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FASB issues principal/agent Update
One of the implementation issues arising from the converged revenue recognition standard is guidance on determining whether an entity is acting as a principal or an agent. The FASB has now issued a definitive amendment to Topic 606 Revenue giving..
Online Published Date:
05 April 2016
Appeared in issue:
19.3 - 05 April 2016
Insurance enters the final phase
The IASB passed a significant milestone at its February
meeting when it formally voted that its deliberations on insurance contracts
were complete, and the staff should draft the final standard. It continued to debate
possible changes to goodwill..
Online Published Date:
05 April 2016
Appeared in issue:
19.3 - 05 April 2016
Japan proposes amendments to IFRS 9 in its modified standards
The Accounting Standards Board of Japan (ASBJ) has now reviewed IFRS issued in 2013 and is proposing that IFRS 9 as issued in 2013 should be amended to recycle hedging gains and losses from OCI to profit or loss. It proposes to adopt IFRIC 21 on..
Online Published Date:
05 April 2016
Appeared in issue:
19.3 - 05 April 2016
IASB likely to confirm transitional relief for insurers
At its March meeting the IASB started re-deliberations of
its proposed temporary measures to give relief to insurers when they apply IFRS
9, and agreed in principle to confirm the exposure draft. They also started
work on the conceptual framework..
Online Published Date:
05 April 2016
Appeared in issue:
19.3 - 05 April 2016
EFRAG comments on IFRS 9 mitigation for insurers
The European Commission’s advisor has sent in its final
comment letter on the IASB’s proposed temporary measures to address the
consequences of the new insurance standard being applied two years after IFRS 9
Financial Instruments...
Online Published Date:
05 April 2016
Appeared in issue:
19.3 - 05 April 2016
Reflecting uncertainty in 2015 reports
The UK’s Financial Reporting Council (FRC) has sent a letter
to the chairs of audit committees of UK listed companies commenting on
reflecting risk and uncertainty in the current reporting season. The letter
underlines that the financial..
Online Published Date:
05 April 2016
Appeared in issue:
19.3 - 05 April 2016
EFRAG comments on materiality draft
The European Financial Reporting Advisory Group has given its support to the IASB’s proposed practice statement on the application of materiality to financial statements. It suggests that the document could be used to help establish a common..
Online Published Date:
05 April 2016
Appeared in issue:
19.3 - 05 April 2016
Editorial
Possibly one of the most interesting things to emerge from a quiet month is the realisation that conglomerates that include an insurer could, without any change in the rules, continue to apply IAS 39 at insurance segment level after IFRS 9 has..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
SEC invites IFRS companies to participate in FASB Transition Resource Group
SEC Chief Accountant James Schnurr told a conference of
accountants from the life sciences industry that he expected both US GAAP
companies and IFRS companies to reach the same accounting conclusions under their
respective new revenue..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Simplifications to US share-based payments
The FASB has issued an Accounting Standards Update which provides a series of simplifications to stock compensation rules (Topic 718). The changes arise in part from the 2014 post implementation review of SFAS 123(R) but also include private company..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
GE produces integrated summary report
In an example of integrated reporting which also illustrates
the ‘core and more’ principles proposed in the better financial reporting
analysis of the Federation of European Accountants (FEE), the General Electric
Company (GE) has..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Transition Resource Group for US credit losses
The FASB has announced the composition of a Transition Resource Group (TRG) to help with the implementation of its expected credit loss approach to impairment. The 16-strong group includes six auditors as well as representatives of banks, credit..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Different principles of materiality
The Corporate Reporting Dialogue (CRD) has issued a statement of common principles of materiality. The document is based on discussions between the participating members of the CRD and includes a comparative review of each organisation’s..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
The decision-usefulness of financial reporting
A research study released in March provides evidence of the way in which professional investors across Europe use financial reporting information. It draws a distinction between those looking to value the company and those looking to evaluate..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Simplified reporting experiment
General Electric have taken the bold step of issuing a simplified annual report that is supposed to cover a whole range of issues for investors and potential investors. The 68-page document has in particular taken a radical position on financial..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Research into user needs
The External Reporting Board (XRB) has published the results of research that shows that professional investors are more reliant on financial reports than are individual investors. It suggests there is an increasing demand for forward-looking..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Missionary campaign to Vietnam
IASB chairman Hans Hoogervorst was in Hanoi recently, encouraging Vietnam to take the step to adopting IFRS. He stressed the advantages of full adoption, but had to explain at the same time why China, Japan and India fall short of this.
Mr..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
IFRS taking over the world
The IASB has done an analysis of the relative GDP of countries that require or permit the use of IFRS for public companies. The figures show that countries producing approximately 60% of the world’s GDP use IFRS, and the US and China..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Capital Markets Union – lower risk for insurers
The
European Commission has issued an amendment to prudential rules which is
designed to make it easier for insurers to invest in infrastructure projects.
The amendment will reduce the risk weighting for investments in private equity
from..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Task force on climate change disclosures
A first report to the Financial Stability Board (FSB) sets
out the scope and objectives of its Task Force on Climate-related Financial
Disclosures (TCFD), the principles that it will follow in its recommendations,
and the way in which it..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Simplification of equity method
Under its general simplification initiative, the FASB has removed the requirement to make retrospective adjustments when an equity investment passes a threshold to be treated as an associate. The previous requirement was to go back to past..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Choosing simplified accounting made easier
The FASB has made it easier for private companies to adopt simplifications of US GAAP by removing the effective dates for private companies and removing a requirement that the change should give better information. The changes will allow private..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Non-financial information and investment
The Federation of FEE has published its response to the European Commission’s consultation on long term and sustainable investment. FEE says it believes investors take into account information on environmental, social and governance (ESG)..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016
Range of opinions on applying conceptual framework
EFRAG has provided a feedback statement related to its work on the exposure draft of the IASB conceptual framework. The feedback details responses received to a questionnaire aimed to test how new definitions of an asset or a liability might be..
Online Published Date:
13 April 2016
Appeared in issue:
19.3 - 05 April 2016