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January 2018

IFRS Foundation publishes IFRS Taxonomy update

Jan 11, 2018

On January 11, 2018, the IFRS Foundation published IFRS Taxonomy update "IFRS Taxonomy 2017 — IFRS 17 Insurance Contracts".

This Taxonomy update includes elements to reflect the new presentation and disclosure requirements introduced by the recently-issued standard IFRS 17, Insurance Contracts.

Review the press release and Taxonomy update on the IASB’s website.

Live webinar on the scope of the Business Combinations under Common Control project

Jan 23, 2018

On January 23, 2018, the International Accounting Standards Board (IASB) announced a live webinar on the scope of its Business Combinations under Common Control project. Registration for the January 31 webinar is now open.

In December 2017, the IASB concluded its discussions of the scope of the project and the webinar will discuss the Board’s decisions and illustrative examples of transactions within the scope.

The IASB will offer a morning and an afternoon session to accommodate stakeholders in time zones around the world. Both 45-minute web presentations will also allow participants to ask questions. Registration is required (on the IASB's website) for the sessions:

A recording of the webinar will be available in due course.

Review the press release on the IASB's website.

The Bruce Column — The encouraging future for integrated reporting and integrated thinking

Jan 31, 2018

It is a year since the Chief Executive of the International Integrated Reporting Council, Richard Howitt, took up that role. Here Robert Bruce assesses Howitt’s progress during that year, what has been achieved and what lies ahead.

In a video interview, he talks about progress with our regular columnist Robert Bruce.

Richard Howitt is confident about the future. And he has, he says, good reason to be so. Just as it took a while for the concept of integrated reporting to take hold around the world, there are now clear signs that integrated thinking, the key concept that underlies integrated reporting, is equally taking hold, the two concepts "go hand in hand" he said. He points to, for example, the global professional accounting body, IFAC.

It described integrated reporting as "the future of company reporting". He points to the High Level Experts’ Group on Sustainable Finance. It described integrated reporting as "the ultimate ambition". For Howitt, it is recognition that the journey of the concept of integrated reporting is still on course.

And Howitt was also encouraged by the IASB’s recent decision to revise its Management Commentary practice statement so that it was ever more closely aligned to integrated reporting. "That was", he said, "a very, very significant decision".

One of the obstacles that companies cite as a barrier is the absence of a global Standard for metrics, outside the mainstream financial numbers. There are many frameworks and standard-setting bodies in the this field and Howitt sees the Corporate Reporting Dialogue, which sits in the IIRC structure as a means of removing this obstacle.

There will be many a bump along the road ahead. The concept of integrated thinking as the ultimate transformative goal needs more emphasis. But progress is being made.

Read the entire column on our Global IAS Plus site.

Transition to the new IFRS Standard for insurance contracts

Jan 26, 2018

On January 26, 2018, the International Accounting Standards Board (IASB) released a summary of the materials and other support available to national standard-setters and regulators planning for implementation of IFRS 17, "Insurance Contracts".

The materials include:

  • Set the scene:
    • To understand and explain why IFRS 17 was developed
    • To familiarize stakeholders with the scope, timing and requirements of IFRS 17
    • To understand and explain the possible benefits and costs of IFRS 17
    • To understand and explain how IFRS 17 relates to prudential regulation
    • To understand and explain what investors think about IFRS 17
  • Plan for implementation
  • Education
  • Use implementation support provided by the IFRS Foundation

Review the summary of the IASB's website.

Two IASB presentations on financial stability and long-term investments

Jan 25, 2018

On January 25, 2018, the International Accounting Standards Board (IASB) made two presentations publicly available that were originally prepared for the Trustees of the IFRS Foundation in 2017.

The first presentation (20 slides) explores the impact of accounting volatility on financial stability, how IFRS 9, Financial Instruments and IFRS 17, Insurance Contracts contribute to stability, and the relationship between the IFRS Foundation and regulators.

The second presentation (26 slides) explains how accounting standards contribute to long-term investments and how capital markets benefit from transparent reporting.

Review the press release on the IASB's website.

Updated IASB work plan — Analysis

Jan 26, 2018

On January 26, 2018, the International Accounting Standards Board (IASB) updated its work plan following its January 2018 meeting. Changes mostly relate to pronouncements having been published, comment letter deadlines having ended, and clarifications of upcoming dates of issuing pronouncements.

Below is an analysis of all changes made to the work plan since our last analysis on December 18, 2017.

Maintenance projects

  • Availability of a refund (amendments to IFRIC 14) — The next milestone is an IFRS amendment but the expected date has been removed. The Board plans to perform further work on the possible effects of the amendments before proceeding.
  • Definition of a business (amendments to IFRS 3) — An IFRS amendment is now expected in Q2 2018 (updated from H1 2018).
  • Improvements to IFRS 8 Operating Segments (amendments to IFRS 8 and IAS 34) — The IASB will now decide the project’s direction in March 2018 (previously set to January 2018).
  • Plan amendment, curtailment or settlement (amendment to IAS 19) — An IFRS amendment is expected in February 2018 (previously set to January 2018).

Standard-setting projects

  • Definition of material (amendments to IAS 1 and IAS 8) — Discussions on feedback of the exposure draft are now expected April 2018 (previously set to March 2018).
  • Rate-regulated activities — A discussion paper or exposure draft is expected in H1 2019 (previously set to 2019).

Research projects

Other projects

The revised IASB work plan is available on the IASB's website.

Video summary of IPSASB consultation paper on accounting for revenue and non-exchange expenses

Jan 02, 2018

On January 2, 2018, the International Public Sector Accounting Standards Board (IPSASB) released a short video highlighting the concepts, proposals and IPSASB preliminary views contained in the consultation paper it released in August 2017 on the potential recognition and measurement approaches for revenue and non-exchange expenses.

The IPSASB also notes that the deadline for comments on the consultation paper is January 15, 2018.

View the video (approx. 30 minutes) on the IPSASB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.