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Amendments to IFRS 3
The IASB has issued proposed amendments to the definition of a business, and clarifications of the treatment of newly acquired joint ventures. The amendments are an attempt to address difficulties reported in the Post-implementation Review of IFRS 3..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Board works on conceptual framework
The IASB’s July meeting devoted most time to finalising some parts of the conceptual framework. They tentatively agreed to a new definition of assets, but had difficulties, as ever, with the measurement chapter. They also discussed the work..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Chief accountant felled
Jim Schnurr, the chief accountant of the SEC, has had a serious bicycle accident, and is to be replaced on an interim basis by deputy chief accountant Wesley R Bricker. Mr Bricker is qualified as both a certified public accountant and as a..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Japan adds to its modified IFRS
The Accounting Standards Board of Japan (ASBJ) has updated its version of IFRS by introducing new IASB material that was issued during 2013. The modifications include requiring recycling of some hedging gains and losses, but has adopted IFRIC 21..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Elimination of disclosures
The SEC has published a concept release proposing a number of amendments to its disclosure requirements. The SEC says that the proposals are intended to simplify disclosures by eliminating some that are duplicative or overlap with FASB and IFRS..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Climate-related disclosures
The Financial Stability Board’s Task Force of Climate-related Financial Disclosures met in New York this month to continue deliberations of its proposed voluntary disclosures. The task force was joined by nine new members.The FSB’s task..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Advice on Brexit disclosures
The UK Financial Reporting Council (FRC) has issued a statement advising companies that they should consider what additional disclosures they might need to make in half-yearly and annual statements as a result of the UK decision to quit the EU.The..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
New tax disclosures proposed for US
The FASB has issued a proposed amendment to its tax disclosures. All companies would be required to show a split between domestic and foreign tax in their income statement and show the amount of cash, cash equivalents and marketable securities held..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Increase in integrated reports on 2015 year
The International Integrated Reported Council (IIRC) says that corporate governance monitoring body Eumedion reports a significant increase in the number of Dutch companies producing integrated reports. It says a number of companies are also..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Editorial
The Financial Accounting Standards Board (FASB), having completed the heavyweight standards and changes deriving from international convergence and the financial crisis, is now looking around for more difficult problems to solve. It has launched its..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Half of listed companies use IFRS
The IFRS Foundation has released new research into the use of IFRS by listed companies around the world. It finds that just over half of all domestic companies listed on 85 exchanges around the world use IFRS.The information has been drawn from data..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
More Japanese companies moving to IFRS
The Tokyo Stock Exchange (TSE) has issued updated figures showing that more companies are moving to voluntary adoption of IFRS. Companies are required to disclose if they are planning to move to IFRS.
The TSE’s latest figures are derived from..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Japan adds to its modified IFRS
The Accounting Standards Board of Japan (ASBJ) has updated its version of IFRS by introducing new IASB material that was issued during 2013. The modifications include requiring recycling of some hedging gains and losses, but has adopted IFRIC 21..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
EFRAG welcomes simplification
EFRAG has issued its draft comment letter on the IASB’s proposed amendment to the definition of a business. The draft supports the IASB’s proposed changes to the Business Combinations standard, and encourages it to remain converged with..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Effects of IFRS 16 Leases
EFRAG has published a summary of an analysts’ event which it held to debate the likely effects of implementing IFRS 16, viewed from the perspective of the user. Users expected more transparency, and speculated that there might be some movement..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
European comment on IFRS 15 implementation
The ESMA has issued a public statement setting out what are its expectations of implementation disclosures by European issuers for IFRS 15, the revenue standard. The advice starts with disclosures in the 2016 financial statements and what is..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Distorting effect on 30 June figures
A report from Moody’s warns that the sudden drop in the value of Sterling immediately following the Brexit vote could well distort the messages given in 30 June balance sheets. The report says that commonly used leverage ratios will have been..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
New leaders meet stakeholders
At an event to mark the fifteenth anniversary of EFRAG, the new president and new chief executive met stakeholders and laid out their plans for the future. Jean-Pierre Gauzès said he would enhance relationships with European institutions...
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Report warns of currency distortions
A report from Moody’s warns investors that the sudden drop in Sterling following the Brexit vote may have perverse effects on financial statements for periods ending on 30 June. The drop will affect assets and liabilities translated at closing..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
There’s a lot of iron in the cloud
Sir David Tweedie, once Chairman of the IASB, frequently said, ‘One of my great ambitions before I die is to fly in an aircraft that is on an airline’s balance sheet.’ He may finally see his wish fulfilled, thanks to a recent rule..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
FASB launches agenda consultation
The US standard-setter has published an Invitation to Comment on its future agenda. The document highlights four possible areas that would constitute major projects to be added to its agenda. Each subject area is accompanied by a useful and..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Feedback on climate change disclosures
The Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) has published a summary of the feedback from constituents on its initial report. Comments suggest that the disclosures should apply not only to..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
Work plan for Monitoring Board
The Monitoring Board of the IFRS Foundation has taken the unusual step of publishing a work plan. This sets out the tasks it intends to undertake, including discussing the IASB’s work with the Trustees. Some comments have been made lately..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
New audit supervisory committee meets
The Committee of European Auditing Oversight Bodies (CEAOB) has had its inaugural meeting in Brussels. Mandated by the 2014 Audit Regulation, the CEAOB is intended to foster supervisory convergence of audit.Although the coordination of financial..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016
EFRAG celebrates 15th anniversary
Brussels was the scene for an anniversary conference which also marked the passing of the leadership into new hands. Stig Enevoldsen discussed past progress while Andrew Watchman set out his plans for the future. New president Jean-Paul..
Online Published Date:
30 August 2016
Appeared in issue:
19.7 - 23 September 2016