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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.

  • CFA Institute critiques SEC IFRS report

    11 Aug 2012

    The Chartered Financial Analysts Institute (CFA Institute) has published a brief summary of issues arising from the staff report of the United States Securities and Exchange Commission (SEC) on the possible incorporation of IFRS into the U.S. financial reporting system. The summary provides a critique of the report, pointing out a number of areas where the CFA Institute believes more analysis and evaluation is required.

  • Indian minister suggests IFRS adoption from 2013

    10 Aug 2012

    In a speech given in New Delhi at a seminar organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM), the Indian Minister for Corporate Affairs and Power, Dr. M. Verappa Moily, has indicated that the implementation of Indian Accounting Standards that are compatible with International Financial Reporting Standards (IFRS) may occur by April 1, 2013.

  • ACCA research report discusses effects of integrated reporting

    08 Aug 2012

    A report from the Association of Chartered Certified Accountants (ACCA) provides insights into the impact of integrated reporting on companies' corporate reporting, based on an academic study of recent experience in South Africa. The ACCA report contains a number of specific recommendations that could be taken into account by those developing the international integrated reporting framework, under the auspices of the International Integrated Reporting Council (IIRC), or otherwise.

  • IFRS Foundation publishes Formula Linkbase 2012

    07 Aug 2012

    The IFRS Formula Linkbase 2012 is now available for download on the IASB's website. The formula linkbase was developed to (1) improve the data quality of IFRS taxonomy filings and (2) provide additional guidance to better understand the IFRS concepts and their meaning from a financial reporting and a technical perspective. This version of the formula linkbase is updated from the formula prototype released in October 2011. The 2012 formulae are designed to work with the IFRS Taxonomy 2012. Most of the improvements from the previous version are related to the content.

  • New research on the value of 'extra-financial' disclosure to investors and analysts

    06 Aug 2012

    A new research report has been issued exploring how investors and analysts source, use and are influenced by so-called 'extra-financial information', which includes Environmental, Social and Governance (ESG) information and other non-financial information. The report shows that for the majority of investors and analysts surveyed, extra-financial information is very relevant or relevant to investment decision‑making or analysis.