Accounting standards

• UK’s FRC sets out guidance on viability, going concern disclosures

  The global pandemic and the accompanying economic events have made viability and going concern a prominent issue for companies and investors alike.

• IASB seeks views on standard for ‘subsidiaries without public accountability’

  The IASB set out for consultation a new standard that would allow eligible subsidiaries to apply IFRS with a reduced set of disclosure requirements.

• IASB clarifies accounting for deferred tax in IAS 12, Income Taxes

  The board’s amendment removes the uncertainty on whether the exemption from recognising deferred tax applies to leases and decommissioning obligations.

• What you need to know about EU’s proposed sustainability reporting rules

  The proposal extends the scope of sustainability disclosures to more entities and provides greater detail on the information that should be included in sustainability reports.

• IASB consults on new approach to standards’ disclosure requirements

  The board tested the approach with IFRS 13, Fair Value Measurement, and IAS 19, Employee Benefits.

• FRC issues advice to improve companies’ ‘comply or explain’ reporting

  The UK’s Financial Reporting Council issued advice for companies on how to report transparently and effectively when departing from parts of the UK Corporate Governance Code.

• IASB seeks views on lease accounting amendment, M&A reporting

  The board proposed an amendment to specify sale and leaseback measurement and is consulting on reporting requirements for same-group M&A deals.

• UK issues equivalence decisions and sets out green finance measures

  The UK government issued a set of equivalence decisions across several financial services areas for firms from EU and European Economic Area states and set out finance initiatives for greening the economy.

• UK regulator urges improved company reporting on revenue and leases

  The FRC has called for clearer and more detailed reporting under IFRS 15 and IFRS 16 ahead of the next financial statements reporting cycle.

• Consistency sought in sustainability, corporate reporting through global effort

  IFAC called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.

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