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  • Summary of joint outreach event on quality financial reporting

    05 Sep 2014

    The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS) and the Association Belge des Analystes Financiers (ABAF), the Association of Certified International Investment Analysts (ACIIA) and the International Accounting Standards Board (IASB) have made available a report of the discussions held during their second outreach event held on 25 June 2014 to discuss what role investors and advisers can play in ensuring quality financial reporting.

  • CAQ issues professional judgement resource

    04 Sep 2014

    The Center for Audit Quality (CAQ) of the American Institute of Certified Public Accountants (AICPA) has issued a 'Professional Judgment Resource', which is "designed to provide auditors with an example of a decision-making process to facilitate important auditing and accounting judgments in a professionally skeptical manner". While the resource was developed with auditors in mind, it can be a useful tool for all participants in the capital markets.

  • IASB Chairman discusses Japanese modified international standards and the dangers of ignoring unrealised income

    03 Sep 2014

    IASB Chairman Hans Hoogervorst gave a speech today at an IFRS Conference in Tokyo titled 'The dangers of ignoring unrealised income'. He discussed an overview of the current use of IFRS around the world and Japan especially focusing on the recently issued Japanese Exposure Draft 'Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications' and connected the modifications made to the IASB's project to update its Conceptual Framework and the dangers of ignoring unrealised gains and losses.

  • IVSC re-exposes derivative valuation proposals

    02 Sep 2014

    The International Valuation Standards Council (IVSC) has issued a revised exposure draft proposing guidance on the valuation of equity derivatives. The revised exposure draft responds to feedback on an earlier exposure draft published in 2013, placing more emphasis on practical considerations, including consideration of derivative strategies, and additional guidance on the applicability of models and resolution methods.

  • Malaysia decides on IFRS transition date for real estate and agricultural entities

    01 Sep 2014

    The Malaysian Accounting Standards Board (MASB) has announced that 'Transitioning Entities' in the real estate, agricultural and allied industries will be required to apply the Malaysian Financial Reporting Standards Framework (MFRS Framework) for annual periods beginning on or after 1 January 2017. The MFRS Framework comprises standards as issued by the International Accounting Standards Board (IASB) and allows Malaysian entities to assert full compliance with IFRS. The MASB has decided on the final application date in conjunction with the issue of Malaysian equivalents to IFRS 15 'Revenue from Contracts with Customers' and 'Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)'.

  • European Discussion Paper on separate financial statements

    01 Sep 2014

    In a joint effort as part of EFRAG's proactive agenda, the European Financial Reporting Advisory Group (EFRAG), the Spanish Instituto de Contabilidad y Auditoría de Cuentas (ICAC), the Italian Organismo Italiano di Contabilità (OIC) and the Dutch Raad voor de Jaarverslaggeving (RJ) have published a discussion paper on ‘Separate Financial Statements’.