In this episode of the quarterly IFRIC podcast, IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joins Technical Staff Member Patrina Buchanan to talk about activities to support the consistent application of IFRS Standards during the third quarter of 2021. Topics include non-refundable VAT on lease payments (01:25); accounting for warrants that are financial liabilities on initial recognition (06:45); demand deposits with restrictions on use (08:38); and cash received via electronic transfer as settlement for a financial asset (13:50).

International Accounting Standards Board: Developments in IFRS Standards

Interpretations Committee podcast October 2021

International Accounting Standards Board Chair Andreas Barckow joins Vice-Chair Sue Lloyd to discuss highlights from the IASB meeting held in September 2021. Projects discussed during the meeting include Extractive Activities, Financial Instruments with Characteristics of Equity, Dynamic Risk Management, Primary Financial Statements and Goodwill and Impairment. Andreas and Sue also touch on the recent World Standard-setters Conference and the IFRS Foundation Trustees’ work on a proposed International Sustainability Standard Board to operate alongside the IASB.

IASB podcast September 2021

New International Accounting Standards Board Chair Andreas Barckow joins Vice-Chair Sue Lloyd to discuss highlights from the meeting held in July 2021 including decisions taken regarding changes to the Board’s preliminary views in the Primary Financial Statements project, ongoing re-deliberations relating to Goodwill and Impairment, and updates on the post-implementation reviews of IFRS 9 Financial Instruments and IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.

IASB podcast July 2021

In this episode of the quarterly IFRS Interpretations Committee podcast, Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joins Technical Staff Member Patrina Buchanan to talk about activities to support the consistent application of IFRS Standards during the second quarter of 2021. Topics include Configuration or Customisation Costs in a Cloud Computing Arrangement (01:03); Costs Necessary to Sell Inventories (10:17); other finalised agenda decisions (12:50); Economic Benefits from Use of a Windfarm (16:26); TLTRO III Transactions (19:24); Supplier Finance Arrangements (26:00); and Classification of Debt with Covenants as Current or Non-current (29:47).

Interpretations Committee podcast July 2021

International Accounting Standards Board Chair Hans Hoogervorst and Vice-Chair Sue Lloyd discuss highlights from the meeting held in June: decisions taken regarding scope in the Primary Financial Statements and Goodwill and Impairments projects, and the addition of narrow-scope amendment projects to the Board’s workplan (including one relating to the initial application of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments). It is also the last episode with Hans, who steps down as Chair on 30 June 2021. He shares some reflections on his 10 years at the helm.

IASB podcast June 2021

International Accounting Standards Board Chair Hans Hoogervorst and Vice-Chair Sue Lloyd discuss highlights from the meeting held in May: decisions taken in the Primary Financial Statements, the Second Comprehensive Review of the IFRS for SMEs Standard and Financial Instruments with Characteristics of Equity projects; discussions on feedback received on the Board’s Goodwill and Impairment and Lease Liability projects; updates on the Dynamic Risk Management project; and a new question that has arisen on IFRS 17 Insurance Contracts.

IASB podcast May 2021

International Accounting Standards Board Chair Hans Hoogervorst and Vice-Chair Sue Lloyd discuss highlights from the meeting held virtually on 27 and 28 April 2021, including updates from the Financial Instruments with Characteristics of Equity, Goodwill and Impairment, Primary Financial Statements and Dynamic Risk Management projects.

IASB podcast April 2021

In the first episode of 2021, IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joins Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the first quarter of 2021. They discuss topics from the February and March 2021 Interpretations Committee meetings, which include the definition of net realisable value in IAS 2 and sale of a subsidiary with a leaseback. They also reflect on the narrow-scope amendments issued in the quarter, including the amendments relating to accounting policies and accounting estimates and rent concessions.

Interpretations Committee podcast April 2021

International Accounting Standards Board Chair Hans Hoogervorst and Vice-Chair Sue Lloyd discuss highlights from two sessions held in March 2021: the supplementary Board meeting on IFRS 16 Leases and covid-19-related rent concessions as well as the regular monthly Board meeting. They talk about supporting stakeholders’ engagement with the Board’s consultations by having longer comment periods than usual; stakeholder feedback on the Goodwill and Impairment project; decisions taken in the Primary Financial Statements project; and developments in the Equity Method research project.

IASB podcast March 2021

International Accounting Standards Board Chair Hans Hoogervorst and Vice-Chair Sue Lloyd discuss highlights from two sessions held in February 2021: the supplementary Board meeting on IFRS 16 Leases and covid-19-related rent concessions as well as the regular monthly Board meeting. They talk about developments in the Financial Instruments with Characteristics of Equity and the Extractive Activities projects, among others.

IASB podcast February 2021

International Accounting Standards Board Vice-Chair Sue Lloyd talks about projects discussed at the January 2021 meeting as well as other relevant news and developments. Topics include: feedback received on our consultation paper Exposure Draft General Presentation and Disclosures; decisions made in the Disclosure Initiative—Subsidiaries that are SMEs project; an overview of the Board’s current work plan; the recently published Exposure Draft Regulatory Assets and Regulatory Liabilities; and the upcoming consultation on Disclosure Initiative—Targeted Standards-level Review of Disclosures.

IASB podcast January 2021

IFRS Interpretations Committee Chair and Vice-Chair of the Board Sue Lloyd joins Technical Staff Member Patrina Buchanan to talk about Board and Committee activities to support consistent application during the final quarter of 2020. They reflect on topics discussed at the Interpretations Committee meeting in December 2020 as well as the recently published educational materials on climate-related matters; topics covered include reverse factoring arrangements, classification of debt as current or non-current, cloud computing arrangements, defined benefit plans and inflation cash flow hedge accounting.

Interpretations Committee podcast December 2020

IASB Chair Hans Hoogervorst and IASB Vice-Chair Sue Lloyd talk about the Board’s discussions on the recent consultations on Primary Financial Statements and the IFRS for SMEs Standard. They also focus on the approval of agenda decision Supply Chain Financing Arrangements—Reverse Factoring, updates on the Subsidiaries that are SMEs and Financial Instruments with Characteristics of Equity projects and plans for the Post-implementation Review of the classification and measurement requirements in IFRS 9.

IASB podcast December 2020

In the November 2020 episode of our monthly IASB podcast, Hans Hoogervorst and Sue Lloyd, Chair and Vice-Chair of the International Accounting Standards Board, talk about the IASB’s annual joint education session with the US standard-setter FASB, current Post-implementation Review projects, Management Commentary and Subsidiaries that are SMEs.

IASB podcast November 2020

The International Accounting Standards Board (Board) develops IFRS Standards, required in more than 140 jurisdictions. This podcast is for interested parties to keep up to date on the work of the Board and developments in financial reporting.

hubhopper

International Accounting Standards Board: Developments in IF...

hubhopper