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  • Agenda for the February 2015 IFRS Foundation Trustees meeting

    2015-01-30

    The agenda for the upcoming meeting of the IFRS Foundation Trustees, some of which will be held jointly with the Monitoring Board and the Due Process Oversight Committee, is now available. The meeting will be held in Zurich, Switzerland on 2 and 3 February 2015.

  • Japanese Board member writes about 'Expectation of Japan'

    2015-01-29

    IASB member Takatsugu Ochi has published an article in KEIRIJOUHOU, an accounting journal issued by Chuokeizaisha. He writes about ASAF, Japanese contributions to the Conceptual Framework and the post-implementation review of IFRS 3 and adoption of IFRS in Japan.

  • IASB issues work plan update

    2015-01-27

    After its January meeting, the IASB has updated its work plan. The revised plan moves — from the first quarter to the second quarter of 2015 — (1) the targeted date for an exposure draft (ED) on elimination of gains and losses arising from transactions between an entity and its associate or joint venture and (2) the feedback statement on the post-implementation review for IFRS 3. In addition, the work plan adds a new project on remeasurement related to a plan amendment, curtailment, or settlement/availability of a refund of a surplus from a defined benefit plan (an ED is targeted for the second quarter of 2015).

  • January 2015 IASB meeting notes — Part 2 (concluded)

    2015-01-27

    The International Accounting Standards Board (IASB) met at its offices in London on 20-22 January 2015, some of it a joint meeting with the FASB. We have posted the remaining Deloitte observer notes from the sessions on the disclosure initiative, IFRS implementation issues, and emission trading schemes.

  • IPSASB video series on adopting and implementing IPSASs

    2015-01-27

    The International Public Sector Accounting Standards Board (IPSASB) has issued three videos as part of a series examining the challenges and benefits of governments adopting International Public Sector Accounting Standards (IPSASs) and accrual accounting.

  • January 2015 IASB meeting notes — Part 1

    2015-01-23

    The International Accounting Standards Board (IASB) met at its offices in London on 20-22 January 2015, some of it a joint meeting with the FASB. We have posted the Deloitte observer notes from the sessions on leases, conceptual framework, IFRS for SMEs, and insurance contracts. Additional notes will be posted in due course.

  • IPSASB aligns IPSASs with recent IASB pronouncements

    2015-01-23

    The International Public Sector Accounting Standards Board (IPSASB) has finalised 'Improvements to IPSASs 2014'. The changes incorporate relevant amendments made by the International Accounting Standards Board (IASB) in the 2009-2011 and 2010-2012 cycles of annual improvements, and the changes made by 'Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)'.

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  • A roadmap to accounting for income taxes

    published 2015-01-30

    The second edition of "A Roadmap to Accounting for Income Taxes" has been added to Deloitte’s Roadmap series. This Roadmap includes all of Deloitte’s interpretive guidance on the accounting for income taxes, combining the income tax accounting requirements and implementation guidance from ASC 740 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format.

  • Heads Up — FASB issues exposure draft on simplified accounting for income taxes

    published 2015-01-30

    This Heads Up discusses the FASB’s recently issued exposure draft of its proposed Accounting Standards Updates (ASUs) Intra-Entity Asset Transfers and Balance Sheet Classification of Deferred Taxes. Under the proposed guidance, (1) entities would no longer defer the income tax consequences of intra-entity asset transfers until the assets are ultimately sold to an outside party and (2) all deferred taxes would be classified as noncurrent assets or noncurrent liabilities. Comments on the proposed ASUs are due by May 29, 2015.

  • Oil & Gas Spotlight — Navigating the changing oil and gas landscape

    published 2015-01-27

    This Oil & Gas Spotlight gives an overview of the O&G industry’s current status in light of recent activities that have affected the industry and may affect it in the future. Understanding the current landscape of the O&G industry may result in the identification of factors that an O&G company should consider in assessing and accounting for impairment of its O&G assets (under the successful-efforts method, the full-cost method, or the guidance on impairment of long-lived assets in ASC 360-10). In addition, this publication discusses approaches commonly used in the valuation of O&G assets.

  • IFRS Project Insights — Leases

    published 2015-01-27

    This edition of IFRS Project Insights provides a summary of the IASB's project on leases. This publication has been updated as of January 2015 and summarises the tentative decisions made to date by the IASB, and areas of divergence between the IASB and FASB.

  • IFRS Project Insights — Insurance contracts

    published 2015-01-23

    This edition of IFRS Project Insights provides a summary of the IASB's project on insurance contracts and discusses recent tentative decisions reached by the Board. This publication has been updated as of 23 January 2015.

  • IFRS fokussiert — Bilanz für das Jahr 2014

    published 2015-01-20

    This German-language newsletter provides an overview of the standards and interpretations that are mandatorily applicable for the first time in the financial statements for reporting periods ending on 31 December 2014. The publication also gives an overview over the standards and interpretations that are not mandatorily applicable yet but can be applied early.

  • Deloitte comment letter on IASB DP/2014/2 'Reporting the Financial Effects of Rate Regulation'

    published 2015-01-16

    We welcome the Board's progress in addressing the issue of rate regulation. We believe it is critical that the output of this project is capable of dealing with the range of regulatory regimes in existence and agree that the hybrid scheme described as 'defined rate regulation' in the discussion paper captures many of the features of regulatory regimes encountered in practice. We recommend that the next step in the project be an accounting discussion paper preceding the development of any new Standard or amendment to existing standards.

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