July 2018

FASB staff proposes taxonomy improvements

Jul 16, 2018

On July 16, 2018, the staff of the Financial Accounting Standards Board (FASB) has issued pro­posed tax­on­omy im­prove­ments related to (1) Ac­count­ing Stan­dards Update (ASU) Nos. 2018-09, “Cod­i­fi­ca­tion Im­prove­ments,” and 2018-10, “Cod­i­fi­ca­tion Im­prove­ments to Topic 842, Leases,” and (2) the pro­posed ASU, “Up­dat­ing the De­f­i­n­i­tion of Col­lec­tions.”

Com­ments on the pro­posed tax­on­omy im­prove­ments related to Cod­i­fi­ca­tion im­prove­ments are due by August 14, 2018. Com­ments on the pro­posed tax­on­omy im­prove­ments related to Cod­i­fi­ca­tion im­prove­ments to ASC 842 are due by August 17, 2018. Com­ments on the pro­posed tax­on­omy im­prove­ments related to the de­f­i­n­i­tion of col­lec­tions are due by August 10, 2018.

 

Group of national standard-setters urges IASB to consider hybrid pension plans

Jul 04, 2018

In July 2018, the International Accounting Standards Board (IASB) released an agenda paper that will be presented at the upcoming meeting of the IASB's Accounting Standards Advisory Forum (ASAF), where the Canadian Accounting Standards Board (AcSB) will present the results of research performed to date by Canada, Germany, Japan, the UK and the US on hybrid pension plans, which are neither defined contribution plans nor defined benefit plans. The paper argues that further guidance on accounting for hybrid pension plans is needed to better reflect their economic characteristics and reduce diversity in practice.

A working group of staff from the standard-setters in the five jurisdictions embarked on research to produce evidence demonstrating whether there is a need for accounting guidance addressing hybrid pension plans. The working group's aim was to understand the experiences of jurisdictions around the world with hybrid pension plans and whether common issues arise as well as to determine whether existing standards adequately deal with such plans and identify possible improvements, if needed. The research is on-going and is currently being expanded to other jurisdictions.

The research so far provides evidence from multiple jurisdictions to support a need for guidance on accounting for hybrid pension plans and is sufficiently complete to be brought to the attention of others with a view to encouraging standard-setting action on this topic. Therefore, the working group proposes that the IASB consider the research performed to date and either add it as another dimension to the feasibility study Pension Benefits that Depend on Asset Returns in its research pipeline or take on a project to address hybrid pension plans.

Meanwhile, the working group will expand its research to other jurisdictions by summarising and analysing data collected from IFASS member jurisdictions, will expand outreach to financial statement users and academics within several jurisdictions, and will continue to monitor related activities.

Review the working group's paper on the IASB's website.

IASB begins webcast series on the FICE DP

Jul 16, 2018

On June 28, 2018, the IASB published a comprehensive discussion paper DP/2018/1 'Financial Instruments with Characteristics of Equity'. The IASB has now made available the first webcast in a series of web presentations to help stakeholders as they prepare to submit their comments on the discussion paper.

The first webcasts offers an 11 minute overview of the dis­cus­sion paper. The webcast can be accessed here.

Future webcasts in the series will cover:

  • the Board’s preferred approach and clas­si­fi­ca­tion of non-de­riv­a­tive financial in­stru­ments;
  • clas­si­fi­ca­tion of de­riv­a­tives on own equity;
  • clas­si­fi­ca­tion of compound in­stru­ments and re­demp­tion oblig­a­tion arrange­ments;
  • pre­sen­ta­tion of equity in­stru­ments; and
  • pre­sen­ta­tion of financial li­a­bil­i­ties.

IASB issues "Investor Update" newsletter

Jul 03, 2018

On July 3, 2018, the International Accounting Standards Board (the Board) issued the sixteenth edition of its newsletter "Investor Update", which provides investors with quick access to information about current accounting and financial reporting topics.

This issue features:

  • Spotlight — IFRS 16 Leases
  • Spotlight — ESMA and IFRS Standards
  • In Profile —Selim Gogus, Credit Suisse HOLT
  • Project updates
  • Information on investor materials and current events

Review the Investor Update newsletter on the Board’s website.

IASB posts webinar on the IFRS Taxonomy 2018

Jul 17, 2018

On July 17, 2018, the International Accounting Standards Board (IASB) posted a webinar entitled, ‘IFRS Taxonomy 2018’, to its website.

The webinar provides back­ground in­for­ma­tion, an overview of changes, sup­port­ing materials, and upcoming changes to the IFRS Taxonomy. The IFRS Taxonomy 2018 was issued on March 16, 2018.

For more in­for­ma­tion regarding the webinar, see the press release on the IASB's website.

 

IASB releases fourth webcast on FICE DP

Jul 31, 2018

On July 31, 2018, the International Accounting Standards Board (the Board) released its fourth webcast in a series of web presentations related to its Discussion Paper, "Financial Instruments with Characteristics of Equity".

This webcast explains Section 5 of the Discussion Paper Financial Instruments with Characteristics of Equity on compound instruments and redemption.

It covers the Board’s preferred approach to classification of compound instruments, such as convertible bonds, and obligations to redeem own equity instruments, for example a written put option on own shares.

Future webcasts in the series will cover:

  • presentation of equity instruments; and
  • presentation of financial liabilities

For more information, see the press release on the Board’s website and the webcast on the IFRS Foundation’s YouTube channel.

IASB releases second webcast on FICE DP

Jul 19, 2018

On July 19, 2018, the International Accounting Standards Board (IASB) has released its second webcast in a series of web pre­sen­ta­tions related to its Dis­cus­sion Paper, ‘Financial In­stru­ments with Char­ac­ter­is­tics of Equity’.

This webcasts discusses the Board’s preferred approach and clas­si­fi­ca­tion of non-de­riv­a­tive financial in­stru­ments.

Future webcasts in the series will cover:

  • Clas­si­fi­ca­tion of de­riv­a­tives on own equity.
  • Clas­si­fi­ca­tion of compound in­stru­ments and re­demp­tion oblig­a­tion arrange­ments.
  • Pre­sen­ta­tion of equity in­stru­ments.
  • Pre­sen­ta­tion of financial li­a­bil­i­ties.

For more in­for­ma­tion, see the press release on the IASB’s website and the webcast on the IFRS Foun­da­tion’s YouTube channel.

 

IASB releases third webcast on FICE DP

Jul 30, 2018

On July 30, 2018, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) has re­leased its third we­b­cast in a se­ries of web pre­sen­ta­tions re­lated to its Dis­cus­sion Pa­per, ‘Fi­nan­cial In­stru­ments with Char­ac­ter­is­tics of Eq­uity’.

This we­b­casts dis­cusses how the Board’s preferred approach would classify own equity derivatives (except for those that include an obligation for a company to take back its own shares, which will be explained in a future FICE webcast).

Fu­ture we­b­casts in the se­ries will cover:

  • Clas­si­fi­ca­tion of com­pound in­stru­ments and re­demp­tion oblig­a­tion arrange­ments.
  • Pre­sen­ta­tion of eq­uity in­stru­ments.
  • Pre­sen­ta­tion of fi­nan­cial li­a­bil­i­ties.

For more in­for­ma­tion, see the press re­lease on the IASB’s web­site and the we­b­cast on the IFRS Foun­da­tion’s YouTube chan­nel.

 

IASB webcast on research and standard-setting

Jul 18, 2018

On July 18, 2018, the IASB has released a May 2018 webcast on YouTube that features IASB member Ann Tarca and IFRS Foun­da­tion Education Director Matt Tilling dis­cussing academic research and how academics can con­tribute to the work of the IASB.

The 18 minute video Research and Standard setting—How to con­tribute to the IASB's work can be accessed here.

 

Inflation in Argentina — Reporting on periods ended June 30, 2018

Jul 09, 2018

Levels of inflation in Argentina have been high for some time, with a sig­nif­i­cant increase in May 2018 resulting in inflation indices exceeding 100% on a three‑year cu­mu­la­tive basis. It is also un­der­stood that the qual­i­ta­tive in­di­ca­tors of hy­per­in­fla­tion are, to varying degrees, present in Argentina.

On July 9, 2018, Deloitte's IFRS Global Office has published an IFRS in Focus newslet­ter looking into im­pli­ca­tions of the situation in Argentina as regards reporting on Ar­gen­tin­ian op­er­a­tions at June 30, 2018 and dis­clo­sure in June 2018 financial state­ments under IFRS.

Please click here to access the pub­li­ca­tion.

 

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