This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

News

IASB meeting (blue) Image

February 2016 IASB meeting agenda posted

05 Feb 2016

The IASB has posted the agenda for its next meeting, which will be held at its offices in London on 16–17 February 2016.

The meeting will feature discussions on:

  • Insurance contracts — whether to grant permission to begin the balloting process or whether it considers that it needs to re-expose the new insurance contracts Standard.
  • Goodwill and impairment.
  • IFRS implementation issues — IFRIC Update.
  • Financial instruments with characteristics of equity — current and next steps.

The full agenda for the meeting can be found here. We will post any updates to the agenda, as well as our Deloitte pre-meet­ing summaries and observer notes from the meeting, on this page as they become available.

 

IFRS Trustees meeting (blue) Image

IFRS Foundation Trustees hold January 2016 meeting

05 Feb 2016

The IFRS Foundation Trustees met in London on 26–28 January 2016.

Meeting ac­tiv­i­ties included the following:

  • Executive session — The Trustees discussed a number of important strategic issues:
    • Review of structure and effectiveness of the IFRS Foundation — The Trustees reviewed (1) the progress of the review of structure and effectiveness of the IFRS Foundation and (2) the comments received on the request for views. Topics discussed included relevance of IFRS Standards, consistent application, governance and financing.  
    • Strategic Plan 2016 — The Trustees discussed specific actions and activities for 2016.
    • Working with National Standard-Setters and regional bodies — The Trustees decided on three goals: (1) to maintain effective relationships and communication with NSS and regional bodies, (2) promote consistent application of IFRS from NSS and regional bodies, and (3) work together with NSS and regional bodies on the Technical Work Programme.
    • Other issues.
    • Committee reports — The Trustees discussed reports from the Audit and Finance Committee, Human Capital Committee, and the Nominating Committee.
  • IASB Chairman’s report — The Chair of the IASB provided the Trustees with an update on a number of the IASB’s technical ac­tiv­i­ties.
    • Major projects — The IASB chair discussed its recently issued leases standard, the end of deliberations in the insurance contracts project, and the different effective dates of IFRS 9 and new insurance contracts standard.
  • Report of the Due Process Oversight Committee (DPOC) — The Trustees received a report about the DPOC’s January 2016 meeting. For more in­for­ma­tion, see our related news item.
  • Investors in financial reporting event — The IFRS Foun­da­tion, with the CFA Institute, hosted an event 'Investors in Financial Reporting’.

The full report on the IFRS Foun­da­tion trustees’ meeting is available on the IASB’s website.

DPOC meeting (mid blue) Image

Due Process Oversight Committee holds January 2016 meeting

05 Feb 2016

The Due Process Oversight Committee (DPOC) met in London on 26 January 2016.

Meeting ac­tiv­i­ties included the following:

  • Updates on technical ac­tiv­i­ties — The DPOC was presented with a report that outlined the due process ac­tiv­i­ties for all projects on the IASB’s current agenda. Specifically, the DPOC discussed (1) revenue recognition and the plan not to schedule additional TRG meeting, (2) agenda consultation, and (3) other projects on the disclosure initiative and dynamic risk management.
  • Insurance contracts — The DPOC was updated on the progress made to this project and reviewed papers that will be presented in February’s IASB meeting.
  • Leases: Quality control — The DPOC was presented with the process from giving permission to ballot the leases standard to finalizing it.
  • Review of Con­sul­ta­tive group — The DPOC reviewed the activities of various con­sul­ta­tive groups (e.g., the TRG, the ITG, and the ITCG).
  • Cor­re­spon­dence — No new cor­re­spon­dence has been received since the DPOC’s previous meeting.

The full report on the DPOC meeting is available on the IASB’s website.

IFRS AC meeting (mid blue) Image

Agenda for the February 2016 IFRS Advisory Council meeting

05 Feb 2016

An agenda has been released for the upcoming meeting of the IFRS Advisory Council, which is being held in London on 23-24 February 2016. Highlights of the meeting will be thorough discussions of the Review of structure and effectiveness of the IFRS Foundation and of the Future of corporate reporting.

A summary of the agenda is set out below:

Tuesday 23 February 2016

Morning session (09:15-12:15)

  • Welcome and Chairman's preview
  • IASB and IFRS Foundation activities
  • Conceptual framework

Afternoon session (13:15-17:30)

  • Trustee activities
  • Review of structure and effectiveness of the IFRS Foundation – selected governance issues
    • Introduction to break-out session
    • Break-out session
  • Future of corporate reporting – creating the dynamics for change
    • Introduction to break-out session
    • Break-out session
  • Review of structure and effectiveness of the IFRS Foundation – report back from break-out session

Wednesday 24 February 2016

Morning session (09:30-12:00)

  • Future of corporate reporting – climate change
    • Introduction to break-out session
    • Break-out session
  • Members' communications

Afternoon session (13:00-15:00)

  • Future of corporate reporting – report back from break-out sessions
  • Approach to post-implementation reviews
  • Sum up discussions

Agenda papers for the meeting will be available in due course on the IASB website.

European Union Image

EU endorsement of IFRS 9 now expected in the second half of 2016

04 Feb 2016

The European Financial Reporting Advisory Group (EFRAG) has published an updated endorsement status report indicating the EU endorsement of IFRS 9 'Financial Instruments' is now expected in the second half of 2016.

So far, the report had stated that endorsement of IFRS 9 is expected in the first half of 2016. The deferral is a result of deadlines within the European endorsement process and is not primarily technically motivated.

Please click to access the updated status report.

IFAC (International Federation of Accountants) (lt gray) Image

IFAC report on global regulation

04 Feb 2016

The International Federation of Accountants (IFAC) has issued a report calling for political leaders and governments around the world to follow ten principles for consistent, high-quality global regulation, to aid global economic growth.

While business and finance are increasingly global, the report warns that important regulation is not. Instead, it is frequently focused on national interests, which can create barriers and impediments to inclusive growth and jeopardise global financial stability. It states:

In the years since the financial crisis, regulation — and, as a result, the work required to manage global investment, finance, and financial reporting — has increased exponentially. Recent reforms [...] have often taken a prescriptive approach, focusing on detailed procedures, processes, and compliance rather than outcomes — and uniformly applying sometimes inappropriate solutions to a broad range of companies.

The ten principles for high quality financial regulation state that regulation needs to be evidence-based, proportionate, appropriately resourced, collaboratively developed/implemented, consistent, subject to active oversight, systematically reviewed, have clear objectives, and be properly targeted and enforced to address intended issues.

Please click to access the report From Crisis to Confidence: A Call for Consistent, High-Quality Global Regulation and a corresponding press release on the IFAC website.

IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

IPSASB proposes revisions to the cash basis IPSAS

04 Feb 2016

The International Public Sector Accounting Standards Board (IPSASB) has released for comment Exposure Draft ED 61 'Amendments to Financial Reporting under the Cash Basis of Accounting'.

The IPSASB's cash basis standard Financial Reporting Under the Cash Basis of Accounting (unnumbered, January 2003) establishes requirements for the preparation and presentation of a statement of cash receipts and payments and supporting accounting policy notes. It also includes encouraged disclosures that enhance the cash basis report. The primary role of the standard in the IPSASB’s overall standard-setting strategy is to work as a stepping stone to adoption of accrual IPSAS.

ED 61 proposes to revise certain requirements and to recast them as encouragements. The ED also proposes amendments to ensure that the existing requirements and encouragements of the standard are better aligned with the equivalent accrual IPSAS, unless there is a reason to deviate as a result of adopting the cash basis of accounting.

Please click to access the press release and ED 61 on the IPSASB website. Comments are requested by 31 July 2016.

IASB (International Accounting Standards Board) (blue) Image

IASB website available again

03 Feb 2016

The IASB website, which had been down for three days as a result of a major hardware failure at its hosting provider, is available again.

The eIFRs section and the web shop are fully functional again, the news section has been restored to the state of 19 January 2016 and will be available in full shortly. We are proud that the IASB used IAS Plus to communicate with their readers when their website was down.

FASB (US Financial Accounting Standards Board) (lt blue) Image
SEC (US Securities and Exchange Commission) (dark gray) Image

FASB constituents of the TRG will continue to meet

02 Feb 2016

Wesley R. Bricker, deputy chief accountant in the SEC’s Office of the Chief Accountant (OCA) spoke at the 43rd Annual Securities Regulation Institute (sponsored by the Northwestern Pritzker School of Law) about the implementation of the new revenue standard.

Mr Bricker noted that the SEC staff continues to support the TRG as a mechanism to promote more consistent application of the new revenue standard. While the IASB will no longer attend TRG meetings, the FASB will continue to address implementation issues and has scheduled three TRG meetings for 2016. Mr Bricker noted that the SEC staff attends TRG meetings and will use the discussions as a basis to assess the appropriateness of domestic and foreign registrants’ revenue recognition policies.

For more information, see Deloitte's journal entry.

IASB (International Accounting Standards Board) (blue) Image

IASB website currently not available

01 Feb 2016

The IASB has asked us to post the following information.

"The IFRS Foundation website (including all IASB matters) is currently down as a result of a major hardware failure at its hosting provider. They are working to restore the system as quickly as possible, but this is likely to take at least 24 hours."

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.