Technical insights trending now - May 2021

In this edition

Developments within International Financial Reporting Standards (IFRS)

• IASB amends IAS 12 to require deferred tax to be recognised on lease arrangements and decommissioning obligations
• IASB consults on its agenda to 2026 asking clear questions about priorities for future activities
• IFRS Interpretations Committee agenda decision on how to account for configuration or customisation costs in a cloud computing arrangement
• IFRS Foundation publishes fourth volume of handy compilation of agenda decisions covering reverse factoring and cloud computing arrangements

Other Regulatory Developments

• Interim reporting – FRC publishes review showing high quality disclosures required for investors for 2021 interim reporting

Narrative and Front-end Reporting Developments

• Sustainability reporting – A step forward on the creation of a new International Sustainability Standards Board
• Corporate Governance Code 2018 – Findings show improved remuneration reporting to help meet investors’ expectations but improvements can still be made
• Non-financial information statement – Amendments to company legislation result in a change of scope for companies required to publish a non-financial information statement
• European reporting – EU proposals for a Corporate Sustainability Reporting Directive to expand the existing requirements on social and environmental reporting

Mind the GAAP Blog: Latest articles

• IASB consults on its agenda to 2026 asking clear questions about priorities for future activities
• Reverse factoring – Guidance on the applicable requirements under IFRS (updated)
• Hot Topic publication – Interim reporting: What does good look like? - Key highlights checklist from the FRC’s thematic review