International Accounting Standards Board (IASB)
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
- PwC's IFRS news
- IASB Update - meeting minutes
- Proposed rules
- PwC comment letters
Select news releases
IFRS Foundation publishes 2012 Annual Report
IASB- 05/23/2013
The IFRS Foundation, the governing body of the IASB, has published its 2012 Annual Report. Among other things, the annual report highlights the Foundation’s standard-setting activities, including its efforts to promote a single set of global accounting standards. Also included are the IFRS Foundation’s audited financial statements, along with highlights of its funding and financial results.
IASB and FASB propose changes to lease accounting
IASB- 05/16/2013
The IASB and FASB published for public comment a revised exposure draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions.
IFRS Foundation releases additional IFRS for SMEs training material
IASB- 05/8/2013
The IFRS Foundation Education Initiative has completed a new module of its training material on the IFRS for SMEs: Module 19 Business Combinations and Goodwill. This module covers Section 19 of the IFRS for SMEs, which provides guidance on identifying the acquirer, measuring the cost of the business combination, and allocating that cost to the assets acquired and liabilities and provisions for contingent liabilities assumed. It also addresses accounting for goodwill both at the time of a business combination and subsequently.
IASB issues proposals on rate regulation
IASB- 04/25/2013
The IASB published for public comment an exposure draft titled Regulatory Deferral Accounts as part of its reactivated rate-regulated activities research project. In response to feedback from its agenda consultation, the IASB has initiated a project to consider whether the IASB should develop specific guidance for rate-regulated activities and, if so, what information about the consequences of rate regulation would be most useful for users of financial statements.
IASB Chairman addresses the relationship between long-term investing and financial reporting
IASB- 04/10/2013
In his remarks at an event in London jointly hosted by the ICAEW and the Trustees of the IFRS Foundation on April 9, IASB Chairman Hans Hoogervorst addressed the relationship between long-term investing and financial reporting, noting that even long-term investors require shorter-term, reliable and unbiased performance measures to keep track of their investments and to hold management to account.
Members of the ASAF hold inaugural meeting; sign joint MoU
IASB- 04/09/2013
At the April 8-9, 2013, inaugural meeting of the Accounting Standards Advisory Forum (ASAF), a technical advisory body to the IASB composed of members of the global accounting standard-setting community, the IASB and ASAF members signed a joint Memorandum of Understanding (MoU) that sets out the purpose of the ASAF and its operating activities. The main technical subjects discussed were the IASB’s Conceptual Framework and the Impairment projects.
IASB issues Request for Information on Rate Regulation
IASB- 03/28/2013
The IASB issued a Request for Information as an early step in its reactivated Rate-regulated Activities research project. The objective of the Request for Information is to identify a range of rate-regulatory schemes to help determine the scope of the research project.
The IFRS Foundation publishes the 2013 annual version of the IFRS Taxonomy
IASB- 03/27/2013
The IFRS Foundation has published the IFRS Taxonomy 2013. The IFRS Taxonomy is a translation of International Financial Reporting Standards (IFRSs) into eXtensible Business Reporting Language (XBRL). The 2013 taxonomy is consistent with Standards as issued by the International Accounting Standards Board (IASB) at January 1, 2013, and contains XBRL tags for disclosure requirements.
IASB publishes proposals for amendments to IAS 19
IASB- 03/25/2013
The IASB is responding to concerns that were raised about the complexity of applying certain requirements of IAS 19, Employee Benefits. Specifically the concerns related to the accounting for contributions from employees and third parties to defined benefit plans. The objective of the proposed amendments is to provide a more straight-forward alternative for this accounting when the contributions payable in a particular period are linked solely to the employee's service rendered in that period. The proposed guidance would be applicable, for example, to accounting for employee contributions that are calculated according to a fixed percentage of salary.
IASB publishes revised proposals for loan-loss provisioning
IASB- 03/7/2013
The IASB published for public comment Exposure Draft: Financial Instruments: Expected Credit Losses, which contains a revised set of proposals for the impairment of financial instruments. The proposals build upon previous work to develop a more forward-looking provisioning model, which recognizes expected credit losses on a more timely basis. The IASB model is designed to recognize credit losses on a more timely basis. Expected credit losses are recognized on all financial instruments within the scope of the proposals from when they are originated or purchased.
PwC's IFRS news
IFRS news — May 2013
This issue of IFRS news looks at (1) integrated reporting - IIRC publishes consultation draft, (2) levies - IC to issue interpretation on accounting for levies, (3) insurers face change - update on the insurance contract, (4) recent activity at the IASB on ED on interim standard for regulatory deferral accounts, new Chairman of FASB, EU endorsement of amendments to IFRS 10, 11 and 12, and (5) know your IFRS 'ABC': ‘F’ for fair value.
IFRS news — April 2013
This issue of IFRS news looks at (1) impairment of financial instruments - IASB publishes exposure draft, (2) discount rates and IAS 19 - IC debates the meaning of 'high quality' and 'deep market', (3) IFRS for SMEs - post implementation feedback, (4) recent activity at the IASB on IAS 19R employee contributions exposure draft, conceptual framework discussions, early adoption of revenue standard, request for information on rate regulation, IASB work plan update, and ASAF membership; and (5) know your IFRS 'ABC': ‘E’ for equity accounting.
IFRS news — March 2013
This issue of IFRS news looks at (1) the disclosure problem – IASB takes on the challenge, (2) improving IFRS – a point of view, (3) Claude Lopater, PwC partner and member of the ANC, suggests ten concrete measures for improving IFRS, (4) Profile: Mary Tokar – new IASB board member, (5) IAS 10 and 11 – key issues to consider on transition, (6) recent activity at the IASB on revenue recognition project, novation of derivatives and hedge accounting, Gary Kabureck to join IASB, FASB's ED on classification and measurement, FASB's ED on offsetting, and (7) know your IFRS 'ABC': ‘D’ for disclosures of interests in other entities.
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 – April 2013
The IASB met in public from April 23-25, 2013, at the IASB offices in London.
IASB Update – March 2013
The IASB met in public from March 19-21, 2013, at the IASB offices in London.
IASB Update – February 2013
The IASB met in public from February 18-22, 2013, at the IASB offices in London.
Proposed rules
IASB issues proposals on lease accounting
IASB- 05/16/2013
The IASB and FASB published for public comment a revised exposure draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions. [Comments on the proposal are requested by September 13, 2013.]
IASB issues proposals on rate regulation
IASB- 04/25/2013
The IASB published for public comment an exposure draft titled Regulatory Deferral Accounts as part of its reactivated rate-regulated activities research project. In response to feedback from its agenda consultation, the IASB has initiated a project to consider whether the IASB should develop specific guidance for rate-regulated activities and, if so, what information about the consequences of rate regulation would be most useful for users of financial statements. [Comments on the proposal are requested by September 4, 2013.]
IASB publishes proposals for amendments to IAS 19 Defined Benefit Plans: Employee Contributions
IASB- 03/25/2013
The IASB is responding to concerns that were raised about the complexity of applying certain requirements of IAS 19, Employee Benefits. Specifically the concerns related to the accounting for contributions from employees and third parties to defined benefit plans. The objective of the proposed amendments is to provide a more straight-forward alternative for this accounting when the contributions payable in a particular period are linked solely to the employee’s service rendered in that period. The proposed guidance would be applicable, for example, to accounting for employee contributions that are calculated according to a fixed percentage of salary. [Comments on the proposal are requested by July 25, 2013.]
IASB publishes revised proposals for loan-loss provisioning
IASB- 03/7/2013
The IASB published for public comment Exposure Draft: Financial Instruments: Expected Credit Losses, which contains a revised set of proposals for the impairment of financial instruments. The proposals build upon previous work to develop a more forward-looking provisioning model, which recognizes expected credit losses on a more timely basis. The IASB model is designed to recognize credit losses on a more timely basis. Expected credit losses are recognized on all financial instruments within the scope of the proposals from when they are originated or purchased. [Comments on the proposal are requested by July 5, 2013.]
PwC comment letters
PwC Comments on Exposure Draft: Clarification of Acceptable Methods of Depreciation and Amortization
PwC - 04/15/2013
PwC agrees with the principle of the proposed amendments although we are not convinced that the amendments are necessary.
PwC Comments on Exposure Draft: Novation of Derivatives and Continuation of Hedge Accounting
PwC - 04/02/2013
PwC supports the board's efforts in clarifying whether an entity is required to discontinue hedge accounting when an over-the-counter (OTC) derivative is novated to a central counterparty (CCP) as required by law or regulation. We also appreciate the board’s responsiveness in addressing this urgent issue in a pragmatic way, as requiring entities to treat such novations as a discontinuance of hedge accounting would not provide useful information to investors.
PwC Comments on Exposure draft: Classification and Measurement: Limited Amendments to IFRS 9
PwC - 03/28/2013
PwC agrees with the board's objectives to amend IFRS 9 and commend the board on their progress in achieving those objectives. The letter includes key comments that we would like to raise with the board.