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The #1 website for global accounting news
  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image
  • EFRAG draft comment letter on the classification of debt with covenants

    21 Jan 2022

    The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the exposure draft 'Non-current Liabilities with Covenants (Proposed amendments to IAS 1)' the IASB published to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.

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  • Pre-meeting summaries for the January 2022 IASB meeting

    20 Jan 2022

    The IASB will meet in its offices in London on 25 January 2022. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

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  • IASB member provides update on extractive activities project

    18 Jan 2022

    IASB member Tadeu Cendon has issued an article which provides an update on the IASB’s extractive activities project. The article explains reasoning behind certain IASB’s decisions related to the scope and objectives of the project.

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  • January 2022 IASB meeting agenda posted

    14 Jan 2022

    The IASB has posted the agenda for its next meeting, which will be held in its offices in London on 25 January 2022. There are five topics on the agenda.

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  • CMAC seeks members

    11 Jan 2022

    The Capital Markets Advisory Committee (CMAC) is seeking new members and welcomes applications from analysts and investors from all over the world.

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  • IFRS Foundation seeks ISSB Board members

    10 Jan 2022

    The IFRS Foundation Trustees are seeking to appoint up to eleven inaugural Board members for the newly formed International Sustainability Standards Board (ISSB).

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  • Hyperinflationary economies - updated IPTF watch list available

    10 Jan 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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  • EFRAG TEG appointments and reappointments

    17 Jan 2022

    The Board of the European Financial Reporting Advisory Group (EFRAG) has announced the appointment of two new members of — and five reappointments to — its Technical Experts Group (TEG) as well as the appointment of a new TEG Vice Chair.

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  • AAOIFI issues three new financial accounting standards

    02 Jan 2022

    The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued financial accounting standard (FAS) 1 (Revised 2021) 'General Presentation and Disclosures in the Financial Statements', FAS 39 'Financial Reporting for Zakah', and FAS 40 'Financial Reporting for Islamic Finance Windows'.

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  • Season's greetings

    24 Dec 2021

    We wish all our readers a healthy and happy festive season and all the best for the New Year!

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  • Summary of the November 2021 GPF meeting

    20 Dec 2021

    Representatives from the International Accounting Standards Board (IASB) met with the Global Preparers Forum (GPF) by video conference on 12 November 2021. Notes and recordings from the joint meeting have now been released.

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  • GPF seeks members

    20 Dec 2021

    The Global Preparers Forum (GPF) is seeking new members with an emphasis for candidates from the Americas.

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  • Report on the autumn 2021 IFASS meeting

    17 Dec 2021

    A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held by remote participation on 29 and 30 September 2021.

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  • IFRS on Point — December 2021 Image
  • IFRS on Point — December 2021

    published 11 Jan 2022

    'IFRS on Point' highlights critical financial reporting developments. It provides a great way to catch up on the main IFRS-related news stories of the previous month.

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  • EFRAG endorsement status report 28 December 2021

    published 28 Dec 2021

    The endorsement status report has been updated to reflect that EFRAG has published draft endorsement advice on 'Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)'.

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  • Report on the H2 2021 IFASS meeting

    published 17 Dec 2021

    Report summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held by remote participation on 29 and 30 September 2021. As reported earlier, among the topics discussed at the meeting were the NZ climate reporting standard and intangibles. In addition, Andreas Barckow delivered his first mesage to IFASS members in his new role as IASB Chair.

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  • IFRS in Focus — Closing out 2021

    published 14 Dec 2021

    This special edition of IFRS in Focus sets out financial reporting issues that may be relevant for years ending on or after 31 December 2021 as a result of areas of regulatory focus, the current economic environment or changes in accounting standards.

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  • On the Radar — Current expected credit losses

    published 10 Dec 2021

    The approach used to recognize impairment losses on financial assets has long been identified as a major weakness in current U.S. GAAP, resulting in delayed recognition of such losses and leading to increased scrutiny. Accordingly, the FASB issued ASU 2016-13 to amend its guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model known as the current expected credit loss (CECL) model, which is based on expected losses rather than incurred losses.

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