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News

  • IFRS 2014 'Red Book' now available

    Mar 12, 2014

    The International Accounting Standards Board (IASB) has announced that the 2014 edition of the Bound Volume of International Financial Reporting Standards (the 'Red Book') is now available.

  • IASB publishes editorial corrections

    Mar 11, 2014

    The International Accounting Standards Board (IASB) has published its first batch of editorial corrections for 2014. The corrections impact consequential amendments, stand-alone standards, and the IASB's “A Guide Through IFRS 2013”, “2014 IFRS (Blue Book)”, and “2013 IFRS (Red Book)”.

  • FASB plans to conduct research and outreach with stakeholders on fair value measurement

    Mar 11, 2014

    The Chairman of the US Financial Accounting Standards Board (FASB) has submitted a letter to the Financial Accounting Foundation’s (FAF’s) Standard-Setting Process Oversight Committee acknowledging the results of the FAF's post-implementation review (PIR) of FASB Statement No. 157 'Fair Value Measurements'. The review team had concluded that the standard generally achieves its purpose and provides investors with decision-useful information. However, it also noted that some investors found certain aspects of the standard challenging.

  • EFRAG Update detailing its February developments

    Mar 10, 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 7 and 18 February 2014, the EFRAG CFSS meeting on 26–27 February 2014, and at the EFRAG TEG meeting of 26–28 February 2014.

  • We comment on the proposals for amendments under the IASB's annual improvements project (cycle 2012-2014)

    Mar 10, 2014

    We have published our comment letter on the IASB's Exposure Draft ED/2013/11 'Annual Improvements to IFRSs 2012–2014 Cycle' published in December 2013. We continue to believe that the Annual Improvement Project is an efficient and effective means of dealing with isolated issues within IFRSs that are leading to divergent practice. However, in respect of the 2012-2014 cycle of annual improvements, we are concerned by the proposed amendments to three of the four standards concerned.

  • 'Convergence can never be a substitute for adoption of IFRS'

    Mar 08, 2014

    At the 8th IFRS Regional Policy Forum currently hosted by the Institute of Chartered Accountants of India (ICAI) in New Delhi, IASB Chairman Hans Hoogervorst gave a speech entitled 'Closing the accounting chapter of the financial crisis' in which he detailed the IASB's reaction to the financial crisis and concluded that convergence was an unstable means to achieve a single set of global accounting standards.

  • Agenda for March 2014 IASB meeting

    Mar 07, 2014

    The International Accounting Standards Board (IASB) will hold its next meeting on 13–21 March 2014. The meeting is segmented into three parts: (1) IASB education sessions on insurance contracts and leases; as well as an IASB-only meeting on conceptual framework will be held in London on 13–14 March 2014, (2) Joint meeting with the Financial Accounting Standards Board (FASB) to discuss the leases project and an IASB-only meeting on insurance contracts will be held in Norwalk on 18–19 March 2014, and (3) IASB-only meeting to discuss various topics from the Interpretations Committee, sweep issues on bearer plants, amendments to IAS 1, and issues related to its disclosure initiative will be held in London on 21 March 2014.

  • Collaboration planned between IVSC and IFRS Foundation

    Mar 06, 2014

    The International Valuation Standards Council (IVSC) and the IFRS Foundation announced that the two organisations will deepen their co-operation in the development of International Financial Reporting Standards (IFRS) and International Valuation Standards (IVS). Main focus of the statement of protocols announced today is the co-ordination on fair value measurement.