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The #1 website for global accounting news
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  • IFRS Foundation appoints two new Trustees

    29 Nov 2021

    The IFRS Foundation has announced the appointment of Jorge Familiar and Keiko Tashiro as Trustees of the IFRS Foundation. Their appointments will begin on 1 January 2022 and will expire on 31 December 2024.

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  • IASB proposes amendments to IAS 7 and IFRS 7 regarding supplier finance arrangements

    26 Nov 2021

    The International Accounting Standards Board (IASB) has published the exposure draft 'Supplier Finance Arrangements (Proposed amendments to IAS 7 and IFRS 7)' to add disclosure requirements, and ‘signposts’ within existing disclosure requirements, that would ask entities to provide qualitative and quantitative information about supplier finance arrangements. The deadline for submitting comments is 28 March 2022.

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  • ICAEW concludes series on IPSAS vs IFRS

    26 Nov 2021

    Over the recent months, the Institute of Chartered Accountants in England and Wales (ICAEW) published a series of reviews of major standards looking at the differences between International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSASB), and the suitability of each in public sector financial reporting. The fourth and final part of the series has now been released.

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  • EBA report on IFRS 9 implementation

    25 Nov 2021

    The European Banking Authority (EBA) has published a report summarising the findings arising from the monitoring activities on the IFRS 9 implementation by EU institutions. EBA notes significant efforts in IFRS 9 implementation by EU institutions, but cautions on some of the observed accounting practices, especially in the context of the COVID-19 pandemic.

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  • EFRAG endorsement status report 1 December 2021

    published 01 Dec 2021

    The endorsement status report has been updated to reflect that EFRAG has published final endorsement advice on 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)'.

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  • On the Radar — Leases

    published 29 Nov 2021

    Lease accounting is currently like a tale of two cities: companies that have adopted the new leasing standard, ASC 842, are in one place and entities that have not yet adopted the standard are in another. While companies that have already adopted ASC 842 may be focusing more on ongoing FASB activity and the effects of the COVID-19 pandemic on their leasing arrangements, entities that have not yet adopted ASC 842 are still grappling with implementation challenges. Because public business entities (PBEs) were required to implement the new leasing standard for years ended December 31, 2019, most public companies have been accounting for their leases under the new rules for nearly three years. The effective date for non-PBEs, on the other hand, is still to come and is rapidly approaching.

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  • Roadmap: Leases (2021)

    published 29 Nov 2021

    This Roadmap combines the requirements of the FASB’s leasing standard, ASU 2016-02 (codified as ASC 842), with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. In addition, the Roadmap highlights (1) the requirements of ASC 842 that significantly differ from those in ASC 840 (the FASB’s previous leasing guidance) and IFRS 16 (the IASB’s leasing standard) and (2) recent standard-setting developments (through October 31, 2021).

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  • On the Radar — Share-Based Payment Awards

    published 23 Nov 2021

    To incentivize employee performance and align the interests of employees and shareholders, entities often grant share-based payment awards — including stock options, restricted stock, restricted stock units, stock appreciation rights, and other equity-based instruments — in exchange for services. To a lesser extent, entities also grant such awards to compensate vendors for goods and services or as sales incentives to customers.

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  • Roadmap: Share-Based Payment Awards (2021)

    published 23 Nov 2021

    This Roadmap provides Deloitte’s insights into and interpretations of the guidance on share-based payment arrangements in ASC 718 (employee and nonemployee awards) and ASC 505-50 (nonemployee awards before the adoption of ASU 2018-07) as well as in other literature (e.g., ASC 260 and ASC 805).

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  • EFRAG endorsement status report 23 November 2021

    published 23 Nov 2021

    The endorsement status report has been updated to reflect that the European Union has formally adopted IFRS 17 'Insurance Contracts' and the June 2020 amendments to IFRS 17 with the same effective date as the IASB (1 January 2023). However, the regulation provides an optional exemption from applying the annual cohort requirement that relates to the timing of the recognition of the profit in the contract, the contractual service margin, in profit or loss.

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