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IASB (International Accounting Standards Board) (blue) Image

IASB updates work plan

24 Sep 2016

Following its September 2016 meeting, the IASB has updated its work plan. Of the progress or slippage that can be traced the most noticeable is the expected point of time the final standard on insurance contracts will be published: March 2017.

Changes to the work plan include:

Major projects

Implementation projects

Research projects

Post-implementation reviews

  • A post-implementation review of IFRS 13 Fair Value Measurement has been initiated. A decision on the project direction is expected "within 6 months".

The revised IASB work plan is available on the IASB's website.

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September 2016 IASB meeting notes posted — Part 2 (concluded)

22 Sep 2016

The IASB met at its offices in London on 20 and 22 September 2016. We have posted the remaining Deloitte observer notes from the five sessions on the Conceptual Framework held today.

Please click through for direct access to the notes:

Thursday, 22 September 2016

  • Conceptual Framework:
    • The reporting entity
    • Presentation and disclosure
    • Asymmetry in treating gains and losses
    • Definition of equity and supporting discussion
    • Materiality

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

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Recent sustainability reporting developments

22 Sep 2016

A summary of recent developments at the GRI/UN Global Compact and CDSB/CDP.

The Global Reporting Initiative (GRI) and the United Nations Global Compact have launched 'SDG Leadership through Reporting', a new initiative to promote and advance corporate reporting on the Sustainable Development Goals (SDGs). The two organisations will work together to develop a list of disclosures for tracking business contributions to the SDGs and they will release a publication on SDG-reporting. The launch will took place during the United Nations Private Sector Forum 2016, held on 19 September 2016 at the UN Headquarters in New York. For more information please see the press release on the GRI website.

With the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board (FSB) expected in December, the Carbon Disclosure Project (CDP) and the Climate Disclosure Standards Board (CDSB) have published a short paper considering how the reporting community could work together to support the successful implementation of climate-related financial disclosure through mainstream reporting channels. A happier horizon discusses the preparation of the reporting infrastructure, practical integration of climate change information into mainstream reports, and materiality. In conclusion the paper identifies that there is a crucial role for the reporting community to play to ensure the success of the TCFD’s recommendations. Please click for the press release and the publication on the CDSB website.

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IASB publishes editorial corrections

21 Sep 2016

The IASB has published a batch of editorial corrections that impact consequential amendments, stand-alone standards, and the IASB's “Blue Book”, "Red Book", and "Green Book".

The editorial corrections affect the following consequential amendments made by IFRS 16 Leases:

  • Implementation guidance of IFRS 4 Insurance Contracts

The editorial corrections affect the following individual pronouncements:

Editorial corrections to the IASB's Blue Book, Red Book, and Green Book affect the following standards:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards
  • IAS 7 Statement of Cash Flows

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors. The editorial corrections can be viewed on the editorial corrections page of the IASB's website.

IASB meeting (blue) Image

September 2016 IASB meeting notes posted — Part 1

20 Sep 2016

The IASB is meeting at its offices in London on 20 and 22 September 2016. We have posted the Deloitte observer notes from the five sessions held today.

Please click through for direct access to the notes:

Tuesday, 20 September 2016

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

The IASB will meet again on Thursday to further discuss its conceptual framework project.

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A Guide through IFRS 2016 ('Green Book') is now available

20 Sep 2016

The IFRS Foundation has announced that '2016 A Guide through IFRS Standards' is now available. This volume (nicknamed the 'Green Book') includes the full text of the Standards and Interpretations and accompanying documents (such as the Basis for Conclusions) issued by the IASB as of 1 July 2016 with extensive cross-references and other annotations. This edition does not contain documents that are being replaced or superseded but remain applicable if a reporting entity chooses not to adopt the newer versions early.

The new re­quire­ments since 1 July 2015 include:

The Green Book sells for £98 plus shipping for the two book set. More in­for­ma­tion and ordering details are available on the IASB's website.

FASB (US Financial Accounting Standards Board) (lt blue) Image

FASB proposes additional technical corrections and improvements to its new revenue standard

19 Sep 2016

The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), “Technical Corrections and Improvements to Update 2014-09, 'Revenue From Contracts With Customers' (Topic 606) — Additional Corrections,” which would make minor changes to the Board’s new revenue guidance. This proposed ASU is the second set of technical corrections on revenue proposed by the FASB this year.

The following narrow-scope topics were brought to the FASB’s attention after the initial deliberations of the May 2016 proposed ASU:

  • Loan guarantee fees.
  • Contract asset versus receivables.
  • Refund liabilities.
  • Advertising costs.

Comments on the proposed ASU are due by 4 October 2016. For more information, see the proposed ASU on the FASB’s website.

AcSB (Accounting Standards Board - Canada) Image

AcSB submits paper for ASAF discussion of rate regulation

19 Sep 2016

During the upcoming meeting of the Accounting Standards Advisory Forum (ASAF) at the IASB's offices in London on 29 September 2016, members will discuss rate-regulated activities. The Canadian Accounting Standards Board (AcSB) has submitted a paper on 'Results of research on the decision-usefulness of financial information that reflects the economics of rate-regulated activities' for the discussion.

The data in the paper provides evidence, mainly from existing practice in Canada, demonstrating what information users need to understand the economics of rate-regulated activities, and how this information factors into their decision-making. It concludes that in the case of rate-regulated entities, users take into consideration the financial effects of rate regulation when making their assessments. The paper also argues that rate-regulated assets command a premium in purchase price given the stable earnings and predictable cash flows they can offer.

Please click for access to the full paper on the AcSB website.

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Deloitte releases e-learning modules on IFRS 16

16 Sep 2016

Deloitte’s Global Audit Learning group has released two e-learning modules on IFRS 16 (basic and advanced). These new modules are an addition to the extensive catalogue of IFRS e-learning content made freely available by Deloitte.

The new modules provide training in the background, scope and principles under IFRS 16 Leases, and the application of this standard. In the IFRS 16 (basic) module you will learn about how to identify whether a contract is within the scope of the standard and the key principles of lease accounting. In the IFRS 16 (advanced) module, you will deeper dive into the key principles of lease accounting and learn about areas of potential judgment in applying IFRS 16.

The IFRS e-learning modules are available free of charge and may be used and distributed freely, without alteration from the original form and subject to the terms of the Deloitte copyright over the material.

For details on the full range of e-learning modules go to Deloitte’s IFRS e-learning website. A listing of available e-learning modules is also available on our IAS Plus IFRS e-learning page.

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Wayne Upton — An appreciation

15 Sep 2016

Wayne Upton, the IASB’s Director of International Activities and Chairman of the IFRS Interpretations Committee, who has died suddenly, was a friendly and thoughtful man and a benign though invariably forthright presence in all his activities.

He listened to people. As he said in an interview reflecting on his role as Director of International Activities: ‘The purpose is not to attempt to boil down a single view but to get people together talking about issues. And what you find then is that thought leaders emerge and the quality of the response is much better’. And he maintained the same philosophy in his role as Chairman of the Interpretations Committee. He summed that role up with the words: ‘I am the Chair. I’m the facilitator, hopefully a consensus builder, but to have a vision or a mission I am not sure is appropriate’.

And he was also a man who looked for solutions. He was not going to hide behind a barricade of formality. Referring to the procedures of the Interpretations Committee and how it worked he once commented: ‘I think there is enough wiggle room, and there’s a technical term for you, in those criteria that if we see something that needs doing then we can find a way to do it’.

And as an archetypal American accountant at the London-based IASB he had developed a characteristically perceptive overview. He had been almost twenty years at the US standard-setting body, FASB, and he had been with the IASB almost since its inception. He would joke that he felt that the last time he had been a ‘real’ accountant must have been around the time ‘when Eisenhower was President’. But his view of the relationship between the FASB and the IASB was the real insight. ‘I think the IASB is culturally different than the FASB’, he said, ‘and all of that really stems from the fact that we have a hundred jurisdictions or so that are involved in our process and the FASB has only one. And that means that we have to create a different dynamic’. And he well understood the differences that this created. ‘I think it’s a mistake to characterise our standards at the IASB as principles based and the FASB standards as rules based’, he said. ‘I didn’t spend 17 years over there being unprincipled. As I say, it is a difficult balance between the appropriate level of assistance that you give people and keeping the standards to a manageable level’.

He will be sorely missed in many ways and at many levels.

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