International Financial Reporting Standards
IFRS book 2007 has been released - The International Accounting Standards Board (IASB) issued its 2007 Bound Volume in February 2007. There are only a small number of amendments to the text of the standards made during 2006.
Revised IAS 23 Borrowing Costs- The IASB has revised IAS 23, Borrowing Costs. The main change from the previous version is the removal of the option of immediately recognising as an expense borrowing costs that relate to assets that take a substantial period of time to get ready for use or sale. The revised Standard applies to borrowing costs relating to qualifying assets for which the commencement date for capitalisation is on or after 1 January 2009. Earlier application is permitted.
IFRS for Small and Medium Sized Entities - The IASB has published for public comment the exposure draft of its International Financial Reporting Standard for small and medium-sized entities (IFRS for SMEs). The aim of the proposed standard is to provide a simplified, self-contained set of accounting principles that are appropriate for smaller, non-listed companies and are based on full IFRSs. By removing choices for accounting treatment, eliminating topics that are not generally relevant to SMEs and simplifying methods for recognition and measurement, the resulting draft standard reduces the volume of accounting guidance applicable to SMEs by more than 85 per cent when compared with the full set of IFRSs. The exposure draft is a self-contained set of accounting standards that would allow investors to compare SMEs’ financial performance across international boundaries on a like for like basis
IASB agenda - impact for entities in 2009 - The
table highlights the potential impact on the preparation of 2009 financial statements of standards and interpretations from IASB. Please note: the IASB agenda is subject to change, and the potential impacts outlined below may change accordingly.
IFRIC 12, 'Service concession arrangements' - was issued at the end of 2006. The interpretation applies to contractual arrangements whereby a private sector operator participates in the development, financing, operation and maintenance of infrastructure for public sector services, for example, under PFI contracts. The interpretation must be applied for annual periods beginning on or after 1 January 2008.
International Auditing Standards
Exposure Draft - ISA 550 (Revised) - Related Parties II
This Exposure Draft reflects the revision of ISA 550 Related Parties, including the application of the International IAASB's clarity drafting conventions. The proposals in the re-exposure draft are intended to make the auditor's responsibilities clearer, distinguishing those cases where the accounting framework includes disclosure and other reporting requirements, and those where it includes no or inadequate requirements.
Exposure Draft - ISA 570 (Redrafted) - Going Concern
The International Auditing and Assurance Standards Board (IAASB) has released for public comment an exposure draft of a proposed ISA 570 Going Concern. This has been redrafted in the new style designed to enhance the clarity of IAASB pronouncements.
Surveys:
Survey on the
“Non-GAAP Income Measures in European Financial Statements” and survey on the
“Measuring Assets and Liabilities- Investment Professionals’ View”.
