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The #1 website for global accounting news
  • IASB (International Accounting Standards Board) (blue) Image
  • Updated IASB work plan — Analysis

    20 Jul 2018

    Following the IASB's July 2018 meeting, we have analysed the IASB work plan to see what changes have resulted from the meeting and other developments in July.

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  • We comment on the EU fitness check

    20 Jul 2018

    Deloitte has responded to the European Commission’s consultation document 'Fitness check on the EU framework for public reporting by companies'. While we support the Commission’s efforts and progress towards coherence, we note that we consider that the overall corporate reporting framework is broadly working well. For IFRS reporting entities we suggest that changes are not currently required to the IAS Regulation and stress the importance of the EU remaining globally influential.

  • AcSB (Accounting Standards Board - Canada) Image
  • Survey on reporting performance measures

    20 Jul 2018

    In order to help enhance the relevance of financial information, the Canadian standard-setter Accounting Standards Board (AcSB) has developed a framework responding to the needs of stakeholders about the performance measures reported by entities. The draft framework has now been complemented by a survey on reporting performance measures.

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  • IASB releases second webcast on FICE DP

    19 Jul 2018

    The IASB has released its second webcast in a series of web presentations related to Discussion Paper, ‘Financial Instruments With Characteristics of Equity’.

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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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  • Deloitte comment letter on EU fitness check

    published 20 Jul 2018

    While we support the Commission’s efforts and progress towards coherence, we note that we consider that the overall corporate reporting framework is broadly working well. For IFRS reporting entities we suggest that changes are not currently required to the IAS Regulation and stress the importance of the EU remaining globally influential.

  • 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.

  • Thinking allowed — Cryptocurrency: Financial reporting implications Image
  • 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.

  • Heads Up — ASC 606 Is Here — How Do Your Revenue Disclosures Stack Up? Image
  • 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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