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News

  • IASB Vice-Chairman calls global accounting standards 'inevitable'

    13 Aug 2014

    IASB Vice-Chairman, Ian Mackintosh gave a speech today at the IFRS Foundation conference in Johannesburg, South Africa on the achievability of global accounting standards. He discussed the progress the IASB has made and the "dangers" of convergence over adoption.

  • UK 'Financial Reporting Lab' publishes report on clear and concise reporting

    13 Aug 2014

    The United Kingdom Financial Reporting Council (FRC) has published a report of its 'Financial Reporting Lab' highlighting the progress that UK companies made during the 2013 year-end reporting cycle towards clearer and more concise reporting. Although focused on UK financial reporting requirements the observations and recommendations in the report are broadly applicable.

  • Former IFRS Advisory Council Chair reflects on Canada's changeover to IFRSs

    13 Aug 2014

    In an article in the 'CPA Magazine' made available on the CPA Canada website, Paul Cherry, former Chairman of the IASB's IFRS Advisory Council reflects on Canada's changeover to IFRSs eight years after the Canadian Accounting Standards Board (AcSB) decided to adopt international reporting standards in Canada.

  • July 2014 IASB meeting notes — Part 4 (concluded)

    12 Aug 2014

    The IASB's meeting was held on 22–24 July 2014, some of it a joint meeting with the FASB. We have posted the remaining Deloitte observer notes from Thursday's session on the conceptual framework.

  • IASB changes IAS 27 to again allow application of the equity method in separate financial statements

    12 Aug 2014

    The International Accounting Standards Board (IASB) has published 'Equity Method in Separate Financial Statements (Amendments to IAS 27)'. The amendments reinstate the equity method as an accounting option for investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. The amendments are effective for annual periods beginning on or after 1 January 2016, with earlier application being permitted.

  • IFRS Foundation publishes update on leases project

    08 Aug 2014

    The IFRS Foundation staff has published a document setting out the key tentative decisions reached on the leases project during the first half of 2014. The document also explains the IASB’s reasons for reaching those tentative decisions and explains the remaining work to be done in completing the project.

  • European Commission consults on the impact of IFRSs in the EU

    07 Aug 2014

    The European Commission (EC) has launched a public consultation on the impact of International Financial Reporting Standards (IFRSs) in the EU. Responses are requested by 31 October 2014 after which the results will summarised into a technical report that will feed into a larger evaluation report to be presented by the EC to the EU Council of Ministers and the European Parliament.