The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The FASB intends the amendments to Topic 842, Leases, to reduce a lessor’s implementation and ongoing costs associated with applying the new leases standard. In addition, ASU 2018-20 also clarifies a specific lessor accounting requirement.
The Trustees of the IFRS Foundation have amended the IFRS Foundation’s Constitution. The narrow-scope amendments modify the appointment terms for the Trustee Chair and Vice-Chairs and make other changes. The amended Constitution is effective from 1 December 2018.
The IFRS Foundation has published the draft, IFRS Taxonomy 2018—Proposed Update 2: General Improvements. The objective of the proposed improvements is to improve the quality of tagged data and to make the IFRS Taxonomy easier to navigate and use. Comments are due by 4 February 2019.
The International Accounting Education Standards Board (IAESB) has released the Exposure Draft, Proposed Revisions to IESs 2, 3, 4, and 8—Information and Communications Technologies and Professional Skepticism. The Exposure Draft proposes changes to the International Education Standards (IESs) on initial and continuing professional development that address information and communications technologies and professional scepticism skills. Comments are due by 4 March 2019.
The US Securities and Exchange Commission (SEC) has adopted the final rule and technical amendments, Covered Investment Fund Research Reports. The SEC adopted these changes in respond to the mandate of the Fair Access to Investment Research Act of 2017 (FAIR Act).
Businesses and their advisors expressed consternation about Poland’s MDR law in conversations with International Tax Review. Companies say the vagueness of the regulations will probably lead them to significantly over-reporting in order to avoid being caught up in audits and handed hefty fines. Advisors, meanwhile, see a possible unconstitutional threat to the professional secrecy that is the basis of their industry. They further warn that the rules could lead to a form of 'advisor shopping’ by taxpayers across the EU as they seek out countries introducing lighter reporting requirements.