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 September 30, 2020.
In August 2020 the IASB finalized its response to the ongoing reform of inter-bank offered rates (IBOR) and other interest rate benchmarks by issuing a package of amendments to IFRSs. The amendments are aimed at helping companies to provide investors with useful information about the effects of the reform on those companies’ financial statements. The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform.
There are certain new requirements that are effective in 2020. Further information on these is provided in the section Requirements effective in 2020.
Most companies are likely to be impacted by the COVID19 coronavirus pandemic, either directly or indirectly, and the increased economic uncertainty and risk may have significant financial reporting implications. Our COVID-19 financial reporting resource centre provides regularly updated information on potential accounting and disclosure implications for your company, focusing on the financial reporting impacts for 2020 period ends. In addition, our COVID-19 supplement to our Illustrative disclosures illustrates disclosure examples related to accounting issues arising from the COVID-19 coronavirus pandemic. Companies may want to refer to these disclosures in the preparation of their interim and annual disclosures.