IFRS Foundation IFRS Foundation Responding to coronavirus Darrel

IFRS® Foundation IFRS Foundation— Responding to coronavirus Darrel Scott IASB Member The views expressed in this presentation are those of the presenter, not necessarily those of the International Accounting Standards Board or the IFRS Foundation. Copyright © 2019 IFRS Foundation. All rights reserved.

Introduction 2 § The IFRS Foundation shares global concerns about the impact of covid 19 and is monitoring developments guided by statements from public health authorities § The covid-19 pandemic represents an unprecedented global crisis, affecting not only our collective health and well being, but the global economy § We are acting to support you during these difficult times

The covid-19 and the IFRS Foundation’s work 3 The IFRS Foundation has taken the following steps to help stakeholders 1. 2. Supporting consistent application of IFRS Standards in the light of covid-19 uncertainty Reconsidering project timelines The Board’s plan to review the timeline of different standard-setting projects 3. Other responses to covid-19 Steps the IFRS Foundation has taken to tackle operational issues

1. Supporting consistent application 4 Application of IFRS Standards in the light of the covid-19 uncertainty § Enhanced economic uncertainty arising from the covid-19 can raise questions regarding the application of IFRS Standards § As always the IFRS Interpretations Committee is available to support the understanding and consistent application of IFRS Standards Example: IFRS 9 and covid-19 § We recently prepared educational materials highlighting how to consider the pandemic when accounting for expected credit losses under IFRS 9 Financial Instruments § The document is intended to support the consistent application of requirements in IFRS Standards

2. Reconsidering project timelines 5 Despite challenges arising from the covid-19 pandemic, the Board and its technical staff continue to advance time-sensitive projects as usual, such as: § Amendments to IFRS 17 Insurance Contracts; and § IBOR reform and its Effects on Financial Reporting—Phase II. In April, the Board will discuss extensions to standard-setting deadlines to give stakeholders more time to respond to the Board’s work during this difficult time. The Board has postponed to May 2020 the publication of several narrowscope amendments to IFRS Standards originally planned for March and April 2020. This will facilitate more efficient post-publication procedures by our stakeholders.

3. Other responses to covid-19 Technology Use of technology to: § support remote working; § continue commitment to transparency and due process – meetings still observable publicly § continue to communicate with our stakeholders Being contactable Board members and staff are working from home and can be reached via email or phone as usual § Calls to the switchboard (+44 (0)20 72466410) is passed on to the relevant staff members 6 Workforce Protection The IFRS Foundation values safety and well being of its staff. § It decided to close its London office and all staff are to work from home from 16 March 2020

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