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


PwC resources

IFRS news - December 2016/January 2017
PwC - 12/15/2016
This issue of IFRS news looks at the pension disclosures, year end disclosure on IFRS 9, FICE and more.

IFRS and US GAAP: similarities and differences - 2016 edition
PwC - 11/18/2016
This PwC publication provides a broad understanding of the major differences between IFRS and US GAAP, as well as insight into the level of change on the horizon.

IFRS news - November 2016
PwC - 11/07/2016
This issue of IFRS news looks at common pitfalls of the impairment VIU mode, predetermined use contracts, and more.

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Select news releases

IFRS publishes recap of IFRS 9 and IFRS 15
IFRS - 01/03/2017
The IFRS posted a recap of the new IFRS® Standards on revenue and financial instruments (which companies have to start applying in 2018) and the educational materials available to help with the implementation.

IASB issues minor changes to IFRS Standards
IASB - 12/08/2016
The International Accounting Standards Board (The Board) has issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards.

IASB publishes its five-year work plan
IASB - 11/02/2016
The International Accounting Standards Board (the Board), which sets IFRS Standards required in more than 120 countries, has published the conclusions from its recent Agenda Consultation and its five-year work plan.

ESMA and IFRS Foundation Sign Updated Statement of Protocols
IASB - 10/14/2016
The European Securities and Markets Authority (ESMA) and the IFRS Foundation announced and updated set of protocols under which the two organisations will deepen their cooperation on the development of IFRS Standards and support for their consistent application across the European Union.

IASB issues amendments to insurance contracts standard
IASB - 09/12/2016
The IASB issued amendments to its existing insurance contracts Standard, IFRS 4. The amendments address concerns arising from implementing the new financial instruments Standard, IFRS 9, before implementing the replacement Standard that the Board is developing for IFRS 4. These concerns include temporary volatility in reported results. The amendments introduce two approaches: an overlay approach and a deferral approach.  

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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 - December 2016
The IASB met on December 13 and 14, 2016 at the IFRS Foundation's offices in London, UK. 

IASB Update - November 2016
The IASB met on November 14 to 16, 2016 at the IFRS Foundation's offices in London, UK.

IASB Update - October 2016
The IASB met in public from October 18 and 19, 2016 at the IFRS Foundation's offices in London, UK.

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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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