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  • Summary of the June 2014 CMAC and GPF meeting

    20 Aug 2014

    The IASB has made available a summary and recordings of the discussions held during the joint meeting of the Capital Markets Advisory Committee (CMAC) and the Global Preparers Forum (GPF) on 30 June 2014.

  • IASB proposes amendments regarding the recognition of deferred tax assets for unrealised losses

    20 Aug 2014

    The International Accounting Standards Board (IASB) has published an Exposure Draft (ED) of proposed amendments to IAS 12 'Income Taxes'. As the IASB concluded that diversity in practice around the recognition of a deferred tax asset that is related to a debt instrument measured at fair value is mainly attributable to uncertainty about the application of some of the principles in IAS 12, the proposed amendments consist of some clarifying paragraphs and an illustrating example. Comments are requested by 18 December 2014.

  • Partner standard to IFRS 2 achieves purpose

    20 Aug 2014

    The Financial Accounting Foundation (FAF) has conducted a post-implementation review (PIR) of Financial Accounting Standards Board (FASB) Statement No. 123(R) 'Share-Based Payment'. Statement 123(R) is is largely consistent with IFRS 2 'Share-Based Payment'. The review team notes in its final report that the standard achieves its purpose and "no standard-setting process recommendations resulted from our review".

  • Free access to research papers in renowned accounting journals

    18 Aug 2014

    In an effort to promote accounting research, the publisher Taylor & Francis Online has pulled together an online collection of highly cited articles from accounting journals in 2013 and 2014. At the same time, the publisher SAGE has made freely available articles on accounting history that were the most-read during the month of July 2014.

  • European Commission call for applications for the position of EFRAG Board President

    15 Aug 2014

    The revised EFRAG Statutes and EFRAG Internal Rules will establish a new EFRAG Board that will be responsible for all EFRAG positions with the objective of Europe speaking with one voice, facilitated by a consensus-based decision-making process in the EFRAG Board. The European Commission is currently organising a selection procedure to appoint the President of the EFRAG Board. Interested applicants are requested to submit their applications to the European Commission no later than 15 September 2014.

  • Ethics code proposals seek to enhance auditor independence

    15 Aug 2014

    The International Ethics Standards Board for Accountants (IESBA) has released an exposure draft of proposed changes to the Code of Ethics for Professional Accountants (the Code). The changes are designed to strengthen auditor independence through addressing threats created by the long association of audit firm personnel with an audit client.

  • EFRAG discussion paper on levies

    15 Aug 2014

    The European Financial Reporting Group (EFRAG) has issued a further paper in its short discussion series. The latest paper focuses on possible changes to International Financial Reporting Standards that could achieve a different accounting treatment for levies whose obligating event occurs at a point in time.

  • IASB Vice-Chairman calls global accounting standards 'inevitable'

    13 Aug 2014

    IASB Vice-Chairman, Ian Mackintosh gave a speech today at the IFRS Foundation conference in Johannesburg, South Africa on the achievability of global accounting standards. He discussed the progress the IASB has made and the "dangers" of convergence over adoption.

  • UK 'Financial Reporting Lab' publishes report on clear and concise reporting

    13 Aug 2014

    The United Kingdom Financial Reporting Council (FRC) has published a report of its 'Financial Reporting Lab' highlighting the progress that UK companies made during the 2013 year-end reporting cycle towards clearer and more concise reporting. Although focused on UK financial reporting requirements the observations and recommendations in the report are broadly applicable.

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