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  • Report recommends enhanced governance arrangements for IPSAS

    2015-03-03

    The IPSASB Governance Review Group has published it's final recommendations on the future governance of the IPSASB. The Review Group concludes that the International Public Sector Accounting Standards Board (IPSASB) should continue to operate under the auspices of the International Federation of Accountants (IFAC). At the same time, however, the group recommends that a new governance body, the Public Interest Committee, should be established to ensure that the public interest is served by the standard-setting activities of the IPSASB.

  • Agenda for the upcoming meeting of the IASB's Rate-regulated Activities Consultative Group

    2015-02-27

    The IASB's Rate-regulated Activities Consultative Group will meet in London on Wednesday, 4 March 2015. Main purpose of the meeting is to discuss an overview of the feedback received on the Discussion Paper on rate regulation, disclosure requirements, performance, types of regulatory deferral account balances, and the interaction with IFRIC 12.

  • Agenda for the March 2015 Global Preparers Forum meeting

    2015-02-27

    Representatives of the International Accounting Standards Board (IASB) will meet with the Global Preparers Forum (GPF) in London on Thursday, 5 March 2015. The agenda for the meeting has been released, which includes updates from the IASB and IFRS Interpretations Committee, together with discussion on specific topics including the agenda consultation 2015, income tax accounting, business combinations under common control, a review of IAS 8, discount rates, share-based payments, and performance reporting.

  • Assessment of the FASB's Private Company Council

    2015-02-27

    The US Financial Accounting Foundation (FAF) has issued a request for comment asking stakeholders for their assessment of the Private Company Council's (PCC) effectiveness and accomplishments as well as it's future role in setting standards for private companies.

  • February 2015 IASB meeting notes — concluded

    2015-02-27

    The IASB met at its offices in London on 18–20 February 2015. Some of the meeting was a joint session with the FASB. We have posted the Deloitte observer notes from the joint session on revenue recognition.

  • IASB issues 'Investor Perspectives' on insurance

    2015-02-26

    The International Accounting Standards Board (IASB) has released a new edition in its 'Investor Perspectives' series. In this edition, Steve Cooper (member of the IASB) provided an update on the IASB’s insurance contracts project.

  • Paper on the use of OCI for the presentation of unearned profits

    2015-02-26

    For the upcoming meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held at the IASB's offices in London on 26-27 March 2015, the Accounting Standards Board of Japan (ASBJ) has submitted a paper 'Insurance Contracts: Use of OCI for Presentation of Unearned Profits'. In the paper, the ASBJ proposes that the contractual service margin (CSM) could be presented as accumulated other comprehensive income (AOCI) as opposed to being presented in the liability section of the statement of financial position.

  • IASB issues work plan update

    2015-02-26

    Following its February meeting, the IASB has published a new work plan. The only change to note is a change of scope and name in a research project.

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  • IFRS Project Insights — Leases

    published 2015-03-03

    This edition of IFRS Project Insights provides a summary of the IASB's project on leases. This publication has been updated as of January 2015 and summarises the tentative decisions made to date by the IASB, and areas of divergence between the IASB and FASB.

  • Accounting Roundup: February 2015

    published 2015-03-03

    This issue features articles on (1) the FASB’s Accounting Standards Update No. 2015-02, Amendments to the Consolidation Analysis, which revises the consolidation requirements in FASB Accounting Standards Codification Topic 810, Consolidation, (2) the IASB’s and FASB’s discussion of potential clarifications to their joint revenue recognition standard, and (3) SEC publications on cybersecurity for brokerage firms and investors.

  • A Directors' Guide to Integrated Reporting

    published 2015-03-03

    This publication from Deloitte provides a guide for directors on integrated reporting. It looks at the drivers of integrated reporting, what integrated reporting is, and the real benefits that businesses have seen behind integrated reporting.

  • Heads Up — FASB’s proposed ASU aims to increase transparency of hybrid financial instruments with embedded derivatives

    published 2015-02-27

    This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update, "Disclosures About Hybrid Financial Instruments With Bifurcated Embedded Derivatives," which stems from the Board’s decision in its classification and measurement project to retain existing U.S. GAAP guidance on the bifurcation of embedded derivatives. Although the Board chose not to amend the existing bifurcation guidance, it hopes that the proposed disclosure requirements will address stakeholders’ concerns regarding the transparency and usefulness of information about such instruments in the financial statements.

  • Leases — FASB nearing completion of redeliberations

    published 2015-02-26

    At its meeting yesterday, the FASB continued to redeliberate its lease accounting guidance. Specifically, the Board discussed (1) reassessment of variable lease payments, (2) lessee and lessor transition, (3) sale-and-leaseback transition, and (4) build-to-suit lease arrangements.

  • Deloitte digest — January 2015

    published 2015-02-20

    This publication from Deloitte (Canada) summarizes current financial reporting rules and standards; it also provides an overview of recent regulatory and professional developments.

  • Heads Up — FASB amends its consolidation model

    published 2015-02-19

    This Heads Up summarizes the most significant changes to the guidance in U.S. GAAP on consolidation as a result of the FASB’s recently issued Accounting Standards Update (ASU) No. 2015-02, "Amendments to the Consolidation Analysis." Although the ASU is expected to result in the deconsolidation of many entities, reporting entities will need to reevaluate all their previous consolidation conclusions.

  • Heads Up — FASB and IASB tentatively decide to clarify the new revenue standard

    published 2015-02-19

    This Heads Up summarizes tentative decisions reached by the IASB and FASB at their joint meeting on February 18, 2015, concerning some implementation issues related to the new revenue standard. Specifically, the boards addressed issues concerning certain aspects of accounting for licenses of intellectual property and the identification of performance obligations.

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