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The #1 website for global accounting news
  • Greece Image
  • 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.

  • IASB (International Accounting Standards Board) (blue) Image
  • 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.

  • IASB (International Accounting Standards Board) (blue) Image
  • 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.

  • IASB (International Accounting Standards Board) (blue) Image
  • IASB tentatively decides to amend IFRS 4

    22 Jul 2015

    At its meeting on Monday, the International Accounting Standards Board (IASB) followed a staff recommendation to amend IFRS 4 'Insurance Contracts' to address the consequences of different effective dates of IFRS 9 'Financial Instruments' and the new insurance contracts standard expected to be published in 2016.

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  • Report on the June 2015 IFRS Advisory Council meeting

    20 Jul 2015

    The IFRS Advisory Council met in London on 9–10 June 2015. Topics discussed at the meeting included the 2015 agenda consultation, the review of the structure and effectiveness of the IFRS Foundation, and an overview of the IFRS Foundation’s strategy for 2015–2017. The council also considered the latest developments related to the IFRS adoption experience in Japan, profiles of IFRS filing requirements by jurisdiction, and items on the IASB’s technical agenda related to the research program and leases.

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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.

  • Oil and Gas Spotlight  — Opening its borders for competition roadmap to Mexican energy reform (July 2015) Image
  • Oil & Gas Spotlight — Opening its borders for competition: Roadmap to Mexican energy reform

    published 14 Jul 2015

    This Oil & Gas Spotlight provides insight into select aspects of energy reform in Mexico, which could result in more competitive exploration and extraction activities in that country. Topics covered in this publication include (1) the changing regulatory regime in Mexico, (2) the grand plan for implementing energy reform, (3) potential accounting implications of the reform under MFRSs and U.S. GAAP, and (4) the current status of the reform and expectations for the future.

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