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2012

  • Japan 'designates' additional IFRSs

    Dec 30, 2012

    On 28 December 2012, the Financial Services Agency of Japan announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan.

  • EU formally adopts various new or amended IFRSs and IFRIC 20

    Dec 29, 2012

    The European Union has published Commissions Regulations endorsing the "package of five" standards on consolidation (IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011)), IFRS 13, IFRIC 20, and amendments to IFRS 1 (hyperinflation and fixed dates), IAS 12 (recovery of underlying assets) and IFRS 7/IAS 32 (offsetting). The "package of five" standards come with a European effective date of 1 January 2014. However, early application is permitted.

  • Recent developments in Islamic banking, finance and accounting

    Dec 27, 2012

    The rapid global growth in Islamic finance has brought increased international attention to the questions of what Islamic finance is, how it differs from conventional finance and and whether accounting for Islamic and conventional finance transactions can be harmonised.

  • Paul Beswick named SEC Chief Accountant

    Dec 22, 2012

    Paul A Beswick, the Acting Chief Accountant at the US Securities and Exchange Commission (SEC), has been named to the position permanently. Mr Beswick, so far the SEC Deputy Chief Accountant, had been serving as Acting Chief Accountant since James L Kroeker left the Commission in July.

  • Two new EFRAG draft comment letters published

    Dec 22, 2012

    The European Financial Reporting Advisory Group (EFRAG) has issued draft comment letters on two items: the IASB’s Exposure Draft ED/2012/3 'Equity Method: Share of Net Asset Changes' and the IFRS Interpretations Committee’s tentative agenda decision on IAS 39 regarding the implications of negative interest rates for presentation in the statement of comprehensive income.

  • New IFRS for SMEs training module

    Dec 21, 2012

    The IFRS Foundation Education Initiative has developed a training module for Section 9 of the IFRS for SMEs 'Consolidated and Separate Financial Statements'. This section defines the circumstances in which an entity presents consolidated financial statements and the procedures for preparing those statements. It also includes guidance on separate financial statements and combined financial statements.

  • EFRAG endorsement status report

    Dec 21, 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. The latest report follows the issue of EFRAG's draft endorsement advice on the IASB's investment entities amendments, in which EFRAG’s initial assessment is that the amendments satisfy the technical criteria for EU endorsement and EFRAG should therefore recommend their endorsement.

  • Australian standard setter reveals split views on investment entities

    Dec 21, 2012

    The Australian Accounting Standards Board (AASB) has released an exposure draft outlining its proposals of how to implement the IASB's investment entities amendments in the Australian context. The exposure draft proposes the use of additional disclosure, but notes "AASB members were split between the... options when considering how best to proceed". The exposure draft outlines two alternate views, including one which could lead to the investment entities amendments not being adopted in Australia.