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March 2017

IASB issues podcast on latest Board developments

Mar 31, 2017

The IASB has released a podcast featuring its Chair, Hans Hoogervorst and Vice-Chair, Sue Lloyd discussing the deliberations at the March 2017 IASB meeting

The podcast features discussions of the following topics:

  • Wider corporate reporting,
  • Primary financial statements, and
  • Financial instruments with characteristics of equity.

The podcast can be accessed through the press release on the IASB website. More information on the topics discussed is available through our comprehensive notes taken by Deloitte observers of the March 2017 meeting.

IASB member discusses non-GAAP measures

Mar 02, 2017

On March 2, 2017, the International Accounting Standards Board (IASB) posted an article from Compliance Week, where IASB member Gary Kabureck discussed non-GAAP measures and plans the IASB has to address some of its challenges.

Mr. Kabureck noted that the IASB would begin addressing non-GAAP earnings measures in its research project on primary financial statements. However, he stated that “[t]he challenge for us is to put some order and structure into the reporting of financial performance while simultaneously providing relevant information that faithfully represents the performance of the company.” Some of the challenges include EBIT, income before non-recurring items, income from core operations, and operating profit. Next, he provided three possible philosophical approaches when determining the composition of an alternative performance measure. These approaches included:

  • Explicit requirements for composition.
  • Managerial approach similar to segment reporting.
  • Principles-based approach.

Finally, he discussed accounting policy disclosures that are being considered by the IASB.

Review the article on the IASB’s website.

IASB publishes discussion paper on disclosure principles

Mar 30, 2017

On March 30, 2017, the International Accounting Standards Board (IASB) published a comprehensive discussion paper (DP) setting out the Board's preliminary views on disclosure principles that should be included in a general disclosure standard or in or in non-mandatory guidance on the topic. Comments are due October 2, 2017.

Summary of main proposals

The DP contains 110 pages and is divided into eight sections accompanied by an appendix. The paper is preceded by an executive summary describing the reasons behind publishing the DP, its reach, the main content of the document, the preliminary views of the Board, the terminology used, and the next steps. The paper itself is structured as follows:

Section Topic
1 Overview of the ‘disclosure problem’ and the objective of this project
2 Principles of effective communication
3 Roles of the primary financial statements and the notes
4 Location of information
5 Use of performance measures in the financial statements
6 Disclosure of accounting policies
7 Centralised disclosure objectives
8 New Zealand Accounting Standards Board staff’s approach to drafting disclosure requirements in IFRS Standards
Appendix Illustration of applying Method B in Section 7

Some specific suggestions in the Discussion Paper include:

  • seven principles of effective communication, which could be included in a general disclosure standard or described in non-mandatory guidance;
  • possible approaches to improve disclosure objectives and requirements in IFRS Standards; and
  • principles of fair presentation and disclosure of performance measures and non-IFRS information in financial statements, to ensure that such information is not misleading.

The IASB allows constituents an extended six months period to work their way through the document and to respond to the questions raised; hence, comment letters are to be submitted by October 2, 2017.

Additional information


IASB publishes proposed improvements to IFRS 8

Mar 29, 2017

On March 29, 2017, the International Accounting Standards Board (IASB) published an exposure draft "Improvements to IFRS 8, "Operating Segments" (Proposed amendments to IFRS 8 and IAS 34)". It contains proposed amendments in five areas. Comments are requested by July 31, 2017.

Suggested changes

The amendments proposed in ED/2017/2 Improvements to IFRS 8 'Operating Segments' (Proposed amendments to IFRS 8 and IAS 34) are:

  • Description of the chief operating decision maker. The IASB proposes to clarify IFRS 8 by:
    • stressing that the chief operating decision maker is the function that makes operating decisions and decisions about allocating resources to operating segments and assesses their performance;
    • noting that the chief operating decision maker can be an individual or a group;
    • stating that a group identified as a chief operating decision maker can have non-executive members; and
    • requiring that an entity discloses the title and description of the role of the individual or the group identified as the chief operating decision maker.
  • Identification of reportable segments. Proposed amendments to IFRS 8 regarding this issue include:
    • requiring that an explanation of the reasons is disclosed if segments identified in the financial statements differ from segments identified in other parts of the entity's reporting; and
    • adding further examples to the aggregation criteria for operating segments with similar economic characteristics.
  • Additional segment information. The IASB believes that IFRS 8 should be clarified by:
    • noting that under certain circumstances an entity may disclose segment information that goes beyond the information regularly provided to and reviewed by the chief operating decision maker.
  • Description of reconciling items. Regarding this issue IFRS 8 would be amended by:
    • clarifying that sufficiently detailed explanations are required for the reconciling items so that users can understand their nature.
  • Change in the composition of an entity’s reportable segments. This proposed amendment regards IAS 34 where the IASB suggests:
    • requiring that the first interim report after a change in the composition of an entity’s reportable segments must contain restated segment information for all interim periods presented.


Effective date and transition requirements

The exposure draft does not contain a proposed effective date which the IASB intends to decide on after the exposure. Nevertheless, has already concluded that earlier application would be permitted, however, the amendments to IFRS 8 and the amendments to IAS 34 must be applied at the same time.


Additional information

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IASB Webcast: IFRS 16—Lease Modifications: Lessee

Mar 27, 2017

On March 27, 2017, the International Accounting Standards Board (IASB) released a web presentation discussing the lease modification requirements for lessees in IFRS 16, Leases.

This is the sixth in a series of webcasts that the International Accounting Standards Board is providing to support the implementation of IFRS 16.

In this webcast, the IASB staff discuss the modification requirements in IFRS 16 and questions received from those currently implementing the new Standard.

Review the press release and the webcast on the IASB's website.

IFRS model financial statements 2016 (With early adoption of IFRS 9)

Mar 06, 2017

Deloitte's Global IFRS Office has released International GAAP Holdings Limited Model financial statements for the year ended December 31, 2016 (With early adoption of IFRS 9).

These financial statements illustrate the presentation and disclosure requirements of IFRSs for the year ended December 31, 2016 by an entity that is not a first-time adopter of IFRSs and early adopts IFRS 9, Financial Instruments.

The publication includes:

  • Section 1 — New and revised IFRSs for 2016 annual financial statements and beyond
  • Section 2 — Model financial statements for the year ended 31 December 2016
  • Appendix 1 — Early application of IFRS 9 Financial Instruments (as revised in July 2014)

Karen Higgins Reappointed as AcSB Vice-Chair

Mar 08, 2017

On March 8, 2017, the Accounting Standards Oversight Council (AcSOC) announced appointments, as well as retirements and reappointments, to the AcSOC, AcSB and PSAB.

She has been reappointed as Vice-Chair for a two-year term ending on March 31, 2019.

Review the full list on the AcSOC's website.

SEC appoints new deputy chief accountant

Mar 30, 2017

On March 30, 2017, the Securities and Exchange Commission (SEC) appointed Sagar S. Teotia as deputy chief accountant in the Office of the Chief Accountant.

Mr. Teotia joins the SEC from Deloitte & Touche LLP where he was a partner in the National Office Accounting Consultation Group. In addition, he served as an SEC accounting fellow in the Office of the Chief Accountant from 2009 to 2011.

Review the press release on the SEC’s Web site.

SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings

Mar 01, 2017

On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments to make it easier for investors and other market participants to find and access exhibits in registration statements and periodic reports that were originally provided in previous filings.

The amendments will require issuers to include a hyperlink to each exhibit in the filing’s exhibit index.  Currently, someone seeking to retrieve and access an exhibit that has been incorporated by reference must review the exhibit index to determine the filing in which the exhibit is included, and then must search through the registrant’s filings to locate the relevant filing.

The final rules will take effect on September 1, 2017.

Review the press release on the SEC's website.

SEC proposes to green light iXBRL

Mar 01, 2017

On March 1, 2017, the Securities and Exchange Commission (SEC) voted to propose amendments intended to improve the quality and accessibility of data submitted by public companies and mutual funds using XBRL. The proposals would require the use of Inline XBRL (iXBRL), which has the potential to benefit investors and other market participants while decreasing, over time, the cost of preparing information for submission to the SEC.

The recommendations are part of the SEC’s disclosure modernization initiative. iXBRL combines human readable HTML and machine readable XBRL in a single report. If adopted, it means that it will be easier to access and easier to understand, consume and analyse quarterly and annual financial statements in the United States. It will also mean the end of “dual filing” that has existed since 2009, in which a plain, unstructured HTML version of the disclosure was filed at (more or less) the same time as a structured XBRL version was submitted. And it means that the SEC in the US joins other major securities regulators including the JFSA in Japan, and ESMA, which governs disclosure regulation across Europe, in moving to use iXBRL to make fundamental data more suitable for the digital age.

The SEC also announced on March 1, 2017, that Foreign Private Issuers” (FPIs) can now use the IFRS taxonomy to file their financial statements in XBRL or Inline XBRL format. International businesses affected by this new ruling are advised to speak to their software vendor, filing agent or professional advisers about filing in iXBRL rather than XBRL so that they don’t have to switch again later.

Review the press release on the SEC'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.