IASB Releases List of Planned Consultations for 2020
IASB released a list of planned discussion papers, exposure drafts, and requests for information to be published in 2020. IASB highlighted that stakeholders will be invited to provide comments on more narrow-scoped proposed amendments, proposed updates to the IFRS Taxonomy, and the IFRS Interpretations Committee’s tentative agenda decisions.
The planned consultations for 2020 include the following:
- Exposure draft on phase 2 of reform of interest rate benchmarks (IBOR reform), along with its effects on financial reporting, is to be published in second quarter of 2020. IASB is assessing the potential financial reporting implications when an existing interest rate benchmark is replaced with an alternative interest rate.
- Request for information on comprehensive review of IFRS for SMEs Standard has been published in January 2020. The objective of the request for information is to seek views on whether and how aligning the IFRS for SMEs Standard with full IFRS standards could better serve users of financial statements that are prepared applying the IFRS for SMEs Standard, without causing undue cost and effort.
- Request for information on post-implementation review of IFRS 10, IFRS 11, and IFRS 12 is planned to be published in second quarter of 2020. IFRS 10 provides a single consolidation model that identifies control as the basis for consolidation for all types of entities. IFRS 11 establishes a principle-based approach for the accounting for joint arrangements, in which the parties recognize their rights and obligations arising from the arrangements. IFRS 12 combines, enhances and replaces the disclosure requirements for subsidiaries, joint arrangements, associates and unconsolidated structured entities.
- IASB has planned to publish a request for information on 2020 Agenda Consultation in second half of 2020. IASB is required to undertake a public consultation on its work plan every five years. The primary objective of agenda consultation is to seek formal public input on the strategic direction and balance of the IASB's work plan.
Keywords: International, Banking, Securities, IBOR, Interest Rate Benchmarks, Reporting, IFRS for SMEs, Work Plan, Post-Implementation Review, Disclosure, IFRS, IASB
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