September

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG believes IASB should only clarify IFRS 15 where absolutely necessary

04 Sep 2015

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2015/6 'Clarifications to IFRS 15'.

EFRAG states that, whilst supporting the convergence of IFRS 15 with the FASB's standard Revenue from Contracts with Customers and the proposals in the exposure draft, EFRAG agrees with the IASB’s decision not to clarify certain issues where the FASB has decided to provide further guidance in the standard. EFRAG believes that, at this stage, before the implementation of IFRS 15, the IASB should only clarify those issues that are strictly necessary for a proper understanding of IFRS 15.

Comments on the draft comment letter are due by 22 October 2015.

For more information, see the press release and draft comment letter on the EFRAG’s website.

IFASS (International Forum of Accounting Standard Setters) (dark green) Image

Agenda for the upcoming IFASS meeting

04 Sep 2015

As part of a series of meetings of international standard-setters, the International Forum of Accounting Standard Setters (IFASS) will meet in London on 29 and 30 September 2015. The IFASS secretariat has kindly allowed us to inform our readers about the agenda for the meeting.

The agenda is summarised below:

Tuesday, 29 September 2015 (13:30-17:15)

  • Opening remarks
  • Global IFRS issues - presentation with question and answer session including EC Review of the IAS Regulation
  • Reports from regional groups: AOSSG, EFRAG, GLASS, PAFA
  • IPSASB matters:
    • Social policy benefits obligations
    • Strategy, governance and technical issues update
  • Administrative matters:
    • Assessment of last meeting
    • Technical issues
    • Process and timetable for election of new Chairman


Wednesday, 30 September 2015 (08:30-17:15)

  • Discussion of IASB work and research programmes - question and answer session based on presentations at WSS meeting
  • Report back on member project - Goodwill impairment and amortisation
  • IFRS implementation issues
  • Overview of proposals to revise financial statement presentation for not-for-profit organisations (FASB)
  • Topical issues
    • Core inventories
    • Reporting frameworks in accordance with U.K. GAAP
    • Types of reporting frameworks (other than IFRS) used by entities raising capital in non-traditional markets
  • New member projects
    • The statement of cash flows – issues for financial institutions
    • Reporting income and expenses in profit or loss or OCI
    • Use of financial information by investors – preliminary results of academic research
  • Wrap up

A report from meeting will be made available in due course; the report from the last IFASS meeting (spring 2015, Dubai) is available here.

The IFASS meeting will be preceded by the World Standard-setters meeting (28-29 September 2015) and followed by a meeting of the Accounting Standards Advisory Forum (1-2 October 2015).

IFRS IC meeting (blue) Image

Agenda for the September 2015 IFRS Interpretations Committee meeting

03 Sep 2015

The IFRS Interpretations Committee will meet at the IASB's offices in London on 8-9 September 2015. The agenda for the meeting is now available.

The Committee will:

  • continue discussion of issues arising on IAS 16, IAS 16/IAS 38/IFRIC 12, IAS 32, IFRS 5, and IFRS 1;
  • discuss the agenda consultation; and
  • consider new issues on IAS 39 and IFRS 9.

The full agenda for the meeting can be found here. We will update this page for any changes to the agenda, and our Deloitte observer notes from the meeting as they become available.

IASB (International Accounting Standards Board) (blue) Image

IASB staff suggests extending the comment period for the Conceptual Framework ED

03 Sep 2015

An agenda paper for the IASB meeting in September recommending to extend the comment period for the Conceptual Framework ED from 150 to 180 days, ending on 25 November 2015 has been uploaded to the IASB's website.

Since publishing the Conceptual Framework ED in May 2015, numerous requests to extend the comment period by up to two months from stakeholders from various jurisdictions (among them from EFRAG and the ASBJ) have reached the IASB. The following reasons for asking for an extension were cited:

  • The Conceptual Framework project is very important and will have a profound and overarching effect on the outcomes of future standard-setting processes. It is essential that the IASB's constituents have sufficient time to study the proposals in the ED.
  • The IASB had argued that a 150-day comment period would suffice as constituents would already be familiar with the content of the ED as it is based on the July 2013 Discussion Paper. However, there have been significant changes since then.
  • Some constituents feel that the ED does not provide sufficient principle based guidance on important issues such as the selection of measurement bases and what should be reported in OCI. They indicated that they might want to develop and provide suggestions on how to deal with these issues, which would take additional time.
  • In some jurisdictions, the period available for debating the ED would be shortened by the time it takes to translate the long and complex document.

The IASB staff believes these reasons are valid and therefore recommends extending the comment period for both, ED/2015/3 Conceptual Framework for Financial Reporting and ED/2015/4 Updating References to the Conceptual Framework by one month.

Please click to access the agenda paper on the IASB's website.

Angola Image

National Bank of Angola reports on status of IFRS adoption by Angolan banks

02 Sep 2015

In a 'presentation to the market' the department for regulation and organisation of the financial system of the National Bank of Angola has reported on the current status of IFRS adoption by Angolan banks. Plans for the adoption had first been presented in March 2014; and Angolan Banks will have to report under IFRSs beginning in 2016.

The three 'regulatory packages' for implementing IFRSs as the reporting framework for Angolan banks, which were published for public consultation in August 2014, December 2014, and March 2015, still have to be published in their final form, but the presentation confirms that banks that meet at least one of the following criteria on 31 December 2015 must adopt IFRS as issued by the IASB from 1 January 2016:

  • total assets above AKZ 300,000 million;
  • listed on the stock exchange or subsidiary of a company listed on the stock exchange (however, Angola does not have a stock exchange yet);
  • one or more subsidiaries domiciled abroad;
  • headquartered in Angola and subsidiary of a company domiciled abroad; or
  • subsidiary of a bank that meets at least one of these criteria.

All other banks must adopt IFRS as issued by the IASB from 1 January 2017 but may do so voluntarily from 1 January 2016.

Please click to access the presentation, which also offers an analysis of the progress of adoption and a publications timetable for the new laws, on the website of the National Bank of Angola (Portuguese only).

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Call for applications: EFRAG president

01 Sep 2015

Following the decision by Mr Wolf Klinz not to pursue the post of President of the Board of the European Financial Reporting Advisory Group (EFRAG), the European Commission (EC) has launched a new call for applications for the post.

The EC had nominated Mr Wolf Klinz as President of the Board of EFRAG in March 2015; he was expected to take office by June this year. However, due to ill health Mr Klinz decided in May 2015 not to accept the EFRAG Presidency.

The EC has now published a call for applications for the post. Applications must be submitted by 9 October 2015. The EC will then nominate a candidate for President of the Board, taking into consideration any views expressed by the Council and/or the European Parliament. The final appointment will be made by the EFRAG General Assembly.

Please click for the call for applications on the EC website.

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