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 March 31, 2020.
Actions taken in response to the spread of COVID-19 pandemic have resulted in significant disruption to business operations and a significant increase in economic uncertainty, as well as more volatile asset prices and currency exchange rates. These events and conditions may impact financial reporting. To help you better understand the potentially significant accounting and disclosure implications of COVID-19 pandemic, we've set up a COVID-19 financial reporting resource centre. This portal delivers regularly updated information on the rapidly changing situation and focuses on the financial reporting impacts for 2020 period ends. In addition, the International Accounting Standards Board (IASB) published educational materials on the application of IFRS 9 Financial Instruments and educational materials on the application of IFRS 16 Leases to support consistent and robust application of the standards during this period of enhanced economic uncertainty arising from the COVID-19 pandemic (for more details refer to IASB's website).
In this quarter, the IASB proposed additional reliefs as part of Phase 2 discussions of financial reporting implication of interbank offer rate (IBOR) reforms. Subsequently, an exposure draft is published in April 2020.
The IASB completed discussions on the proposed amendments to IFRS 17 Insurance Contracts to address some of the stakeholder concerns and implementation challenges. It refined some of the proposed amendments, confirmed additional amendments and also proposed deferring the effective date of IFRS 17 to January 1, 2023. The IASB now expects to issue the amendments in mid-2020.
To promote consistency in application and clarify the requirements on determining if a liability is current or non-current, the IASB also issued amendments to IAS 1 Presentation of Financial Statements.
New requirements are effective in 2020. Further information on these is provided in the section 'Requirements effective in 2020'.