The summer months typically provide a time for the International Accounting Standards Board (IASB) to reflect on recent projects and tasks yet to be completed. In the first half of 2020 the focus was, of course, on addressing the impacts of Covid-19 and to tackle specific accounting issues regarding the ‘abnormal’ behaviour of the market.

In addition, preparations for the IBOR reforms were plentiful given the effects the caused by the rapid implementation around some accounting mismatch issues, mostly over hedge accounting. The IASB has also been exploring the last clarifications within IFRS 17 Insurance Contracts for insurance instruments as this will be rolled out next year across financial institutions.