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6th ANC Symposium on Accounting Research

27 Jun 2016

On 12 December 2016, the Autorité des Normes Comptables (ANC), the French standard setter, will host its 6th Symposium on Accounting Research in Paris. The general theme will be "Accounting and performance".

The symposium on accounting research will gather together academics, international standard-setting representatives, finance and accounting directors, chartered accountants and external auditors around series of round tables on 'Accounting and Performance' and measurement issues. Debates will focus on for whom should performance be designed, which time horizon to take into account, the relevance of the information to publish and its link with the European public good. Participation in the symposium is free of charge, however, prior registration is required.IAS Plus observers will be present at the symposium.

Please click for the formal invitation and registration on the ANC website.

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IASB Chairman speaks on the IASB's reactions to the global financial crisis

27 Jun 2016

At an event celebrating the 25th birthday of the Portuguese Securities Market Commission CMVM, IASB Chairman spoke on a variety of topics including developments at the IASB after the onset of the global financial crisis and IFRS 9.

Sketching progress that has been achieved in the regulatory field after the global financial crisis, Mr Hoogervorst first pointed at the increased use of IFRSs around the world. This, he stated, has brought "tremendous benefits to the global economy in terms of transparency, accountability and efficiency". In terms of standard-setting he then mentioned the completion of IFRS 15 and IFRS 16 and the near completion of the new standard on insurance contracts. The completion of IFRS 9 he called the IASB's main response to the financial crisis.

Looking more deeply into IFRS 9 Financial Instruments, Mr Hoogervorst explained the new expected loss model that means that full lifetime losses will have to be recognised as soon as a significant increase in credit risk has taken place. He noted that implementation of the expected loss model will require considerable effort, particularly in jurisdictions where the banking system is suspected of harbouring a lot of problem loans. In these jurisdictions proper implementation of IFRS 9 could be a huge challenge for auditors, market and prudential regulators. He warned and encouraged his audience:

Expect to hear a lot of complaints, but stand resolute in your determination to do the right thing!

After discussing accounting, Mr Hoogervorst strayed beyond the remit of the IASB and offered his thoughts on audit, bank capital, leverage in the global economy, and unchartered waters in general.

Please click to access the full text of Mr Hoogervorst's speech on the IASB website.

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EU referendum in the UK

24 Jun 2016

In the EU referendum in the UK yesterday, which saw a turnout of 71.8%, 51.9% of the voters made clear that they see the UK’s interests best-served by leaving the European Union.

Deloitte UK offers a website dedicated to the EU referendum and its result offering insight papers, perspectives and access to webinars on what this change can mean.

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IASB updates work plan

24 Jun 2016

Following its June 2016 meeting, the IASB has updated its work plan. As mentioned before, directly tracing the Board's progress on the individual projects has become impossible since the change of the work plan format in July 2015, unless the Board makes definite progress or has to make larger corrections. Of these, only a few can be identified since the previous work plan. The work plan also indicates that EDs on the definition of a business and on the remeasurement of previously held interests are to be expected next week.

Changes to the work plan include:

Major projects

  • No changes made to major projects.

Im­ple­men­ta­tion projects

In addition, the work plan makes clear that exposure drafts on the definition of a business and on the remeasurement of previously held interests are to be expected next week since the work plan still states that these will come out in June (which ends next week).

Finally, the IASB has updated the details of the primary financial statements research project indicating that initial research will focus on:

  • the structure and content of the statement(s) of financial performance;
  • the potential demand for changes to the statement of cash flows and the statement of financial position; and
  • the implications of digital reporting for the structure and content of the primary financial statements.

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

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IFRS Foundation updates its Due Process Handbook for IFRS Taxonomy

23 Jun 2016

The IFRS Foundation trustees have issued an updated Due Process Handbook which incorporates the due process for developing and maintaining the IFRS Taxonomy.

Specifically, the changes to the IFRS Taxonomy due process are:

  • “[T]he Board will review and approve IFRS Taxonomy content where it reflects new or amended IFRS Standards.”
  • “[A] newly established IFRS Taxonomy Review Panel of three-to-five Board members will review the IFRS Taxonomy common practice content.”
  • “[T]he drafting and approval of each Proposed IFRS Taxonomy Update will take place at the same time that the related IFRS Standard is finalized.”
  • “[T]he role of the IFRS Taxonomy Consultative Group will be formalised within the due process.”

The updated Due Process Handbook also incorporates an amendment approved by the DPOC to extend the interval between the Board’s Agenda Consultations from three-to-five years, a change proposed by the Board as part of its 2015 Agenda Consultation.

For more information, see the press release, feedback statement, and Due Process Handbook page on the IASB’s Web site.

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EFAA publishes report on implementation of the EU Accounting Directive

23 Jun 2016

The European Federation of Accountants and Auditors for SMEs (EFAA) has published a report on the implementation of the European Accounting Directive.

The Directive entered into force on 20 July 2013 and was required to be implemented into the law of EU member states by 20 July 2015. It was aimed at reducing unnecessary and disproportionate administrative costs on small companies by simplifying the preparation of financial statements and reducing the amount of information required by small companies in the notes to financial statements. The Directive contains a significant number of member state options so that implementation can differ between member states.

The EFAA report focuses on whether the implementation has resulted in the creation of a harmonised European accounting framework. It reflects the results of an EFAA survey of its members in eight EU member states.

The report identifies some areas in which the countries surveyed have implemented the Directive in a similar way, in particular through the creation of a reduced disclosure regime for micro-entities. However, the main findings of the report point to the notable differences between member states’ implementation of the Directive. The report also highlights the lessened transparency of financial information about SMEs that is now available to the public as a result of reduced disclosure following implementation of the Directive.

Please click here to access the full report The New Accounting Directive: A Harmonised European Accounting Framework? on the EFAA website.

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June 2016 IASB meeting notes posted

22 Jun 2016

The IASB met at its offices in London on 20 and 22 June 2016. We have posted the Deloitte observer notes from all of the sessions.

Please click through for direct access to the notes:

Monday, 20 June 2016

Wednesday, 22 June 2016

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

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IASB member discusses principle-based accounting

21 Jun 2016

In an article published by Compliance Week, IASB member Gary Kabureck discusses keys to a successful principle-based approach.

Mr Kabureck focused on the following key aspects:

  • The importance of a robust conceptual framework.
  • An understanding that rules will not be able to cover all situations.
  • Use of reasonable judgement in the decision making process.
  • Comparability in the application in accounting rules and the benefit to primary users of financial statements.

For more information, see the article on the IASB’s Web site.

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IFRS Foundation trustees seeks IASB Board members

21 Jun 2016

The IFRS Foundation trustees are currently seeking nominations for two vacancies in the IASB’s Board. The Board is comprised of 14 members containing a mix of experience in standard-setting, financial reporting, and education.

The new members will initially serve a five-year term with the possibility of being renewed for another three years. Nom­i­na­tions for IASB board mem­ber­ship close on 8 July 2016. For more information, see the press release on the IASB’s Web site.

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IASB clarifies the classification and measurement of share-based payment transactions

20 Jun 2016

The International Accounting Standards Board (IASB) has published final amendments to IFRS 2 'Share-based Payment' that clarify the classification and measurement of share-based payment transactions. The amendments address several requests that the IASB and the IFRS Interpretations Committee received and that the IASB decided to deal with in one combined narrow-scope project.


The IASB and the IFRS Interpretations Committee received a number of requests related to IFRS 2 Share-based Payment. Respondents asked for clarification on:

  • the accounting for cash-settled share-based payment transactions that include a performance condition;
  • the classification of share-based payment transactions with net settlement features; and
  • the accounting for modifications of share-based payment transactions from cash-settled to equity-settled.

After debating the issues in earlier meetings, the IASB decided in April 2014 to address them together in one narrow-scope project, which has now been completed.


Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) contains the following clarifications and amendments:

Accounting for cash-settled share-based payment transactions that include a performance condition

Until now, IFRS 2 contained no guidance on how vesting conditions affect the fair value of liabilities for cash-settled share-based payments. IASB has now added guidance that introduces accounting requirements for cash-settled share-based payments that follows the same approach as used for equity-settled share-based payments.

Classification of share-based payment transactions with net settlement features

IASB has introduced an exception into IFRS 2 so that a share-based payment where the entity settles the share-based payment arrangement net is classified as equity-settled in its entirety provided the share-based payment would have been classified as equity-settled had it not included the net settlement feature.

Accounting for modifications of share-based payment transactions from cash-settled to equity-settled

Until now, IFRS 2 did not specifically address situations where a cash-settled share-based payment changes to an equity-settled share-based payment because of modifications of the terms and conditions. The IASB has intoduced the following clarifications:

  • On such modifications, the original liability recognised in respect of the cash-settled share-based payment is derecognised and the equity-settled share-based payment is recognised at the modification date fair value to the extent services have been rendered up to the modification date.
  • Any difference between the carrying amount of the liability as at the modification date and the amount recognised in equity at the same date would be recognised in profit and loss immediately.

Effective date and transition requirements

The amendments are effective for annual periods beginning on or after 1 January 2018. Earlier application is permitted. The amendments are to be applied prospectively. However, retrospective application if allowed if this is possible without the use of hindsight. If an entitity applies the amendments retrospectively, it imust do so for all of the amendments described above.

Additional information

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Correction list for hyphenation

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