International Accounting Standards Board (IASB) - latest developments

Website: www.iasb.org

The IASB is the independent standard-setting body of the IFRS Foundation responsible for the development and publication of IFRSs and for approving Interpretations of IFRSs as developed by the IFRS Interpretations Committee (formerly called the IFRIC).

Recent Developments – Past 90 days


Select news releases

IASB issues amendments to IAS 7 on statements of cash flows
IASB - 01/29/2016 
The IASB published amendments to IAS 7, Statement of Cash Flows, that will require entities to provide disclosures that enable investors to evaluate changes in liabilities arising from financing activities, including both cash and non-cash changes. The amendments form part of the Board’s Disclosure Initiative—a portfolio of projects that are targeted at improving the effectiveness of disclosures in financial reports. 

IASB issues narrow-scope amendments to IAS 12, Income Taxes
IASB - 01/19/2016
The IASB issued amendments to IAS 12, Income Taxes, intended to clarify how to account for deferred tax assets related to debt instruments measured at fair value. IAS 12 provides requirements on the recognition and measurement of current or deferred tax liabilities or assets. The amendments clarify the requirements on recognition of deferred tax assets for unrealized losses to address diversity in practice.  

IASB issues new lease accounting standard
IASB - 01/13/2016
The IASB published IFRS 16, Leases, which replaces the current guidance in IAS 17. The new standard requires far-reaching changes in accounting by lessees in particular. The new IFRS guidance and the soon-to-be published guidance under US GAAP are not expected to be fully converged.

IASB sets up new implementation procedure for IFRS for SMEs
IASB - 01/04/2016
The IASB has announced a new procedure whereby small companies and other interested parties can submit implementation issues on the IFRS for SMEs for consideration.

IFRS Foundation issues Taxonomy update for common practice elements
IASB - 12/08/2015
The IFRS Foundation published a Taxonomy Update to the IFRS Taxonomy 2015 that relates to elements based on reporting common practice identified through analysis of financial statements of entities engaged in information technology, media, chemical and utility activities. The Update also includes additions identified through that analysis that should be helpful in electronic financial reporting by all entities, irrespective of their field of activity.

IFRS Foundation issues final Taxonomy update for IFRS for SMEs
IASB - 12/01/2015
The IFRS Foundation published a Taxonomy Update to the IFRS Taxonomy 2015 that incorporates the taxonomy elements for 2015 Amendments to the IFRS for SMEs. Updates to the IFRS Taxonomy contain additional taxonomy concepts that reflect new Standards and amendments to Standards issued by the IASB. They may also contain technical updates, new common practice elements or general taxonomy improvements.

IFRS Foundation proposes enhanced due process for IFRS Taxonomy development
IASB - 11/04/2015
The IFRS Foundation published for public comment a proposed enhanced due process for the development and maintenance of the IFRS Taxonomy. The development and maintenance of the IFRS Taxonomy was a supporting activity under the IFRS Foundation until 2011, when it became part of the IASB’s work. The proposal would now give the IASB wider responsibilities in the development of the IFRS Taxonomy. 

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PwC's IFRS news

IFRS news - December 2015/January 2016
PwC - 12/22/2015
This issue of IFRS news looks at (1) revenue: TRG discusses optional purchases, licences and other topics, (2) news from the TRG for Impairment, (3) FASB exposure draft on definition of a business, (4) update on IFRS in the US, (5) year-end reminders, (6) insurance contracts, (7) classification and measurement of share-based payments, (8) Santa and the leasing standard, (9) the accounting horoscope 2016, and (10) IFRIC rejections: IAS 10.

IFRS news — November 2015
PwC - 11/23/2015
This issue of IFRS news looks at (1) proposed interpretation on foreign currency and advance consideration, (2) new interpretation on uncertainty over income tax treatments, (3) proposed practice statement on the application of materiality to financial statements, (4) leases, (5) update on IFRS 9 Impairment Transition Group, (6) financial instruments with the characteristics of equity, (7) disclosure initiative, (8) insurers and IFRS 9, (9) borrowing costs, (10) joint control, (11) definition of a business, and (12) IFRIC rejections in short — IAS 10.

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IASB Update - meeting minutes

The IASB Update is a staff summary of the tentative decisions reached by the IASB in its public meetings.

IASB Update – January 2016

The IASB met in public from January 19-20, 2016, at the IASB offices in London.

IASB Update – December 2015

The IASB met in public from December 15-16, 2015, at the IASB offices in London.

IASB Update – November 2015

The IASB met in public from November 18-19, 2015, at the IASB offices in London.

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Proposed rules

Exposure Draft: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
Exposure Draft: IASB - 12/10/2015
This exposure draft is intended to amend the existing insurance contracts standard – IFRS 4, Insurance Contracts – to address the temporary consequences of the different effective dates of IFRS 9, Financial Instruments, and the new insurance contracts standard. [Comments are due by February 8, 2016.]

Exposure Draft: Transfers of Investment Property - Proposed amendment to IAS 40
IASB - 11/19/2015
The IASB has published for public comment an exposure draft of a proposed narrow-scope amendment to paragraph 57 of IAS 40, Investment Property, to clarify the guidance on transfers to, or from, investment properties. [Comments are due by March 18, 2016.]

Exposure Draft: Annual Improvements to IFRSs 2014–2016 Cycle
IASB - 11/19/2015
The IASB published for public comment an exposure draft of proposed amendments to three standards under its 2014-2016 annual improvements project: (1) IFRS 1, First-time Adoption of International Financial Reporting Standards, (2) IFRS 12, Disclosure of Interests in Other Entities,and (3) IAS 28, Investments in Associates and Joint Ventures. [Comments are due by February 17, 2016.]

Proposed Amendments to IFRS Taxonomy due process 2015
IASB - 11/04/2015
The IFRS Foundation is proposing enhanced due process for the development and maintenance of the IFRS Taxonomy . The development and maintenance of the IFRS Taxonomy was a supporting activity under the IFRS Foundation until 2011, when it became part of the IASB’s work. The proposal would now give the IASB wider responsibilities in the development of the IFRS Taxonomy. [Comments are due by February 3, 2016.]

Draft Practice Statement: Application of Materiality to Financial Statements
IASB - 10/29/2015
This draft Practice Statement is intended to help company management determine whether information is material. The guidance is part of the IASB’s wider initiative to improve disclosures. The draft guidance has been developed in response to concerns that management is often uncertain about how to apply the concept of materiality and therefore use the disclosure requirements in the Standards as a checklist. This can result in excessive disclosure of immaterial information that can obscure useful information and also make financial statements cluttered and less understandable. It can also lead to useful information being left out. [Comments are due by February 26, 2016.]

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PwC comment letters

PwC comments on proposed revisions to the IASB's conceptual framework
PwC - 11/25/2015
Overall, the PwC network supports the IASB’s efforts to revise the conceptual framework and believes the proposals in the ED will improve the current framework. While we generally support the proposed changes to the framework, we also suggest the IASB make certain clarifications, which we describe in our comment letter. In addition, we view the framework as being evolutionary, and thus, we agree with the IASB’s approach of updating, improving, and filling in gaps without fundamentally reconsidering all aspects of the framework.

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