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The #1 website for global accounting news
  • ITCG (IFRS Taxonomy Consultative Group) (mid blue) Image
  • New guide to IFRS Taxonomy common practice content

    25 Aug 2016

    The IFRS Taxonomy contains some content that reflects new common practice regarding disclosures entities commonly provide in practice when applying IFRSs. These disclosures are not explicitly referred to in the standards or the accompanying materials.

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    Islamic accounting (dk gray) Image
  • New Chair and Vice-Chair for the IASB's Islamic Finance Consultative Group

    25 Aug 2016

    The IASB has updated its website detailing the work of its Islamic Finance Consultative Group. As a result of the agenda consultation 2011, the IASB noted Islamic accounting as one of the possible issues for its agenda post 2011 and created a consultative group for Sharia'a-compliant instruments and transactions, which has now been renamed.

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  • Hans Hoogervorst discusses the IASB's future strategy at African conference

    24 Aug 2016

    At the Joint IFRS Foundation, PAFA, and ICPAK Conference in Nairobi, Kenya, IASB Chairman Hans Hoogervorst gave a speech titled ‘Latest developments and future focus'. He discussed (1) how Africa can use IFRS to achieve economic progress and (2) the IASB's new 'better communication' initiative.

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  • Saudi companies need to reveal IFRS progress

    22 Aug 2016

    Listed entities in Saudi Arabia will have to report under IFRSs as adopted by the Saudi Organization for Certified Public Accountants (SOCPA) as off 1 January 2017. The Saudi Capital Market Authority (CMA) now requires disclosures regarding the entities' progress on adoption. The resolution could be seen as the result of lessons learned from IFRS transition in other jurisdictions that did not have such an overview over public entities’ IFRS readiness (for example in the European Union or Korea).

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  • New member of the IFRS Foundation Monitoring Board

    19 Aug 2016

    The IFRS Foundation Monitoring Board (MB), responsible for the oversight of the IFRS Foundation, has published a press release announcing that the Ministry of Finance of the People’s Republic of China (China MOF) is now a member of the Monitoring Board.

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    FASB webcast (lt blue) Image
  • Joint IASB and FASB webcast on revenue

    15 Aug 2016

    On 15 September 2016, the IASB and FASB will host a joint webcast to discuss implementation of the requirements in IFRS 15 'Revenue from Contracts with Customers' and ASC 606.

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  • July Image
  • IFRS on point — July 2016

    published 23 Aug 2016

    IFRS on Point, published at the end of each month, highlights critical IFRS-related financial reporting developments.

  • Accounting Roundup — July 2016 Image
  • Accounting Roundup — July 2016

    published 02 Aug 2016

    This issue features articles on (1) the FASB’s issuance of proposed ASUs that would (a) provide guidance on an employee benefit plan’s presentation and disclosure of interests in a master trust and (b) amend the income tax disclosure requirements in ASC 740; (2) the AICPA’s release of its second set of working drafts designed to help entities in various industries implement the requirements in the FASB’s revenue standard, ASU 2014-09; and (3) the SEC’s issuance of a proposed rule that would amend certain of its disclosure requirements that may be redundant, duplicative, or outdated, or may overlap with other SEC, U.S. GAAP, or IFRS disclosure requirements.

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  • Biuletyn MSSF — Lipiec 2016

    published 26 Jul 2016

    Polish language newsletter on financial reporting standards. This edition discusses (1) 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'', (2) 'Disclosure Initiative (Amendments to IAS 7)', and (3) 'Recognition of Deferred Tax Assets for Unrealised Losses'.

  • Alternative performance measures: A practical guide Image
  • Alternative performance measures: A practical guide

    published 22 Jul 2016

    This newsletter explores the key messages from regulators, standard setters and investors about the use of APMs, with a particular focus on assisting compliance with ESMA’s Guidelines on Alternative Performance Measures. It also sets out what is considered to be best practice when presenting APMs and provides real-life examples of how entities are presenting APMs.

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