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• New Zealand issues new standards based on IPSAS for public sector entities

• May 23, 2013

• The New Zealand External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have issued a package of new pronouncements that will apply to New Zealand public sector 'public benefit entities' (PBEs, essentially not for profit entities) from 1 July 2014. The new standards are largely based on International Public Sector Accounting Standards (IPSAS) published by the International Public Sector Accounting Standards Board (IPSASB).

• PCC proposes alternatives to US GAAP for private companies

• May 08, 2013

• The Private Company Council (PCC) has voted to approve proposed alternatives to improve financial reporting for private companies within US Generally Accepted Accounting Principles (GAAP). This is the first step in the process towards endorsement by the FASB.

• Denmark replaces existing accounting standards for SMEs with one single standard

• Apr 22, 2013

• In an effort to modernise accounting for small and medium-sized entities (SMEs) and to inspire the preparation of informative and relevant financial statements, the Accounting Technical Committee of FSR – Danske Revisorer (FSR – Danish Auditors) has published a new accounting standard replacing existing guidelines scattered so far through a number of standards.

• FASB updates proposed private company decision-making framework

• Apr 16, 2013

• The United States Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) have issued an updated Invitation to Comment on the private company decision-making framework. The goal of the Invitation to Comment is to assist the FASB and the PCC to ultimately develop a guide that can be use in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under US GAAP.

• AASB to move away from 'reporting entity' differential reporting concept

• Apr 12, 2013

• The Australian Accounting Standards Board (AASB) has released an 'Action Alert' from its meeting held on 10 April 2013. A key development at the meeting was a tentative AASB decision to move towards a differential reporting regime that does not rely on the 'reporting entity concept' to differentiate between the levels of compliance with Australian Accounting Standards.

• UK replaces local GAAP with new standard based on IFRS for SMEs

• Mar 14, 2013

• The UK’s Financial Reporting Council (FRC) has published FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', which will replace current UK GAAP with effect for periods beginning on or after 1 January 2015.

• MASB outlines new private entities financial reporting framework

• Mar 02, 2013

• The Malaysian Accounting Standards Board (MASB) has issued a roadmap outlining a new financial reporting framework for private entities. The roadmap proposes a framework that sees private entities transitioning to the MASB’s ‘Financial Reporting Standards for Small and Medium-sized Entities’ (FRS for SMEs). The FRS for SMEs is expected to be issued during the first half of 2013 and be effective for annual periods beginning on or after 1 January 2016. The FRS for SMEs is virtually identical to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) as issued by the IASB in July 2009.

• AASB February 2013 meeting outcomes

• Feb 25, 2013

• The Australian Accounting Standards Board (AASB) held its regular meeting on 20-21 February 2013. Highlights from the meeting include discussions around the possible elimination of the 'reporting entity' differential reporting concept, an expected exposure draft on how AASB 10 (equivalent to IFRS 10) should be applied in the not-for-profit sector, and the AASB expecting to nominate for a position on the IASB's Accounting Standard Advisory Forum (ASAF).

• Upcoming SMEIG meeting to analyse possible changes to IFRS for SMEs

• Jan 22, 2013

• The IASB has published agenda papers for the upcoming meeting of the SME Implementation Group (SMEIG), which is to be held on 4-5 February 2013. The papers contain a summary of the responses received to the IASB's 'Request for Information: Comprehensive Review of the IFRS for SMEs' which was issued in June 2012, together with an analysis of those issues and the recommendations on how to progress proposed changes to the IFRS for SMEs.

• Colombian Government confirms deferral of IFRS adoption

• Jan 04, 2013

• In September 2012, the Colombian Government announced that it would defer mandatory IFRS application to 2015 in reaction to many submissions received that point at difficulties regarding the implementation of IFRSs. The deferral was now confirmed by publishing corresponding decrees in the Official Journal.

• Highlights from the AASB December 2012 meeting

• Dec 17, 2012

• The Australian Accounting Standards Board (AASB) has released the Action Alert from its meeting held on 12-13 December 2012. Highlights include further discussion on the AASB's approach to the IASB's investment entities amendments, an agreement to withdraw an Australia-specific Interpretation on substantive enactment of tax bills, and consideration of research on differential reporting. The AASB also considered various IASB projects and public sector and not-for-profit matters.

• New Zealand issues third package of exposure drafts towards enacting its new differential reporting regime

• Dec 03, 2012

• The New Zealand External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have published a third package of exposure drafts designed to implement the revised New Zealand Accounting Standards Framework. This package of proposals would result in the optional use of 'simple format reporting standards' for not-for-profit entities based on accrual accounting (linked to the proposed adoption of IPSAS), or cash accounting, depending on meeting particular criteria.

• UK implements revised differential reporting regime

• Nov 23, 2012

• The United Kingdom Financial Reporting Council (FRC) has issued two new standards which implement a revised differential reporting regime for UK companies. The new regime introduces a 'reduced disclosure regime' for individual financial statements of subsidiaries and ultimate parents.

• New Zealand finalises for-profit differential reporting regime

• Nov 16, 2012

• The New Zealand External Reporting Board (XRB) and New Zealand Accounting Standards Board (NZASB) have released a"for-profit package" of standards which represent the first step toward the implementation of New Zealand's new Accounting Standards Framework. The first package implements a multi-tier structure for for-profit entities, encompassing fully IFRS-compliant standards (NZ IFRS), a 'reduced disclosure regime' (NZ RDR), existing differential reporting requirements, and old NZ-GAAP.

• Malaysia continues the debate on private company reporting

• Oct 26, 2012

• The Malaysian Accounting Standards Board (MASB) has published a staff summary of the current considerations around the future for private company reporting in Malaysia. The summary, which is not an official MASB document, outlines the history of the MASB's consideration of the appropriate reporting framework for private entities, and outlines the options available going forward.

• FRC task force finalises report on complexity in financial reporting

• Oct 11, 2012

• The Australian Financial Reporting Council (FRC) has released the findings drawn from the submissions received in response to its 'Managing Complexity in Financial Reporting' report.

• UK FRC issues exposure draft amending FRED 48

• Oct 03, 2012

• The United Kingdom Financial Reporting Council (FRC) has issued an exposure draft of limited scope amendments to Financial Reporting Exposure Draft (FRED) 48: Draft FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.' The limited scope amendments relate to 1) multi-employer defined benefit pension plans and 2) grantors of service concession arrangements.

• IFRS adoption in Colombia deferred to 2015

• Sep 28, 2012

• In reaction to many submissions received that point at difficulties regarding the implementation of IFRSs, the Colombian Government has deferred mandatory IFRS application to 2015. Application of the IFRS for SMEs was deferred to 2016. However, the government maintains that IFRS adoption is of utmost importance for the country's competitiveness and should be achieved as soon as possible.

• Public and private sector accounting standard differences highlighted

• Sep 18, 2012

• The New Zealand Accounting Standard Board (NZASB) has recently released an exposure draft which explores the practical difficulties in dealing with differences between public sector and private sector accounting standards being set by the IASB and IPSASB. The NZASB acknowledges "there is a risk that the two Boards will develop separate standards that treat like transactions in similar circumstances in quite different ways", which is a significant challenge in maintaining a credible differential reporting framework for various entities.

• AASB enacts deferral of AASB 9 and further RDR exemptions

• Sep 17, 2012

• The Australian Accounting Standards Board (AASB) has approved two new amending standards that give effect to the deferral of AASB 9 'Financial Instruments', and introduce further disclosure exemptions for those entities applying Australia's 'reduced disclosure requirements' (RDR).

• The future for public sector accounting standards

• Sep 13, 2012

• Ken Warren, a board member of the International Public Sector Accounting Standards Board (IPSASB) and the New Zealand External Reporting Board (XRB), has written an article providing some insights into the future direction of International Public Sector Accounting Standards (IPSAS). The article, entitled 'IPSASs through the looking glass' and recently published on the website of the New Zealand Institute of Chartered Accountants (NZICA), discusses conceptual differences between IFRS and IPSAS and likely developments in public sector accounting.

• September 2012 AASB meeting

• Sep 10, 2012

• Highlights from the outcomes of the Australian Accounting Standards Board (AASB) meeting held on 5-6 September 2012, including a decision to extend the mandatory effective date of the consolidation and joint venture standards for not-for-profit entities.

• New Zealand regulatory update on non-GAAP measures and differential reporting

• Sep 04, 2012

• The New Zealand Financial Markets Authority (FMA) has issued its final guidance note on disclosing non-GAAP financial information (including 'underlying profit'). This follows the recent introduction of a Bill into the New Zealand Parliament which proposes significant changes to New Zealand’s financial reporting framework.

• AASB publishes 'RDR' standards for June 2012

• Aug 29, 2012

• The Australian Accounting Standards Board (AASB) has published compiled Reduced Disclosure Requirements (RDR) versions of Standards and Interpretations that apply to the 2011-12 financial year.

• FASB seeks input on private company decision-making framework

• Aug 01, 2012

• The United States Financial Accounting Standards Board (FASB) issued an Invitation to Comment on a staff paper outlining an approach for deciding whether and in what circumstances to modify US GAAP for private companies. In its paper, 'Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies', the FASB recommends criteria for determining when it is appropriate to adjust financial reporting requirements for private companies. The goals of the decision-making framework are (1) to help the FASB and the newly-created Private Company Council (PCC) identify the needs of private company financial statements users and (2) to create opportunities that reduce the complexity and cost of preparing private company financial statements in accordance with US GAAP.