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News

  • 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’.

  • IPSASB seeks to clarify which entities should apply IPSASs

    28 Aug 2014

    The International Public Sector Accounting Standards Board (IPSASB) has released a consultation paper that seeks comments on the applicability of International Public Sector Accounting Standards (IPSASs) to government business enterprises (GBEs) and other public sector entities. The consultation paper is part of an IPSASB project to consider the types of entities for which IPSASs should be developed.

  • FASB issues guidance on going concern

    27 Aug 2014

    The US Financial Accounting Standards Board (FASB) has issued ASU 2014-15, 'Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern', which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. A similar project of the IASB could not be completed yet.

  • EFRAG calls for some new members of its IAWG

    27 Aug 2014

    The European Financial Reporting Advisory Group (EFRAG) is looking for some new members of its Insurance Accounting Working Group (EFRAG IAWG) following the retirement of some of its existing members.

  • US SEC appoints new Chief Accountant

    26 Aug 2014

    The US Securities and Exchange Commission (SEC) has appointed James Schnurr as the new chief accountant in the SEC’s Office of the Chief Accountant to succeed Paul Beswick. In his new role, which begins in October, Mr Schnurr will oversee accounting interpretations, professional practice issues and international accounting matters.