This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.


EFRAG document (dk green) Image

EFRAG draft comment letter on the IASB's exposure draft on amendments to IAS 19 and IFRIC 14 on pension accounting

24 Jul 2015

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on IASB exposure draft (ED) ED/2015/5 “Remeasurement on a Plan Amendment, Curtailment or Settlement / Availability of a Refund from a Defined Benefit Plan (Proposed amendments to IAS 19 and IFRIC 14).”

On 18 June 2015, the IASB issued ED/2015/5 to address two issues submitted to the IFRS Interpretations Committee. The two issues are to clarify (1) the calculation of current service cost and net interest when an entity remeasures the net defined benefit liability (asset) when a plan amendment, curtailment or settlement occurs; and (2) whether a trustee's power to augment benefits or to wind up a plan affects the employer's unconditional right to a refund and thus, in accordance with IFRIC 14, restricts recognition of an asset.

In its draft comment letter, EFRAG supports the proposed amend­ments; however, the EFRAG would like input from constituents regarding any impediments concerning the limited retrospective application proposals.

Comments on the draft comment letter are due by 9 October 2015.

For more in­for­ma­tion, see the press release and draft comment letter on the EFRAG’s website.

Greece Image

Financial reporting implications of the Greek debt crisis

23 Jul 2015

Deloitte’s IFRS Global office has issued a newsletter which outlines the financial reporting implications of the Greek debt crisis and the main issues preparers should consider in their IFRS financial statements as at 30 June 2015.

The topics discussed in the newsletter include:

  • Financial reporting consequences related to (1) general disclosures, (2) impairment, and (3) going concern.
  • An outlook of additional measures the Greek government must take to secure its third bailout.
  • Direct consequences and broader economic consideration in case of Greek exit from the Eurozone.

 Please click to view the IFRS in Focus — The Greek debt crisis: Financial reporting implications for 30 June.

IASB (International Accounting Standards Board) (blue) Image

Latest IASB 'Investor Update' issued

23 Jul 2015

The IASB has issued the sixth edition of its newsletter 'IASB Investor Update' to provide investors with quick access to information on current accounting and financial reporting issues. The newsletter aims to keep investors informed on new and changing guidance.

This issue features:

  • Current projects that need input from the in­vest­ment community.
  • Spotlight: The Es­sen­tials — discussing how investors can use note disclosures to understand bank leverage.
  • In profile: An interview with Anne Simpson, Investment Director at the Global Governance division at California Public Employees’ Retirement System, discussing her views on financial reporting, integrated reporting and corporate governance.
  • Stay up-to-date: current events calendar.

The IASB Investor Update newslet­ter is available on the IASB's website.

IASB (International Accounting Standards Board) (blue) Image

IASB votes to defer the effective date of IFRS 15

22 Jul 2015

The IASB has just unanimously affirmed its proposal to defer the effective date of IFRS 15 'Revenue from Contracts with Customers' to 1 January 2018. Earlier application of IFRS 15 continues to be permitted.

The IASB had proposed the deferral as it has tentatively decided to propose some targeted amendments to IFRS 15 that some entities may wish to apply at the same time as they first apply IFRS 15. The IASB also acknowledges that IFRS 15 was issued later than had been intended, so implementation time was shorter than anticipated.

Earlier this month, the FASB affirmed its proposal to defer for one year the effective date of its new revenue standard ASU 2014-09 Revenue From Contracts With Customers.

For more information, see the press release on the IASB's website.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Survey on the impact of the forthcoming new IFRS on leases on financial covenants in loan agreements

22 Jul 2015

EFRAG, the IASB and the National Standard Setters of France, Germany, Italy, Lithuania, and the UK invite companies to participate in a public survey on impact of the forthcoming new IFRS on Leases on financial covenants in loan agreements.

The objective the survey is

  • to assess the possible impact of the new IFRS on leases on lenders' business practices,
  • to increase the awareness of the effects of the new IFRS on financial covenants, and
  • to better understand the extent to which covenants are based on figures reported in accordance with IFRS.

More information, a link to the survey, and a list of contacts in the different countries are available in the press release on the EFRAG website. Participants are requested to answer the survey questions and submit their replies not later than 30 September 2015.

ESMA (European Securities and Markets Authority) (dark gray) Image
European Union Image

17th ESMA enforcement decisions report released

22 Jul 2015

The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IAS 1, IAS 11, IAS 27, IAS 28, IAS 36, IAS 39, IFRS 3, IFRS 6, IFRS 10, IFRS 13, and IFRIC 19.

The European national enforcers of financial information monitor and review financial statements published by issuers with securities traded on a regulated European market and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.

ESMA has developed a confidential database of enforcement decisions taken by individual European enforcers as a source of information to foster appropriate application of IFRS.

The publication of enforcement decisions is designed to inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS, i.e. whether the treatments are considered as being within the accepted range of those permitted by IFRS. ESMA considers the publication of the decisions, together with the rationale behind them, will contribute to a consistent application of IFRS in the European Union.

Topics covered in the latest batch of extracts, covering the period from February 2012 to November 2014, include:



IAS 27 Separate Financial Statements
IAS 39Financial Instruments: Recognition and Measurement
IFRS 10Consolidated Financial Statements
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

Extinguishment of debt

IAS 39 Financial Instruments: Recognition and Measurement

Impairment charge for a decline in the fair value of available for sale financial assets

IFRS 13 Fair Value Measurement

Measurement of financial instruments at fair value

IFRS 3Business Combinations
IFRS 13Fair Value Measurement

Fair value measurement in business combination

IAS 1Presentation of Financial Statements
IAS 28Investments in Associates and Joint Ventures

Presentation of financial statements

IAS 11 — Construction Contracts

Accounting for claims in construction contracts

IAS 36Impairment of Assets
Exploration for and Evaluation of Mineral Resources 

Impairment testing

Click for access to the full report (link to ESMA website).

IASB (International Accounting Standards Board) (blue) Image

IASB tentatively decides to amend IFRS 4

22 Jul 2015

At its meeting on Monday, the International Accounting Standards Board (IASB) followed a staff recommendation to amend IFRS 4 'Insurance Contracts' to address the consequences of different effective dates of IFRS 9 'Financial Instruments' and the new insurance contracts standard expected to be published in 2016.

The amendments would permit an entity to exclude from profit or loss and recognise in other comprehensive income the difference between the amounts that would be recognised in profit or loss in accordance with IFRS 9 and the amounts recognised in profit or loss in accordance with IAS 39 Financial Instruments: Recognition and Measurement provided that the entity issues contracts accounted for under IFRS 4, applies IFRS 9 in conjunction with IFRS 4, and classifies financial assets as fair value through profit or loss in accordance with IFRS 9 when those assets were previously classified at amortised cost or as available-for-sale in accordance with IAS 39.

The IASB intends to discuss the scope of the amendments to IFRS 4 and whether the effective date of IFRS 9 should be deferred for the insurance industry during its September meeting. Please click for our Deloitte observer notes for details of the IASB's discussion.

IFRS IC meeting (blue) Image

July 2015 IFRS Interpretations Committee meeting notes posted

21 Jul 2015

The IFRS Interpretations Committee met in London on 14 July 2015. We've posted the Deloitte observer notes for the sessions on IAS 2/IAS 38, IAS 12, IAS 23, IFRS 2, IFRS 11, IFRIC 14, and the administrative session.

The following topics were discussed at the meeting (click the links to access detailed Deloitte observer notes for each topic):


Deliberation of comments received

Items for continuing consideration

Finalisation of a tentative agenda decision

New issues

Administrative session:

The pre­lim­i­nary and un­of­fi­cial notes taken by Deloitte observers for the entire meeting are also available.

IASB meeting (blue) Image

July 2015 IASB meeting notes posted — part 1

21 Jul 2015

The IASB met at its offices in London on 20 July 2015. We have posted the Deloitte observer notes from the session on insurance contracts.

Please click through for direct access to the notes:

Monday, 20 July 2015

Additional notes from the sessions held on 22–23 July 2015 will be posted when available.

You can also access the pre­lim­i­nary and un­of­fi­cial notes taken by Deloitte observers for the entire meeting.

IFRS AC meeting (mid blue) Image

Report on the June 2015 IFRS Advisory Council meeting

20 Jul 2015

The IFRS Advisory Council met in London on 9–10 June 2015. Topics discussed at the meeting included the 2015 agenda consultation, the review of the structure and effectiveness of the IFRS Foundation, and an overview of the IFRS Foundation’s strategy for 2015–2017. The council also considered the latest developments related to the IFRS adoption experience in Japan, profiles of IFRS filing requirements by jurisdiction, and items on the IASB’s technical agenda related to the research program and leases.

  • 2015 agenda consultation — Council members provided feedback concerning the method of presentation in the request for views.
  • Review of the structure and effectiveness of the IFRS Foundation — The council made suggestions regarding the draft consultation document.
  • 2015–2017 IFRS Foundation strategy — The staff gave an overview presentation to the council.
  • IFRS adoption in Japan — The council noted the increasing number of companies adopting IFRSs in Japan because of the perceived benefits of doing so and discussed the implementation of the Japanese corporate governance code.
  • Profiles of IFRS filing requirements by jurisdiction — The council requested that the staff consider whether there are additional strategic uses for the profiles.
  • Research program — The council supported this program and provided several considerations. In addition, the council indicated that it supports changing rate regulation from a research project to a standards-level project.
  • Leases — The council proposed steps to be taken after the issuance of the leases standard. Specifically, the council suggested that (1) there is no need to form a transition resource group; (2) educational meetings with national standard setters, investors, and regulators should be held; (3) the effects-analysis document should explain the differences between IFRSs and U.S. GAAP; and (4) the IASB should monitor implementation issues.

The next meeting of the IFRS Ad­vi­sory Council is sched­uled for 2–3 November 2015, in London. The full report on the council’s June meeting is avail­able on the IASB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.