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News

  • IPSASB responds to Review Group consultation paper

    Apr 23, 2014

    The International Public Sector Accounting Standards Board (IPSASB) has responded to the IPSASB Governance Review Group consultation paper on its future governance. The IPSASB is unanimous in its support of the option of establishing separate oversight for its operations under the auspices of the International Federation of Accountants (IFAC), and further does not consider extending the scope of the IFRS Foundation Monitoring Board and Trustees activities to public sector accounting standard setting as feasible in the short or medium term.

  • IASB launches Research Centre

    Apr 22, 2014

    The IASB has announced the launch of a web-based IFRS Research Centre. The Research Centre is designed to facilitate communication between the IASB and the research community. Its main objectives are to (1) increase awareness of the issues that the IASB will be considering in the coming two to three years, (2) to encourage researchers to undertake targeted research projects in these areas, and (3) to support the IASB in moving to more evidence-based standard-setting.

  • Japan updates list of 'designated' IFRSs

    Apr 19, 2014

    On 18 April 2014, the Financial Services Agency (FSA) of Japan announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan. The announcement effectively includes all IASB pronouncements issued up to 31 December 2013.

  • IASB staff paper on insurance contracts

    Apr 18, 2014

    The IASB staff has prepared a staff paper discussing where and how the proposals in the Exposure Draft (ED) 'Insurance Contracts' would change as a result of the IASB’s tentative decisions to date. It reflects tentative decisions of the IASB made through March 2014.

  • IASB publishes Discussion Paper on macro hedging

    Apr 17, 2014

    The International Accounting Standards Board (IASB) has published a Discussion Paper (DP) relevant to companies that hedge risks on dynamic portfolios of exposures using derivatives. Although the paper focusses on the example of portfolio interest rate hedging by banks, the concepts discussed can apply to any entity that hedges on a dynamic portfolio basis for any risks. Comments are due 17 October 2014.

  • European Parliament adopts Directive on disclosure of non-financial and diversity information

    Apr 16, 2014

    The European Parliament has voted in favour of amendments to European accounting legislation in order to require certain large companies to provide additional information on social and environmental matters. These companies will have to disclose information on policies, risks and results as regards environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues, and diversity on the boards of directors.

  • Results of a limited survey on simplifications of the IASB proposals on leases

    Apr 15, 2014

    The European Financial Reporting Advisory Group (EFRAG) and the national standard-setters of France (ANC), Germany (ASCG), Italy (OIC) and the United Kingdom (FRC) have conducted a limited survey on the proposed simplifications to the accounting for lessees under IASB’s Exposure Draft ED/2013/6 'Leases'.