Technical insights trending now - February 2021

Our summary of the accounting, financial and narrative reporting technical issues trending in 2021 to ensure you keep up-to-date with the most significant issues that may affect your business.

In this edition

Developments within International Financial Reporting Standards (IFRS)

Amendments to IAS 1 require material accounting policy information to be disclosed and immaterial accounting policy disclosures to be removed
Amendments to IAS 8 set out a new definition of accounting estimates and clarify the distinction between accounting policies
Amendments to IFRS 9 et al in relation to the IBOR reform (Phase 2) and amendments to IFRS 4 adopted in the UK
Informative guidance published to support the application of the IFRS going concern requirements
Proposals announced to extend the relief for Covid-19-related rent concessions for lessees
Proposals set out to bring regulatory assets and liabilities on balance sheet to align timing for revenue recognition

Developments within UK Accounting Standards

Amendments to FRS 102 provide temporary relief from hedging and modification accounting requirements where changes are made due to the IBOR reform (Phase 2)
Amendments to all UK accounting standards that update legal requirements from the UK’s EU exit

Other Regulatory Developments

UK’s ESEF timetable update – Mandatory requirements delayed until 1 January 2021 for listed companies
Extended deadlines for publishing and filing financial information continues to apply for all companies
FRC sets out focus areas and priority sectors for 2021/22
FRC releases basis of preparation guidance for IFRS financial statements

Narrative and Front-end Reporting Developments

TCFD reporting becomes mandatory for UK premium listed companies
Corporate governance reporting for large private companies – Insight into the Wates Principles
IFRS Foundation confirms there is urgent and growing demand for global sustainability standards

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