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  • July 2015 IASB meeting notes posted — part 2

    31 Jul 2015

    The IASB met at its offices in London on 20 and 22-23 July 2015. We have posted the Deloitte observer notes from the sessions on dynamic risk management, revenue, financial instruments with characteristics of equity, and the agenda consultation.

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  • IPSASB issues consultation paper on accounting for social benefits

    30 Jul 2015

    The International Public Sector Accounting Standards Board (IPSASB) has issued a consultation paper that requests feedback on recognition and measurement requirements for social benefits, which the paper broadly defines as “benefits provided to individuals and households, in cash or in kind, to mitigate the effect of social risks.”

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  • IASB proposes clarifications to IFRS 15

    30 Jul 2015

    The International Accounting Standards Board (IASB) has published an Exposure Draft (ED/2015/6) with proposed clarifications of IFRS 15 'Revenue from Contracts with Customers'. Comments are requested by 28 October 2015.

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  • EFRAG supports the IASB’s deferral of IFRS 15

    29 Jul 2015

    On 17 March 2015, the European Financial Reporting Advisory Group (EFRAG) submitted an endorsement advice letter to the European Commission (EC) that recommended IFRS 15 be adopted "with the effective date set by the IASB". This phrase means that if the IASB should at a future point of time decide to delay the effective date, it will also be delayed in Europe. With the IASB’s decision at its 22 July 2015 meeting to defer the effective date of IFRS 15 by one year; the EFRAG has notified the EC that it recommends the 1 January 2018 effective date, as set by the IASB, for application in Europe.

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  • Financial reporting implications of the Greek debt crisis

    23 Jul 2015

    Deloitte’s IFRS Global office has issued a newsletter which outlines the financial reporting implications of the Greek debt crisis and the main issues preparers should consider in their IFRS financial statements as at 30 June 2015.

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  • Latest IASB 'Investor Update' issued

    23 Jul 2015

    The IASB has issued the sixth edition of its newsletter 'IASB Investor Update' to provide investors with quick access to information on current accounting and financial reporting issues. The newsletter aims to keep investors informed on new and changing guidance.

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  • IASB votes to defer the effective date of IFRS 15

    22 Jul 2015

    The IASB has just unanimously affirmed its proposal to defer the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

  • ESMA (European Securities and Markets Authority) (dark gray) Image
    European Union Image
  • 17th ESMA enforcement decisions report released

    22 Jul 2015

    The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IAS 1, IAS 11, IAS 27, IAS 28, IAS 36, IAS 39, IFRS 3, IFRS 6, IFRS 10, IFRS 13, and IFRIC 19.

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  • Heads Up — FASB issues ASU on simplifying the measurement of inventory Image
  • Heads Up — FASB issues ASU on simplifying the measurement of inventory

    published 24 Jul 2015

    This Heads Up discusses the FASB's recently issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory, which requires entities to measure most inventory “at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures).

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  • EFRAG endorsement status report 23 July 2015

    published 23 Jul 2015

    This endorsement status report update reflects that the IASB has voted to defer the effective date of IFRS 15 and that EFRAG has issued final endorsement advice on 'Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)' (issued in December 2014).

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  • EFRAG endorsement status report 20 July 2015

    published 20 Jul 2015

    This endorsement status report update reflects that the Accounting Regulatory Committee (ARC) voted in favour of adopting 'Amendments to IAS 16 and IAS 41: Bearer Plants' (issued in June 2014), 'Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and Amortisation' (issued in May 2014) and 'Amendments to IFRS 11: Accounting for Acquisitions of Interests in Joint Operations' (issued in May 2014).

  • TRG Snapshot — Joint meeting on revenue: July 2015  Image
  • TRG Snapshot — Joint meeting on revenue: July 2015

    published 16 Jul 2015

    This TRG Snapshot summarizes the July 13, 2015, meeting of the joint FASB and IASB transition resource group (TRG) on revenue recognition, which was formed to discuss and analyze potential issues that preparers may face when implementing the boards’ new revenue standard.

  • Heads Up — SEC and PCAOB take steps toward enhancing audit committee and auditor disclosures Image
  • Heads Up — SEC and PCAOB take steps toward enhancing audit committee and auditor disclosures

    published 15 Jul 2015

    This Heads Up discusses the following releases recently issued by the SEC and PCAOB: (1) SEC Release No. 33-9862, "Possible Revisions to Audit Committee Disclosures;" (2) PCAOB Release No. 2015-004, "Supplemental Request for Comment: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form;" and (3) PCAOB Release No. 2015-005, "Concept Release on Audit Quality Indicators — Notice of Roundtable." These three releases contemplate expanding disclosures about an audit and how the audit committee oversees the auditor.

  • IFRS 15 'Revenue from Contracts with Customers' —  Your questions answered Image
  • IFRS 15 'Revenue from Contracts with Customers' — Your questions answered

    published 15 Jul 2015

    This publication, developed by CPA Canada and Deloitte Canada, answers some of the most common questions coming from stakeholders on IFRS 15. In addition it highlights some key aspects of the standard and provides practical illustrative examples to facilitate better understanding of the standard and its implementation.

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