Updates from the 2019 World Standard-Setters Conference

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Over 150 standard-setters from 70 jurisdictions across the globe gathered at the Hilton London Canary Wharf Hotel from 30 September to 1 October 2019, to discuss collaboration in accounting standard-setting and updates on the International Accounting Standards Board’s current projects.

The 2019 World Standard Setters Conference received updates from the IASB on various projects.

It was reported that the IASB had completed the following projects under the Disclosure Initiative in 2019:

1. Amendments to IAS 1 and IAS 8 -Definition of Material;

2. Better Communication Case Studies;

3. Amendments to IAS 1 to remove barriers to application of judgement;

4. Materiality Practice Statement, that provides guidance on making materiality judgements when preparing financial statements;

5. Amendments to IAS 7 to improve disclosure of changes in financial liabilties; and

6. A Research Project on the Principles of Disclosure

The IASB has further proposed to amend IAS 1 Presentation of Financial Statements to require entities to disclose their material accounting policies rather than their significant accounting policies.

In 2020, the IASB will focus among others on the following major projects:

1. Review of the Management Commentary Practice Statement

2. Comprehensive Review of the IFRS for SME Standard

3. Post-Implementation reviews of IFRS 10, 11 and 12

4. Project on Business Combinations under Common Control – in response to the absence of IFRS requirements on reporting by a receiving entity in a business combination under common control.

5. Project on rate-regulated activities

Overall the IASB made significant achievements demonstrating the benefits of a more focused agenda and disciplined research.

Read full speech of the Chair of the International Accounting Standards Board, Hans Hoogervorst at the opening ceremony.

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