Technical insights trending now - February 2021
Technical insights trending now - February 2021
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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