IFRS update - February 2021
This series of publications set out the current standards, amendments, and interpretations in issue by the International Accounting Standards Board, effective now and beyond.
The publications include:
- Overviews of the new and amended standards and interpretations in issue
- Summaries of the requirements of each new and amended standard
- Details on post-implementation review (PIRs)
- Summaries of other useful publications for IFRS reporters
What’s new for this month
- New amendments published, including summaries of the requirements:
- IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements: Amendments in relation to the disclosure of accounting policies.
- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Amendments in relation to the definition of accounting estimates.
- Other publications and updates:
- Update of the transitional provisions following the UK’s exit from the EU.
- Post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.
- IFRS Foundation – Guidance to support the application of the IFRS going concern requirements.
- UK adoption and EU endorsement:
- EU endorsement of IFRS 4 Insurance Contracts: Amendments in relation to the temporary exemption from applying IFRS 9.
- UK adoption and EU endorsement of IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases: Amendments arising from the Interest Rate Benchmark Reform – Phase 2.