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IASB (International Accounting Standards Board) (blue) Image

IASB updates work plan

21 Jul 2016

Following its July 2016 meeting, the IASB has updated its work plan. The IASB has reorganised the way projects are presented, however, the main problem that progress on the individual projects cannot be traced properly anymore unless the Board makes definite progress or has to make larger corrections has not been rectified. In this news item, we explain the changed presentation and point out the few project changes that can be identified since the previous work plan.

The main change in the work plan presentation is that the Board’s active research projects and standard-setting projects are presented on one page, with research appearing before standard-setting. This was done to indicate that research projects typically lead on to standard-setting projects (if the research provides sufficient evidence that standard-setting is needed), to avoid implying that standard-setting projects are automatically more important or more urgent than research projects, and to avoid the confusion caused by some projects appearing on both the research and major projects pages.

The research projects now also include milestones for progress made and expected, however, they are of the same kind as the ones used for major projects so that slippage cannot be detected from one month to the next. Also, research projects are no longer classified as being in either the assessment or the development phase as the distinction was confusing to users. Projects that are in the “research pipeline” are no longer presented in the work plan at all.

The page dedicated to narrow scope amendments and IFRS maintenance now also includes IFRS Taxonomy activities and developments in the post-implementation reviews.

Changes to the projects itself include:

Research projects

Standard-setting and related projects (major projects)

Implementation projects (narrow scope amendments)

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

Leaf - sustainability (green) Image

Recent sustainability reporting developments

21 Jul 2016

A summary of recent developments at the Natural Capital Coalition, the SASB and GRI.

The Natural Capital Coalition has launched the Natural Capital Protocol, a standardised framework bringing together and building on a number of approaches that already exist to help business measure and value natural capital. The Natural Capital Protocol is freely available on the Natural Capital Coalition website.

The Sustainability Accounting Standards Board (SASB) has issued industry-by-industry engagement guidance for investors to assist asset owners and asset managers in using SASB standards and asking the right questions about material sustainability factors. Please click to download the guidance from the SASB website.

The Global Reporting Initiative (GRI) has announced that Chief Executive Michael Meehan will leave the organisation. Former Deloitte Partner Eric Hespenheide has been appointed Interim Chief Executive and stands down from his position as Chair of the Global Sustainability Standards Board (GSSB) in line with governance procedures. Please click for the press release on the GRI website.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG issues feedback summary on recent leases outreach event

20 Jul 2016

The European Financial Reporting Advisory Group (EFRAG) has issued a summary of the feedback received on a joint leases outreach event co-hosted by the European Federation of Financial Analysts Societies (EFFAS), and the Association Belge des Analystes Financiers (ABAF/BVFA) on 5 July.

The outreach event provided investors an opportunity to learn about the main changes between IFRS 16 and IAS 17 as well as the differences between IFRS 16 and the US GAAP equivalent standard. In addition, participants provided their views on the leases standard, which included discussions on:

  • Advantages and disadvantages of IFRS 16 for financial statement users.
  • Population of contracts captured by the scope of IFRS 16.
  • IFRS 16 presentation requirements.
  • Non-GAAP measures.
  • Overall impact of IFRS 16.

For more in­for­ma­tion, see the feedback summary on the EFRAG’s website.

ESMA (European Securities and Markets Authority) (dark gray) Image

ESMA calls for consistent application of IFRS 15

20 Jul 2016

The European Securities and Markets Authority (ESMA) has published a Public Statement aimed at promoting the consistent application of IFRS 15 'Revenue from Contracts with Customers' by European issuers listed on regulated markets.

In light of the expected impact and importance of the implementation of IFRS 15, ESMA highlights the need for consistent and high-quality implementation of IFRS 15 and the need for transparency on its impact to users of financial statements. The statements addresses the following topics:

  • Transparency on implementation and effects of IFRS 15;
  • Specific considerations;
  • Illustrative timeline and good practices of disclosures; and
  • Next steps.

Please click to download the IFRS 15 public statement from the ESMA website.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG seeks TEG applicants

20 Jul 2016

The European Financial Reporting Advisory Group (EFRAG) is calling for candidates for its Technical Expert Group (TEG).

The present mandate period of six of the sixteen EFRAG TEG members expires on 31 March 2017 and the mandate of three country liaison members expires on 30 November 2016. All existing members are eligible for reappointment.

More information is available on the EFRAG website.

ITCG meeting (mid blue) Image

Summary of the June 2016 ITCG meeting

20 Jul 2016

The IASB has published notes to the IFRS Taxonomy Consultative Group (ITCG) meeting held on 7 June 2016.

The ITCG discussed:

  • update on the Board’s work to improve communication of financial information, including the IFRS Taxonomy;
  • use of structured electronic reporting, including the IFRS Taxonomy;
  • IFRS Taxonomy implementation guidance;
  • IFRS Taxonomy content areas for review;
  • IFRS Taxonomy educational materials; and
  • ITCG member updates.

For more information, see the meeting notes on the IASB website.

IASB meeting (blue) Image

July 2016 IASB meeting notes posted

19 Jul 2016

The IASB met at its offices in London on 18–19 July 2016. We have posted the Deloitte observer notes from all of the sessions.

Please click through for direct access to the notes:

Monday, 18 July 2016

Tuesday, 19 July 2016

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

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

IPSASB 2016 Handbook of pronouncements available

18 Jul 2016

The International Public Sector Accounting Standards Board (IPSASB) has made available its 2016 Handbook of International Public Sector Accounting Pronouncements.

In two volumes, the Handbook contains all IPSASB pronouncements published as of 30 January 2016, including the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. It can be downloaded free of charge in PDF format from the IPSASB website. The IPSASB points out that the print edition is currently in production and will be available for online ordering soon.

FEE (Federation of European Accountants - Fédération des Experts-comptables Européens) (lt green) Image

FEE roundtable on public country-by-country reporting of tax information

18 Jul 2016

Since currently there are many European and international initiatives that propose public country-by-country reporting of tax relevant information for multinational companies, the Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) offers a roundtable on that topic on 20 October 2016.

The location will be Brussels, the event will take place from 17:00 to 19:00. More information will be available at a later point of time. Please click for the announcement on the FEE website.

IFRS Foundation (blue) Image

New Chair of the IFRS Foundation Monitoring Board

14 Jul 2016

The IFRS Foundation Monitoring Board, responsible for the oversight of the IFRS Foundation, has announced that Masamichi Kono has stepped down as Chair of the Monitoring Board.

Ryozo Himino, Vice Minister for International Affairs of the Japan Financial  Services Agency (FSA), was appointed by the Monitoring Board to serve as Chair for the remainder of Mr. Kono’s term until February 2017.

Please click for the press release announcing this change on the IOSCO website. 

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