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2014

'EFRAG Updates' for November and December

24 Dec 2014

The European Financial Reporting Advisory Group (EFRAG) has published the first EFRAG Updates following the reforms to its governance arrangements.

Following the governance reforms effective 31 October 2014 the format of the EFRAG Updates has changed. The updates are now published at the end of each month, and they are structured by meeting.

The November 2014 EFRAG Update reports on the meeting of the EFRAG Board on 21 November, the meeting of the EFRAG Technical Expert Group (EFRAG TEG) on 6 and 7 November, and the meeting of the EFRAG Consultative Forum of Standard Setters (EFRAG CFSS) on 25 November. Apart from technical discussions around IASB projects, the November Update features an overview of the Board discussions around EFRAG governance, the EFRAG work plan, and the approach to endorsement. Please click to download the November EFRAG Update from the EFRAG website.

The December 2014 EFRAG Update reports on the meeting of the EFRAG Board on 17 December and the meeting of the EFRAG Technical Expert Group (EFRAG TEG) on 2 and 3 December. Apart from technical discussions around IASB projects, the December Update reports on the EFRAG Board's discussions around the endorsement of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers.  Please click to download the December EFRAG Update from the EFRAG website.

December 2014 IASB meeting notes

23 Dec 2014

The International Accounting Standards Board (IASB) met at its offices in London on 16 December 2014, some of it a joint meeting with the FASB. We have posted all Deloitte observer notes from the meeting.

Click through for direct access to the notes:

Tuesday, 16 December 2014

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

Call for EFRAG TEG Applicants

23 Dec 2014

The European Financial Reporting Advisory Group (EFRAG) is calling for candidates for its Technical Expert Group (TEG) in order to fill two vacancies. EFRAG is looking for one preparer with industrial or commercial background and one auditor, preferably with specific insurance expertise.

The new EFRAG Board recently announced the appointment of six new members of TEG, however, two vacancies still remain as under the new structure, EFRAG TEG consists of up to 16 members. These vacancies should be fulfilled as of 1 April 2015 or as soon as possible thereafter. Please click for more information on the EFRAG website.

New appointments to the IFRS Interpretations Committee and Advisory Council

22 Dec 2014

The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has announced interim appointments to the IFRS Interpretations Committee and Advisory Council.

Effective immediately, Robert Uhl, a Deloitte (United States) Partner and National Director for Accounting Standards & Communications, has been appointed to the IFRS Interpretations Committee. Mr Uhl’s appointment follows the departure of Laurence Rivat and is therefore made in an interim capacity until 30 June 2015.

Effective 1 January 2015, Roger Marshall, Acting President of the European Financial Reporting Advisory Group (EFRAG) and non-executive Chairman of the Accounting Council of the United Kingdom Financial Reporting Council, has been appointed to represent EFRAG on the IFRS Advisory Council. Mr Marshall’s appointment is also made in an interim capacity until a permanent President of EFRAG is in place.

Click for the IFRS Foundation announcement (link to IASB website).

IFRS 9 included in the EFRAG status report again

19 Dec 2014

The European Financial Reporting Advisory Group (EFRAG) has published a new endorsement status report reflecting (i) the issuance of final amendments resulting from two implementation projects by the IASB yesterday, (ii) the issuance of final endorsement advice on 'Equity Method in Separate Financial Statements (Amendments to IAS 27)' today, and (iii) the fact that endorsement of IFRS 9 'Financial instruments' has been put onto the agenda of the European Union again.

Endorsement of IFRS 9 Financial Instruments had so far been "postponed", however, following the publication of the final version of IFRS 9 in July 2014 the European Commission requested the EFRAG to deliver its opinion on the new standard. A letter to that effect was included in the meeting papers for the 17 December 2014 meeting of the new EFRAG Board as was a timeline for possible IFRS 9 endorsement (please use the 'Download running order' in this EFRAG meeting announcement to access all public papers for the meeting). The new EFRAG status report concludes that endorsement of IFRS 9 for use in the European Union might be expected in the second half of 2015.

EFRAG issues final endorsement advice on allowing the application of the equity method in separate financial statements

19 Dec 2014

The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its endorsement advice letter and effects study report on the amendments to IAS 27 that reinstate the equity method as an accounting option for investments in subsidiaries, joint ventures and associates in an entity's separate financial statements.

EFRAG supports the amendments. The EFRAG's assessment is that benefits for preparers and users implementing the amendments outweigh the costs and therefore EFRAG recommends that the European Commission (EC) endorses the amendments.

Click for the following information on the EFRAG website:

EFRAG has updated its endorsement status report to reflect that the final endorsement advice has been issued.

Web presentation on the IASB's Disclosure initiative

19 Dec 2014

On 29 January 2015, the IASB staff will give a live web presentation update on the IASB's Disclosure initiative and its related projects.

The Disclosure intiative saw the publication of final amendments to IAS 1 and proposed amendments to IAS 7 yesterday. The IASB is expecting to issue a discussion paper in the related project on principles of disclosure in the second quarter of 2015 and a draft practice statement in the materiality project also in the second quarter of 2015. Discussions in the project regarding a general disclosure overview will begin in the first quarter of 2015.

The presentation, including a question and answer session, will begin at 10am London time and will last approximately forty-five minutes. There is no charge to listen to the web presentation, but you need to register. Please click for registration and more information on the IASB website.

Outcomes from the sixth AOSSG meeting

19 Dec 2014

The Asian-Oceanian Standard-Setters Group (AOSSG) has released a communiqué from its meeting held in Hong Kong on 26 and 27 November 2014.

In addition to several IASB projects (including all of the IASB's major projects), the participants also discussed:

  • Islamic accounting. The participants discussed in particular the AOSSG's Islamic Finance Working Group's study of 132 Islamic financial institutions around the world and concluded that future outreach to government ministries, central banks and securities regulators may be necessary to promote the use of IFRS by Islamic financial institutions.
  • IFRS in the region. AOSSG members from Japan, Indonesia, Sri Lanka and India provided updates on the progress of adopting IFRS in their respective jurisdictions.
  • Building regional capacity. The AOSSG's IFRS Centre of Excellence (COE) for a Developing Country Working Party has accomplished its targeted activities after two years for establishing a pilot IFRS COE initiative in Nepal.
  • AOSSG strategic plan. Members discussed key AOSSG activities planned for the next five years commencing fromthe 2014 Annual AOSSG Meeting. In addtion to other points, they agreed
    • to continue to support the IASB's due process by: (i) providing AOSSG's views through written submissions, at face-to-face AOSSG meetings and through the AOSSG's representation at the IASB's Accounting Standards Advisory Forum; and (ii) contributing to the IASB's research projects;
    • to continue to reinforce and remind members of the AOSSG's commitment to a single set of global accounting standards;
    • to continue to engage with members of IFRS Trustees, IFRS Advisory Council and IASB from the Asia-Oceania region, and staff of the IFRS Asia-Oceania office; and
    • to ensure local stakeholders are aware of the AOSSG and its aims.

Click for the comminiqué from the meeting (link to AOSSG website).

IFRS Foundation publishes additional proposal for IFRS Taxonomy 2014

19 Dec 2014

The IFRS Foundation has published 'Proposed Interim Release 3 to the IFRS Taxonomy 2014' for public comment.

The proposed interim release contains additional taxonomy concepts that reflect new IFRSs and improvements to IFRSs published by the IASB and technical updates and corrections. In particular, this proposed interim release includes taxonomy elements for IFRS 9 Financial Instruments, which was issued in July 2014 and for narrow-scope amendments to IFRSs and the IFRS Taxonomy

Comments on the proposed interim release are requested by 17 February 2015.

For more information, see the press release on the IASB’s website.

European Union formally adopts Annual Improvements to IFRS - Cycle 2011-2013

19 Dec 2014

The European Union has published a Commission Regulation endorsing 'Annual Improvements to IFRSs 2011–2013 Cycle'.

Commission Regulation (EC) No 1361/2014 of 18 December 2014 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council published in the Official Journal on 19 December 2014 adopts Annual Improvements to IFRSs 2011–2013 Cycle issued by the IASB in December 2013.

The amendments impacted four standards:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards (changes to the Basis for Conclusions only, so not part of the EU endorsement),
  • IFRS 3 Business Combinations,
  • IFRS 13 Fair Value Measurement, and
  • IAS 40 Investment Property.

The IASB's annual improvements process is intended to enhance the quality of standards, by amending existing IFRSs to clarify guidance and wording, or to correct for relatively minor unintended consequences, conflicts or oversights when such amendments are considered non-urgent but necessary.

The amendments are effective in the EU for annual periods beginning on or after 1 January 2015, however, earlier application is permitted so EU companies can adopt in accordance with the IASB effective date (1 July 2014).

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