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The #1 website for global accounting news
  • ASBJ (Accounting Standards Board of Japan) Image
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  • ASBJ proposes adopting IFRS 16 unmodified as JMIS

    18 Jun 2018

    The Accounting Standards Board of Japan (ASBJ) has issued proposed amendments to ‘Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications'.

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  • Pre-meeting summaries for the June IASB meeting

    15 Jun 2018

    On Tuesday 19 June the IASB and the US FASB are holding a joint education meeting. That is followed by a two-day meeting of the IASB on 20 and 21 June. 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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  • AcSB publishes draft framework for reporting performance measures

    14 Jun 2018

    In order to help enhance the relevance of financial information, the Canadian standard-setter Canadian Accounting Standards Board (AcSB) has developed a framework responding to the needs of stakeholders about the performance measures reported by entities. The framework is aimed at enhancing the usefulness and transparency of performance measures for users when management chooses to report them outside financial statements.

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  • IFRS Interpretations Committee holds June 2018 meeting

    14 Jun 2018

    The IFRS Interpretations Committee met in London on Tuesday 12 June 2018 and discussed seven issues, including two new interpretation requests. We have posted Deloitte observer notes for the technical issues discussed during this meeting.

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  • Academic conference sees keynote speech and panel discussion on the future of corporate reporting

    13 Jun 2018

    The 13th International Conference on Accounting and Management Information Systems (AMIS 2018) currently held at the Bucharest University of Economic Studies was opened today by a keynote address 'The future of corporate reporting - A standard setter's perspective on contents and proliferation' immediately followed by a panel discussion drilling more deeply into some of the messages presented.

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  • Hyperinflationary economies - updated IPTF watch list available

    12 Jun 2018

    IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. The Task Force's criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

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  • IASB publishes article on IFRS 17 preparations

    11 Jun 2018

    The IASB has posted to its website an article "Preparing the market for IFRS 17," in which financial journalist Liz Fisher discusses how the new Standard affects the investor community.

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  • COSO and WBCSD issue draft guidance to supplement COSO’s updated enterprise risk management (ERM) framework

    08 Jun 2018

    The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD) have published, for comment, draft guidance: ‘Enterprise risk management: Applying enterprise risk management to environmental, social and governance-related risks’, designed to supplement COSO’s updated enterprise risk management (ERM) framework, ‘Enterprise risk management - Integrating with strategy and performance’.

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  • EITF Snapshot — June 2018

    published 08 Jun 2018

    This issue summarizes the topics discussed and conclusions reached at the June 7, 2018, meeting of the Emerging Issues Task Force.

  • Financial Reporting Alert 18-7, Emerging Growth Companies — Common-Stock Repurchase Transactions Image
  • Financial Reporting Alert 18-7, Emerging growth companies — Common-stock repurchase transactions

    published 06 Jun 2018

    This Financial Reporting Alert discusses accounting, valuation, tax, and interpolation framework considerations for nonpublic entities related to various transactions involving the repurchase of a nonpublic entity’s common stock. Such stock transactions can be between the nonpublic entity and its employees, a preexisting investor and the nonpublic entity’s employees, or a new investor and the nonpublic entity’s employees.

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  • IFRS on Point — June 2018

    published 06 Jun 2018

    IFRS on Point, published at the beginning of each month, highlights critical IFRS-related financial reporting developments.

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  • Robert Bruce interviews — Karim Hajjar CFO, Solvay

    published 01 Jun 2018

    In a wide-ranging video interview Karim Hajjar, CFO at chemical giant Solvay, talks to Robert Bruce about sustainable value, about the link between the financials and extra-financial influences, about the nature of sustainable value, how integrated thinking powers integrated management, how investors get to grips with the changes, the importance of assurance and verification, enthusing the CFO community, how far it is replicable in smaller companies, and how it all feeds through to the bottom line.

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  • Deloitte e-learning — IFRS 16 (advanced)

    published 31 May 2018

    This Deloitte e-learning module provides training in the background, scope and principles under IFRS 16 'Leases', and the application of this standard. This e-learning builds on the 'IFRS 16 Leases (basic)' e-learning module. In this module, you will deeper dive into the key principles of lease accounting and learn about areas of potential judgment in applying IFRS 16.

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  • Deloitte e-learning — IFRS 1

    published 30 May 2018

    This Deloitte e-learning module provides training in the background, scope and principles under IFRS 1 'First-time Adoption of International Financial Reporting Standards', and the application of this Standard. Topics covered include the general principles of IFRS 1, the application of the voluntary and mandatory exemptions to full retrospective application of standards, and presentation and disclosure requirements.

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  • Report on the H1 2018 IFASS meeting

    published 30 May 2018

    Report summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in Mumbai on 12 and 13 April 2018.

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  • EFRAG endorsement status report 28 May 2018

    published 29 May 2018

    The endorsement status report has been updated to reflect that EFRAG has published final endorsement advice on 'Plan Amendment, Curtailment or Settlement (Amendments to IAS 19)'.

  • Two-tiered profits tax rates regime - Accounting implications Image
  • Two-tiered profits tax rates regime - Accounting implications

    published 16 May 2018

    This publication details the accounting implications of the two-tiered profits tax rates regime on an entity's current and deferred tax positions. It also includes a comprehensive example together with illustrative disclosures to reflect the application of IAS 12 'Income Taxes'.

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