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  • IASB Chair discusses collaboration with EFRAG

    07 Dec 2022

    At the EFRAG anniversary conference entitled ‘Where is corporate reporting going?’, IASB Chair Andreas Barckow noted the special relationship the IASB had with the European Financial Reporting Advisory Group (EFRAG) over the years.

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  • November 2022 IASB meeting notes posted

    07 Dec 2022

    The IASB met in London on Tuesday 22, Wednesday 23 and Thursday 24 November 2022. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

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  • December 2022 IASB meeting agenda posted

    02 Dec 2022

    The IASB has posted the agenda for its next meeting, which will be held in its office in London on 13–15 December 2022. There are eight topics on the agenda.

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  • DPOC approves shortened comment period for OECD Pillar Two proposals

    01 Dec 2022

    At a supplementary meeting held today, the Due Process Oversight Committee (DPOC) discussed a potential shortened comment period for an exposure draft of proposed amendments to IAS 12 'Income Taxes' that would introduce a temporary exception from accounting for deferred taxes arising from the implementation of the OECD Pillar Two rules and targeted disclosures requirements for affected companies. The IASB expects to publish an exposure draft in January 2023.

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    ISSB (International Sustainability Standards Board) (blue) Image
  • Updated IASB and ISSB work plan — Analysis (November 2022)

    28 Nov 2022

    Following the IASB's and ISSB's November 2022 meetings, we have analysed the work plan on the IFRS Foundation website to see what changes have resulted from the meetings and other developments since the work plan was last revised in October 2022.

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  • IPSASB takes next step in public sector sustainability reporting

    09 Dec 2022

    Building on strong global stakeholder support for the proposals in its consultation paper 'Advancing Public Sector Sustainability Reporting', the International Public Sector Accounting Standards Board (IPSASB) has decided to commence the scoping of three potential public sector specific sustainability reporting projects pending securing the resources needed to begin guidance development.

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  • Hyperinflationary economies - updated IPTF watch list available

    09 Dec 2022

    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. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

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  • Webcast with an overview of the IFRS for SMEs ED

    06 Dec 2022

    On 8 September 2022, the IASB published an Exposure Draft (ED) of proposed amendments to its 'International Financial Reporting Standard for Small and Medium-sized Entities' (IFRS for SMEs). The IASB has now released a webcast offering an overview of the ED.

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  • IFRS Foundation issues Formula Linkbase 2022

    02 Dec 2022

    The IFRS Taxonomy formula linkbase can help with validating and improving the reliability of values reported using the IFRS Accounting Taxonomy and the XBRL technical format.

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  • Council of the European Union adopts CSRD

    28 Nov 2022

    After the European Parliament adopted the Corporate Sustainability Reporting Directive (CSRD) on 10 November 2022, the Council of the European Union has now given the final green light.

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  • Agenda for the December 2022 ITCG meeting

    25 Nov 2022

    The agenda is available for the next meeting of the IFRS Taxonomy Consultative Group (ITCG), which will be held by video conference call on 5 December 2022.

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  • Recording of EAA-EFRAG-IASB workshop on digital reporting

    23 Nov 2022

    The International Accounting Standards Board (IASB) in conjunction with the European Accounting Association (EAA) and European Financial Reporting Advisory Group (EFRAG) held a virtual workshop on 18 November 2022 on issues relating to digital financial reporting and digitalisation of financial reports.

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  • IFR4NPO publishes first exposure draft

    22 Nov 2022

    International Financial Reporting for Non-Profit Organisations (IFR4NPO), an initiative to develop the first internationally applicable financial reporting guidance for non-profit organisations, has released 'International Non-Profit Accounting Guidance, Exposure Draft 1'.

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  • Heads Up — FASB Proposes New Guidance on Joint Venture Formations Image
  • Heads Up — FASB Proposes New Guidance on Joint Venture Formations

    published 09 Dec 2022

    This Heads Up discusses the FASB’s proposed Accounting Standards Update Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The proposed guidance would establish a new basis of accounting for most entities that meet the definition of a joint venture. Comments on the proposal are due by December 27, 2022.

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  • Roadmap: Business Combinations (2022)

    published 08 Dec 2022

    This Roadmap provides Deloitte’s insights into and interpretations of the guidance in ASC 805 on business combinations, pushdown accounting, common-control transactions, and asset acquisitions as well as an overview of related SEC reporting requirements. The 2022 edition reflects guidance issued through November 30, 2022. Appendix H highlights new content in the Roadmap as well as substantive revisions to previous content.

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  • On the Radar — Business combinations

    published 08 Dec 2022

    This publication briefly summarizes key issues and developments related to this topic, including determining whether an acquisition should be accounted for as a business combination or an asset acquisition and applying the acquisition method of accounting.

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  • Roadmap: Income Taxes (2022)

    published 06 Dec 2022

    This Roadmap provides Deloitte’s insights into and interpretations of the income tax accounting guidance in ASC 740. Updates in the 2022 edition of the Roadmap include an expanded and reorganized discussion of valuation allowances as well as a new appendix that discusses tax-related provisions of the CHIPS Act and the Inflation Reduction Act.

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  • On the Radar — Income taxes

    published 06 Dec 2022

    This publication briefly summarizes key issues and developments related to the income tax accounting guidance in ASC 740.

  • EITF Snapshot — December 2022 Image
  • EITF Snapshot — December 2022

    published 02 Dec 2022

    At its December 1, 2022, meeting, the Emerging Issues Task Force discussed Issue No. 21-A, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.”

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  • Roadmap: Revenue Recognition (2022)

    published 02 Dec 2022

    This Roadmap provides Deloitte’s insights into and interpretations of the guidance in ASC 606 on revenue from contracts with customers, the cost guidance in ASC 340-40, and the guidance in ASC 610-20 on gains and losses on transfers of nonfinancial and in-substance nonfinancial assets to noncustomers. The 2022 edition includes updated and expanded discussions, new sections and illustrative examples, and a link to a new video that briefly discusses an aspect of accounting for revenue. Appendix F of the Roadmap highlights substantive revisions to previous content.

  • On the Radar — Revenue recognition Image
  • On the Radar — Revenue recognition

    published 02 Dec 2022

    This publication briefly summarizes key issues related to the accounting for revenue from contracts with customers under ASC 606, including (1) the identification of performance obligations, (2) principal-versus-agent considerations, (3) the estimation and allocation of variable consideration, (4) licensing, and (5) financial statement disclosures. It also reflects recent developments related to the FASB’s postimplementation review process for evaluating whether the revenue standard is achieving its objective.

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