Each quarter, we provide a summary of newly effective and forthcoming standards as well as other significant accounting and financial reporting developments. This edition covers current developments in the quarter ended on June 30, 2021.
In this quarter, the IASB discussed a proposed narrow-scope amendment to IFRS 17 Insurance Contracts to address one-time classification differences that may arise in the comparative information that insurance entities present on initial application of IFRS 17 and IFRS 9 Financial Instruments. The IASB tentatively decided to propose a narrow-scope amendment to IFRS 17. The IASB expects to publish an exposure draft in July 2021 with a 60-day comment period.
The IASB tentatively decided to revisit the amendments made to IAS 1 Presentation of Financial Statements1 in response to new information provided by respondents to the tentative agenda decision Classification of Debt with Covenants as Current or Non-current, which had been published by the IFRS Interpretation Committee (IFRIC) in December 2020. The IASB expects to publish an exposure draft in the fourth quarter of 2021.
The IASB published an exposure draft Disclosure Requirements in IFRS Standards – A Pilot Approach, which sets out a proposed new approach to developing and drafting disclosure requirements in IFRS Standards as well as new disclosure requirements for IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits.
A number of new requirements are effective from January 1, 2021. Further information on these new requirements is provided in the section ‘Requirements effective in 2021’.
Most companies are likely to continue to be impacted by the COVID-19 coronavirus pandemic. Our Covid-19 financial reporting resource centre provides regularly updated information on potential accounting and disclosure implications for your company. Our latest IFRS Today podcast offers clear and concise points to consider on reflecting the impact of COVID-19 in year-end financial statements. In addition, our COVID-19 supplement to our Illustrative disclosures and Illustrative disclosures for banks illustrate disclosure examples related to accounting issues arising from the COVID-19 coronavirus pandemic.