OFFICIAL November 12, 2020 Latest NewsFRC Appoints new member to AASB for 2021 The Financial Reporting Council (FRC) announced the appointment of Carolyn Cordery as a member of the Australian Accounting Standards Board (AASB) for a three year term. The External Reporting Board (XRB) recently announced the appointment of Carolyn as the new Chair of the New Zealand Accounting Standards Board (NZASB) from 1 February 2021. Consistent with Australia and New Zealand continuing to work closely together to facilitate harmonisation of Trans-Tasman standard setting, Carolyn has been appointed to the AASB on a part-time basis commencing from 1 February 2021. Her term will expire on 31 January 2024. Dr Keith Kendall, AASB Chair, noted “We are very much looking forward to Professor Cordery joining the AASB and continuing the close working relationship between the AASB and the NZASB".
Final Report into the Regulation of Auditing in Australia The AASB welcomes the Parliamentary Joint Committee on Corporations and Financial Services final report into the regulation of auditing in Australia, and looks forward to working with other regulators in consideration of the Committee’s recommendations. In particular, the final report acknowledges the AASB and AUASB’s efforts in issuing The Impact of COVID-19 on Going Concern and Related Assessments (May 2020). The considerations in that publication remain relevant as the effects of the pandemic continue to emerge.
Call for views – Sustainability Reporting – Respond by 30 November 2020 Consultation Paper on Sustainability Reporting, issued by the IFRS Foundation in September 2020, is assessing the demand for global sustainability standards and how the IFRS Foundation could play a role in this space. To help inform the AASB’s response to the IFRS Foundation, interested stakeholders are invited to share their views with the Board by 30 November 2020. Stakeholders can share views via email to standard@aasb.gov.au, or via the AASB’s LinkedIn. Join us online this year for the 2020 AASB Virtual Research Forum, featuring IASB Board member Ann Tarca. Proudly supported by UNSW. We are just a few weeks away from our big event, and hope you will join us for what promises to be an intriguing day of presentations about some of the industry's most pressing issues. Register below now. The IASB & AASB are holding a virtual research seminar for academics across the Asia-Oceania region on 16 November 2020, from 11 am-1 pm AEDT. The seminar will provide an overview of the IASB’s Business Combinations –Disclosures, Goodwill and Impairment Discussion Paper and give participants a chance to highlight and discuss the relevant academic literature on these topics. COVID-19 Resources The AASB has created a dedicated web page that houses various internal and external resources as they pertain to COVID-19 and its effects on the financial reporting process. The AASB has noted concerns about the impact of COVID-19 crisis on the operations of entities and has been liaising with other regulators to address any financial reporting requirements concerns in a coordinated way.
International NewsThe IFRS Foundation Trustees The IFRS Foundation Trustees have made available:
International Accounting Standards Board (IASB) The IASB has made available:
International Public Sector Accounting Standards Board (IPSASB)
European Financial Reporting Advisory Group (EFRAG) EFRAG is inviting preparers of financial statements of rate-regulated entities to participate in an early-stage analysis through a survey questionnaire of likely impacts of the possible changes to IFRS requirements. Expressions of interest in participating in this outreach are requested by close of business 18 December 2020.
Financial Reporting Council (FRC - UK) The FRC (UK) supports global standards for non-financial reporting as the long-term vision, and welcomes, alongside UK financial regulators and government departments, the recent consultation issued by the IFRS Foundation Trustees. Over the short to medium term as a step forward, the FRC (UK) encourages UK public interest entities voluntarily to report against the Task Force on Climate-related Financial Disclosures’ (TCFD) 11 recommended disclosures and, with reference to their sector, using the Sustainability Accounting Standards Board (SASB) metrics. |