Standard-setting activities & insights
International Financial Reporting Standards
AcSB Exposure Draft – Effective Date of IFRS 15 (Proposed amendments to IFRS 15)
On May 28, 2015, the Accounting Standards Board issued an Exposure Draft
that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders
are encouraged to submit their comments by July 3,
2015.
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IASB issues work plan update
On May 29, 2015, following its May meeting, the International Accounting
Standards Board updated its work plan. The revised plan adds a new project
on “Changes in accounting policies and estimates,” moves the Exposure Draft
on “Clarifications to IFRS 15” and the Draft Interpretation on
“Uncertainties in income taxes” back by one quarter, and introduces a new
format for reporting on the progress in research projects.
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IASB proposes revisions to the Conceptual Framework
On May 28, 2015, the IASB published a comprehensive
exposure draft (ED)
containing proposals for topical areas where it considers a revision and
amendment of the existing Conceptual Framework necessary. Included in the ED
are proposals to revise the definitions of an asset and a liability, to
introduce guidance on measurement and derecognition, and to set a framework
for presentation and disclosure. The main ED is accompanied by an ED
containing proposals regarding references to the Conceptual Framework in
other IASB pronouncements. Comments on both EDs are due October 26, 2015.
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Seven lessons learned from the IFRS adoption in the EU
On May 28, 2015, the Institute of Chartered Accountants in England and Wales
(ICAEW) published a report setting out some practical insights and
recommendations for policy makers, regulators, standard-setters and other
interested parties in jurisdictions that have recently adopted IFRS or are
considering doing so.
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Former Chairmen of IASB and FASB share thoughts on convergence
On May 22, 2015, a recording of an exchange between former International
Accounting Standards Board (IASB) Chair Sir David Tweedie and former FASB
Chair Robert Herz that had occurred on April 1, 2015, during which they discussed their
vision of “Accounting Standards for Global Capital Markets: Past, Present,
and Future” at Baruch College in New York City, has been made available.
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Update on Disclosure Initiative
On May 20, 2015, the IASB released its update on the Disclosure Initiative
which is a portfolio of projects designed to improve how
information is presented and disclosed in financial reports.
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ASBJ publishes research paper on the amortization of goodwill
On May 19, 2015, the Accounting Standards Board of Japan (ASBJ) published
the Research Paper No.1 “Research on Amortization of Goodwill” with a view
to make a contribution to the global discussion regarding how goodwill
should be accounted for.
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Study of the CFA Institute on the role of comprehensive income
On May 18, 2015, the CFA Institute, a global association of investment
professionals, published “Analyzing Bank Performance: Role of Comprehensive
Income.” The study argues that the information reported on the statement of
other comprehensive income (OCI) is an integral part of performance
reporting and that there is a need to increase investor attention on OCI
statement items.
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Public Sector Accounting Standards
Accounting for Sovereign Debt Restructurings under IPSASs
On May 21, 2015, the staff of the International Public Sector Accounting
Standards Board (IPSASB) released a short audio podcast and an accompanying
publication to highlight how International Public Sector Accounting
Standards (IPSASs) reflect the accounting consequences of sovereign debt
restructuring transactions.
Podcast |
Accompanying publication
Assurance
Staff Consultation Paper No. 2015-01: The Auditor's Use of the Work of Specialists
On May 29, 2015, the Public Company Accounting Oversight Board released a
staff consultation paper seeking information to help the staff address the
potential need for improvement of PCAOB standards governing the use of the
work of specialists.
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IAASB-FEE April 23 Lunch Debate on Auditor Quality and Auditor Reporting
On May 28, 2015, the International Auditing and Assurance Standards Board (IAASB)
released a document that provides a short summary of a roundtable discussion
about the need for more transparent auditor reporting and on enhancing audit
quality. The event was jointly hosted by the IAASB and the Federation of
European Accountants (FEE) on April 23, 2015, in Brussels, Belgium, and was
part of a global outreach.
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IAASB Chairman Discusses Auditing Standards with CNBC Africa
On May 19, 2015, during a recent outreach trip to South Africa, the
International Auditing and Assurance Standards Board Chairman Prof. Arnold
Schilder was a guest on CNBC Africa's "Closing Bell South Africa" program,
where he discussed the new and revised auditor reporting standards and their
importance to stakeholders.
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Canadian standard-setting governance activities
New Vice-Chair of IFRS Foundation Trustees
On May 29, 2015, the IFRS Foundation announced that the Monitoring Board had
approved the appointment of Sheila Fraser as Vice-Chair of the Trustees. In
addition, three other Trustees were reappointed. Ms. Fraser, former
Auditor General of Canada, replaces Harvey Goldschmid, who passed away in
February this year, with immediate effect.
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Minutes of Meeting – April 16, 2015
On May 21, 2015, the Auditing and Assurance Standards Oversight Council
released the minutes of its April 16 meeting. The following topics were
discussed: (i) Report from the Quality Assurance Committee; (ii) Review of
the CPAB Public Report 2014; (iii) Activities of the AASB since the Last
AASOC Meeting; (iv) Comments from AASOC Observers; (v) Activities of the
CPAB, CSA, IAASB, Independence Task Force, IFAC, OSFI, and PIOB; (vi)
AASOC’s Role Regarding Non-Authoritative Guidance; (vii) AASOC’s Terms of
Reference; and (viii) Other Administrative Matters.
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Invitation to Comment – AcSB 2016-2021 Draft Strategic Plan
On May 20, 2015, the Accounting Standards Board (AcSB) issued an Invitation
to Comment on its next strategic plan, which outlines the AcSB’s vision, how
it will operate and the broad policy objectives that will guide its
standard-setting activities. Stakeholders are encouraged to submit their
comments, on the form provided, by September 17, 2015.
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