June

EFRAG issues feedback statement on the statement cash flows

01 Jun, 2016

The European Financial Reporting Advisory Group (EFRAG) has published a feedback statement summarising comments received on its July 2015 discussion paper, 'The Statement of Cash Flows: Issues for Financial Institutions'.

EFRAG received eight comment letters in response to its discussion paper, which covered the following topics:

  • Requirements and intended benefits of IAS 7 Statement of Cash Flows;
  • Requirements in IAS 7 specifically relevant to financial institutions, including views on the usefulness to financial institutions;
  • Alternatives related to:
    • liquidity;
    • changes in assets and liabilities;
    • insurance companies;
    • narrower amendments.

According to the feedback statement:

All respondents shared concerns about the relevance of the statement of cash flows for financial institutions and thus were supportive for the EFRAG’s proactive initiative. However, the views on how this issue should be addressed diverged significantly among respondents. Nevertheless the comments received provide valuable inputs for further research.

The feedback statement is available on EFRAG's website.

IFRS Foundation and IOSCO strengthen cooperation

01 Jun, 2016

The International Organization of Securities Commissions (IOSCO) and the IFRS Foundation have published a joint Statement of Protocols for cooperation on IFRSs, aiming to "promote and facilitate transparency within capital markets through the development and consistent application of IFRS Standards."

This Statement of Protocols builds upon the protocol arrangement issued by the same organisations in September 2013 by outlining objectives for each of the following interactions between IOSCO and the IFRS Foundation:

  • Strategic discussions — Discussion of broad financial reporting issues between the leadership of IOSCO and the IFRS Foundation;
  • Development of IFRS Standards — Sharing of information and active contribution from IOSCO to the standard-setting process; and
  • Implementation of IFRS Standards — Sharing information to support both parties in their work in the application of IFRS Standards on a globally consistent basis.

For more information, see the press release and Statement of Protocols on the IASB's website.

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