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…
Amendments to IFRS 3 endorsed for use in the EU
On 21 April 2020, Amendments to IFRS 3 Definition of business 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.
IFRS EU Endorsement Process [April 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.
IASB published COVID-19 guidance on IFRS 9
On 27 March 2020, the International Accounting Standards Board (IASB) published a document responding to questions regarding the application of IFRS 9 Financial Instruments during the period of increased econom…
IASB will amend IFRS 16 due to the COVID-19 pandemic
On 17 April 2020, the International Accounting Standards Board (IASB) decided during its supplementary meeting concerning COVID-19-related matters to amend IFRS 16 by the end of May 2020.