• Register
Return to: Home > Comments > IFRS Standards: the Year Ahead

IFRS Standards: the Year Ahead

2018 was another eventful year for the IFRS Foundation and the International Accounting Standards Board. We completed a major project on the Conceptual Framework in Financial Reporting, and made good progress on several other projects which will be our focus in the year ahead.

First, we will continue supporting implementation of IFRS 17, the new insurance contracts standard, by speaking at and organising events and producing educational materials that can be accessed on our website. Stakeholders will be allowed further time to submit additional implementation questions to the Transition Resource Group for IFRS 17, which was set up in 2017 and comprises experts directly involved in implementing the Standard.

Having carefully listened to our stakeholders and to feedback, the IASB proposed in November 2018 a oneyear deferral of the effective date for IFRS 17 from 2021 to 2022. The discussions will continue this year, and we are now looking at whether to make any minor changes to the standard. The proposed deferral and any other further potential clarifications will be consulted publicly before the IASB makes any changes.

This year, we will continue working on improvements to the effectiveness of financial statements as part of the Better Communication in Financial Reporting initiative: our Primary Financial Statements project and the Disclosure Initiative
are on the IASB agenda for 2019, as is the topic of broader financial reporting. We will work on updating the 2010 IFRS Practice Statement 1 Management Commentary. To support this work, we established the Management Commentary Consultative Group in 2018. Its aim is to provide the IASB with practical experience and expertise in developing, implementing and using management commentary regimes, and advise us as we develop proposals for updating the practice statement.

We are also looking into goodwill and impairment. As a consequence of adopting IFRS 3 Business Combinations in 2004, the amortisation of goodwill was abolished in favour of the impairment-only approach. During the July 2018 meeting however, the IASB decided to include a comprehensive analysis of the accounting for goodwill in our upcoming discussion paper. The document will include a discussion on the possible improvements in disclosures and the possible reintroduction of amortisation. We will have many further discussions about goodwill this year.

In addition, there are a few smaller projects on the IASB agenda for this year, about which you can find out more on our website under the IASB Work Plan. Stakeholders will have many opportunities to share their views on our work in the year ahead. I encourage you to take those opportunities to help us create the highest-quality standards we can.

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.