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The #1 website for global accounting news
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  • European Lab consults on future projects

    18 Jul 2019

    The European Financial Reporting Advisory Group (EFRAG) has published a consutlation document to start planning for the next projects of the European Corporate Reporting Lab.

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  • AcSB and OIC hold joint meeting

    18 Jul 2019

    On 15 July 2019, the Canadian Accounting Standards Board (AcSB) and the Italian standard-setter Organismo Italiano di Contabilità (OIC) held a joint meeting in Rome. The meeting was the second bilateral meeting between the two standard-setters.

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  • IASB publishes proposed amendments to IAS 12

    17 Jul 2019

    The International Accounting Standards Board (IASB) has published an exposure draft 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Proposed amendments to IAS 12)' that aim at clarifying how companies account for deferred tax on leases and decommissioning obligations. Comments are requested by 14 November 2019.

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  • ESMA publishes 23rd enforcement decisions report

    16 Jul 2019

    The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 10/IAS 7, IAS 7, IFRS 10/IFRS 12/IFRS 13/IAS 1, IFRS 9, IAS 40, IFRS 2, and IAS 34/IAS 36.

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  • IASB will hold additional meeting in August

    15 Jul 2019

    The IASB, which normally does not meet in August, will hold an additional meeting on 28 August to discuss feedback received on ED/2019/1 'Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)'.

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  • ESMA answer to the EFRAG questionnaire on alternative accounting treatments for equity instruments

    15 Jul 2019

    The European Securities and Markets Authority (ESMA) has submitted to EFRAG its response to the current consultation, which addresses (potentially inappropriate) accounting requirements for equity and equity-type instruments that are held in a long-term business model. In the consultation, EFRAG seems to suggest that current measurement requirements under IFRS 9 might be inappropriate - a view that is not supported by ESMA.

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  • ESMA updates ESEF Reporting Manual

    15 Jul 2019

    The European Securities and Markets Authority (ESMA) has published an update of its European Single Electronic Format (ESEF) Reporting Manual. The manual is aimed at all market participants involved in the implementation of the requirements set out in the ESEF Regulation, and in particular in the first-time preparation of IFRS consolidated financial statements in Inline XBRL.

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  • Lease modifications – ten comprehensive examples Image
  • Lease modifications – ten comprehensive examples

    published 15 Jul 2019

    This publication from Deloitte Hong Kong runs through some of the accounting for lease modifications with a series of ten scenarios that build on the various permutations of lease modifications in a logical manner, explaining the principles and concepts while providing easy to follow numeric examples.

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  • IFRS on Point — June 2019

    published 11 Jul 2019

    'IFRS on Point', published at the beginning of each month, highlights critical IFRS-related financial reporting developments.

  • A Roadmap to Foreign Currency Transactions and Translations (2019) Image
  • A Roadmap to Foreign Currency Transactions and Translations (2019)

    published 08 Jul 2019

    This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance under ASC 830 and IFRS® Standards (in Chapter 10). This update reflects guidance that is effective for annual reporting periods beginning on or after January 1, 2019.

  • A Roadmap to Distinguishing Liabilities From Equity (2019) Image
  • A Roadmap to Distinguishing Liabilities From Equity (2019)

    published 02 Jul 2019

    This Roadmap provides an overview of the guidance in ASC 480-10 as well as insights into and interpretations of how to apply it in practice. ASC 480-10 requires (1) issuers to classify certain types of shares of stock and certain share-settled contracts as liabilities or, in some circumstances, as assets and (2) SEC registrants to classify certain types of redeemable equity instruments as temporary equity. Appendix G of the Roadmap highlights new content in the 2019 edition as well as substantive revisions to previous text.

  • Heads Up — No free passes: How the new current expected credit loss standard affects nonbanks Image
  • Heads Up — No free passes: How the new current expected credit loss standard affects nonbanks

    published 01 Jul 2019

    This Heads Up discusses key considerations for nonbanks as they contemplate adoption of FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Although the new CECL standard has a greater impact on banks, most nonbanks have financial instruments that are subject to it, and many of those nonbanks may not have started evaluating its effect even though its effective date is quickly approaching.

  • Financial Reporting Alert 19-1 — Assessing the collectibility of operating lease receivables Image
  • Financial Reporting Alert 19-1 — Assessing the collectibility of operating lease receivables

    published 01 Jul 2019

    This Financial Reporting Alert addresses the questions that have arisen about how entities that have adopted the FASB’s new leasing standard, ASC 842, should account for the collectibility of operating lease receivables that are or are expected to become impaired. The alert notes that the FASB’s staff has indicated that entities must apply the guidance in ASC 842-30 that requires an assessment of the probability of payment, and they may supplement that guidance with the use of a general or portfolio reserve approach. Consistent application and transparent disclosure of the policy elected are critical.

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