April

IASB posts fourth webinar on insurance contracts standard

22 Apr 2016

The IASB has posted the fourth instalment of its weekly webinar series on the upcoming insurance contracts standard.

The series, hosted by IASB member Darrel Scott, will discuss the following topics related to the upcoming insurance contracts standard:

  • The need for change and the history of the project. (issued 1 April)
  • What is an insurance contract? (issued 8 April)
  • Initial measurement of insurance contracts. (issued 15 April)
  • Subsequent measurement of insurance contracts. (issued 22 April)
  • Modifications to the general model: variable fee contracts.
  • Other modifications to the general model.
  • Presentation and disclosure.
  • Applying the Standard for the first time.

For more information, see the webinar page on the IASB’s website.

IPSASB publishes guidance on the applicability of IPSASs

22 Apr 2016

The International Public Sector Accounting Standards Board (IPSASB) has published 'The Applicability of IPSASs' and a revised 'Preface to International Public Sector Accounting Standards', which change how the IPSASB communicates the type of public sector entities that it considers when developing its guidance.

Until now, the IPSASB guidance included a definition of a Government Business Enterprise (GBE) and a statement that GBEs apply International Financial Reporting Standards (IFRS). The definition of a GBE has proved ambiguous in places and difficult for preparers to interpret. The guidance now published

  • provides the characteristics of public sector entities for which IPSAS are designed,
  • replaces the term GBE with the term “commercial public sector entities”,
  • removes the definition of a GBE from IPSAS 1 Presentation of Financial Statements, and
  • amends the scope section of each existing pronouncement by removing the paragraph that states that the pronouncement does not apply to GBEs.

Please click for a press release with access to the new guidance on the IPSASB website.

April 2016 IASB meeting notes posted

21 Apr 2016

The IASB met at its offices in London on 19–21 April 2016. We have posted the Deloitte observer notes from all of the sessions held.

Agenda for the June 2016 ITCG meeting

21 Apr 2016

The agenda is available for the next meeting of the IFRS Taxonomy Consultative Group (ITCG), which will be held in London on 7 June 2016.

The agenda is summarised below:

Tuesday 7 June 2015 (09:00-16:40)

  • Welcome
  • Update on activities
  • Use of structured electronic reporting (including the IFRS Taxonomy)
  • IFRS Foundation’s strategy for technology and taxonomy
  • IFRS Taxonomy implementation guidance
    • User experiences and introduction
    • Small group discussions
    • Summary small group discussions
  • IFRS Taxonomy content areas for review
  • IFRS Taxonomy educational materials
    • Guide to IFRS Taxonomy common practice content
  • Implementation of Taxonomy Packaging 1.0
    • Versioning control and translations
  • ITCG member updates

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

Agenda for current IASB meeting changed

20 Apr 2016

Please note that the IASB is making faster progress on the discussions during this month's meeting. Some Agenda consultation sections were pulled forward as was the discussion of financial instruments with characteristics of equity, which will now be held this afternoon from 16:15–17:45.

Please click for our updated agenda and first meeting notes from yesterday's discussions.

2016 IFRS XBRL taxonomy webinar - recording available

20 Apr 2016

On 31 March 2016, the IFRS Foundation issued its 2016 IFRS Taxonomy. On 13 April 2016, the IFRS Taxonomy team held a webinar session to answer questions about the IFRS Taxonomy 2016. A recording of that webinar is now available.

To listen to the webinar and view the slides on the IFRS Foundation website please click here.

EDs of first set of GRI sustainability reporting standards available for comment

20 Apr 2016

The Global Reporting Initiative (GRI) has released exposure drafts of an initial set of six GRI Standards developed by the Global Sustainability Standards Board (GSSB).

These include three standards that will be applicable to all organisations:

  • The Foundation Standard including the reporting principles and ‘in accordance’ criteria;
  • The General Disclosures Standard covering organisational profile, governance, stakeholder engagement, reporting practice, strategy and analysis; and
  • The Management Approach Standard including the disclosure on management approach.

There are also exposure drafts of three topic-specific standards: Emissions, Indirect Economic Impacts and Public Policy.

Please click to access the exposure drafts and a corresponding press release on the GRI website.

IASB votes to reconfirm overlay and deferral approach

19 Apr 2016

The IASB has just voted in favour of the staff recommendations in connection with the redeliberation of the proposals around the application of IFRS 4 together with IFRS 9.

There was a clear majority for supporting the staff's recommendations. 13 board members were present, and only one board member voted against all staff recommendations. Another board member voted for most of the staff recommendations but against the recommendations around disclosures. There were some smaller comments by board members that will lead to changes, however, these are mainly directed towards easier application. Thus, the approaches proposed in the Exposure Draft “Amendments to IFRS 4: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts” (overlay approach and deferral approach) have been essentially reconfirmed.

A more detailed summary of the IASB's discussion can be found in our IAS Plus meeting notes from the meeting.

IPSASB publishes 'Improvements to IPSAS 2015'

19 Apr 2016

The International Public Sector Accounting Standards Board (IPSASB) has published 'Improvements to IPSAS 2015', which sets out amendments to International Public Sector Accounting Standards (IPSAS).

The amendments consist of:

  • consequential amendments arising from chapters 1-4 of the Conceptual Framework;
  • general improvements to IPSAS;
  • IPSAS/Government Finance Statistics alignments; and
  • reflections of selected IASB annual improvements and narrow scope amendments.

Please click to access Improvements to IPSAS 2015 on the IPSASB website.

New data on voluntary IFRS adoption in Japan

18 Apr 2016

The Tokyo Stock Exchange (TSE) has released data showing that 128 companies listed on the TSE, accounting for more than a quarter of the market capitalisation, have adopted or plan to adopt International Financial Reporting Standards (IFRS). In addition, over 200 further companies are actively considering adoption.

Since the issuance of 'Japan’s Modified International Standards (JMIS)' in June 2015, there are four sets of accounting standards for consolidated financial statements in Japan: JMIS, designated IFRSs, Japanese GAAP, and US GAAP. The new data released last takes stock and shows the number and market capitalisation of companies that have adopted IFRSs or plan to do so, IFRS adoption by industrial sector, scheduled adoption dates, and the stage of progress by companies considering IFRS adoption.

Please click to access the analysis on the TSE website.

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