IFRS EU Endorsement Process [June 2021]
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 7 May 2021.
IFRS EU Endorsement Process [May 2021]
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 7 May 2021.
IASB published amendments to IAS 12
On 7 May 2021, the International Accounting Standards Board (IASB) published Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations.
IFRS EU Endorsement Process [April 2021]
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 2 April 2021.
IASB extends practical expedient regarding COVID-19-related rent concessions
On 31 March 2021, the International Accounting Standards Board (IASB) published 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' that extends, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.
IASB finalised amendments to IAS 8 regarding accounting estimates
On 12 February 2021, the International Accounting Standards Board (IASB) published Amendments to IAS 8 Definition of Accounting Estimates to help entities to distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after 1 January 2023.
IASB finalised amendments to IAS 1 and the Materiality Practice Statement
On 12 February 2021, the International Accounting Standards Board (IASB) issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements titled Disclosure of Accounting Policies with amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The amendments are effective for annual periods beginning on or after 1 January 2023.
IASB proposed a new standard on rate-regulated activities
On 28 January 2021, the International Accounting Standards Board (IASB) published the exposure draft of a new standard 'Regulatory Assets and Regulatory Liabilities' that is intended to replace IFRS 14 'Regulatory Deferral Accounts'. The deadline for submitting comments is 30 June 2021.
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 endorsed for use in the EU
On 13 January 2021, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 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 2021). Earlier adoption of Amendments is permitted.