IFRS News

In the November issue of IFRS News:

• Impairment ED
  John Althoff, John McDonnell and Yulia Feygina of PricewaterhouseCoopers’ (PwC) Accounting Consulting Services explain the implications of the impairment ED issued earlier this month by the IASB.
  
  
• IAS 24 amendment
  The IASB published an amendment to IAS 24, Related party Disclosures, last month, relaxing disclosures of transactions between government-related entities and clarifying the definition of related parties. Tony Debell, leader of Global Accounting Consulting Services’ Revenue, Liabilities and Other topic team, and Yvonne Kam, in Global Accounting Consulting Services in Hong Kong/China, look at the implications.
  
  
• IAS 39 replacement due out this month
  IASB chairman, Sir David Tweedie, has confirmed that the Board will publish the IAS 39 replacement standard (IFRS 9) this month. He told the European finance ministers in a speech last month that the final standard is likely to result in financial institutions that undertake traditional banking activities (raising deposits and making basic loans – the so-called boring banks) applying less fair value (FV) accounting rather than more.
  
  
• Cannon Street Press
  
  
• Beginners’ guide
  What does an audit committee do? What makes a good audit committee member? Monica Peters, Corporate Governance manager within PwC’s Audit, Risk and Quality group in the UK, looks at how joining an audit committee can be challenging and interesting but warns that it’s not for the faint-hearted.
  

Read the complete November issue online.

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