February

Webinar on the scope of the Business Combinations under Common Control project - recording available

07 Feb, 2018

On 31 January, the IASB hosted a live webinar on the scope of its Business Combinations under Common Control project. A recording of the webinar, which lasted approximatively 35 minutes, is now available on the IASB website.

In December 2017 the IASB concluded its discussions of the scope of the project and the webinar discussed the Board’s decisions and illustrative examples of transactions within the scope.

Please click to access the recording on the IASB website.

IPSASB proposes strategy and work plan for 2019-2023

06 Feb, 2018

The International Public Sector Accounting Standards Board (IPSASB) has proposed a new strategy and work plan for 2019 through 2023.

The strategic objective of the IPSASB is stated as strengthening public financial management through increasing adoption of the International Public Sector Accounting Standards (IPSAS). The IPSASB intends to deliver this objective through developing IPSAS and other high-quality financial reporting guidance for the public sector and raising awareness of IPSAS and the benefits of accrual adoption.

To develop standards on critical areas in public sector accounting, the IPSASB proposes to take on three new major public sector specific projects:

  • accounting for natural resources,
  • discount rates, and
  • differential reporting.  

The IPSASB will also continue to strive to maintain convergence with International Financial Reporting Standards (IFRSs).

Please click to access the proposed strategy and work plan and supporting material on the IPSASB website. Comments are requested by 15 June 2018.

EFRAG Board meeting February 2018

02 Feb, 2018

The European Financial Reporting Advisory Group (EFRAG) will hold a Board meeting on 6 February 2018 in Brussels.

An agenda with supporting papers and details on how to register for the public meeting can be found on the EFRAG website.

IPSASB issues Exposure Draft proposing new requirements for lease accounting

01 Feb, 2018

The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft 64, Leases (“the ED”). The ED proposes new requirements for lease accounting covering both lessors and lessees to replace IPSAS 13, Leases.

The ED proposes a single right-of-use model for lease accounting that will replace the risk and rewards incidental to ownership model in IPSAS 13.

For lessees, the ED proposes to adopt the right-of-use model in IFRS 16 Leases.

However, the ED proposes a departure from IFRS 16's requirements for lessor accounting. As converging with the requirements for lessors under IFRS 16 would “give rise to a number of public sector specific issues”, the IPSASB also proposes a right-of-use model for lessor accounting specifically designed for public sector financial reporting.

Proposals for new public sector specific guidance on concessionary leases for both lessors and lessees are also contained in the ED.

Comments are requested until 30 June 2018.

A press release and the full exposure draft are available on the IPSASB website.

EFRAG issues open call for tenders to assist with impact analysis of IFRS 17

01 Feb, 2018

The European Securities and Markets Authority (EFRAG) has issued an open call for tenders to assist it in its impact analysis of IFRS 17 Insurance Contracts.

EFRAG is specifically looking for economic and behavioural expertise to assist in its impact analysis. It will then use this as one of the inputs to its endorsement advice to the European Commission on whether IFRS 17 would be conducive to the European public good.

EFRAG is also conducting its own activities that will support the development of its endorsement advice including surveys, case studies and outreach events.

Further information is available on the EFRAG website here.

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