May 07, 2019

IFRS Foundation published its annual report and audited financial statements for the year ended December 31, 2018. The report details the performance during the year, along with priorities of IFRS for 2019 and beyond.

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

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