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



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IASB concludes the Annual Improvements to IFRSs 2012-2014 Cycle
IASB - 09/25/2014
The IASB published Annual Improvements to IFRSs 2012 -2014 Cycle. The IASB uses the Annual Improvements process to make necessary, but non-urgent, amendments to IFRSs if those amendments will not be included as part of any other project. By presenting the amendments in the form of a single document instead of as a series of piecemeal changes, the IASB aims to ease the burden of change for all concerned.

IASB publishes a Discussion Paper on reporting the financial effects of rate regulation
IASB - 09/18/2014
The IASB published for public comment a Discussion Paper titled Reporting the Financial Effects of Rate Regulation. The Discussion Paper describes a type of rate regulation that contains elements of both cost recovery and incentive approaches—this type of rate regulation is termed defined rate regulation. The Discussion Paper seeks comments on whether or not the distinguishing features of defined rate regulation, as identified by the IASB, sufficiently capture the type(s) of rate regulation that have the most significant financial effects.

IASB publishes proposals for measuring quoted investments
IASB - 09/16/2014
This exposure draft details proposals concerning the measurement of investments in subsidiaries, joint ventures and associates at fair value when those investments are quoted in an active market. The proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28, and IAS 36 aim to address questions received on: (a) the unit of account for investments in subsidiaries, joint ventures and associates and on the fair value measurement when those investments are quoted in an active market (quoted investments); and (b) the measurement of the recoverable amount of cash-generating units (CGUs) on the basis of fair value less costs of disposal when they correspond to entities that are quoted in an active market (quoted CGUs).

IASB issues amendments to IFRS 10 and IAS 28 re: sale or contribution of assets between an investor and its associate or joint venture
IASB - 09/11/2014
The IASB published narrow-scope amendments to IFRS 10, Consolidated Financial Statements, and IAS 28, Investments in Associates and Joint Ventures (2011), to address an inconsistency in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not).

IFRS Foundation Staff Perspective on the impact of IFRS in the European Union
IASB - 09/5/2014
The IFRS Foundation has published a Staff Paper that provides a perspective from the staff on some of the main issues highlighted in the consultation questionnaire that has been issued by the European Commission on the use of IFRS in the European Union. The purpose of the Staff Paper is to contribute to the debate about the extent to which the adoption of IFRS has improved the efficiency of EU capital markets by increasing the transparency and comparability of financial statements.

IASB announces transition resource group for impairment of financial instrument
IASB - 08/25/2014
The IASB has announced the membership of its Impairment Transition resource Group (ITG). The objective of the ITG is to provide a forum for stakeholders to discuss emerging implementation issues arising from the new impairment requirements of IFRS 9, Financial Instruments.

European Commission launches public consultation on the impact of IFRS in the EU
IASB - 08/22/2014
The European Commission has launched a public consultation on the impact of International Financial Reporting Standards (IFRS) in the European Union (EU), with a particular interest in to what extent the adoption of IFRS has improved the efficiency of EU capital markets by increasing the transparency and comparability of financial statements.

IASB publishes proposed amendments to IAS 12, Income Taxes
IASB - 08/20/2014
The IASB published an exposure draft titled Recognition of Deferred Tax Assets for Unrealised Losses, which contains proposed amendments to IAS 12, Income Taxes. The proposed amendments aim to clarify how to account for deferred tax assets related to debt instruments measured at fair value in certain circumstances in which the entity reports tax losses.

IASB publishes narrow-scope amendments to IAS 27, Separate Financial Statements
IASB - 08/12/2014
The IASB published narrow-scope amendments to IAS 27 to will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. The amendments will help some jurisdictions move to IFRS for separate financial statements, reducing compliance.

IASB completes reform of financial instruments accounting
IASB - 07/24/2014
The IASB completed the final element of its comprehensive response to the financial crisis by issuing IFRS 9, Financial Instruments. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and a substantially-reformed approach to hedge accounting. The new Standard will come into effect on January 1, 2018, with early application permitted.

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PwC's IFRS news

IFRS news — October 2014

This issue of IFRS news looks at (1) IASB takes debt versus equity off the table, and (2) IASB continues to hold line on a single model for leases, (3) Hilary Eastman discusses why it's time to stop talking and start doing, (4) consultation on IFRS in the EU, (5) IFRS 10 and IAS 28 amendments, (6) Annual Improvements 2012-14, (7) ED on fair value – price times quantity, (8) Rate regulated activities DP, (9) Disclosure initiative, (10) Insurance redeliberations, and (11) Q&As: ‘T’ is for translation of foreign currencies..

IFRS news — September 2014

This issue of IFRS news looks at (1) alternative performance measures, (2) discussion of IFRIC agenda rejections also known as "Not-an-IFRIC," (3) IASB spotlight on IASB member Amaro Gomes, (4) IAS 27 narrow scope amendment, (5) exposure draft on IAS 12 narrow scope amendment, (6) IASB workplan, and (7) Q&As: service concession arrangements.

IFRS news — July/August 2014

This issue of IFRS news looks at (1) IFRS 9 - the IASB's new standard on financial instruments, (2) Revenue Transition Resource Group (TRG) starts discussion on IFRS 15, (3) ESMA reports on accounting for business combinations under IFRS 3, (4) IAS 41 and IAS 16 amendments on bearer plants, (5) EU endorses IFRIC 21, (6) leasing redeliberations, (7) disclosure initiative, (8) conceptual framework discussions, and (9) Q&As: related parties.

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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 – September 2014

The IASB met in public from September 22-24, 2014, at the IASB offices in London.

IASB Update – July 2014

The IASB met in public from July 22-24, 2014, at the IASB offices in London.

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Proposed rules

Exposure Draft: Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value (Proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28 and IAS 36 and Illustrative Examples for IFRS 13)
IASB - 09/5/2014
This exposure draft details proposals concerning the measurement of investments in subsidiaries, joint ventures and associates at fair value when those investments are quoted in an active market. The proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28, and IAS 36 aim to address questions received on: (a) the unit of account for investments in subsidiaries, joint ventures and associates and on the fair value measurement when those investments are quoted in an active market (quoted investments); and (b) the measurement of the recoverable amount of cash-generating units (CGUs) on the basis of fair value less costs of disposal when they correspond to entities that are quoted in an active market (quoted CGUs). [Comments on the proposal are requested by January 16, 2015.]

Proposed Interim Release 2 to the IFRS Taxonomy 2014 
IASB - 08/22/2014
Proposed Interim Release 2 to the IFRS Taxonomy 2014 incorporates the IFRS Taxonomy elements for (1) IFRS 15, Revenue from Contracts with Customers, and (2) common practice (transport and pharmaceuticals). IFRS Taxonomy interim releases contain additional taxonomy concepts that reflect new Standards and improvements to Standards issued by the IASB. They may also contain technical updates, new common practice elements or general taxonomy improvements. [Comments on the proposal are requested by October 20, 2014.]

Exposure Draft: Recognition of Deferred Tax Assets for Unrealised Losses
IASB - 08/20/2014
This Exposure Draft contains proposed amendments to IAS 12, Income Taxes. The proposed amendments aim to clarify how to account for deferred tax assets related to debt instruments measured at fair value in certain circumstances in which the entity reports tax losses. The issue originated from a submission to the IFRS Interpretations Committee to address diversity in practice. In response, the IFRS Interpretations Committee recommended that the IASB amend IAS 12. [Comments on the proposal are requested by December 18, 2014.]

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PwC comment letters

PwC comments on the IASB's proposed amendments to IAS 27 to allow equity method accounting
PwC - 02/06/2014
PwC does not object to the board's proposal to restore the use of the equity method as one of the options to account for investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. However, we do not support the requirement for retrospective application of the exposure draft nor the proposed consequential amendment to IAS 28.

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