Chair and Vice-Chair of the International Accounting Standards Board (Board) Hans Hoogervorst and Sue Lloyd join technical staff member Matt Tilling in a new podcast to summarise the Board’s latest discussions, and talk through some decisions made during its March meeting.
Hans starts by introducing new appointments to the Board to replace the two members who will soon have completed their two terms. Tadeu Cendon will replace Amaro Gomes in an Americas seat, and Rika Suzuki will replace Takatsugu Ochi in an Asia-Oceania seat. The new Board members take their positions 1 July.
Sue provides an update on the Board’s discussion about classification of liabilities as current or non-current and about guidance on the circumstances in which equity-settlement features affect liabilities. She also talks about the possible narrow-scope amendments to IAS 1 Presentation of Financial Statements the Board is considering.
Two other projects mentioned during the podcast are related to Small and Medium Entities (SMEs). The first is on subsidiaries that are SMEs—the Board is considering lightening their disclosure burden when they apply full IFRS Standards. The second project is the comprehensive review of the IFRS for SMEs Standard. Hans touches upon the Board’s discussions on its scope.
The Discussion Paper on financial instruments with characteristics of equity is also discussed; Sue summarises the stakeholder comments the staff have brought to the Board.
Hans, Sue and Matt also speak about the Board’s discussion on the Primary Financial Statements project and the narrow-scope amendments to IFRS 17 Insurance Contracts.
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