IFAC announces 2015 editions of various handbooks

25 Feb 2016

The International Federation of Accountants (IFAC) has announced the availability of the 2015 editions of the handbooks from the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), and International Public Sector Accounting Standards Board (IPSASB).

The pub­li­ca­tions are:

  • 2015 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pro­nounce­ments.
  • 2015 Handbook of the Code of Ethics for Pro­fes­sional Ac­coun­tants.
  • 2015 Handbook of International Public Sector Accounting Pro­nounce­ments.
  • 2015 Handbook of International Education Pronouncements.

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

FASB issues ASU on leases

25 Feb 2016

The FASB has issued its new leases standard, ASU 2016-02.

The ASU introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard, ASC 606, Revenue From Contracts With Customers. The new leases standard represents a wholesale change to lease accounting and will most likely result in significant implementation challenges during the transition period and beyond.

The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018 (i.e., calendar periods beginning on January 1, 2019), and interim periods therein. For all other entities, the ASU will be effective for annual periods beginning after December 15, 2019 (i.e., calendar periods beginning on January 1, 2020), and interim periods thereafter. Early adoption will be permitted for all entities.

The leases project was part of a convergence effort between the IASB and FASB; however, the IASB’s counterpart standard, IFRS 16, contains notable differences from ASU 2016-02. For instance, the IASB’s standard has a single lessee accounting model while the FASB’s has a dual lessee accounting model. However, both standards require that assets and liabilities be recognized (with limited exceptions).

For more information, see Deloitte's related Heads Up newsletter as well as the press release, FASB in Focus newsletter, ASU, cost-benefit analysis, and video discussion by FASB Vice-Chairman Jim Kroeker and Board members Tom Linsmeier and Hal Schroeder on the FASB’s Web site.

Japan updates list of 'designated' IFRSs

25 Feb 2016

The Financial Services Agency (FSA) of Japan has announced that additional IFRSs issued in 2015 were designated for use by companies voluntarily applying IFRSs in Japan.

Newly des­ig­nated IFRSs include:

For more information, see the press release (in Japanese only) on the FSA website.

In addition, the Japan Exchange Group has provided an updated list of Japanese public companies have committed to use IFRSs. The number now exceed 100 companies.

For more information, see the press release on the JPX website.

FAF appoints new FASB member

23 Feb 2016

The trustees of the Financial Accounting Foundation (FAF) have appointed Christine Ann Botosan to the FASB for a five-year term beginning on 1 July 2016.

Ms. Botosan replaces Thomas J. Linsmeier, who will conclude his final term on 30 June 2016.

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

Agenda posted for the March 2016 Global Preparers Forum meeting

23 Feb 2016

Representatives of the International Accounting Standards Board (IASB) will meet with the Global Preparers Forum (GPF) in London on Wednesday, 2 March 2016. The agenda for the meeting has been released, which includes updates from the IASB and IFRS Interpretations Committee, discussions on specific topics including the disclosure initiative, effectiveness of disclosures, share-based payment, impairment requirements in IAS 36, and rate-regulated activities.

The full agenda for the meeting is sum­marised below:

Wednesday, 2 March 2016 (10:10-17:00)

  • IASB update:
    • Major standards.
    • Research ac­tiv­i­ties.
    • Other ac­tiv­i­ties.
  • IFRS In­ter­pre­ta­tions Committee update:
    • Activities of Interpretation Committee.
    • Implementation of IFRS 15 and IFRS 16.
  • Dis­clo­sure Ini­tia­tive: Principles of Disclosure Discussion Paper.
  • Preparers’ experience with improving effectiveness of disclosures.
  • IFRS 2 Share-based Payment
  • Improvements to the impairment requirements in IAS 36.
  • Rate-regulated activities.

Agenda papers for this meeting are available on the IASB's website.

Trustees announce IASB membership update

23 Feb 2016

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), have reappointed IASB Board member Takatsugu Ochi to serve a second three-year term starting on 1 July 2016. In addition, the Trustees announced that current IASB Board member Pat Finnegan will be retiring from his position on 30 June 2016.

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

IASB updates work plan

19 Feb 2016

Following its February 2016 meeting, the IASB has updated its work plan. As mentioned before, directly tracing the Board's progress on the individual projects has become impossible since the change of the work plan format in July, unless the Board makes definite progress or has to make larger corrections. Of these, only a few can be identified since the previous work plan. However, the IASB has begun to indicate the month which issuance of exposure drafts or final standards may occur.

On major projects, the only change the Board notes is that the Conceptual Framework project is currently in the analysis stage (previously in public consultation). The disclosure initiative — principles of disclosure project is currently in the drafting discussion paper stage (previously in analysis).

Updates regarding the im­ple­men­ta­tion projects are:

  • Annual improvements 2015-2017 — exposure draft is no longer expected after six month, instead the Board will decide the direction of the project within the next six months.

The revised IASB work plan is available on the IASB's website.

IFRS Foundation issues “Debrief” on IFRS 9

19 Feb 2016

The IFRS Foundation has issued a new Debrief series video, “From incurred to expected — two years to go.” The video features IASB Board member Sue Lloyd as she discusses aspects of IFRS 9, which is set to be effective on 1 January 2018.

Topics discussed in the video include:

  • Background information during IFRS 9 developed.
  • Effects IFRS 9 will have on the accounting for loan losses.
  • Information on work done since IFRS 9 was completed in 2014.
  • Implementation considerations for companies.
  • IFRS 9’s interaction with prudential regulations.
  • Connection between the work on EDTF and IFRS 9.
  • Next steps

For more information, see the Debrief video on the IASB’s website.

IFRS conference in Bangkok announced

18 Feb 2016

The IFRS Foundation, along with the Federation of Accounting Professions in Thailand, Securities and Exchange Commission and Stock Exchange of Thailand, has announced a joint IFRS conference in Bangkok, Thailand on 11 March 2016.

The con­fer­ence will include dis­cus­sions on the im­ple­men­ta­tion plans for IFRS 15, Revenue from Contracts with Customers, and IFRS 16, Leases. In addition, the conference will cover the following:

  • Welcome and roadmap to adopt IFRS fully for Thailand
  • Key note address by secretary-general of Securities and Exchange Commission of Thailand
  • Speech by IASB Chairman Hans Hoogervorst on the future of financial reporting
  • Panel discussion on understanding IFRS standards and judgements required.
  • IASB update
  • Implementation issues with IFRS 15 and IFRS 16
  • Break-out sessions on
    • Non-financial institutions implementing the financial instruments standards
    • Implementing IFRS 10, 11 and 12 on consolidations and joint arrangements
  • Update IFAC Code of Accounting Professions Ethics

More details, including reg­is­tra­tion in­for­ma­tion, are available on the IASB website.

Agenda for February 2016 CMAC meeting

18 Feb 2016

Representatives from the International Accounting Standards Board (IASB) will meet with the Capital Markets Advisory Council (CMAC) in London on Thursday 25 February 2016. The agenda for meeting as well as the meeting papers have been released.

A summary of the agenda for the meeting is set out below:

Thursday, 25 February 2015 (08:55-16:15)

  • Welcome
  • IFRS Advisory Council: role and recent activities
  • Update on amendments to IAS 7
  • Interaction of IFRS 4 with effective date of IFRS 9
  • Discussion of structured electronic reporting with break-out sessions
  • IFRS 9 education session on new impairment requirements
  • Information gathering session on users’ view on operating profit
  • Update on IFRS 16
  • Follow-up from November 2015 CMAC meeting

Agenda papers for the meeting are available on the IASB's website.

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