June

IASB abandons PDF viewer approach

27 Jun, 2017

Saved links to PDF documents on the new IASB website now return a "No valid document" comment without indicating why the document is no longer available nor where it can be found now. IAS Plus have investigated the issue and found that the IASB has abandoned the PDF viewer approach it had adopted when moving to its new website.

PDFs are now directly available again, however, you have to revisit the IASB news item or other place in the site where you originally found the document. On IAS Plus we have fixed all links in all news items we posted since 10 June, which might help you locate the PDFs - for example the exposure draft of proposed amendments to IAS 16 published on 20 June.

June 2017 IASB meeting notes posted

26 Jun, 2017

The IASB met at its offices in London on Wednesday 21 and Thursday 22 June 2017. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

Wednesday 21 June

The meeting began with a Conceptual Framework discussion about limitations on what may constitute a reporting entity in situations when the reporting entity is not a legal entity.

The Board decided to propose removing one of the examples in IAS 8 when it releases an exposure draft later this year addressing the differences between accounting estimates and accounting policies.

The Board continued its discussion of Primary Financial Statements, focusing on approaches for describing capital structure, developing a principles-based approach for EBIT, management-defined performance measures, adjusted earnings per share and presenting the share of equity method profits or losses.

In the afternoon session the Board looked at rate-regulation examples and how the proposed model would apply to them.

Thursday 22 June

The meeting continued with IFRS Implementation Issues.

The Board supports a proposal to provide special transitional arrangements when an entity changes an accounting policy as a consequence of an IFRS Interpretations Committee agenda decision.

The Board discussed the feedback from the comment letters on the proposed amendment to IFRS 9 on prepayment features with negative compensation, including the likely effective date.

The education sessions on dynamic risk management focused on a high-level illustration of the dynamic aspect of dynamic risk management.

The meeting concluded with a further discussion of the definition of a business.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

How are IFRS Standards developed?

26 Jun, 2017

The IFRS Foundation has published a video that explains how standards are developed.

The two-minute, advertising video can be accessed on YouTube.

IPSASB podcast and Q&A document on materiality

23 Jun, 2017

The International Public Sector Accounting Standards Board (IPSASB) staff have issued a podcast and a questions and answers document on the application of materiality to preparing financial statements.

Both documents explain the accounting requirements for materiality in International Public Sector Accounting Standards (IPSAS).

Please click to access the podcast and the Q&A document on the IPSASB website.

We comment on the FRC Discussion Paper on the role of auditors and preliminary announcements

23 Jun, 2017

We have responded to the Financial Reporting Council (FRC) Discussion Paper on the role of auditors and preliminary announcements that was published in April 2017.

We welcome the FRC’s decision to revisit and consult on Bulletin 2008/2 (the Bulletin) in respect of preliminary announcements.

Our main points in responding to this Discussion Paper are:

  • It is both necessary and timely to update the Bulletin in respect of preliminary announcements.
  • No major change is needed to the responsibilities of companies or auditors in respect of preliminary announcements.
  • Companies should continue to be able to publish a preliminary announcement when the audit is at an “advanced stage” but not yet complete, subject to their auditor’s agreement.
  • There is value to investors in receiving an auditor’s report on key audit matters with the preliminary announcement and we encourage the FRC to explore that option further with companies and investors.

Please click to access the full comment letter.

Academic workshop on measurement in financial reporting

23 Jun, 2017

The European Financial Reporting Advisory Group (EFRAG) invites academics to join a workshop on measurement in financial reporting and the challenges and objectives connected with it in Brussels on 5 September 2017.

The objective of the workshop is to debate ideas on some of the main issues around measurement (e.g. uncertainty and discounting) and how these can be investigated. Participation in the workshop is free-of-charge but restricted to academics.

Please click for more information on the EFRAG website.

IFRS Foundation Trustees seek to fill Advisory Council vacancies

23 Jun, 2017

The Trustees of the IFRS Foundation are calling for candidates to fill vacancies occurring at the end of 2017 for membership to the IFRS Advisory Council.

The terms of 16 current members are completed on 31 December 2017. Of those 16 current members, 12 are eligible for reappointment. New members would serve two or three-year terms, starting on 1 January 2018, renewable once.

Please click for the full advert on the IASB website.

Academies accounts direction 2016 to 2017 published

21 Jun, 2017

The Education and Skills Funding Agency has published the ‘Academies accounts direction 2016 to 2017’ (“The accounts Direction”). The Accounts Direction 2016 to 2017 is a guidance pack for academy trusts and their auditors to use when preparing their annual reports and financial statements for accounting periods ending 31 August 2017.

The Accounts Direction is based upon the Charities Statement of Recommended Practice (SORP) 2015, as amended by Charities SORP (FRS 102) Update Bulletin 1, and Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The Accounts Direction applies to all types of academy trust with a funding agreement with the Secretary of State for Education and an open academy at any point during the accounting period.

The Accounts Direction includes:

  • A defined reporting timetable to which academy trusts must work.
  • Model accounts and provides guidance on each component of the accounts.
  • Guidance on auditing requirements.

The full Accounts Direction is available from the Education and Skills Funding Agency website.

IASB posts webinar on IFRS 17

21 Jun, 2017

The IASB has posted to its website a webinar on the recently issued standard IFRS 17 'Insurance Contracts'.

The webinar — hosted by insurance contracts team members Joanna Yeoh and Andrea Pryde — discusses the scope of IFRS 17.

The webinar and slides are available on the IASB's website.

IASB updates agenda for June 2017 meeting

20 Jun, 2017

The IASB has updated the agenda for its 21–22 June 2017 meeting. Wednesday's meeting time was shortened, the order of topics changed, and — most notably — the discussion on materiality was moved to the Board's July meeting.

The IASB has also changed its work plan to indicate Q3 2017 for (1) the ED on the definition of materiality (formerly September 2017) and (2) the practice statement on materiality (formerly H1 2016).

The full agenda for the June meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries as well as observer notes from the meeting on this page as they become available.

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