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EFRAG’s views on the IASB agenda
In responding to the IASB Agenda Consultation, EFRAG says
that insurance, the conceptual framework, the disclosure initiative and
macro-hedging should be high priorities, but it also wants work done on
presentation in financial statements. It says..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
SEC on financial reporting issues
Every year the American Institute of Certified Public Accountants (AICPA) runs a conference in December and invites standard-setters, regulators and others to talk about current issues affecting financial reporting. The SEC usually sends a large..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Changes to pension disclosures
Two proposed ASUs are intended to update disclosures and presentation of some company pension items. The changes are also the product of the FASB’s disclosure initiative. They are intended to eliminate redundant disclosures and enhance the..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Effect of IFRS 16 on covenants
The application of IFRS 16 is intended to put more assets and liabilities on company balance sheets. EFRAG has been researching what effect this accounting change is likely to have on loan covenants expressed in balance sheet terms.
EFRAG has..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Disclosure of non-financial information
DG FISMA has also opened a consultation designed to feed into the preparation of guidelines on the disclosure of non-financial information. The guidelines will amplify the requirements on the Directive on disclosure of non-financial and diversity..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Climate-related financial disclosures
The Financial Stability Board (FSB) has now named the
members of its task force to devise a set of disclosures to be made by
companies. The disclosures, mandated by the G20, will be voluntary and are
intended to inform lenders, insurers,..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Consultation on tax transparency
DG FISMA has put on its website the 422 responses it
received to last year’s public consultation on tax transparency. Not
surprisingly, corporate respondents are not enthusiastic for change, but there
is strong support from civil society..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Something lost in translation?
The question of fine differences in the meaning of English terms occasionally arises in IASB meetings, and sometimes board members raise issues about the difficulty of translating these. The Korean Accounting Standards Board (KASB) has been..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Segment identification and disclosure
Courtney Sachtleben, a professional accounting fellow at the SEC Office of the Chief Accountant (OCA) gave a paper at the AICPA financial reporting conference on segment reporting issues. We reproduce that below.
An investor gains an understanding..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Technical staff re-shuffle
The composition of the senior technical staff at the IASB
has seen a number of changes in recent months, and a further re-alignment has
been announced from January. Implementation activities are in effect to be
split in two, with..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Distributing unhappiness evenly
Speaking at the annual AICPA conference in Washington, IASB chairman Hans Hoogervorst gave an update on IFRS to American accountants. He told them of developments in India, China and Japan and said that they moved to IFRS not because they loved the..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Editorial
The December/January period turned out to be much busier in financial reporting terms than is usually the case. Standard-setters sometimes want to get new standards out by the end of the year as that may impact implementation dates, but that does..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Constituents can submit SME issues
Following on from the most recent update to the IFRS for SMEs the
IASB has introduced procedures to make it easier for individuals and entities
to submit issues. The problems will either go to the SME Implementation Group
if sufficiently..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Investors’ use of accounting information
Financial reporting by listed companies is based on the
assumption that the information is useful to and used by investors, but it is
extremely difficult to demonstrate unequivocally which pieces of information
are useful and what they are used..
Online Published Date:
05 February 2016
Appeared in issue:
19.3 - 05 April 2016
IASB: Insurance nearing the end of re-deliberations?
The insurance standard is due to go into the final stages of
preparation in a few weeks, according to a staff paper tabled at the January
meeting of the IASB. The board had an intensive debate about how to specify the
level of aggregation to be..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Audit firm to face enquiry over financial crisis
One of the issues that has exercised the European Commission
in the past has been the absence of any disciplinary consequences for audit
firms arising from the financial crisis. A number of failing banks received
positive audit opinions before the..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Definitive US changes to financial instruments
The FASB has issued an Accounting Standards Update (ASU) on recognition and measurement of financial assets and liabilities that will come into force in 2018. The standard-setter says that the measures will clarify and simplify existing..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Japan says work on goodwill is a high priority
The Accounting Standards Board of Japan (ASBJ), in its response to the
IASB’s agenda consultation, says that it thinks the most important area on
which the standard-setter should work is amortisation of goodwill. It rates the
conceptual..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016
Leases standard now available
IFRS 16 Leases has now been
published by the IASB. The standard is intended to make leasing finance more
visible, but some companies also say that it will be time-consuming to apply,
given the multiplicity of leases they are party to.The main..
Online Published Date:
05 February 2016
Appeared in issue:
19.1 - 05 February 2016