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The #1 website for global accounting news
  • IFRS Foundation (blue) Image
    IASB (International Accounting Standards Board) (blue) Image
  • IASB announces new website

    23 May 2017

    The IFRS Foundation announces the launch of a redesigned and easier to navigate next month.

  • European Union Image
  • European stakeholders come strongly down in favour of the current endorsement process

    22 May 2017

    On 21 March 2017, the European Commission launched a public consultation on the operation of the European Supervisory Authorities (ESAs), one of which is the European Securities and Markets Authority (ESMA). The consultation document suggested that the review of the ESAs' operation might also be used to "streamline" the endorsement process in the EU by giving ESMA an "advisory role".

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  • Agenda for the May 2017 DPOC meeting

    22 May 2017

    The Trustees of the IFRS Foundation will be meeting in Tokyo from 23 to 25 May 2017. However, only the meeting of the Due Process Oversight Committee (DPOC) on 23 May will be held in public.

  • IASB (International Accounting Standards Board) (blue) Image
  • Updated IASB work plan — Analysis

    19 May 2017

    Following its May 2017 meeting, the IASB has updated its work plan. There were no major changes with the exception of the insurance contracts project being removed from the active projects due to the issuance of IFRS 17 yesterday.

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  • May 2017 IASB meeting notes posted

    18 May 2017

    The IASB met at its offices in London on 16–17 May 2017. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting. The meeting had only one decision making session, on implementation issues. All of the other sessions were non-decision making education sessions.

  • IASB document (blue) Image
  • IASB issues new insurance contracts standard

    18 May 2017

    The International Accounting Standards Board (IASB) has published a new standard, IFRS 17 'Insurance contracts'. The new standard requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 supersedes IFRS 4 'Insurance Contracts' and related interpretations and is effective for periods beginning on or after 1 January 2021, with earlier adoption permitted if both IFRS 15 'Revenue from Contracts with Customers' and IFRS 9 'Financial Instruments' have also been applied.

  • ASBJ (Accounting Standards Board of Japan) Image
    EFRAG (European Financial Reporting Advisory Group) (dk green) Image
  • Third ASBJ and EFRAG bilateral meeting

    18 May 2017

    Representatives of the European Financial Reporting Advisory Group (EFRAG) and the Accounting Standards Board of Japan (ASBJ) held a bilateral meeting in Tokyo on 17 and 18 May 2017. The EFRAG and ASBJ provided updates on their respective projects and exchanged views on the opportunities for cooperation.

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  • IPSAS in your pocket — 2017 edition Image
  • IPSAS in your pocket — 2017 edition

    published 22 May 2017

    This guide summarises the provisions of all International Public Sector Accounting Standards (IPSAS), recommended practice guidelines and the conceptual framework, outstanding at 1 January 2017.

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  • EFRAG endorsement status report 18 May 2017

    published 18 May 2017

    This endorsement status report update reflects the issuance of IFRS 17 'Insurance Contracts' by the IASB on 18 May 2017. It is yet to be determined when endorsement might be expected.

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  • Deloitte e-learning — IFRS 15

    published 17 May 2017

    This Deloitte e-learning module provides training in the background, scope and principles under IFRS 15 'Revenue from Contracts with Customers', and the application of this Standard. Topics covered include the principles for the recognition of revenue to the sale of goods, services, licenses, royalties, and any variable consideration or modifications to contracts; and guidance is provided on how these principles should be applied by using the new five step revenue recognition model.

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  • Deloitte e-learning — IFRS 9 - hedge accounting

    published 17 May 2017

    This Deloitte e-learning module provides training in the background, scope and principles relating to the hedge accounting of financial instruments under IFRS 9 'Financial Instruments'.

  • Heads Up — FASB amends the scope of modification accounting for share-based payment arrangements Image
  • Heads Up — FASB amends the scope of modification accounting for share-based payment arrangements

    published 11 May 2017

    This Heads Up discusses FASB ASU 2017-09, "Scope of Modification Accounting," which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification.

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  • Report on the H1 2017 IFASS meeting

    published 04 May 2017

    Report summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in Taipei on 2 and 3 March 2017.

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