Preparing Future-Ready Professionals

IFRS Foundation: IFRSvirtual2020

David Madon Principal, Public Policy & Regulation, IFAC | September 14, 2020

Covid-19 impacts us all—personally and professionally.  Professional accountants working in business, the public sector, and public practice are changing their business models and finding new ways to thrive. Standard-setters are not immune to change.

Early in the pandemic, the International Accounting Standards Board (IASB) addressed challenges faced by preparers in implementing the new leases Standard, IFRS 16—taking steps to make it easier for lessees to account for covid-19-related rent concessions while still providing useful information about their leases to investors.

The IFRS Foundation Trustees, the IASB, and its consultative bodies have moved to virtual operations and meetings. The Foundation and particularly the technical staff has adapted to how it maintains its engagement with stakeholders, including taking a virtual approach to two hallmarks of the IFRS calendar year—the annual IFRS Foundation conference and the annual World Standard-setters conference.

This year, these two events will take place in a combined virtual format (September 28th-29th) that will provide the information and networking opportunities normally experienced by attending in person.  In addition to keynote remarks from IASB Chair Hans Hoogervorst and presentations from various IASB members, the conference will offer interactive Q&A sessions, panel discussions, and virtual networking opportunities with fellow delegates and speakers.

Day two of the conference will spotlight several ongoing IASB projects—including a preview of proposals forthcoming in the Exposure Draft on Management Commentary, as well as the ongoing review of the IFRS for SMEs Standard.

Some of the specific issues addressed include:

  • Covid-19: Discussions about applying IFRS Standards in light of covid-19
  • Q&A: An interactive Q&A on improving communications in financial reports
  • SME: An overview of the consultation asking whether and how to align the IFRS for SMEs Standard with full IFRS Standards
  • Management Commentary: An introduction to upcoming proposals for revisions to the guidance for companies on writing the management commentary in their annual reports

Technology is key to making this conference happen. A bespoke conference platform has been designed to meet the needs of the delegates. Live presentations, videos, chat functions and more will be available on the day.

More information about the conference can be found here.

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