IFRB-2021-01-31-Dec. 2020 Year End.
12 January 2021
2020 has been a busy year in standard-setting, with numerous standard
setting projects ongoing with the International Accounting Standards
Board (‘IASB’). Despite the fact that no major new standards were
effective in 2020, unlike IFRSs 9, 15 and 16 in 2018/2019, the effects of
COVID-19 on financial reporting has and will require preparers to revisit
how their accounting policies are applied in numerous areas and required
urgent standard-setting by the IASB to amend IFRS 16.This IFR Bulletin
summarises the activities in standard-setting as they
relate to entities that apply IFRS.