Roundup

Developments of interest this week are outlined. Chartered Accountants Ireland Technical Hub As previously advised, Chartered Accountants Ireland has launched a Technical Hub for members. This new resource replaces CHARIOT from 1 January 2021 and follows the “Hub-based” approach already in use elsewhere by the Institute. The Hub contains content on audit & assurance, financial reporting, insolvency, links to legislation, and a wide range of proprietary Institute content. The hub can be found on the Institute’s website here. A mapping document has been prepared which outlines where content previously found on CHARIOT can now be found on the Technical Hub. ROI IAASA has published summary information of its financial reporting enforcement activities undertaken during 2020. UK After the end of the tran­si­tion period on 31 December 2020, the UK ceased to apply EU law. IFRSs adopted by the EU at that point of time were in­cor­po­rated into Domestic UK law as IFRSs as adopted by the UK. The Secretary of State for Business, Energy and In­dus­trial Strategy (BEIS), who has been given the power of endorsing and adopting international accounting standards while the UK En­dorse­ment Board (UKEB) is still being es­tab­lished, has now adopted two amend­ments to IFRSs for use within the UK. The FRC has issued a podcast on Reflections from the Financial Reporting Lab Europe The endorsement by the European Commission of Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 is now reflected in the updated EFRAG Endorsement Status Report. Ac­coun­tancy Europe has responded to the con­sul­ta­tion document on the ad personam mandate on potential need for changes to the gov­er­nance and funding of EFRAG in the context of possible changes to non-fi­nan­cial reporting by companies. International The IFRS Foundation has published educational material to support companies in applying going concern requirements. The IFRS Foun­da­tion is offering three webinars aimed at iden­ti­fy­ing how academics can con­tribute to the post-im­ple­men­ta­tion reviews of IFRS 9 'Financial In­stru­ments', IFRS 15 'Revenue from Contracts with Customers', and IFRS 16 'Leases'.  

Developments of interest this week are outlined. Chartered Accountants Ireland Technical Hub Chartered Accountants Ireland has launched a Technical Hub for members. This new resource replaces CHARIOT from 1 January 2021 and follows the “Hub-based” approach already in use elsewhere by the Institute. The Hub contains content on audit & assurance, financial reporting, insolvency, links to legislation, and a wide range of proprietary Institute content. The hub can be found on the Institute’s website here. UK The Financial Reporting Council (FRC) has recently launched a consultation on the proposed revision of the standards for an audit firm’s responsibilities to design, implement and operate a system of quality management. The FRC has this week issued guidance for preparers using IFRS and their auditors. The Financial Stability Board (FSB) has submitted a comment letter on the IFRS Foun­da­tion Trustees’ con­sul­ta­tion paper on sus­tain­abil­ity reporting published in September 2020. The UK Endorsement Board (UKEB) is being set up as the body responsible for influencing the development and subsequently endorsing and adopting new or amended international accounting standards, issued by the International Accounting Standards Board (IASB), for use by UK companies, from 1 January 2021.  Europe EFRAG has published its Draft Comment Letter in response to the IASB's Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback. Comments on the DCL are requested by 22 February 2021. International The International Auditing and Assurance Standards Board (IAASB) has released its three quality management standards. The standards promote a robust, proactive, scalable and effective approach to quality management and mark a significant evolution of the existing quality control standards.

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.      

Developments of interest this week are outlined. Chartered Accountants Ireland Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with updates on Financial Reporting implications of Coronavirus. ROI Following public consultation, IAASA has this week issued revised versions of: The Ethical Standard for Auditors (Ireland); certain International Standards on Auditing (Ireland) and the International Standard on Quality Control (Ireland); the Glossary of Terms, which defines the terms used in the Irish auditing framework UK The FRC has published consolidated covid-19 guidance for companies and auditors. The consolidated guidance supersedes all previous FRC guidance for companies and auditors. Europe The European Se­cu­ri­ties and Markets Authority (ESMA) has issued a draft amendment to the European Single Elec­tronic format (ESEF) to update the core taxonomy to the latest updates to IFRSs. International Mark Carney, UN Special Envoy for Climate Action and Finance, has commented on the IFRS Foun­da­tion Trustees' sus­tain­abil­ity con­sul­ta­tion and stresses that he endorses the creation of new IFRS Sus­tain­abil­ity Standards Board (SSB). International Standards on Auditing (ISAs) require auditors to exercise appropriate professional scepticism. But the most common finding in the Financial Reporting Council’s (FRC) audit quality reviews is that audit firms did not challenge the management of audited entities effectively on the significant judgements they had made. Given the prevalence of key findings in this area, the FRC has undertaken a new analysis of its audit quality inspection results to identify recurring themes requiring audit firms’ attention, examples of good practice and to correlate these results with root cause analysis undertaken by the largest UK audit firms. The International Accounting Standards Board (Board) is calling for feedback on the IFRS Standards for group accounting—IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.

Developments of interest this week are outlined. UK Compelling new research commissioned by the Financial Reporting Council (FRC) has shown that the development of standards for audit committees would support a more consistent approach to promoting audit quality. The research, conducted by YouGov, involved interviews with Audit Committee Chairs (ACCs) on how they carry out their role. The FRC has issued FRED 77 Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21cycle which proposes amendments to FRS 101 as a result of its latest annual review. The FRC has launched a consultation on the proposed revision of its review standard for interim financial statements, International Standard for Review Engagement (UK) 2410 (ISRE (UK) 2410) Review of Interim Financial Information Performed by the Independent Auditor of the Entity. The revised UK Corporate Governance Code provides an opportunity for companies to report to their stakeholders in a way that allows them to communicate high-quality information about the way in which their governance functions to deliver a company’s purpose and strategy. Although some companies have embraced the opportunities the revised Code offers, the FRC has found in its Review of Corporate Governance Reporting that this was not consistent across the board. Europe  In their latest podcast, Accountancy Europe speaks to CEO, Olivier Boutellis-Taft, on the importance of corporate governance in paving the way for a sustainable economy. International The IASB has published an exposure draft 'Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16)' that aims at clar­i­fy­ing how a seller-lessee should apply the sub­se­quent mea­sure­ment re­quire­ments in IFRS 16 to the lease liability that arises in a sale and leaseback trans­ac­tion. Comments are requested by 29 March 2021. The International Accounting Standards Board (Board) has launched a public consultation on possible new accounting requirements for mergers and acquisitions involving companies within the same group—business combinations under common control.  

Developments of interest this week are outlined. ROI IAASA has recently issued a paper discussing the audit of accounting estimates. IAASA has this week published an Information Note IFRS 8 Operating Segments – Identification of Chief Operating Decision Maker (CODM). UK Audit firms have implemented additional measures to enhance their evaluation of companies’ going concern assessments, since the start of the Covid-19 pandemic, according to a Review of completed audits by the Financial Reporting Council (FRC). The FRC has commended all the organisations that worked together to develop the recommendations of the Asset Management Taskforce’s Investing with Purpose report. The government and the FRC have this week published letters to the accounting and audit sectors setting out the UK framework for audit and reporting at the end of the transition period. International The IASB has published PTU/2020/5 IFRS Taxonomy 2020 — 'General Im­prove­ments and Common Practice — IAS 19 'Employee Benefits'. The IASB has issued an analysis of their work plan since it was last revised in October. The IFRS Foun­da­tion has released a pub­li­ca­tion that shows how existing IFRS re­quire­ments require companies to consider cli­mate-re­lated matters when their effect is material to the financial state­ments.  

Developments of interest this week are outlined. Chartered Accountants Ireland Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with updates on Financial Reporting implications of Coronavirus. UK The Financial Reporting Council (FRC) has this week published a review of corporate reporting in relation to IAS 7 ‘Cash flow statement’ and the liquidity disclosure requirements in IFRS 7 ‘Financial Instruments: Disclosures’. The UK Endorsement Board and the IASB invite you to a joint outreach event to discuss the Business Combinations: Disclosures, Goodwill and Impairment Discussion Paper on 26 November 2020. Europe The European Financial Reporting Advisory Group (EFRAG) has published a report of the progress of its project task force on prepara­tory work for the elab­o­ra­tion of possible EU non-fi­nan­cial reporting standards. Accountancy Europe have issued online Sustainable finance – an inside look an exclusive discussion with the Chair of their Sustainable Finance Group, International The International Accounting Standards Board (IASB) has started its Post-implementation Review (PiR) of the classification and measurement requirements in IFRS 9 Financial Instruments and has added the PiR as a project to its work plan. On Tuesday 17 November 2020, the IFRS Foundation Trustees hosted two live webinar sessions on their Consultation Paper on Sustainability Reporting. The recordings of both sessions and accompanying slide decks are now available.    

Developments of interest this week are outlined. ROI IAASA has this week published an Information Note setting out how companies have accounted for leases under IFRS 16 – Leases, the new leases accounting standard. UK Auditors must redouble their efforts to remedy inconsistent audit quality, which has become even more important in the face of the unprecedented economic turbulence brought by Covid-19, the Financial Reporting Council (FRC) has urged in Developments in Audit 2020 this week. Climate change is one of the defining issues of our time and, by its nature, material to companies’ long-term success. Boards have a responsibility to consider their impact on the environment and the likely consequences of any business decisions in the long-term. The FRC 2020 review of climate-related considerations in corporate reporting and auditing found that boards and companies, auditors, professional associations, regulators and standard-setters need to do more. The FRC supports global standards for non-financial reporting as the long-term vision, and welcomes, alongside UK financial regulators and government departments, the recent consultation issued by the IFRS Foundation Trustees. The FRC has this week published its annual end of year letter to CEOs, CFOs and Audit Committee Chairs setting out its reporting expectations for preparers of reports and accounts for the year ahead. International On 30 October 2020, the International Accounting Standards Board (IASB) and European Accounting As­so­ci­a­tion (EAA) held a virtual research seminar for academics related to the IASB’s Dis­cus­sion Paper 'Business Com­bi­na­tions — Dis­clo­sures, Goodwill and Im­pair­ment' and relevant academic lit­er­a­ture. A recording of the event is now available. At the thirty-sev­enth session of the United Nations Con­fer­ence on Trade and De­vel­op­ment (UNCTAD) In­ter­gov­ern­men­tal Working Group of Experts on International Standards of Accounting and Reporting (ISAR) this week, Erkki Liikanen, Chairman of the IFRS Foun­da­tion Trustees, in­tro­duced the Trustees' con­sul­ta­tion paper that was published in September to assess demand for global sus­tain­abil­ity standards and what role the Foun­da­tion might play in the de­vel­op­ment of such standards.  

Developments of interest this week are outlined. ROI IAASA has called on companies to provide high quality, company specific disclosures of the impact of COVID-19 UK The Financial Reporting Council (FRC) has published a consultation on the Third Country Auditors (Fees) Instrument. The consultation is open until the 30 November 2020. European Accountancy Europe have issued a podcast on highlights from a speech made by the European Commission’s Alain Deckers about the European Single Electronic Format (ESEF). EFRAG, along with the IASB, recently hosted an outreach event to discuss business com­bi­na­tions and the sub­se­quent accounting for goodwill. A summary report is now available. International The IFRS Foundation Trustees invite interested stakeholders to join them for a live webinar on 17th November on their Consultation Paper on Sustainability Reporting. The IASB has published PTU/2020/4 'IFRS Taxonomy 2020 — 'General Im­prove­ments and Common Practice — Pre­sen­ta­tion of in­for­ma­tion in primary financial state­ments''.    

Developments of interest this week are outlined. Chartered Accountants Ireland Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with updates on Financial Reporting implications of Coronavirus.  We have also updated our page on Other Regulator Updates for both ROI and NI / UK in response to COVID-19.   ROI  IAASA has published a Consultation Paper on its proposals to issue Sanctions Guidance with responses due by 11 December 2020. UK The Financial Reporting Council (FRC) Lab has released its October 2020 newsletter. The FRC has published its Annual Review of Corporate Reporting, which reveals the FRC’s ‘top ten’ areas where improvements to reporting quality are needed so users of accounts have a clearer understanding of company performance and position.     The FRC has published a draft UK Endorsement Criteria Assessment on the IASB’s Amendments to IFRS 4 - Extension of the Temporary Exemption from Applying IFRS 9 (the Amendments). European Accountancy Europe has published a blog on Reliable non-financial information to progress sustainable finance By Vita Ramanauskaité. The European Securities and Markets Authority (ESMA) has published its annual priorities statement titled European common enforcement priorities for 2020 annual financial reports. International Ahead of the anticipated release of its suite of new quality management standards following Public Interest Oversight Board approval later this year, the IAASB has developed implementation plans for each of the three standards.  

Developments of interest this week are outlined. Chartered Accountants Ireland Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with updates on Financial Reporting implications of Coronavirus. UK The FRC Lab has published a set of tips intended to help companies consider what content to include in a Section 172 statement, how to present it and how to facilitate the process of preparing the statement. With COVID-19 continuing to impact us all, many companies are facing a challenging year-end. While the uncertainty creates risks for annual reporting it also presents opportunities. The FRC Lab has released two short guides which cover some critical areas of focus for 2020 year-ends. European The European Fed­er­a­tion of Ac­coun­tants and Auditors for SMEs (EFAA) has published the results of a survey that examined the extent of har­mon­i­sa­tion of the accounting for in­tan­gi­bles by SMEs across Europe. The EFRAG have issued an update to their Endorsement Status Report to reflect the endorsement by the EC of Amendments to IFRS 16 Leases Covid 19-Related Rent Concessions. International                                        A summary of recent sustainability reporting de­vel­op­ments at CDSB, TNFD, GRI/SASB, GRI, PRI, in New Zealand and Hong Kong, at Ac­count­Abil­ity, IAASB and CAQ has been issued. Accountancy Europe has welcomed the new EU sustainable corporate governance initiative. The September 2020 IFRIC Update has just been released.  

Developments of interest this week are outlined.  UK The FRC became a signatory to Women in Finance Charter in 2018 and last month they provided an annual update to the Treasury on the commitments and progress made.  European The EFRAG, along with the IASB, will be hosting an outreach event on 16 October 2020 to discuss how to improve dis­clo­sures regarding ac­qui­si­tions, enhancing im­pair­ment testing and accounting for goodwill.  International                                        At a recent meeting of the International Forum of Accounting Standard Setters (IFASS), the standard setters of New Zealand and Australia presented on going concern dis­clo­sures and on the basis of prepa­ra­tion where an entity is no longer a going concern. The Staff of the American Institute of Certified Public Accountants (AICPA), the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) this week jointly released the publication Using Specialists in the COVID-19 Environment: Including Considerations for Involving Specialists in Audits of Financial Statements.          

Developments of interest this week are outlined.  UK The UK Financial Reporting Council (FRC) has published two thematic reviews to help companies improve the quality of their corporate reporting in relation to IFRS 15 'Revenue from Contracts with Customers' and IFRS 16 'Leases'. The UK Stewardship Code 2020 sets high expectations of those investing money on behalf of UK savers and pensioners in 12 Principles for effective stewardship. One of the important changes is the introduction of the new annual Stewardship Report. The recently issued Review of Early Reporting seeks to help prospective signatories in their planning by reiterating the expectations for high quality disclosure published in the Code. The UK Endorsement Board invites preparers of financial statements to participate in a survey on IFRS 17.  European The European Intellectual Property Office (EUIPO) and Accountancy Europe have come together to provide guidance and promote the benefits of Intellectual Property registration to SMEs. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the Final Report on the MiFID II/MiFIR transparency regime applicable to non-equity financial instruments. International The IASB has updated its work plan, which has been analysed to see what changes have resulted since it was last revised in August 2020. The Technology Working Group of the IAASB has released non-authoritative support for using automated tools and techniques when performing audit procedures.         

Developments of interest this week are outlined.  Chartered Accountants Ireland Chartered Accountants Ireland has updated our page on Other Regulator Updates for both ROI and NI / UK in response to COVID-19.    ROI The Central Bank of Ireland have issued their Quarterly Bulletin 3 for 2020. IAASA has published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2020. UK The new UK Stewardship Code took effect in January 2020 to support prospective signatories in meeting the higher expectations set by the Code.  The Financial Reporting Council (FRC) will publish a Review of Early Reporting and is hosting a webinar to coincide with the launch of the Review on the morning of 30th September. Ahead of the next reporting cycle for financial statements, the FRC has just published two reviews into the reporting of revenue and leases identifying a number of critical areas where companies need to improve their reporting.     European The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have issued their first joint risk assessment Report of the financial sector since the outbreak of the COVID-19 pandemic.  International The International Auditing and Assurance Standards Board (IAASB) this week opened a public consultation, Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit. The consultation will remain open until January 12, 2021. The IAASB invites you to listen in to a high-level roundtable discussion between global leaders, stakeholder groups and the IAASB addressing differences between public perceptions and the auditor’s responsibilities as well as feedback on the new and revised auditor reporting standards on September 28 at 8:15 am live streaming on YouTube.  

Developments of interest this week are outlined.  ROI IAASA hosted an Audit Committee Breakfast on 10 September which included a a presentation by their Head of Operations, Lisa Campbell, on the regulatory framework in Ireland. UK The new UK Stewardship Code took effect in January 2020 - to support prospective signatories in meeting the higher expectations set by the Code, the FRC will publish a Review of Early Reporting and is hosting a webinar to coincide with the launch of the Review on the morning of 30th September.  European The European Financial Reporting Advisory Group (EFRAG) has published a ques­tion­naire and an in­vi­ta­tion for in­ter­views for preparers with active mergers and ac­qui­si­tions agendas or material goodwill amounts in their financial state­ments. The European Single Electronic Format requirements are coming into force. Accountancy Europe are hosting a webinar on 12th October to bring key stakeholders together for a lively debate to cover the issues around the preparation of ESEF files and providing assurance on their compliance.  International The International Fed­er­a­tion of Ac­coun­tants (IFAC) has released 'Enhancing Corporate Reporting: The Way Forward' calling for the creation of a new sus­tain­abil­ity standards board that would exist alongside the IASB under the IFRS Foun­da­tion.  

Developments of interest this week are outlined.   ROI The Central Bank has published the fourth edition of the Credit Union PRISM Supervisory Commentary Report. The purpose of this Report is to inform all credit unions on the nature and type of risks identified during Central Bank 2019 supervisory engagements, and related supervisory expectations in addressing such issues.   UK The FRC has this week published a draft UK Endorsement Criteria Assessment on the IASB’s amendment Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (the Amendments). The FRC's Financial Reporting Lab is inviting investors and companies to participate in a new project on corporate disclosures on risks, uncertainties and scenarios.   An independent inquiry into public sector auditing has recommended a shake-up of the sector, with a new regulatory body to oversee local authority audit and the introduction of a standardised statement of services and costs. Sir Tony Redmond’s review into the effectiveness of external audit and transparency of financial reporting in local authorities was set up last June and has now published its final report. European The August 2020 edition of the EFRAG Update, summarising public technical discussions held and decisions taken during that month, has been published. The European Securities & Markets Authority (ESMA) September newsletter has just been issued. Accountancy Europe have released the second blog of their COVID-19 sustainable recovery series.  

Chartered Accountants Ireland Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with an update on Financial Reporting implications of Coronavirus.  We have also updated our page on Other Regulator Updates for both ROI and NI / UK in response to COVID-19.   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.                          

Chartered Accountants Ireland Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with updates on Auditing implications of Coronavirus, Financial Reporting implications of Coronavirus and Information for insolvency practitioners.  We have also updated our page on Other Regulator Updates for both ROI and NI / UK in response to COVID-19.   Europe Accountancy Europe outline 4 steps to a sustainable recovery from Covid-19 in their recent online blog. International The IASB will be holding two repeated live webinars on 17 August 2020 (09:00 and 15:00 (BST)) to discuss the second com­pre­hen­sive review of the IFRS for SMEs Standard. In December 2019, the IASB published the exposure draft of a new standard 'General Pre­sen­ta­tion and Dis­clo­sures' that is intended to replace IAS 1 'Pre­sen­ta­tion of Financial State­ments'. The IASB is in­tro­duc­ing the exposure draft in a series of webinars. The IASB  has updated its work plan, which have been analysed to see what changes have resulted since it was last revised in July 2020. The IFRS Foun­da­tion has announced that due to concerns about the COVID-19 pandemic and the global nature of its or­ga­ni­za­tion, all meetings with advisory and con­sul­ta­tive groups will be held remotely until the end of 2020.