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

IFRS Foundation publishes 2015 annual report
IASB - 05/19/2016 
The IFRS Foundation has published its Annual Report for the year ended 31 December 2015. With the theme of Focussing on the future, the Annual Report for 2015 provides an updated overview of the IFRS Foundation’s strategic objectives.

IASB confirms amendments to current insurance contract standard
IASB - 05/17/2016 
The IASB concluded deliberations and announced it will amend IFRS 4, Insurance contracts. The amendments are intended to address issues that may arise from implementing the new financial instruments standard, IFRS 9, before implementing the new insurance contracts standard, which will replace IFRS 4. The board expects to issue the amendments to IFRS 4 in September 2016. 

IFRS Foundation publishes the 2016 Pocket Guide to IFRS Standards
IASB - 05/10/2016
The 2016 edition of the Pocket Guide to IFRS® Standards: the global financial reporting language was published by the IFRS Foundation. The analysis outlined in the Pocket Guide is conducted across 143 jurisdictions representing 98 percent of global GDP. It shows that IFRS Standards are required for all or most domestic publicly accountable entities (listed companies and financial institutions) in 119 jurisdictions—83 percent of those surveyed.

IASB issues amendments to the Revenue Standard
IASB - 04/12/2016
The IASB has issued amendments to the Revenue Standard, IFRS 15 Revenue from Contracts with Customers, clarifying some requirements and providing additional transitional relief for companies that are implementing the new Standard. 

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PwC's IFRS news

IFRS news - May 2016
PwC - 05/05/16
This issue of IFRS news looks at (1) final changes to IFRS 15 – an overview, (2) regulator focus - what can we learn from the ESMA report?, (3) IFRS 8 Segment Reporting - key things to look out for, (4) leases lab - how to implement the new guidance?, (5) insurance and IFRS 9, (6) conceptual framework, (7) disclosure Initiative, and (8) IC rejections - IAS 18.

IFRS news - April 2016
PwC - 04/06/16
This issue of IFRS news looks at (1) key considerations for impairment of tests - cash flows and discount rate, (2) current IC rejections - various topics, (3) leases lab - how to implement new guidance, (4) applying IFRS 9 with IFRS 4, (5) definition of a business, (6) goodwill and impairment, (7) agenda consultation, and (8) IC rejections - IAS 17.

IFRS news - March 2016
PwC - 03/28/16

This issue of IFRS news looks at (1) alternative performance measures - an analysis of the current status, (2) more guidance for banks - IFRS 9 impairment, (3) IAS 7 amendment - how to implement new guidance, (4) insurance contracts, (5) goodwill and impairment, (6) interests in associates and joint ventures, (7) non-current liabilities, (8) FICE, (9) IC rejections - IAS 16, and (10) the PwC leases library.

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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 – May 2016
The IASB met in public from May 17-19, 2016, at the IASB offices in London.

IASB Update – April 2016
The IASB met in public from April 19-21, 2016, at the IASB offices in London.

IASB Update – March 2016
The IASB met in public from March 15-16, 2016, 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.]

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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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