IFRS Newsletter No. 02 – 2020

Consultations will continue in 2020, with many projects listed in the IASB’s work plan.
The full economic and accounting repercussions of the crisis linked to the COVID-19 outbreak are not yet known, but meanwhile, the IBOR Reform of benchmark rates will soon come into effect.
While the crisis is absorbing a good deal of energy, the IASB has so far made only minor adjustments to its calendar and work plan.

SUMMARY

  • IFRS Highlights
    • Amendments to IAS 1 on classification of liabilities as current or non-current
    • IASB publishes 2020 consultation schedule
    • IPTF publishes document for discussion on hyperinflationary economies
    • IBOR Reform - Phase 2: summary of ongoing IASB discussions
    • The IFRIC clarifies the treatment of training costs incurred to fulfil a contract with a customer
    • Discussion paper on goodwill and impairment
  • A Closer Look
    • Exposure Draft on presentation of financial statements: a detailed look at three major proposals
    • The IASB’s redeliberations on upcoming amendments to IFRS 17 are complete
  • Upcoming Meetings of the IASB and the IFRS Interpretations Committee

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