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 issues amendments to IAS 16 and IAS 41 for bearer plants
IASB - 06/30/2014
The IASB published amendments that change the financial reporting for bearer plants, such as grape vines, rubber trees and oil palms. The IASB decided that bearer plants should be accounted for in the same way as property, plant and equipment in IAS 16, Property, Plant and Equipment, because their operation is similar to that of manufacturing. Consequently, the amendments include them within the scope of IAS 16, instead of IAS 41, Agriculture. The produce growing on bearer plants will remain within the scope of IAS 41.

IASB vice-chairman discusses the future of financial reporting
IASB - 06/23/2014
In his remarks at the IFRS Conference in London, IASB Vice-Chairman Ian Mackintosh discussed the future of financial reporting, including the completion of the major convergence projects with the FASB, some important projects on the IASB’s new work program, and the evolving priorities of the IASB in recognition of the widespread adoption of IFRS.

IASB to establish transition resource group for impairment of financial instruments
IASB - 06/23/2014
The IASB announced its intention to create a transition resource group that will focus on the upcoming new requirements for impairment of financial instruments. The ITG will provide a discussion forum to support stakeholders on implementation issues that may arise as a result of the new impairment requirements under IFRS 9 Financial Instruments (2014), which will be issued in 2014.

IASB proposes amendments to IFRS 10 and IAS 28 re: investment entities – applying the consolidation exception
IASB - 06/12/2014
The IASB has published for public comment an exposure draft of proposed amendments to IFRS 10 and IAS 28) intended to clarify three issues about the application of the requirement for investment entities to measure subsidiaries at fair value instead of consolidating them.

IASB and FASB announce the formation of the Joint Transition Resource Group for Revenue Recognition (TRG)
IASB - 05/28/2014
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced the formation of the Joint Transition Resource Group for Revenue Recognition (TRG).

IASB and FASB issue Converged Standard on Revenue Recognition
IASB - 05/28/2014
The IASB and the FASB issued jointly a converged standard on the recognition of revenue from contracts with customers. The standard will improve the financial reporting of revenue and improve comparability of the top line in financial statements globally.

IFRS Foundation publishes 2013 annual report
IASB - 05/22/2014
The IFRS Foundation, the governing body of the IASB, has published its 2013 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 updates IFRS Taxonomy 2014 for IFRS 14, Regulatory Deferral Accounts
IASB - 05/15/2014
The IFRS Foundation published Interim Release 1 to the IFRS Taxonomy 2014 for the IFRS 14, Regulatory Deferral Accounts, which was issued by the IASB on January 30, 2014. The IFRS Taxonomy 2014 is the XBRL representation of the IFRSs, including International Accounting Standards (IASs), Interpretations, and the IFRS for SME's, as issued by the IASB.

IASB clarifies acceptable methods of depreciation and amortization
IASB - 05/12/2014
The IASB published amendments to IAS 16, Property, Plant and Equipment, and IAS 38, Intangible Assets, to clarify the acceptable methods of depreciation and amortization. IAS 16 and IAS 38 both establish the principle for the basis of depreciation and amortization as being the expected pattern of consumption of the future economic benefits of an asset.

IASB publishes amendments to IFRS 11 Joint Arrangements
IASB - 05/06/2014
The IASB published amendments to IFRS 11, Joint Arrangements. IFRS 11 addresses the accounting for interests in joint ventures and joint operations. The amendments add new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business. The amendments specify the appropriate accounting treatment for such acquisitions.

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PwC's IFRS news

IFRS news — June 2014

This issue of IFRS news looks at (1) the IASB and FASB's new revenue standard, (2) IFRS 11, Joint arrangements, (3) IAS 16 and IAS 38 amendments, (4) leasing redeliberations, (5) conceptual framework discussions, (6) IASB equity accounting research project, (7) uncertain tax positions, and (8) Q&As: qualitative disclosures about risk.

IFRS news — May 2014

This issue of IFRS news looks at (1) IASB’s discussion paper on accounting for macro hedging, (2) integrated reporting, (3) IFRS in the US, (4) foreign exchange - a moving target, (5) revenue standard expected in second half of May, (6) IASB’s research programme, (7) leasing deliberations, and (8) Q&As: perpetual debt.

IFRS news — April 2014

This issue of IFRS news looks at (1) leases – convergence is no longer a priority, (2) IFRS 10 practice issues, (3) OCI - feedback from the Conceptual Framework Discussion Paper, (4) EU backs IFRS Foundation, (5) exposure draft on IAS 1 narrow scope amendments, (6) joint arrangement implementation issues, (7) equity method in separate financial statements, and (8) Q&As: Onerous contracts.

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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 – June 2014

The IASB met in public from June 17-19, 2014, at the IASB offices in London.

IASB Update – May 2014

The IASB met in public from May 20-22, 2014, at the IASB offices in London.

IASB Update – April 2014

The IASB met in public from April 22-25, 2014, at the IASB offices in London.

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Proposed rules

Exposure Draft: Investment Entities - Applying the Consolidation Exception (Proposed amendments to IFRS 10 and IAS 28)
IASB - 06/12/2014
This Exposure Draft is intended to clarify three issues about the application of the requirement for investment entities to measure subsidiaries at fair value instead of consolidating them. [Comments on the proposal are requested by September 15, 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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