Accounting standards

• IASB postpones new liabilities guidance effective date by one year

  The effective date of the International Accounting Standards Board’s new accounting guidance on classification of liabilities has been delayed by one year.

• Standards board proposes IAS 1 and IFRS 16 changes

  The IASB is proposing to delay the effective date of an amendment to IAS 1 and is consulting on a proposed amendment to IFRS 16 to make it easier for lessees to account for COVID-19-related rent concessions.

• IASB proposes broad changes focused on financial performance

  Proposals issued by the International Accounting Standards Board would require information in financial statements to be focused more on financial performance.

• IASB, GASB address interbank-offered rate phaseout

  The IASB and GASB acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.

• Lessons from lease accounting implementation

  Embedded leases, data extraction, and staff training all pose challenges with the IFRS 16 deadline approaching.

• IASB clarifies definition of ‘material’

  In an effort to make it easier for companies to make materiality judgements, the International Accounting Standards Board (IASB) issued a clarified definition of “material”.

• Why lease accounting laggards face serious risks

  Here’s what organisations need to consider as they implement the new Financial Accounting Standards Board rules—and why it’s smart to start that work promptly.

• FASB issues proposal for consolidation of VIEs

  The US Financial Accounting Standards Board proposed an Accounting Standard Update (ASU) designed to simplify and improve financial reporting associated with consolidation of variable-interest entities (VIEs).

• New IASB standard aims for consistent accounting for insurers

  The International Accounting Standards Board (IASB) issued a standard for insurance contracts to help investors and others better understand insurers’ risks exposure, profitability, and financial position.

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