Developments of interest this week are outlined.
UK
- The UK Department of Business, Energy and Industrial Strategy and the Financial Reporting Council recently published a letter addressing certain implications of the end of the Transition Period for companies' accounting, reporting and filing requirements.
Europe
- The European Union has published a Commission Regulation endorsing 'Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)'.
- The European Parliament and the Council have agreed to an amendment of the Transparency Directive allowing Member States to delay by one year the application of the European Single Electronic Format (ESEF) requirements for listed companies' annual financial reports, provided that they notify the Commission of their intention to do so, and of their sufficiently justified reasons.
International
- The Global Reporting Initiative (GRI) has commented on the IFRS Foundation Trustees’ consultation paper on sustainability reporting published in September 2020.
- The International Federation of Accountants (IFAC) has commented on the IFRS Foundation Trustees’ consultation paper on sustainability reporting published in September 2020.
- Deloitte has released a comprehensive 380-page publication focusing on some of the most common and significant differences that may affect financial statements when converting from U.S. GAAP to IFRS Standards and vice versa.
- Focusing on the effective and consistent application of our standards, the IAASB is addressing issues and challenges related to complexity, understandability, scalability and proportionality. This communique details development plans for a separate standard for audits of less complex entities.