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The #1 website for global accounting news
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  • EU referendum in the UK

    24 Jun 2016

    In the EU referendum in the UK yesterday, which saw a turnout of 71.8%, 51.9% of the voters made clear that they see the UK’s interests best-served by leaving the European Union.

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  • IASB updates work plan

    24 Jun 2016

    Following its June 2016 meeting, the IASB has updated its work plan. As mentioned before, directly tracing the Board's progress on the individual projects has become impossible since the change of the work plan format in July 2015, unless the Board makes definite progress or has to make larger corrections. Of these, only a few can be identified since the previous work plan. The work plan also indicates that EDs on the definition of a business and on the remeasurement of previously held interests are to be expected next week.

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  • June 2016 IASB meeting notes posted

    22 Jun 2016

    The IASB met at its offices in London on 20 and 22 June 2016. We have posted the Deloitte observer notes from all of the sessions.

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  • IFRS Foundation trustees seeks IASB Board members

    21 Jun 2016

    The IFRS Foundation trustees are currently seeking nominations for two vacancies in the IASB’s Board. The Board is comprised of 14 members containing a mix of experience in standard-setting, financial reporting, and education.

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  • IASB clarifies the classification and measurement of share-based payment transactions

    20 Jun 2016

    The International Accounting Standards Board (IASB) has published final amendments to IFRS 2 'Share-based Payment' that clarify the classification and measurement of share-based payment transactions. The amendments address several requests that the IASB and the IFRS Interpretations Committee received and that the IASB decided to deal with in one combined narrow-scope project.

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  • ANC joins debate on how cultural background and translation influence the interpretation of IFRSs

    18 Jun 2016

    As reported earlier, the Australian Accounting Standards Board (AASB) and the Korea Accounting Standards Board (KASB) are conducting a joint research project that explores how cultural background and translation affect the interpretation of the terms that are used in IFRS. The French Autorité des Normes Comptables (ANC) has now joined the debate and contributes some general thoughts on the translation process.

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  • Pre-meeting summaries for the June IASB meeting

    17 Jun 2016

    The International Accounting Standards Board (IASB) will meet at its offices in London on 20 and 22 June 2016. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. For each topic to be discussed we summarise the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

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  • IFRS in your pocket 2016

    published 23 Jun 2016

    The 2016 edition of our popular guide to IFRSs includes background information on the structure and workings of the IASB, analysis of the use of IFRSs around the world, summaries of all current Standards and Interpretations, and up-to-date details of IASB and IFRIC agenda projects.

  • A roadmap to pushdown accounting Image
  • A roadmap to pushdown accounting

    published 21 Jun 2016

    This Roadmap provides Deloitte’s insights into and interpretations of the guidance on the application of pushdown accounting.

  • EFRAG endorsement status report 21 June 2016 Image
  • EFRAG endorsement status report 21 June 2016

    published 21 Jun 2016

    This endorsement status report update reflects the issuance of amendments to IFRS 2 'Share-based Payment' by the IASB on 20 June 2016. Endorsement is currently expected in the second half of 2017.

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  • Heads Up — Frequently asked questions about ASU 2016-09

    published 20 Jun 2016

    This Heads Up contains 33 frequently asked questions and answers on a number of topics that have arisen as a result of the implementation of FASB Accounting Standards Update (ASU) No. 2016-09, "Improvements to Employee Share-Based Payment Accounting," which was issued in March of this year. The Heads Up supplements our April 21, 2016, Heads Up on the ASU, which provides a comprehensive discussion of the ASU’s key provisions.

  • Heads Up — FASB issues final standard on accounting for credit losses Image
  • Heads Up — FASB issues final standard on accounting for credit losses

    published 17 Jun 2016

    This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2016-13, "Measurement of Credit Losses on Financial Instruments." The ASU adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity of U.S. GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments.

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