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Online discussion with the FRC on IFRS developments on Tuesday 5th May 15:30 -17:00

The Financial Reporting Council invites UKSA and ShareSoc members to attend an online discussion on the Endorsement Board on Tuesday 5thMay 15:30 -17:00 on Microsoft Teams.

The UK Government is committed to the continued use of IFRS after EU exit to ensure transparency and international comparability of financial statements, and the efficient allocation of capital, including the smooth functioning of capital markets in the United Kingdom.  This event will provide an update for investors on the endorsement of IFRS for use in the UK and include:

  1. An overview of the context and requirements for UK endorsement of IFRS, including an update on the establishment of the UK Endorsement Board
  2. An overview of the main current IFRS influencing and endorsement projects
  3. A focus on the IASB’s General Presentation and Disclosure Exposure Draft (Primary Financial statements – ‘PFS’). Designed to reduce inconsistencies in entities’ reporting, the proposals introduce new presentation requirements for the statement of financial performance, and more transparency in reporting management-defined performance measures. The presentation will provide:
    • An overview of the IASB’s key proposals;
    • An outline of the primary questions to be addressed; and
    • Information on how investors can engage with the project
  4. An update on recent proposed amendments to IFRS 16 Leases. On 24 April 2020, the IASB published Covid-19-Related Rent Concessions – Proposed Amendment to IFRS 16.  The comment deadline is 8 May 2020.  The exposure draft proposes amendments to the leases standard, IFRS 16, to provide practical relief to lessees in accounting for rent concessions arising as a direct result of the Covid-19 pandemic.
  5. Further information on how investors can get involved in endorsement project outreach.

To register to attend, just send an email to l.smith@frc.org.uk and Lydia Smith at the FRC will then send you the calendar invite for this Microsoft Teams online discussion.

Cliff Weight, Director, ShareSoc

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