News

IFRS - IASB Image

IASB posts webcast on IFRS 16 lease term requirements

Oct 02, 2017

On October 2, 2017, as part of the International Accounting Standards Board (IASB) webcast series on IFRS 16 implementation, the IASB staff made available a webcast related to IFRS 16 lease term requirements.

This webcast is hosted by IASB Board member, Darrel Scott, and addresses four implementation questions raised by stakeholders.

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

GRI (Global Reporting Initiative) Image

Research into the local implementation of the EU Directive on disclosure of non-financial and diversity information

Oct 02, 2017

On November 22, 2017, Accountancy Europe, CSR Europe, and GRI will present and discuss their new research looking at the local implementation of the EU Directive on non-financial and diversity information reporting.

The research outlines the principal elements of the 28 Member States’ laws, and will provide insight on the direction non-financial reporting is headed in Europe. The November 22 event will address how the implementation of the Directive can positively contribute to the integration of sustainability factors into companies.

For more information and registration, visit the Accountancy Europe's website.

SASB (Sustainability Accounting Standards Board) Image

The SASB Publishes Exposure Draft Standards for Comment

Oct 02, 2017

On October 2, 2017, the Sustainability Accounting Standards Board (SASB) published its Exposure Draft Standards and has officially opened a 90-day public comment period - the last before codification of its standards. Comments are requested by December 31, 2017.

The Exposure Draft Standards for 79 industries in 11 major sectors will be open for feedback, from corporate professionals, market participants, and public interest and intermediary stakeholders.

The SASB’s Standards are for use by U.S. and foreign public companies in their disclosures to investors, such as in annual reports and filings with the U.S. Securities and Exchange Commission (SEC), including Forms 10-K, 20-F, 40-F, 10-Q, 8-K, as well as S-1 and S-3. The SASB Standards identify sustainability topics that are reasonably likely to constitute material information for a company within a particular industry.

Review an article and the Exposure Draft on the SASB's website.

FASB (US Financial Accounting Standards Board) (lt blue) Image

FASB releases investor podcast on revenue recognition for airlines entities

Oct 02, 2017

On October 2, 2017, the Financial Accounting Standards Board (FASB) released an investor podcast on the impact of revenue recognition on entities in the airlines industry.

Topics discussed during the investor podcast include the following:

  • Overview of the new revenue guidance
  • Loyalty points
  • Ancillary services and change fees
  • Breakage for unused tickets
  • Transition to the new guidance

View the podcast on the FASB’s YouTube channel.

United States Image

SEC's commitment to XBRL

Sep 30, 2017

In September 2017, Merrill Corporation magazine issued their Dimensions publication, which features a fresh interview with Mike Willis, internationally renowned XBRL expert and assistant director, SEC Office of Structured Disclosure.

He spoke exclusively to Dimensions about the SEC's commitment to XBRL, examples of how XBRL is proving beneficial to the SEC, data quality concerns and more.

Review the speech on the Merrill Corporation's website.

IFRS - ICAEW Image

ICAEW publication on the financial reporting implications of Brexit

Sep 29, 2017

In September 2017, the Institute of Chartered Accountants in England and Wales (ICAEW) published "Brexit: implications for financial reporting" as the ICAEW believes that the impact that Brexit will have on the UK’s financial reporting infrastructure and the related international ramifications have not yet been given sufficient attention.

The report addresses some of the key financial reporting issues the UK will face post-Brexit. It also offers 16 recommendations aimed at policymakers and their constituents in response to some of the principal questions that have been raised on the subject. These questions include:

  • What will Brexit mean for UK financial reporting?
  • Should the scope of the current regulatory framework be revisited?
  • How can the UK continue to be a major player in global standard-setting?

The report also examines three options available to the UK in its expected post-Brexit position as a country adhering to IFRS, but sitting outside EU jurisdiction:

  • EU-adopted IFRS continue to be applied by UK listed companies and the UK continues to participate in EFRAG decision making.
  • UK listed companies are required to use IFRS as issued by IASB, without any mechanism for rejecting new standards.
  • The UK establishes some form of national endorsement mechanism.

Review the full report on the ICAEW's website.

OECD (Organisation for Economic Co-operation and Development) Image

OECD invites public input on the tax challenges of digitalisation

Sep 29, 2017

On September 29, 2017, as part of the ongoing work of the Task Force on the Digital Economy (TFDE), the Organisation for Economic Co-operation and Development (OECD) is seeking public comments on key issues identified in a request for input related to the tax challenges raised by digitalisation and the potential options to address these challenges.

The request for input outlines the background of the work regarding the tax challenges of digitalisation from the BEPS Action 1 report and invites comments on the impact of digitalisation on business models and value creation, challenges and opportunities for tax systems, the implementation of the measures outlined in the BEPS package and potential options to address the direct tax challenges of  digitalisation.

Comments should be sent by no later than October 13, 2017.

Review the press release and the request for input on the OECD's website.

IFRS - ASAF Image

ASAF Agenda Paper: Definition of a business

Sep 28, 2017

On September 28, 2017, the Accounting Standards Advisory Forum (ASAF) released a comparison between FASB Amendments and IASB tentative decisions on the definition of a business.

The agenda paper:

  1. compares the Board’s tentative decisions with the FASB Amendments;
  2. explains the main differences; and
  3. asks for ASAF members’ advice on the differences between the Board’s tentative decisions and the FASB Amendments.

Appendix A of this paper includes a table that shows a summary of all the Board’s tentative decisions against the FASB decisions.

Review the agenda paper on the IASB's website.

Securities - ASC Image

Alberta MJDS Changes Would Cut Paperwork on Southbound Offerings

Sep 28, 2017

On September 28, 2017, the Alberta Securities Commission (ASC) proposed to repeal and replace existing ASC Rule 71-801 "Implementing the Multijurisdictional Disclosure System" in an effort to update outdated references and better align the requirements of Alberta securities law with the southbound multijurisdictional disclosure system (MJDS).

The proposal for a new ASC Rule 71-801 follows comparable initiatives by the British Columbia and Ontario commissions.

The proposed changes would not affect the core principles of the MJDS, which are set out in a separate instrument (National Instrument 71-101 The Multijurisdictional Disclosure System). Instead, its impact is limited to the provincial framework that surrounds and implements NI 71-101 in Alberta.

Review the proposal for a new ASC Rule 71-801 on the ASC's website and an article on Stikeman Elliott LLP's website.

United Nations (UN) Image

Background papers for the 34th annual ISAR meeting

Sep 26, 2017

In September 2017, the United Nations announced that the thirty-fourth session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) will be held in Geneva on November 1-3, 2017. The two main agenda items discussed during the session will be enhancing comparability of sustainability reporting and the role of disclosure in risk assessment and enhancing the usefulness of corporate reporting in decision-making.

For both agenda items, background notes have been prepared by the UNCTAD secretariat to facilitate deliberations. The papers can be downloaded from the UNCTAD website:

General information on the session, including a provisional agenda for the meeting, is available on the United Nations website.

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