Each quarter, we provide a summary of newly effective and forthcoming standards as well as other accounting and financial reporting developments. This edition covers current developments as of December 31, 2019.
As the working groups continue their efforts on implementing the unprecedented interbank offer rate (IBOR) reforms in various jurisdictions, the standard setters are working on the accounting requirements to better reflect the economics of the reforms and reduce the operational burden for financial statement preparers. After completing the work on Phase 1, this quarter the International Accounting Standards Board (IASB) discussed modifications and hedge accounting as part of Phase 2.
Issues continue to emerge as the implementation by insurers of the new insurance standard IFRS 17 Insurance Contracts progresses. During this quarter, the IASB confirmed some of the proposed amendments to IFRS 17 and commenced redeliberations on certain topics pursuant to feedback on the exposure draft Amendments to IFRS 17.
On a broader matter, in response to concerns from investors about the comparability and transparency of companies' performance reporting, the IASB published exposure draft General Presentation and Disclosures that proposes significant changes to the presentation of the financial statements, particularly the income statement.
IASB also discussed its project plans for the Financial Instruments with Characteristics of Equity (FICE) and the Dynamic Risk Management projects.
A number of new requirements are effective in 2019. Further information on these is provided in the section 'Requirements effective in 2019'.