concerns and implementation challenges that were identified after IFRS 17 'Insurance Contracts' had been published in 2017. The amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted.
On 15 July 2020, the International Accounting Standards Board (IASB) published 'Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)' deferring the effective date of the January 2020 amendments to IAS 1 by one year.
In business, leases usually represent a significant fixed cost that needs to be paid regularly. The COVID-19 epidemic stopped or restricted the business activities of many lessees who thus lost their income but their obligation to pay rent continued.
