IFRS Foundation Publishes Annual Report for 2018

The report details the key priorities for 2019, including the following:

• To publish an exposure draft on proposed amendments to IFRS 17 on insurance contracts and continue supporting implementation of IFRS 17 
• To issue amendments to IFRS 9 on financial instruments and IAS 39 on recognition and measurement of financial instruments in response to IBOR reform
• To commence outreach on the core model in the dynamic risk management project
• To use online and other platforms to deliver educational materials on IFRS standards and the IFRS taxonomy
• To maintain an effective IFRS Interpretations Committee

The key achievements in 2018 include the following:

• Issued the revised conceptual framework for financial reporting
• Made progress on the better communication in financial reporting projects—Primary Financial Statements, Disclosure Initiative, and the IFRS Taxonomy
• Added a project on interbank offered rate (IBOR) reform to the work plan
• Published an update to the IFRS taxonomy on IFRS 17 on insurance contracts
• Published an updated guide for preparers on using the IFRS taxonomy

Keywords: International, Accounting, Banking, Insurance, IFRS 9, IFRS 17, Annual Report, IBOR, IFRS Taxonomy, Insurance Contracts, Financial Instruments, IASB, IFRS