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  • Outcomes from Unites States review of business combination accounting

    May 23, 2013

    The United States Financial Accounting Foundation (FAF) has announced the completion of its post-implementation review of FASB Statement No. 141 (revised 2007), 'Business Combinations' (Statement 141R). The review found that Statement 141R resolved some of the issues associated with the purchase method of accounting for business combinations, that its principles and requirements generally are understandable and can be applied as intended, and that investors generally find the resulting information to be useful. However, the review also noted a number of other issues and makes a number of recommendations for improvements to FASB's standard-setting process.

  • New Zealand issues new standards based on IPSAS for public sector entities

    May 23, 2013

    The New Zealand External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have issued a package of new pronouncements that will apply to New Zealand public sector 'public benefit entities' (PBEs, essentially not for profit entities) from 1 July 2014. The new standards are largely based on International Public Sector Accounting Standards (IPSAS) published by the International Public Sector Accounting Standards Board (IPSASB).

  • May 2013 IASB meeting notes — Part 1

    May 22, 2013

    The IASB's meeting is being held in London on 21-24 May 2013. We have posted Deloitte observer notes from Tuesday's sessions on fair value measurement and comprehensive review of the IFRS for SMEs.

  • IFRS Formula Linkbase 2013 is now available

    May 22, 2013

    The IFRS Foundation has issued the 2013 IFRS Taxonomy Formula Linkbase. The IFRS Taxonomy Formula Linkbase is designed to help improve the data quality of IFRS Taxonomy filings and to provide additional guidance for both technical and financial reporting audiences so that they can better understand the IFRS concepts and their meanings.

  • European field-test of the proposed accounting guidance for leases

    May 22, 2013

    The European Financial Reporting Advisory Group (EFRAG) and the national standard-setters of France (ANC), Germany (ASCG), Italy (OIC) and the United Kingdom (FRC) are performing a field-test in order to evaluate how the proposals contained in the IASB Exposure Draft ED/2013/6 'Leases' would affect European companies applying IFRS.

  • Agenda for the IASB Emerging Economies Group May 2013 meeting

    May 21, 2013

    The Emerging Economies Group (EEG) of the IASB will be holding its fifth meeting in Seoul, Korea on 30 and 31 May 2013. Topics to be discussed include rate regulated activities, goodwill accounting, IAS 19 (discount rate), IAS 28 (elimination of gains arising from a transaction between a joint venturer and its joint venture), and the Issues paper on the scope of IFRS 2.

  • Updated EFRAG endorsement status report

    May 21, 2013

    The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. The latest report reflects the publication of IFRIC 21 'Levies' by the IASB.

  • Deloitte releases new and updated e-learning modules

    May 21, 2013

    Deloitte’s Global Audit Learning group has released new or revised e-learning modules on various standards: IFRS 3, IFRS 11, IFRS 13, IAS 1, IAS 16 and IAS 27 (2011). These modules are additions to the extensive catalogue of IFRS e-learning content made freely available by Deloitte.

  • IFRS Foundation Monitoring Board call for nominations

    May 20, 2013

    The Monitoring Board (MB) of the IFRS Foundation is seeking nominations for its expanded membership (up to four) to include authorities primarily from emerging markets. Candidates are expected to be a capital markets authority responsible for setting the form and content of financial reporting in its jurisdiction.

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