Technical issues trending now - April 2021

In this edition

Developments within International Financial Reporting Standards (IFRS)

• IASB issues amendments to extend the relief period for lessees accounting for Covid-19-related rent concessions
• IASB proposes amendments when accounting for foreign currency transactions where there is no observable exchange rate
• Proposals set out to bring regulatory assets and liabilities on balance sheet to align timing for revenue recognition – comment period extended to 30 July 2021
• Primary Financial Statements project – Redeliberations begin on the exposure draft: General Presentation and Disclosures that propose substantial changes to reporting financial performance

Developments within UK Accounting Standards

• FRC proposes to extend application period for accounting for Covid-19-related rent concessions

Other Regulatory Developments

• FRC implements new approach to make corporate reporting reviews publicly available

Narrative and Front-end Reporting Developments

• Sustainability reporting – IFRS Foundation announces working group to accelerate convergence in global sustainability reporting standards

Mind the GAAP Blog: Latest articles

• Primary Financial Statements project – Redeliberations begin by the IASB on the exposure draft: General Presentation and Disclosures that propose substantial changes to reporting financial performance
• IFRS 16 Leases - Amendment to extend the relief period for lessees accounting for Covid-19-related rent concessions