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  • IASB issues work plan update

    29 May 2015

    Following its May meeting, the IASB has updated its work plan. The revised plan adds a new project on 'Changes in accounting policies and estimates', moves the Exposure Draft on 'Clarifications to IFRS 15' and the Draft Interpretation on 'Uncertainties in income taxes' back by one quarter, and introduces a new format for reporting on the progress in research projects.

  • IASB publishes Exposure Draft of a new Conceptual Framework

    28 May 2015

    The International Accounting Standards Board (IASB) has published a comprehensive Exposure Draft (ED) containing proposals for topical areas where it considers a revision and amendment of the existing Conceptual Framework necessary. Included in the ED are proposals to revise the definitions of an asset and a liability, to introduce guidance on measurement and derecognition, and to set a framework for presentation and disclosure. The main ED is accompanied by an ED containing proposals regarding references to the Conceptual Framework in other IASB pronouncements. Comments on both EDs are due 26 October 2015.

  • Seven lessons learned from the IFRS adoption in the EU

    28 May 2015

    The Institute of Chartered Accountants in England and Wales (ICAEW) has published a report setting out some practical insights and recommendations for policy makers, regulators, standard-setters and other interested parties in jurisdictions that have recently adopted IFRS or are considering doing so.

  • IFRS conference in Hong Kong announced

    26 May 2015

    The IFRS Foundation has announced that its next IFRS conference in Asia will be held in Hong Kong on 12-13 October 2015. The conference will include discussions on the implementation plans for new standards (IFRS 9, IFRS 15) and on the forthcoming requirements for leases and insurance contracts. There will also be panel discussions on IFRS disclosures and IFRS measurements and other cross-cutting issues.

  • Former Chairmen of IASB and FASB share thoughts on convergence

    24 May 2015

    On Wednesday 1 April 2015, former IASB Chair Sir David Tweedie and former FASB Chair Robert Herz discussed their vision of 'Accounting Standards for Global Capital Markets: Past, Present, and Future' at Baruch College in New York City. A recording of their exchange has now been made available.

  • Agenda for May 2015 Emerging Economies Group meeting

    22 May 2015

    The agenda is available for the ninth meeting of the Emerging Economies Group (EEG) and International Accounting Standards Board (IASB), which is being held in Mexico City on 25-26 May 2015. Topics being discussed at the meeting include present value measurements, other non-financial assets and related matters, and enhanced inflation disclosures. In addition, there will be an update on the IASB's current projects and discussion on topics to consider for the next meeting.

  • IVSC consults on recommendations of external review group

    22 May 2015

    The International Valuation Standards Council (IVSC) has issued an engagement paper seeking comment and feedback on a number of recommendations and proposals that result from an external review of the IVSC. One of the recommendations had been that the IVSC should discontinue work on all its financial instruments projects until it has been ensured that they serve the public interest and fulfil a market need.

  • IASB issues finalised amendments to the IFRS for SMEs

    21 May 2015

    The International Accounting Standards Board (IASB) has published amendments to its 'International Financial Reporting Standard for Small and Medium-sized Entities' (IFRS for SMEs). The amendments are the result of the first comprehensive review of that standard, which was originally issued in 2009. They affect 21 of the 35 sections of the standard (not counting consequential amendments) and the glossary, however, most of the changes are rather minor. The amendments are effective for annual periods beginning on or after 1 January 2017 with earlier application permitted.

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  • Biuletyn MSSF 1/2015

    published 28 May 2015

    Polish language newsletter on financial reporting standards. This edition discusses (1) IASB amendments to six standards regarding the unit of account for investments in subsidiaries, joint ventures and associates, (2) IASB discussion paper on rate regulation, (3) proposed amendments to IAS 12, and (4) annual improvements to IFRS (2012–2014 cycle).

  • IFRS Project Insights — Insurance contracts

    published 28 May 2015

    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 28 May 2015.

  • IFRS in Focus — IASB issues 2015 Amendments to the IFRS for SMEs

    published 28 May 2015

    This newsletter explains the May 2015 amendments to the IASB's 'International Financial Reporting Standard for Small and Medium-sized Entities' (IFRS for SMEs). The amendments are the result of the first comprehensive review of that standard and are effective for annual periods beginning on or after 1 January 2017.

  • Heads Up — FASB amends its consolidation model

    published 26 May 2015

    This Heads Up supersedes our February 19, 2015, Heads Up. Among other changes, it contains updates based on our discussions with the FASB staff to clarify the effects that interests held by related parties will have on a reporting entity´s consolidation analysis. It also includes a new appendix with extensive interpretive guidance.

  • Financial Services Spotlight — Consolidating collateralized financing entities

    published 26 May 2015

    This Financial Services Spotlight supersedes our March 2015 Financial Services Spotlight. It contains updates based on our discussions with the FASB staff to clarify the effects that interests held by a collateral manager´s related parties that are under common control will have on a reporting entity´s consolidation analysis.

  • Heads Up — FASB proposes to simplify the accounting for measurement-period adjustments

    published 26 May 2015

    This Heads Up discusses the FASB´s proposed Accounting Standards Update, Simplifying the Accounting for Measurement-Period Adjustments. The proposal is in response to stakeholder feedback that restating prior periods to reflect "adjustments made to provisional amounts recognized in a business combination adds cost and complexity to financial reporting but does not significantly improve the usefulness of the information provided to users."

  • Deloitte digest — April 2015

    published 20 May 2015

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

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