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News

  • B20 Panel believes changes to accounting principles are not a tool to increase the attractiveness of long-term financing

    24 Jun 2014

    In light of the importance of infrastructure and other long-term investment for the global economy, the B20 forum through which the private sector produces policy recommendations for the Group of 20 (G20) leaders created a taskforce, which developed actionable recommendations for the G20. As a result of one of these recommendations, the six largest international accounting networks formed a panel to analyse existing accounting and corporate reporting practices and suggest improvements. The panel has now published a report focussing on whether improvements in accounting and corporate reporting could help to attract increased private financing by offering a broader, longer-term perspective on shareholder value creation.

  • IASB to create a transition resource group for the impairment of financial instruments

    23 Jun 2014

    The International Accounting Standards Board (IASB) has announced the creation of a transition resource group that will focus on the upcoming new requirements for impairment of financial instruments. The transition group will support stakeholders by providing a discussion forum on implementation issues that may arise as a result of the new impairment requirements under IFRS 9 'Financial Instruments' (2014), which is expected to be issued later this year.

  • IASB Vice-Chairman warns against 'turning back the clock'

    23 Jun 2014

    IASB Vice-Chairman, Ian Mackintosh gave a speech today at the IFRS Conference in London titled 'Turning back the clock?'. He gave an overview over the current and new work programme and then commented on a vision of international standard-setting that would allow differences between accounting standards to persist.

  • Detailed interview regarding the new revenue framework in IFRS 15

    23 Jun 2014

    Robert Bruce hosts an interview with Phil Barden, a Partner in the Deloitte UK IFRS Centre of Excellence, and Amy Haworth, a Senior Manager in the Deloitte UK IFRS Centre of Excellence, to discuss in more detail IFRS 15 'Revenue from Contracts with Customers'.

  • June 2014 IASB meeting notes — Part 2

    22 Jun 2014

    The IASB's meeting was being held on 17–19 June 2014, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions on Wednesday covering leases (joint), annual improvements (2012-2014 cycle), IFRS IC issues, and business combinations under common control as well as Thursday's session on discount rates. The remaining notes on the conceptual framework will follow in due course.

  • Michel Prada interview on the IFRS Foundation and its future priorities

    20 Jun 2014

    In a video interview conducted by Robert Bruce, Chairman of the IFRS Foundation Trustees Michel Prada discusses the IFRS Foundation, how it is governed, progress made in global standard setting, and the shift from a bi-lateral to a multi-national approach when developing standards.

  • EFRAG Update detailing May/June developments

    20 Jun 2014

    The European Financial Reporting Advisory Group (EFRAG) has released a new issue of its 'EFRAG Update' newsletter, summarising the discussions held at the EFRAG CFSS meeting of 27 May 2014, the EFRAG TEG conference calls of 28 May and 4 June 2014 and the EFRAG TEG meeting of 11-13 June 2014.

  • New EFRAG governance structure will become effective 31 October 2014

    19 Jun 2014

    On 16 June 2014, in an EFRAG General Assembly meeting, EFRAG's existing 7 Member Organisations have approved the revised EFRAG Statutes and Internal Rules and admitted 8 new members. The effective date of 31 October 2014 was chosen because the European Commission will only be able to nominate the President of the EFRAG Board after having heard the European Parliament and the Council of Ministers, which is expected to to take place in early autumn.