20 December 2020
2020 has been a busyyear 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 IFRSs9, 15 and 16 in 2018/2019, the effects of COVID-19 on financial reporting haveand 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. It also includes summaries of standards that have been issued, but are not yet effective. Entities must prepare for the implementation of these new standards and amendments and prepare disclosures of these future changes and known or reasonably estimable information about how the financial statements will be affected in the period of initial application (IAS 8.30). This IFR Bulletin alsocontains summaries of recent publications and resources issued by BDO, which may assist entities in preparing their financial statements in accordance with IFRS.