Technical roundup 19 February

Feb 18, 2021

Developments of interest this week are outlined.

UK 

  • A new FRC Lab report, Virtual and Augmented Reality in corporate reporting, considers how virtual and augmented reality are and might be used to expand the scope and audience for corporate reporting. The report includes examples of current practice and highlights some possible future uses. The report is the final deep dive from the Lab’s Digital Future series.

Europe

  • Accountancy Europe and the European Association of Cooperative Banks (EACB) invite you to join them as they debate how new rules on reporting non-financial information (NFI) might affect small and medium-sized enterprises (SMEs). With the help of EACB, Accountancy Europe is developing a checklist for accountants to help SME clients prepare for these new requirements, whether they stem from legislation, banks or supply chain partners.
  • ESMA has submitted IFRS 9 and IAS 20 related questions to the IFRS Interpretations Committee. Find out more here.
  • EFRAG has issued a Draft Endorsement Advice letter and a separate invitation to comment relating to the endorsement for use in the EU of Covid-19-Related Rent Concessions beyond 30 June 2021 ('the Amendments'). EFRAG's overall preliminary assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore recommends its endorsement. Comments are requested by 17 March 2021.
  • EFRAG has issued a reminder in relation to its call for EFRAG TEG members. Candidates with an accountancy profession background with an EEA nationality (other than France, Germany, Italy and Spain) have until 28 February to send their applications to join EFRAG’s Technical Expert Group (EFRAG TEG) for the 2021 rotation.

International

  • The IFRS Foundation is holding a live webinar on the IASB’s consultation on regulatory assets and regulatory liabilities. The webinar, which will be held on Wednesday 24 February 2021 at 12:00 GMT, and will run for approximately an hour, will provide an overview of the proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities (published in January 2021). A recording of the webinar will be available after the live discussion.
  • The IASB has recently issued narrow-scope amendments to IFRS Standards. Following feedback that more guidance was needed to help companies decide what accounting policy information should be disclosed, the Board has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. Separately, the Board has also issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates.