International update: November 2019

IASB

The Board’s October 2019 meeting included discussions on ongoing projects related to IBOR reform, Business Combinations under Common Control, and the Management Commentary project. The Board also discussed some implementation matters, and issues on accounting policies and accounting estimates which had all arisen from questions that had been received by the Interpretations Committee. The Board is planning to address them with targeted amendments to particular standards. Yet the length of time that some of these have been under consideration, and the members’ comments about them, show how careful the IASB has to be in making even relatively small changes to specific areas. Introducing a clarification to address one point has the potential to open up an array of issues far beyond the original matter being addressed.