Technical issues trending now - March 2021

In this edition

Developments within International Financial Reporting Standards (“IFRS”)

• IASB proposes changes to disclosure requirements to reduce boilerplate information and require companies to apply judgement, with proposals to amend fair value measurement and employee benefit disclosures

Developments within UK Accounting Standards

• FRC begins process to update FRS 102 for 2024 seeking views from all stakeholders

Other Regulatory Developments

• BEIS consultation: Restoring trust in audit and corporate governance – What do the proposals mean for corporate reporting?

Narrative and Front-end Reporting Developments

• FRC provides clear advice for companies to improve transparency and explanations when reporting a departure from the UK Corporate Governance Code
• Proposals announced to require mandatory climate-related financial disclosures for certain PIEs, AIM companies, private companies and LLPs based on size thresholds
• IFRS Foundation announces strategic direction of a new sustainability standards board based on feedback from its 2020 consultation

Mind the GAAP Blog: Latest articles

• BEIS consultation: Restoring trust in audit and corporate governance – Focusing on the proposals for corporate reporting (part 1)