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  • EFRAG publishes endorsement advice and effects study reports

    29 Aug 2012

    The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its endorsement advice letters and effects study reports on (1) 'Annual Improvements to IFRSs 2009–2011 Cycle' and (2) 'Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance' (Amendments to IFRS 10, IFRS 11 and IFRS 12).

  • EFRAG draft comment letter on the comprehensive review of IFRS for SMEs

    24 Aug 2012

    The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's 'Request for Information: Comprehensive Review of the IFRS for SMEs' that was published for public comment in June 2012. EFRAG suggested that a two-step approach to the review could have been useful: (1) a high-level review of the IFRS for SMEs' objectives, keeping entities in mind when considering the requirements of the standard, and exploring how it should relate to full IFRS, then (2) a more detailed exploration of how changes to full IFRS should be reflected in IFRS for SMEs. Because this approach was not used, EFRAG encountered many questions and is split on two fundamental issues.

  • US SEC finalises rules on disclosure of payments to governments

    23 Aug 2012

    The United States Securities and Exchange Commission (SEC) has adopted rules, mandated by the Dodd-Frank Act, requiring resource companies to disclose certain payments made to the U.S. government or foreign governments (including subnational governments). The rules require 'resource extraction issuers' to disclose payments that are made to further the commercial development of oil, natural gas, or minerals, and are generally consistent with the types of payments that the Extractive Industries Transparency Initiative (EITI) suggests should be disclosed.

  • IFRSs in your pocket 2012

    22 Aug 2012

    We have published the eleventh edition of our popular guide to IFRSs — 'IFRSs In Your Pocket 2012'. This publication provides an update of developments in IFRSs through the second quarter of 2012.

  • ESMA publishes summary of responses to its consultation on materiality in financial reporting

    17 Aug 2012

    The European Securities and Markets Authority (ESMA) has published a summary of the responses received on its consultation paper on materiality in financial reporting. One of the main results of the consultation was that there is a potential need for further guidance on the application of the concept of materiality but that this issue should be addressed by the IASB, rather than ESMA.