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The #1 website for global accounting news
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  • ESMA publishes 24th enforcement decisions report

    03 Apr 2020

    The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 15 (three decisions), IFRS 7, IFRS 9/IAS 12, IFRS 10, IAS 34, and IFRS 15/IFRS 16.

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  • IFRS Foundation appoints and reappoints ITCG members

    01 Apr 2020

    The IFRS Foundation has announced the appointment of five new membership organisations and four new representatives of existing membership organisations to the IFRS Taxonomy Consultative Group (ITCG). It has also reappointed six members. All appointments and reappointments take effect from 1 April 2020 for varying term lengths.

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  • EFRAG publishes pre-consultation document on IBOR ED

    31 Mar 2020

    The IASB expects to​​ issue an exposure draft on its project on the IBOR reform Phase 2 during April 2020 with a comment period of 45 days.​​ In order to maximise the period during which its constituents can comment on its draft comment, the European Financial Reporting Advisory Group (EFRAG) has now published pre-consultation document on the exposure draft.

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  • Updated IPSAS-IFRS alignment dashboard

    31 Mar 2020

    The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

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  • CARES Act would provide optional temporary relief from CECL accounting

    30 Mar 2020

    On 27 March 2020, US President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides relief from certain accounting and financial reporting requirements under U.S. GAAP. However, until actions are taken by the SEC or the FASB, the provisions of the CARES Act are not amendments to US GAAP.

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  • EFRAG requests the IASB extend consultation period

    27 Mar 2020

    The EFRAG have sent a letter to the IASB requesting an extension to the public consultation phase of recent or soon-to-be issued publications due to the affects of the coronavirus disease pandemic. In addition, the EFRAG suggests the amendment to IFRS 9 (IBOR Phase 2) should be published quickly after the publication of the exposure draft in April 2020 in order to avoid any potential complications.

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  • Life Sciences Industry Accounting Guide (March 2020)

    published 31 Mar 2020

    The 2020 edition of our annual update for the life sciences industry addresses topics of relevance to finance and accounting professionals in the life sciences industry, including acquisitions and divestitures, consolidation, contingencies and loss recoveries, financial instruments, income taxes, leases, research and development, and revenue recognition. In addition to providing interpretive guidance and illustrative examples, the Guide discusses recent standard-setting developments (through February 28, 2020), SEC comment letter themes, key differences between U.S. GAAP and IFRS Standards, and the outlook for the life sciences industry in 2020.

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  • A Roadmap to Distinguishing Liabilities From Equity (2020)

    published 30 Mar 2020

    This Roadmap provides an overview of the guidance in ASC 480-10 as well as insights into and interpretations of how to apply it in practice. ASC 480-10 requires (1) issuers to classify certain types of shares of stock and certain share-settled contracts as liabilities or, in some circumstances, as assets and (2) SEC registrants to classify certain types of redeemable equity instruments as temporary equity. Appendix G of the Roadmap highlights new content in the 2020 edition as well as substantive revisions to previous text.

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  • Financial Reporting Alert 20-2 — Financial reporting considerations related to COVID-19 and an economic downturn

    published 26 Mar 2020

    This Financial Reporting Alert discusses key accounting and financial reporting considerations related to conditions that may result from the COVID-19 pandemic as well as various industry-specific considerations. Entities may find this publication particularly useful as they address some of the more pervasive and difficult accounting and reporting challenges stemming from the pandemic, including the preparation of forward-looking cash flow estimates; the recoverability and impairment of assets; the accounting for financial assets, contract modifications, and subsequent events; going-concern issues; and SEC reporting considerations.

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