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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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  • Agenda for the December 2021 ASAF meeting

    23 Nov 2021

    The International Accounting Standards Board (IASB) has released an agenda and meeting papers for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held by remote participation on 9-10 December 2021. A summary of the agenda is set out below:

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  • November 2021 IASB meeting notes posted

    23 Nov 2021

    The IASB met in London on Monday, Tuesday and Friday of the week beginning 15 November 2021. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

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  • Updated IASB work plan — Analysis (November 2021)

    23 Nov 2021

    Following the IASB's November 2021 meeting, we have analysed the IASB work plan to see what changes have resulted from the meetings and other developments since the work plan was last revised in October 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.

  • On the Radar — Carve-Out Transactions Image
  • On the Radar — Carve-Out Transactions

    published 22 Nov 2021

    “Carve-out financial statements” is a general term used to describe financial statements derived from the financial statements of a larger parent entity. Carve-out transactions might occur when a parent entity wishes to pursue a sale, spin-off, initial public offering, or special-purpose acquisition company transaction involving a portion of the parent entity. Carve-out financial statements are necessary to complete a carve-out transaction and reflect the portion of a parent entity’s balances and activities that are the subject of the transaction. Certain SEC staff guidance addresses some elements of carve-out financial statements (e.g., when the statements will be included in an SEC filing), and parent entities often refer to the SEC staff’s guidance on preparing financial statements for nonpublic carve-out entities. However, there is no single set of comprehensive guidance on preparing carve-out financial statements.

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