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News

  • 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.

  • FASB proposes decision process improvements for disclosure framework

    Mar 05, 2014

    The FASB has issued an exposure draft proposing a decision process to be used by the Board and its staff for evaluating what disclosures should be required in notes to interim and annual financial statements. Also, it proposes the types of information that should not be required in notes to financial statements.

  • IFRS XBRL taxonomy for 2014 is available

    Mar 05, 2014

    The IFRS Foundation has published the IFRS Taxonomy 2014. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language).

  • EFRAG, EFFAS/ABAF, and IASB announce macro hedging outreach event

    Mar 04, 2014

    The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS) and the Association Belge des Analystes Financiers (ABAF), and the International Accounting Standards Board (IASB) have announced the second in their series of joint outreach events will be held on 7 July 2014 to discuss how macro hedging can improve analysis of banks and insurers.

  • Canadian 'Starter's Guide to Sustainability Reporting'

    Mar 04, 2014

    Chartered Professional Accountants of Canada (CPA Canada) has published a guide designed to be a starting point for new or early-stage sustainability reporters. The focus of the guide is to provide a roadmap on how to get started on sustainability reporting, the reporting choices available, the process and resources involved, as well as the relevant tools and guidance available.

  • Agenda for March 2014 Global Preparers Forum meeting

    Mar 03, 2014

    Representatives from the International Accounting Standards Board (IASB) will meet with the Global Preparers Forum (GPF) in London on Tuesday, 11 March 2014. The agenda for the meeting has been released, and includes an overview of the IASB and IFRS Interpretations Committee work plans, and discussion on specific topics including macro hedging, financial instruments impairment, leases, hyperinflation, the post-implementation review of IFRS 3, and the Conceptual Framework.