IFRS EU Endorsement Process [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 3 June 2020.
IASB Amended IFRS 16 Due to the COVID-19 Pandemic
On 28 May 2020, the International Accounting Standards Board (IASB) published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' amending the standard to provide lessees with an exemption from assessing…
IASB Concluded the 2018–2020 Annual Improvements Cycle
On 14 May 2020, the IASB issued 'Annual Improvements to IFRS Standards 2018–2020'. The pronouncement contains amendments to four International Financial Reporting Standards (IFRSs).
IASB Published Amendments to IFRS 3 to Update a Reference to the Conceptual Framework
On 14 May 2020, the International Accounting Standards Board (IASB) published 'Reference to the Conceptual Framework (Amendments to IFRS 3)' with amendments to IFRS 3 Business Combinations that update an outdat…
IFRS EU Endorsement Process [May 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 22 April 2020.
IASB Issued Amendments to IAS 16 Regarding Proceeds Before Intended Use
On 14 May 2020, the International Accounting Standards Board (IASB) published 'Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)' regarding proceeds from selling items produced…
IASB Issued Amendments to IAS 37 Regarding Onerous Contracts
On 14 May 2020, the International Accounting Standards Board (IASB) published 'Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)' amending the standard regarding costs a company should in…
Antivirus Programme
Employers whose economic activities will be at risk due to the COVID-19 spread will be granted a contribution to fully or partially cover salaries, which the employees will be entitled to due to an impediment t…
The Effects of COVID-19 Pandemic on Cash Flow Hedge Accounting
In April 2020, the Financial Accounting Standards Board (FASB) issued FASB staff question-and-answer document (Q&A) focused on the application of the guidance in Topic 815, Derivatives and Hedging, in relat…