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).
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.
IASB publishes draft guidance to help management apply the concept of materiality
IASB - 10/29/2015
The IASB published a draft IFRS Practice Statement titled Application of Materiality to Financial Statements. The draft Practice Statement is designed to be a tool to help a company’s management use judgement about what information is material and therefore should be included in financial statements. The guidance is part of the IASB’s wider initiative to improve IFRS disclosures.
IASB to consult on temporary measures relating to effective dates for IFRS 9 and new insurance contracts standard
IASB - 09/23/2015
The IASB announced that it will consult on a package of temporary measures to address concerns about issues arising from implementing the financial instruments standard before the new insurance contracts standard comes into effect.
IASB issues publication on the benefits of strong accounting standards
IASB - 09/14/15
In a new publication titled Working in the Public Interest: The IFRS Foundation and the IASB, IASB Chairman Hans Hoogervorst and IFRS Foundation Trustees Chairman Michel Prada discuss how acting in the public interest is at the core of the standard-setter’s activities. The two Chairmen explain how IFRSs are created to bring transparency, accountability and efficiency to financial markets around the world.
IASB issues final amendment deferring effective date of new revenue recognition standard
IASB - 09/11/15
The IASB issued an amendment to IFRS 15, Revenue from Contracts with Customers, that defers the effective date of IFRS 15 by one year to January 1, 2018. Companies applying IFRS continue to have the option to apply the standard early.
IASB requests comments on its work plan
IASB - 08/01/2015
The IASB has issued for public comment Request for Views - 2015 Agenda Consultation to gather views on: (1) the strategic direction and balance of the work plan of the IASB and (2) whether three years is the appropriate period between future Agenda Consultations.
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.
This issue of IFRS news looks at (1) financial instruments - news from the TRG for Impairment, (2) sale or contribution of assets between an investor and its associate or joint vernture, (2) fair value, (4) a summary of the IASB's recent decisions on Insurance contracts, (5) insurance and IFRS 9, (6) disclosure initiative, and (7) IFRIC rejections: IAS 8.
This issue of IFRS news looks at (1) impairment through the eyes of regulators, (2) research on the comparability and consistent application of IFRSs across countries, (3) impact of negative interest rates on an entity’s financial statements, (4) IASB’s workplan for 2016-2020, and (5) practical implications of IAS 7 cash flow issues not taken on by the IFRS Interpretations Committee.
The IASB Update is a staff summary of the tentative decisions reached by the IASB in its public meetings.
The IASB met in public from November 18-19, 2015, at the IASB offices in London.
The IASB met in public from October 20-22, 2015, at the IASB offices in London.
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.]
PwC comments on IASB's proposal to defer effective date of new revenue standard
PwC - 07/08/2015
The PwC global network of firms submitted comments on the IASB’s exposure draft, Revenue from Contracts with Customers – Proposed Amendments to IFRS 15. We support the IASB and FASB’s efforts to respond to concerns raised by constituents about the revenue standard. We support the proposed one-year deferral of the effective date and also support the option for entities to adopt the standard early. We encourage the boards to finalize the upcoming amendments to their standards as soon as possible. This will reduce the risk of coming under pressure to consider an additional deferral.