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.

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.

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

Please click for:

• IASB press release (link to IASB website)
• Access to the exposure draft on the IASB website

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.

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)

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.

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.

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.

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.