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Ian Mackintosh to leave IASB
The Trustees of the IFRS Foundation have announced that Ian
Mackintosh, vice-chairman of the IASB, is to stand down when his first term of
office expires in June this year. Chairman Hans Hoogervorst will, however, do a
second term.There was an..
Online Published Date:
04 March 2016
Appeared in issue:
19.2 - 04 March 2016
Re-deliberation finished on revenue amendments
The FASB finalised its
re-deliberations on a number of clarifications related to the revenue standard.
The draft proposals were mostly confirmed, with staff now proceeding to write
the ballot draft of the Accounting Standards Update.In September..
Online Published Date:
04 March 2016
Appeared in issue:
19.2 - 04 March 2016
Lease transition guidance
The IASB has announced a series of communications that are
intended to help constituents with the transition to IFRS 16 Leases. These include podcasts,
conference presentations and articles by board members.The IASB has drawn the conclusion from..
Online Published Date:
04 March 2016
Appeared in issue:
19.2 - 04 March 2016
FASB agenda discussion
The US standard-setter is in the middle of a long process of deciding what its next agenda priorities will be. Four items have now been put on its research agenda but these will form the basis of a discussion paper to be published later this year to..
Online Published Date:
04 March 2016
Appeared in issue:
19.2 - 04 March 2016
Uncertain tax amounts
EFRAG has issued comment letters on two outstanding draft Interpretations. It supports the approach to both uncertain tax positions, and amounts received in advance in foreign currency transactions. However, it suggests that the uncertain tax rules..
Online Published Date:
04 March 2016
Appeared in issue:
19.2 - 04 March 2016
Japan against temporary exemption from IFRS 9
The Accounting Standards Board of Japan (ASBJ) says that it supports the IASB’s ‘overlay’ approach for insurers to cover the interim period between adoption of IFRS 9 Financial Instruments and the new insurance contracts standard...
Online Published Date:
04 March 2016
Appeared in issue:
19.2 - 04 March 2016
Creating the dynamics for change
Mark Vaessen and Stig Enevoldsen gave a presentation to the February meeting of the IFRS Advisory Council on the future of corporate reporting. Drawn from the paper published by the Federation of European Accountants (FEE), the message was that..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Earnings per share satisfies PIR
The Financial Accounting Foundation’s PIR team has been assessing the achievements of the FASB’s 1997 requirements on Earnings Per Share (EPS). They have concluded that the standard satisfied its objectives and does not need to be..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Editorial
For those of us who have followed the IASB’s debates since its first meeting in April 2001, insurance is a topic that conjures up hours, days and weeks of complex and sometimes incomprehensible debate (to say nothing of tedium). It is..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Hoogervorst on insurance standard
IASB chairman Hans Hoogervorst told the February meeting of
the IFRS Advisory Council that the new insurance standard will mean a huge
change for the insurance industry. He underlined the need to get the wording of
the standard right, and they..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Do we know enough about SME accounting needs?
A policy paper comes to the conclusion that there are strong arguments for having different reporting requirements for different companies. It reviews the existing research literature and comes to the conclusion that not enough is known about the..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Taxonomy due process
The European advisor has written to the IFRS Foundation welcoming its proposals for the due process to be followed in its XBRL taxonomy activities. The IASB has been experimenting with different ways of combining standard-setting with defining the..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Implementation details of audit reform
DG FISMA has published a set of nine questions and answers about the implementation of the new audit regime. It says that Public Interest Entities (PIEs) are not obliged to publish the details of its tender document when tendering for new auditors...
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Japan against temporary exemption from IFRS 9
The Accounting Standards Board of Japan (ASBJ) says that it supports the IASB’s ‘overlay’ approach for insurers to cover the interim period between adoption of IFRS 9 Financial Instruments and the new insurance contracts standard...
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
New leases standard issued
The FASB published Accounting Standards Update (ASU) 2016–02 in February. The new leases requirements will bring many leases on to the balance sheet, but the standard-setter emphasises that the ASU has been crafted to use a number of existing..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
US analyst to leave board
Pat Finnegan is to stand down from the IASB at the end of June this year. He was first appointed in 2009 and started a second term in 2014. He was due to continue until June 2019, but the Trustees have announced that he has ‘indicated a desire..
Online Published Date:
10 March 2016
Appeared in issue:
19.3 - 05 April 2016
Trustees’ report to IFRS Advisory Council
Michel Prada, chairman of the Trustees of the IFRS Foundation, gave his customary report to the first of the IFRS Advisory Council’s three meetings in 2016 in London in February. Foundation staff also reported on initial feedback on the..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
The effects of IFRS 16 Leases
One of the more innovative aspects of the new leases standard, IFRS 16, is that the IASB has prepared a 100-page analysis of the expected effects of the standard. These are identified as bringing off balance sheet assets and liabilities on to the..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Re-deliberations on insurance
The FASB is currently redeliberating improvements to accounting for long-term insurance contracts following a 2013 exposure draft. In February, the board looked at disclosure requirements for liabilities and market risk benefits.
Although the..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
New member of FASB
Professor Christine Botosan has been appointed a member of the FASB for a five-year term starting in July. She holds a chair in ethical financial reporting at the University of Utah and will replace fellow academic Tom Linsmeier, whose second term..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016
Re-assessment of PIR procedures
The IASB’s PIR process is undergoing a review. The IASB is asking whether all new standards should be subject to a PIR, and if so, after what length of implementation experience. Should old standards be subject to a PIR, and if so which ones?..
Online Published Date:
10 March 2016
Appeared in issue:
19.2 - 04 March 2016