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Audit inspections
At a meeting in Cyprus, the European Audit Inspection Group (EAIG) ended nineteen years of activity by handing over the baton to the Committee of European Audit Oversight Bodies (EAOB), hosted by the European Commission.
The EAOB has..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
ESMA issues IFRS 9 guidance
The ESMA has issued a public statement drawing attention to the disclosures it expects to see in 2016 financial statements in relation to IFRS 9. It underlines that companies should provide an analysis of its expected impacts on their 2018 financial..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Final work programme
The IASB issued in November a feedback statement following the 2015 Agenda Consultation. A main conclusion is that the board needs to improve the timeliness of its standard-setting, and to achieve this needs to restrict its work..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
IASB staff analyse presentation
The IASB has decided to focus its attention in the short to medium-term on better communication in financial statements. They have a number of projects to address this, but the major new one is the way in which performance is reported. The project,..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Commission chases member state laggards
DG FISMA has issued a number of infringement orders in November, requiring member states to transpose the 2013 Accounting Directive, the Transparency Directive and in one case the Auditing Directive into national law.
Bulgaria has been..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Marketing survey
The trustees of the IFRS Foundation have asked marketing companies to tender for conducting an assessment of the IASB’s reputation. It will gather views about the perceived success of the organisation in achieving its objectives, but will not..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Comparison of US and European goodwill impairment
A research study by European academics finds that US companies have broadly similar levels of goodwill as European companies, but that they impair the intangible more aggressively. The study also finds that impairment in the US is more..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
How do you disclose your business model?
The Financial Reporting Lab has published a detailed consideration of what information on a company’s business model is of interest to investors. The report looks at the difficulties in determining how to explain the business model,..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Flores to join board
Francoise Flores, the former chair of EFRAG, has been appointed to the IASB with effect from January. Ms Flores has sat on EFRAG’s Technical Expert Group since 2002 and has had extensive experience both as a preparer and as a partner in..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Standard-setting: materiality practice statement
The board also continued to re-deliberate its draft materiality practice statement. It agreed some changes to applying materiality to errors and to recognition and measurement, but said that the statement would not apply to the IFRS for..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Standard-setting: insurance heading for 2021
The IASB was given a summary of the results of the staff’s testing programme for draft IFRS 17 Insurance Contracts. They debated a number of issues, including the level of aggregation, which had been raised by constituents, and tentatively..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
New SEC Chief Accountant
Wesley Bricker has been appointed Chief Accountant of the SEC following the retirement of James Schnurr, who was injured in a cycle accident in April. Mr Bricker, formerly of PricewaterhouseCoopers, is qualified both as a CPA and a..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Oversight of Private Company Council
The trustees of the FAF have decided to close down the committee created to oversee the Private Company Council (PCC). Its responsibilities will be taken over by the existing Standard-Setting Oversight Process Committee (SSPOC).
The..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Survey shows Directive applied differently across Europe
A survey of EU member states examines the continued existence of options in the EU’s accounting directive. Among eight states it finds three different size thresholds for defining a small business, and six different size criteria for..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Proposed clarification of concession accounting
The FASB has issued a proposed amendment to the Accounting Standards Classification (ASC) dealing with the operation of concessions by private sector companies. The proposal clarifies that in a concession arrangement, the customer for revenue..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Changes in restricted cash
The FASB has issued the definitive version of its amendment to Topic 230 Statement of Cash Flows on the subject of restricted cash. It says entities must disclose the nature of the restrictions, and that, to the extent that restricted cash appears..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
New topics for FASB attention
The FASB has decided to add a topic to its agenda on revenue recognition within collaborative arrangements. It has also decided to convene a working group to look at implementation costs under a cloud computing arrangement, to provide information to..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Endorsement advice on IFRS 4 and financial instruments
EFRAG has published draft endorsement advice on which it is asking constituents for comment. The advice is to endorse the proposed amendments to IFRS 4 to mitigate the effects of the difference in application date of IFRS 9 and the eventual new..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
New board members, chairman’s second term
Russ Golden is to continue as chair of the FASB until 2020, when he will have completed 10 years as a board member. The trustees of the Financial Accounting Foundation have also named two new board members to replace those standing down in the next..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
More information on workforce
A UK organisation has written to the chairmen of 350 listed companies asking them to provide more information in their annual report on their workforce. It says companies should provide more information on staff turnover, gender diversity, pay..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Tax disclosures, yes, but comparable ones
The Federation of European Accountants (FEE) has responded to the Commission’s proposals of country by country tax reporting saying it agrees with greater transparency. However, FEE believes that the disclosures must be meaningful and should..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Editorial
Most people who have researched the presentation of profit or loss by companies using IFRS would agree that there is significant diversity in which companies approach presentation of earnings. This is not helped by the fact that the legal statements..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Standard-setting: primary financial statements
At its November board meeting, the IASB reviewed the results of research done by the staff into the need for a reform of the requirements for presentation of financial statements. Staff said that their outreach suggested there was support for..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016
Definition of a business
EFRAG’s final submission to the IASB on its proposed changes to the definition of a business say that the European Commission’s adviser welcomes the simplification of the standard. However, it has doubts about the screening mechanism and..
Online Published Date:
23 December 2016
Appeared in issue:
19.10 - 23 December 2016