Technical roundup 18 December

Dec 16, 2020

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.