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News

  • EFRAG draft comment letter on disclosure initiative

    Apr 11, 2014

    The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB’s Exposure Draft ED/2014/01 ‘Disclosure Initiative (Amendments to IAS 1)’ that was issued on 25 March 2014.

  • Agenda for April 2014 IASB meeting

    Apr 11, 2014

    The International Accounting Standards Board (IASB) will be meeting at its offices in London on 22–25 April 2014. Part of the meeting will be held jointly with the Financial Accounting Standards Board (FASB) to discuss the leases project. Additionally, the IASB will be discussing its research programme, bearer plants, issues from the Interpretations Committee, rate-regulated activities, the equity method in separate financial statements, the conceptual framework, insurance contracts, and the disclosure initiative.

  • FASB redefines discontinued operations

    Apr 10, 2014

    Today, the FASB issued Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under the ASU, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the ASU (1) expands the disclosure requirements for disposals that meet the definition of a discontinued operation, (2) requires entities to disclose information about disposals of individually significant components, and (3) defines “discontinued operations” similarly to how it is defined under IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations."

  • Accounting considerations in view of Venezuela's state as a highly inflationary economy

    Apr 10, 2014

    Since 2010, Venezuela has been considered a highly inflationary economy. In November 2013 the International Practices Task Force (IPTF) of the AICPA's Centre for Audit Quality reported that the three-year cumulative inflation rate for Venezuela was 95% for 2012 and the three-year cumulative inflation rate at the end of 2013 was projected to be 124%. The Venezuelan government has instituted several mechanisms for establishing exchange rates between Venezuelan bolivar fuertes (BsF) and U.S. dollar (USD). This has led to accounting questions in an environment with multiple exchange rates.

  • Fifteenth ESMA enforcement decisions report released

    Apr 10, 2014

    The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 3, IAS 36, IFRS 5, IAS 40, IAS 1/IAS 8/IFRS 11, IAS 32, IAS 39, and IAS 19/IFRIC 14.

  • Proposed roadmap for IFRS adoption in India

    Apr 10, 2014

    The Institute of Chartered Accountants of India (ICAI) has publicly released a summary of its recommendations on the timetable for the adoption of Indian Accounting Standards (Ind AS), which are largely converged with International Financial Reporting Standards (IFRSs). The ICAI recommendations, which will be considered by the Indian Ministry of Corporate Affairs (MCA) in determining its final decision on implementation, propose that listed and large entities should mandatorily apply Ind AS in consolidated financial statements for accounting periods beginning on or after 1 April 2016, with other companies being able to apply Ind AS on an irrevocable voluntary basis.

  • EFRAG Update detailing March and April developments

    Apr 09, 2014

    The European Financial Reporting Advisory Group (EFRAG) has released a new issue of its EFRAG Update newsletter, summarising the discussions held on the EFRAG TEG conference calls of 11 and 21 March 2014 and at the EFRAG TEG meeting of 2-3 April 2014.