In April and May 2016, the IASB posted a series of eight webinars on the forthcoming Standard.

The new webinar covers:

• The need for change and the history of the project
• Level of aggregation
• Applying the Standard for the first time

Please click to access the update, as well as all previous webinars, on the IASB's website.

While IFAC had originally maintained that there are a range of different organizational reporting frameworks and that it was important to examine the relationship between these frameworks, this position has now been modified and IFAC puts the International Integrated Reporting Council (IIRC) and the implementation of its Framework first claiming that integrated reporting is the key to enhanced organizational reporting. The paper states:

[T]he integrated report can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports and recognizing that there is a range of different frameworks and regulations available, and under development.

The updated version of the paper also includes a new section that describes integrated reporting in more detail.

Review the following information on the IFAC's website:

• IFAC press release
• Enhancing Organizational Reporting: Integrated Reporting Key - two page overview
• Enhancing Organizational Reporting: Integrated Reporting Key - full Policy Position Paper

The Terms of Reference of both Councils are now more closely aligned and reflect current oversight procedures.

Review the Terms of Reference on the AcSOC's website.

The ASU amends ASC 805 to “provide a more robust framework to use in determining when a set of assets and activities is a business.” In addition, the amendments “provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable.”

The ASU discusses its divergence with IFRS:

The definition of a business in GAAP is currently identical to the definition in IFRS. However, the Board observed that although the definition is identical, it does not appear to be interpreted or applied consistently in practice between jurisdictions that apply GAAP and jurisdictions that apply IFRS. That is, stakeholders have said that in jurisdictions that apply IFRS, the definition of a business generally is not applied as broadly as it is in jurisdictions that apply GAAP. In response to concerns from its stakeholders about the complexity of the definition of a business, the IASB added a project on the definition of a business to its agenda and issued an Exposure Draft, Definition of a Business and Accounting for Previously Held Interests, which proposes similar amendments to those in this Update.

Review the press release, ASU, and FASB in Focus newsletter on the FASB’s website.

While Ms. White acknowledged that there had been no formal action by the Commission since 2010 and that any further action would be in the responsibility of the new SEC Chair Clayton, she nevertheless described the last years as a success.

She also noted that this progress was very important and that it needed to continue as both Boards, as well as investors, would benefit greatly from their sustained engagement.

Review the full statement on the SEC's website.

Mr. Clayton would replace Mary Jo White, who announced in November 2016 that she will leave the SEC at the end of the Obama Administration. Mr Clayton’s appointment is contingent on a Senate confirmation vote.

Review the press release on the president-elect’s transition website.

Basically, the recap offers a very general overview of the changes IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers will bring about and then links to the IASB's IFRS 9 implementation page and IFRS 15 implementation page. The recap also reminds preparers that investors need to be informed about the expected impact of a new standard even before companies apply that standard.

Please click to access the recap on the IASB's website.

The Advisory is in response to the September 2016 International Accounting Standards Board (IASB) approved amendment to the IFRS 4, Insurance Contracts allowing companies whose activities are predominately connected with insurance to defer the application of IFRS 9, Financial Instruments before January 1, 2021.

Review the press release and Draft Advisory on the OSFI's website.

The main changes are:

• a reduction in the number of Board members from 16 to 14, which is the number of members the Board has been operating with for a while;
• amendments to the geographical distribution of Board members and Trustees; and
• amendments to Board members’ and Trustees’ professional background requirements.

Review the document outlining the feedback received to the consultation on the constitutional changes, together with the changes made, and a stand-alone updated version of the Constitution, which is effective December 1, 2016 on the IASB's website.