Financial reporting update: Fitness Check, IFRS 17, and more

Here’s a roundup of recent developments in the financial reporting world.

European Commission Fitness Check

The European Commission published a consultation document, Fitness Check on the EU Framework for Public Reporting by Companies, on 21 March. The document seeks comments on many aspects of corporate reporting requirements. The comment period runs through 21 July, and comments can be made on the commission's website. Hans Hoogervorst, chair of the International Accounting Standards Board, and Michel Prada, chair of the IFRS Foundation trustees, strongly urged constituents to respond.

IFRS 17 update

The European Financial Reporting Advisory Group (EFRAG) is seeking input on IFRS 17 financial reporting changes regarding insurance contracts. EFRAG is seeking the views of specialist users, who mainly follow insurance companies, as well as users who follow a range of companies. Interested persons should contact EFRAG by 11 May. The group will gather input through structured interviews that should take no longer than 30 minutes.

Digital Future expands to AI

The Financial Reporting Council's Financial Reporting Lab is extending the scope of its research into the impact of digital innovation on the profession. The extension will look at how artificial intelligence (AI) is affecting the sector. The lab's Digital Future project was launched in 2016 as an initiative to investigate the impact of technology on corporate reporting communications and the investment community. The lab is seeking participants who have an interest in and expertise in AI. Visit this link for more information.

— David Hackett is technical policy manager at the Association of International Certified Professional Accountants.