Article updated 26 March 2021
The IFRS Foundation shares global concerns about the impact of the coronavirus (covid-19) pandemic and is monitoring developments guided by statements from public health authorities. We recognise that this is a difficult time for our stakeholders.
We are supporting our stakeholders by:
Reconsidering timelines
Despite the challenges arising from the coronavirus pandemic, the International Accounting Standards Board (Board) and its technical staff completed time-sensitive projects, such as the projects on IBOR reform and amendments to IFRS 17 Insurance Contracts, in accordance with the original project plans.
We also recognise the importance of giving our stakeholders enough time to respond effectively to our work.
On 27 March 2020, the decision was taken to postpone to May 2020 the publication of several narrow-scope amendments to IFRS Standards originally planned for March and April 2020. This consolidation of publications is intended to facilitate more efficient post-publication procedures by our stakeholders.
On 17 April 2020, the Board decided to extend the comment deadline for several ongoing consultations and to delay the publication of other planned consultation documents.
On 15 July 2020, the Board issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements.
In October 2020, following feedback from stakeholders, the Board decided to provide a longer than usual comment period on the consultation on Business Combinations under Common Control.
In March 2021, in response to comments from stakeholders about their capacity to provide consultation comments in the current climate, the Board decided to extend to 180 days the comment period for Exposure Draft Regulatory Assets and Regulatory Liabilities and to make the comment period for Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach 210 days and the forthcoming Request for Information Third Agenda Consultation 180 days.
Access the Board's updated work plan here.
Supporting application
We continue to support application of IFRS Standards during this period of enhanced economic uncertainty arising from the covid-19 pandemic.
On 27 March 2020, we published educational material on the application of IFRS 9 Financial Instruments.
On 10 April 2020, we published educational material on the application of IFRS 16 Leases.
On 28 May 2020, the Board issued an amendment to IFRS 16 Leases to make it easier for lessees to account for covid-19-related rent concessions while still providing useful information about their leases to investors. On 11 February 2021, the Board proposed to extend by one year the application period of the amendment.
On 28 October 2020, we published an article by Board Member Mary Tokar and Technical Staff Member Sid Kumar, who give an overview of covid-19-associated financial reporting considerations for preparers, auditors, investors and regulators.
On 13 January 2021, we published educational material on going concern.
Ongoing calendar updates
We have replaced regular meetings with virtual meetings where possible. Digital access to public meetings is provided as usual for those who wish to participate in or observe meetings remotely, and we encourage people to use this facility.
All meetings with advisory and consultative groups will be held remotely until further notice. Individual meeting information can be accessed through the meeting calendar.
