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  • Agenda for the upcoming meeting of the IASB's Rate-regulated Activities Consultative Group

    2015-02-27

    The IASB's Rate-regulated Activities Consultative Group will meet in London on Wednesday, 4 March 2015. Main purpose of the meeting is to discuss an overview of the feedback received on the Discussion Paper on rate regulation, disclosure requirements, performance, types of regulatory deferral account balances, and the interaction with IFRIC 12.

  • Agenda for the March 2015 Global Preparers Forum meeting

    2015-02-27

    Representatives of the International Accounting Standards Board (IASB) will meet with the Global Preparers Forum (GPF) in London on Thursday, 5 March 2015. The agenda for the meeting has been released, which includes updates from the IASB and IFRS Interpretations Committee, together with discussion on specific topics including the agenda consultation 2015, income tax accounting, business combinations under common control, a review of IAS 8, discount rates, share-based payments, and performance reporting.

  • Assessment of the FASB's Private Company Council

    2015-02-27

    The US Financial Accounting Foundation (FAF) has issued a request for comment asking stakeholders for their assessment of the Private Company Council's (PCC) effectiveness and accomplishments as well as it's future role in setting standards for private companies.

  • February 2015 IASB meeting notes — concluded

    2015-02-27

    The IASB met at its offices in London on 18–20 February 2015. Some of the meeting was a joint session with the FASB. We have posted the Deloitte observer notes from the joint session on revenue recognition.

  • IASB issues 'Investor Perspectives' on insurance

    2015-02-26

    The International Accounting Standards Board (IASB) has released a new edition in its 'Investor Perspectives' series. In this edition, Steve Cooper (member of the IASB) provided an update on the IASB’s insurance contracts project.

  • Paper on the use of OCI for the presentation of unearned profits

    2015-02-26

    For the upcoming meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held at the IASB's offices in London on 26-27 March 2015, the Accounting Standards Board of Japan (ASBJ) has submitted a paper 'Insurance Contracts: Use of OCI for Presentation of Unearned Profits'. In the paper, the ASBJ proposes that the contractual service margin (CSM) could be presented as accumulated other comprehensive income (AOCI) as opposed to being presented in the liability section of the statement of financial position.

  • IASB issues work plan update

    2015-02-26

    Following its February meeting, the IASB has published a new work plan. The only change to note is a change of scope and name in a research project.

  • February 2015 IASB meeting notes posted — part III

    2015-02-25

    The IASB met at its offices in London on 18–20 February 2015. Some of the meeting was a joint session with the FASB. We have posted the Deloitte observer notes from the sessions on dynamic risk management and the post-implementation review of IFRS 3.

  • Summary of joint outreach event on rate-regulated activities

    2015-02-24

    The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS) and the Association Belge des Analystes Financiers (ABAF), and the International Accounting Standards Board (IASB) have made available a report that summarises the discussions held during their outreach event held on 18 December 2014, which discussed how to achieve the objectives proposed in the IASB’s Discussion Paper ‘Reporting the Financial Effects of Rate Regulation’.

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  • Leases — FASB nearing completion of redeliberations

    published 2015-02-26

    At its meeting yesterday, the FASB continued to redeliberate its lease accounting guidance. Specifically, the Board discussed (1) reassessment of variable lease payments, (2) lessee and lessor transition, (3) sale-and-leaseback transition, and (4) build-to-suit lease arrangements.

  • Deloitte digest — January 2015

    published 2015-02-20

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

  • Heads Up — FASB amends its consolidation model

    published 2015-02-19

    This Heads Up summarizes the most significant changes to the guidance in U.S. GAAP on consolidation as a result of the FASB’s recently issued Accounting Standards Update (ASU) No. 2015-02, "Amendments to the Consolidation Analysis." Although the ASU is expected to result in the deconsolidation of many entities, reporting entities will need to reevaluate all their previous consolidation conclusions.

  • Heads Up — FASB and IASB tentatively decide to clarify the new revenue standard

    published 2015-02-19

    This Heads Up summarizes tentative decisions reached by the IASB and FASB at their joint meeting on February 18, 2015, concerning some implementation issues related to the new revenue standard. Specifically, the boards addressed issues concerning certain aspects of accounting for licenses of intellectual property and the identification of performance obligations.

  • Revenue from contracts with customers: A roadmap to applying the guidance in ASU 2014-09

    published 2015-02-18

    This edition to Deloitte's Roadmap series summarizes (1) key provisions of the FASB's and IASB's new standard on revenue from contracts with customers, including the specific steps the standard outlines for recognizing revenue; (2) other provisions and impacts of the standard, including implementation guidance; (3) the standard's disclosure requirements; (4) the standard's effective date and transition; and (5) recent developments related to applying and implementing the standard.

  • IFRS on point — January 2015

    published 2015-02-09

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

  • Accounting Roundup: January 2015

    published 2015-02-03

    This issue features articles on: (1) the FASB’s issuance of (a) two final ASUs that simplify private-company accounting for intangible assets in business combinations (ASU 2014-18) and eliminate the concept of extraordinary items from U.S. GAAP (ASU 2015-01) and (b) two proposed ASUs on the tax consequences of intra-entity asset transfers and balance sheet classification of deferred taxes, (2) the January 26, 2015, meeting of the FASB’s and IASB’s joint revenue transition resource group, and (3) the PCAOB’s recent update to its standard-setting agenda.

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