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Part I - IFRS

Extractive Activities — AcSB Staff's Research Update

Jul 17, 2019

On July 17, 2019, the Accounting Standards Board (AcSB) published a revised In Brief that features additional context from the Research Update provided to the IASB.

The In Brief provides an overview of the results of the AcSB staff’s research findings, stakeholder views, and suggestions on additional areas for the IASB to consider as it starts research on extractive activities.

Review the press release and overview on the AcSB's website.

AcSB and OIC hold joint meeting

Jul 15, 2019

On July 15, 2019, the Canadian Accounting Standards Board (AcSB) and the Italian standard-setter Organismo Italiano di Contabilità (OIC) held a joint meeting in Rome. The meeting was the second bilateral meeting between the two standard-setters.

In addition to giving updates on their respective standard-setting activities at the meeting, the two boards exchanged views on the IASB’s current project on proposed amendments to IFRS 17 and on rate-regulated activities. In addition, the AcSB and the OIC discussed implementation activities regarding IFRS 16 Leases.

Review the press release on the OIC's website.

Statement on LIBOR transition

Jul 12, 2019

On July 12, 2019, the Securities and Exchange Commission (SEC) published a statement by the staffs of the Divisions of Corporation Finance, Investment Management, and Trading and Markets, and the Office of the Chief Accountant on managing the transition from LIBOR.

The statement covers:

  • Alternative reference rates
  • Managing the transition from LIBOR
  • Division specific guidance

Review the full statement on the SEC's website.

FASB consults on the amortization of goodwill

Jul 09, 2019

On July 9, 2019, the Financial Accounting Standards Board (FASB) issued an invitation to comment "Identifiable Intangible Assets and Subsequent Accounting for Goodwill", which notes that the FASB has been considering whether to change the subsequent accounting for goodwill for cost-benefit reasons. US GAAP currently requires a goodwill impairment model.

The International Accounting Standards Board (IASB) has also been discussing restoring amortization of goodwill. In December 2017, the Board decided tentatively not to reintroduce amortization and to focus on improving the impairment model instead. It confirmed this decision at its June 2019 meeting. However, the paper was the most heavily debated paper during the session as improving the impairment model has turned out to be very difficult, and the final decision was very close. The Board finally decided by a vote of 8 to 6 to confirm its preliminary view not to reintroduce amortization and to retain an impairment-only model.

The FASB's invitation to comment offers a comprehensive analysis of the subsequent accounting for goodwill as well as a comparison with the IASB approach and the approach of the Japanese standard-setter ASBJ.

Comments on the the FASB's invitation to comment are due by October 7, 2019.

Review the press release, a short explanatory video, and the invitation to comment on the FASB's website.

Speech by CFO of BMW: Relevance of financial reporting in today's global environment

Jul 05, 2019

On July 5, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) posted a copy of the speech by the CFO of BMW regarding the relevance of financial reporting in today's global environment.

Dr. Nicolas Peter, Chief Financial Officer of BMW AG, gave the keynote address at a stakeholder event in Munich on June 26, 2019, jointly hosted by the Trustees of the IFRS Foundation and the Deutsche Rechnungslegungs Standards Committee (DRSC, the German accounting standard-setter). In his speech, Dr. Peter outlines the importance of IFRS Standards to BMW AG and the global financial market, and discusses some of the challenges for the future.

Here is the link to the speech on the IASB web­site.

IFRS Foundation launches new quarterly podcast

Jul 05, 2019

On July 5, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) published the first of a new quarterly podcast focusing on the work undertaken by the IASB and the IFRIC to support consistent application of IFRS Standards. The podcasts will report on discussions at meetings of the Interpretations Committee and provide an overview of other relevant activities in the period.

Listen to the first such podcast in which Vice-Chair of the Board and Chair of the Interpretations Committee Sue Lloyd joins Technical Staff member Patrina Buchanan for a discussion that focuses on the June 2019 meeting of the Interpretations Committee. Among the topics covered in this podcast are questions about applying the new financial instruments, revenue recognition and leases Standards—IFRS 9, IFRS 15 and IFRS 16—as well as the accounting for holdings of cryptocurrencies. 

Here is the link to the 24 minute podcast on the IASB web­site.

Presentations from the IFRS Foundation workshops at the EAA Conference in May 2019

Jul 05, 2019

On July 5, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) posted several presentations by an IASB Board member and staff at the Annual Congress of the European Accounting Association held in Paphos, Cyprus on May 29-31, 2019.

Ann Tarca, IASB Member and Anne McGeachin, IASB Technical Staff presented at two IFRS Foundation events at the annual congress, covering:

  • IASB Technical Update
  • Guide to new Standards—IFRS 9, IFRS 15, IFRS 16 and research opportunities
  • IASB Technical Update: Primary Financial Statements

Here is the link to the presentations on the IASB web­site.

New IASB webinar: Overview of Exposure Draft, Amendments to IFRS 17

Jul 04, 2019

On July 4, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) released a recorded webinar which provides an overview of its recent Exposure Draft, Amendments to IFRS 17, published by the IASB on June 26, 2019.

This recording took place to provide national standard-setters with an overview of the proposed amendments to IFRS 17. The presenters are Laura Kennedy and Roberta Ravelli, Technical Staff at the IFRS Foundation. 

Here is the link to the 25 minute webinar on the IASB website.

IASB posts webcast on IFRS IC and IASB agenda decisions

Jul 02, 2019

In April 2019, the Trustees of the IFRS Foundation issued an updated IFRS Foundation Due Process Handbook for public comment. Clarifications regarding the role and status of agenda decisions published by the Interpretations Committee (IFRS IC) and amendments to make agenda decisions a tool for the Board were the most prominent proposed amendments.

In the context of the proposed amendments, the IASB has posted a webcast with IASB Chair Hans Hoogervorst, IASB Vice-Chair Sue Lloyd and IFRS Foundation staff member Sam Prestidge that discusses some of the main elements of due process around agenda decisions.

The 13 minute webcast can be accessed through the press release on the IASB website.

Hyperinflationary economies - updated IPTF watch list available

Jul 02, 2019

IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. The Task Force's criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

The IPTF's discussion document for the May 21, 2019 meeting is now available and states the following view of the Task Force:

Countries with three-year cumulative inflation rates exceeding 100%:

  • Angola
  • Argentina
  • Democratic Republic of Congo
  • South Sudan
  • Sudan
  • Venezuela

Countries with projected three-year cumulative inflation rates exceeding 100%:

  • Islamic Republic of Iran
  • Yemen
  • Zimbabwe

Countries where the three-year cumulative inflation rates had exceeded 100% in recent years:

There are no countries in this category for this period.

Countries with recent three-year cumulative inflation rates exceeding 100% after a spike in inflation in a discrete period:

  • Suriname

Countries with projected three-year cumulative inflation rates between 70% and 100% or with a significant (25% or more) increase in inflation during the current period

  • Liberia
  • Libya

The full list, including exact numbers, detailed explanations of the calculation of the numbers, and observations of the Task Force are available on the CAQ website. We also offer the overview of the IPTF's assessment of hyperinflationary jurisdictions at the end of our Deloitte Global summary of IAS 29.

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.