Accounting and reporting

• 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 foreign exchange accounting rules

  The board’s proposed amendments aim to help companies determine the accounting rules to use when a currency isn’t exchangeable into another currency.

• IASB extends COVID-19 lease accounting relief

  The board’s one-year extension covers rent concessions that reduce lease payments due 30 June 2022 or earlier.

• UK's FRC shifts towards greater corporate review transparency

  The Financial Reporting Council has published summaries of its corporate reporting reviews with companies’ consent.

• 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.

• Preparations continue for international sustainability reporting board

  In anticipation of a possible September announcement of a new international sustainability reporting standards board, the IFRS Foundation trustees announced the formation of a new working group to undertake technical preparations and accelerate convergence.

• International sustainability reporting standards board comes into focus

  By the fall, the IFRS Foundation trustees plan to issue a proposal for a board that would set international global sustainability reporting standards. The trustees’ plans for that board are becoming clearer.

• 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.

• Automation to drive big shifts in corporate reporting

  A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.

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