The IASB has published proposed narrow-scope amendments to IFRS accounting standards and accompanying guidance as part of its periodic maintenance, a news release said. The proposed improvements are packaged together in one document.
According to the release, it includes clarifications, simplifications, corrections, or changes to improve consistency in:
- IFRS 1, First-time Adoption of International Financial Reporting Standards;
- IFRS 7, Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
- IFRS 9, Financial Instruments;
- IFRS 10, Consolidated Financial Statements; and
- IAS 7, Statement of Cash Flows.
“In accordance with the IASB’s due process … proposed amendments to accounting standards that are sufficiently minor or narrow in scope can be packaged together and exposed in one document, even though the amendments are unrelated,” the board said in the exposure draft publication.
The comment deadline is 11 December. The IASB will consider the comments it receives on the proposals in this exposure draft and will decide whether to proceed with the proposed amendments, the draft publication continued.
Comments can be submitted online or through email to commentletters@ifrs.org.
IOSCO issues decentralised finance recommendations
The International Organization of Securities Commissions (IOSCO) has proposed nine policy recommendations to address market integrity and investor protection concerns arising from decentralised finance (DeFi) for comment, a news release said.
According to the release, the recommendations cover six areas:
- Understanding DeFi arrangements and structures;
- Achieving common standards of regulatory outcomes;
- Identification and management of key risks;
- Clear, accurate, and comprehensive disclosures;
- Enforcement of applicable laws; and
- Cross-border cooperation.
IOSCO also released a report on the policy recommendations to assist global regulators in applying IOSCO’s Objectives and Principles for Securities Regulation and relevant supporting IOSCO standards, recommendations, and good practices, the report said.
“By supporting greater consistency of regulatory frameworks and oversight across member jurisdictions, the DeFi recommendations complement the Crypto and Digital Assets Recommendations published in May …,” IOSCO Board Chair Jean-Paul Servais said in the release. “Once finalised, the two sets of recommendations will provide a first clear, interoperable, and globally consistent policy framework for crypto and digital assets, including DeFi.”
The comment deadline is 19 October.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.