IFRS update - February 2021

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.