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The #1 website for global accounting news
  • Former Chairmen of IASB and FASB share thoughts on convergence

    24 May 2015

    On Wednesday 1 April 2015, former IASB Chair Sir David Tweedie and former FASB Chair Robert Herz discussed their vision of 'Accounting Standards for Global Capital Markets: Past, Present, and Future' at Baruch College in New York City. A recording of their exchange has now been made available.

  • Agenda for May 2015 Emerging Economies Group meeting

    22 May 2015

    The agenda is available for the ninth meeting of the Emerging Economies Group (EEG) and International Accounting Standards Board (IASB), which is being held in Mexico City on 25-26 May 2015. Topics being discussed at the meeting include present value measurements, other non-financial assets and related matters, and enhanced inflation disclosures. In addition, there will be an update on the IASB's current projects and discussion on topics to consider for the next meeting.

  • IVSC consults on recommendations of external review group

    22 May 2015

    The International Valuation Standards Council (IVSC) has issued an engagement paper seeking comment and feedback on a number of recommendations and proposals that result from an external review of the IVSC. One of the recommendations had been that the IVSC should discontinue work on all its financial instruments projects until it has been ensured that they serve the public interest and fulfil a market need.

  • IASB issues finalised amendments to the IFRS for SMEs

    21 May 2015

    The International Accounting Standards Board (IASB) has published amendments to its 'International Financial Reporting Standard for Small and Medium-sized Entities' (IFRS for SMEs). The amendments are the result of the first comprehensive review of that standard, which was originally issued in 2009. They affect 21 of the 35 sections of the standard (not counting consequential amendments) and the glossary, however, most of the changes are rather minor. The amendments are effective for annual periods beginning on or after 1 January 2017 with earlier application permitted.

  • FEE advocates "proportionally applying IFRS to all companies listed on pan-European funding and trading platforms"

    21 May 2015

    The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has responded to the European Commission's public consultation 'Building a Capital Markets Union' and the question whether there is value in developing a common EU level accounting standard for small and medium-sized companies. FEE believes that "using a common accounting framework would provide significant value for SMEs that intend to access pan-European funding and trading platforms" and also states that "the current patchwork of accounting frameworks based on the EU Accounting Directive cannot serve as the basis for such a single framework".

  • Canadian standard-setter sees role as international mediator

    21 May 2015

    The Canadian Accounting Standards Board (AcSB) has issued its Draft Strategic Plan 2016 – 2021. Internationally, the AcSB proposes that it will continue its efforts to encourage the IASB and the FASB to narrow the differences between their respective sets of standards. It will also monitor the effective date decisions of jurisdictions applying IFRSs and work with others to encourage a common date for global adoption of new standards.

  • Accounting for sovereign debt restructurings under IPSAS

    21 May 2015

    The staff of the International Public Sector Accounting Standards Board (IPSASB) have developed a short audio podcast and an accompanying publication to highlight how International Public Sector Accounting Standards (IPSASs) reflect the accounting consequences of sovereign debt restructuring transactions.

  • Designated new EFRAG President will not take office

    19 May 2015

    The European Commission had nominated Mr Wolf Klinz as President of the Board of the European Financial Reporting Advisory Group (EFRAG) in March. He was expected to take office by June after his nomination had been approved by the European Parliament and Council and after appointment by the General Assembly of EFRAG. However due to ill health Mr Klinz has decided not to accept the EFRAG Presidency.

  • IASB officially proposes to defer the effective date of IFRS 15

    19 May 2015

    The International Accounting Standards Board (IASB) has published the expected Exposure Draft (ED) aimed at deferring the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Comments are requested by 3 July 2015.

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  • Deloitte digest — April 2015

    published 20 May 2015

    This publication from Deloitte (Canada) summarizes current financial reporting rules and standards; it also provides an overview of recent regulatory and professional developments.

  • EFRAG endorsement status report 19 May 2015

    published 19 May 2015

    This endorsement status report update reflects the issuance of the final EFRAG endorsement advice letter on 'Disclosure Initiative (Amendments to IAS 1)'. Final endorsement of the amendments is currently expected in the fourth quarter of 2015.

  • Fifth Global IFRS Banking Survey — Finding your way

    published 18 May 2015

    Deloitte has issued its 'Fifth Global IFRS Banking Survey — Finding your way'. The report captures 59 major banks' current views on recent accounting and regulatory changes. With IFRS 9 published and the FASB's CECL project expected to come to a conclusion soon, this study focuses on how banks are approaching the implementation of the anticipated IFRS 9/FASB CECL model requirements in their organisations.

  • Heads Up — FASB issues proposed revenue ASU on licensing and identifying performance obligations

    published 13 May 2015

    This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU), "Identifying Performance Obligations and Licensing," which would amend certain aspects of the guidance on these topics in the Board’s May 2014 revenue standard, "Revenue From Contracts With Customers" (ASU 2014-09). The amendments are being made in response to feedback received by the FASB–IASB joint revenue recognition transition resource group, which was formed to address potential issues associated with the implementation of ASU 2014-09.

  • Elements for successful growth — Illustrative IFRS financial statements for Investment Funds 2014

    published 12 May 2015

    This publication illustrates the presentation and disclosure requirements of IFRS for investment funds. It includes standards applicable (without early adoption) as of 31 December 2014. It also contains additional disclosures that are considered to be best industry practice, particularly where such disclosures are included in illustrative examples provided with a specific standard.

  • EFRAG endorsement status report 11 May 2015

    published 12 May 2015

    This endorsement status report update reflects the issuance of the draft EFRAG endorsement advice letter on 'Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)'. It also reflects that final endorsement of 'Annual Improvements to IFRSs 2012–2014 Cycle', 'Equity Method in Separate Financial Statements (Amendments to IAS 27)', 'Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)', 'Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)', and 'Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)' is now expected in the fourth quarter of 2015 (was third quarter 2015).

  • IFRS on point — April 2015

    published 11 May 2015

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

  • Heads Up — FASB issues proposed ASU on presentation of not-for-profit entities’ financial statements

    published 08 May 2015

    This Heads Up discusses the FASB’s proposed Accounting Standards Update, "Presentation of Financial Statements of Not-for-Profit Entities." The proposal is intended to improve the current requirements for net asset classification by not-for-profit entities (NFPs) as well as the information presented in NFP financial statements and notes to the financial statements regarding liquidity, financial performance, and cash flows.

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