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October

  • IASB issues investment entities amendments

    31 Oct 2012

    The IASB has published 'Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)', providing an exemption from consolidation of subsidiaries under IFRS 10 'Consolidated Financial Statements' for entities which meet the definition of an 'investment entity', such as certain investment funds. Instead, such entities would measure their investment in particular subsidiaries at fair value through profit or loss in accordance with IFRS 9 'Financial Instruments' or IAS 39 'Financial Instruments: Recognition and Measurement'.

  • Enhancing the risk disclosure of banks

    30 Oct 2012

    The Enhanced Disclosure Task Force (EDTF) has presented a report to the Financial Stability Board (FSB) recommending key enhancements to the risk disclosures made by banks. The report identifies seven fundamental principles for enhancing risk disclosure which underpin the recommendations made and are considered to provide a framework for future work on risk disclosures and a benchmark by which banks can judge the quality of their current and future disclosures.

  • EFRAG endorsement status report 29 October 2012

    29 Oct 2012

    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.

  • IASB and SOCPA discuss IFRS adoption in Saudi Arabia

    29 Oct 2012

    Representatives of the International Accounting Standards Board (IASB) and the Saudi Organization of Certified Public Accountants (SOCPA) met on 24 October in London to discuss progress towards the adoption of International Financial Reporting Standards (IFRSs) in the Kingdom of Saudi Arabia. The meeting took place adjacent to the IASB’s World Standard-Setters conference held on 25 and 26 October in London.

  • India moves towards new 'tax accounting standards' on way to IFRS

    29 Oct 2012

    The Central Board of Direct Taxes (CBDT), a body within the Indian Ministry of Finance, has publicly called for comments on a report submitted by its Accounting Standards Committee (Committee) on which standards should be used for tax purposes in India in light of India's possible transition to IFRS. The report recommends the creation of 'Tax Accounting Standards' for computing taxable income, a development which may partially address some of the concerns around adopting IFRS in the Indian context.

  • IVSC and IFAC renew their Memorandum of Understanding

    26 Oct 2012

    The International Valuation Standards Council (IVSC) and the International Federation of Accountants (IFAC) have renewed their Memorandum of Understanding (MoU), which will further strengthen the collaborative efforts of both organisations in areas of common interest.

  • IASB tweaks its work plan

    26 Oct 2012

    The International Accounting Standards Board (IASB) has publicly released a slightly revised work plan making two minor changes to the previous version dated 19 October 2012. The updated plan drops the 'development of strategy' for the Agenda Consultation process and clarifies the next project milestone in the project on 'bearer biological assets' under IAS 41 will be an exposure draft rather than a discussion paper.

  • Meeting documentation pack for the WSS meeting

    25 Oct 2012

    The IASB has posted to its website a 'meeting documentation pack' for the the annual World Standard Setters (WSS) meeting, which is currently being hosted by the IASB in London (starting today). The pack contains the detailed agenda with speakers' lists, all slides that will be shown and all agenda papers.