Technical roundup 21 August

Aug 20, 2020

Chartered Accountants Ireland

UK

  • The FRC and the IASB invite you to an outreach event on 7 September 2020, 2pm-4pm, to discuss the IASB’s Request for Information: Comprehensive Review of the IFRS for SMEs Standard. This discussion will be held on Microsoft Teams. FRS 102 was developed from the IFRS for SMEs Standard.  Amendments to the IFRS for SMEs Standard are not automatically reflected in FRS 102, but are considered, for example as part of a periodic review, to see whether similar changes should be made to FRS 102.  Amongst other things, the comprehensive review is considering some of the recently issued IFRS Standards that have not yet been reflected in FRS 102.  The event will explore the following key topics: The IASB’s approach to its Review; Aligning the IFRS for SMEs Standard with IFRS 9, IFRS 15 and IFRS 16; and, Possible future development of FRS 102. There will be an opportunity to submit questions to the panel before and during the event. The expert panel will consist of: Darrel Scott and Francoise Flores, IASB Board Members, and Jenny Carter, FRC Acting Director, Accounting and Reporting Policy. If you would like to attend, please email Lydia Smith at L.smith@frc.org.uk and you will be sent a Teams link.
  • The FRC has this week confirmed it will not pursue regulatory action where issuers take advantage of the provisions contained in the Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions) before adoption by the EU.

 International

  • The IFRS Foundation Virtual Conference takes place on 28–29 September 2020 and will include speakers from Bank J. Safra Sarasin, Carlsberg Group and the United States Securities and Exchange Commission.
  • Chartered Ac­coun­tants Australia and New Zealand (CAANZ) has released a report 'The future of financial reporting', examining the ways in which digital reporting can reshape the way financial in­for­ma­tion is used.
  • IASB member Darrel Scott has issued an article dis­cussing the review of the IFRS for SMEs Standard and his views on alignment with full IFRS Standards.