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The #1 website for global accounting news
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  • Deloitte issues results of global IFRS insurance survey

    18 Jul 2018

    Deloitte has issued, 'Global IFRS Insurance Survey 2018: 2021 countdown underway — Insurers prepare for IFRS 17 implementation', which aims to provide a comprehensive view of insurers' reactions to the requirement in IFRS 17, as well as their perceptions on the scale and complexity of this major regulatory change, and the timelines surrounding system implementation necessary to achieve compliance.

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  • ESMA believes EU should show leadership by reaffirming its commitment to IFRS

    18 Jul 2018

    The European Securities and Markets Authority (ESMA) has responded to the European Commission’s consultation document 'Fitness check on the EU framework for public reporting by companies'. ESMA, consistent with its prior positions, strongly disagrees with the introduction of the possibility to modify the content of IFRS as issued by the IASB.

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  • Webcast on research and standard-setting

    18 Jul 2018

    The IASB has released a webcast on it's YouTube channel that features IASB member Ann Tarca and IFRS Foundation Education Director Matt Tilling discussing academic research and how academics can contribute to the work of the IASB.

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  • Thailand defers adoption of IFRS 9

    18 Jul 2018

    While Thailand was scheduled to replace IAS 39 with IFRS 9 from 1 January 2019 (one year after the IASB effective date), the Federation of Accounting Professions (FAP) has now decided to postpone the mandatory effective date of the standard in Thailand by one year to 2020.

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  • IVSC consults on revisions to IVS 2017

    18 Jul 2018

    In January 2017, the International Valuation Standards Council (IVSC) issued the suite of new International Valuation Standards (IVSs) that make up the 2017 IVS. However, based on feedback received during the agenda consultation process conducted in 2017 and 2018, the IVSC has decided to publish targeted revisions to IVS 2017.

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  • Accountancy Europe responds to the EU fitness check

    17 Jul 2018

    Accountancy Europe has responded to the European Commission’s consultation document 'Fitness check on the EU framework for public reporting by companies'. While the response fully recognises the legitimacy of the Commissions concerns regarding sustainability and long-term investments, Accountancy Europe is not convinced that additional changes to IFRSs would address these concerns.

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  • ASCG issues draft interpretation following an agenda decision on IAS 12

    16 Jul 2018

    At its meeting in Taipei on 2 and 3 March 2017, the International Forum of Accounting Standard Setters (IFASS) discussed the problem of there possibly being local interpretations of IFRSs at national level other standard-setters (and the IASB) are not aware of. This might be due to the fact that there are problems or that there might be expertise that might, or might not, be available in other jurisdictions. The Accounting Standards Committee of Germany (ASCG) has now issued its first draft interpretation making the draft available in the English language as well after also having reached out to the IFRS Foundation. The interpretation was developed following a negative agenda decision by the IFRS Interpretations Committee on a matter where diversity in practice is observed in Germany.

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  • IASB begins webcast series on the FICE DP

    16 Jul 2018

    On 28 June, the IASB published a comprehensive discussion paper DP/2018/1 'Financial Instruments with Characteristics of Equity'. The IASB has now made available the first webcast in a series of web presentations to help stakeholders as they prepare to submit their comments on the discussion paper.

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  • Power and Utilities – Accounting, financial reporting, and tax research guide (2018) Image
  • Power and Utilities — Accounting, financial reporting, and tax research guide (2018)

    published 17 Jul 2018

    This publication discusses accounting, tax, and regulatory matters that are of interest to P&U entities, including updates to SEC, FASB, and tax guidance, and focuses on specialized industry accounting topics that frequently affect P&U companies, including rate-regulated entities. Several sections of the publication have been expanded this year to concentrate on the impact of the Tax Cuts and Jobs Act that became law in December 2017 as well as accounting and reporting considerations related to the new leases and new revenue standards, including specific industry matters that remain outstanding with the AICPA’s Power and Utility Entities Revenue Recognition Task Force.

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  • Thinking allowed — Cryptocurrency: Financial reporting implications

    published 16 Jul 2018

    Cryptocurrencies have attracted the attention of many. From individuals who are interested in Blockchain and related processing activities or who want to invest in them, to retailers, corporate investors and investment funds, securities regulators, the banking sector, the accounting profession and Governments. The idea of a virtual currency that has no links to a jurisdiction and that exists in a public network, maintained on computers operated by a myriad of individuals, was not something that was anticipated when the International Accounting Standards Board (IASB) developed its current set of financial reporting requirements. In this paper we make some observations about cryptocurrencies and the current accounting requirements for those issuing, acquiring or holding cryptocurrency.

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  • IFRS on Point — June 2018

    published 13 Jul 2018

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

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  • Heads Up — ASC 606 is here — How do your revenue disclosures stack up?

    published 11 Jul 2018

    This Heads Up provides insight into Deloitte’s review of the disclosures in the public filings of a sample of companies that adopted the FASB’s new revenue standard (ASC 606) as of the first quarter of 2018. Entities may benefit from evaluating the disclosure trends we have observed as a result of this review.

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  • A Roadmap to SEC Reporting Considerations for Business Combinations

    published 09 Jul 2018

    This Roadmap combines the SEC’s guidance on reporting for business acquisitions — including acquisitions of real estate operations and pro forma financial information — with Deloitte’s interpretations (Q&As) and examples in a comprehensive, reader-friendly format.

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  • EFRAG endorsement status report 6 July 2018

    published 06 Jul 2018

    The endorsement status report has been updated to reflect that EFRAG has published draft endorsement advice on 'Amendments to References to the Conceptual Framework in IFRS Standards'.

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