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



Select news releases

Remarks by Ian Mackintosh at the 2014 AICPA National Conference on SEC and PCAOB Developments
IASB - 12/09/2014
IASB Vice Chairman Ian Mackintosh highlighted the necessity for a strong ongoing relationship with the FASB and the growing relevance of IFRS in a U.S. context.

Remarks by Michel Prada at the Shanghai National Accounting Institute
IASB - 11/13/2014
Michel Prada, Chairman of the IFRS Foundation Trustees, sets out the case for global accounting standards and, in particular, how the move to global standards has as much to do with sound economic policies as it does with accounting. Mr Prada also provided an update on the progress towards global accounting standards along with a few words about China and IFRS.

IFRS Foundation responds to European Commission consultation on the effects of using IFRS in the EU
IASB - 10/27/2014
The IFRS Foundation submitted a formal response the European Commission’s consultation on the impact of IFRS in the European Union. The IFRS Foundation believes that the adoption of IFRS has brought positive effects in terms of the quality, transparency and comparability of financial reporting within the Union and globally, with no less than 114 countries now mandating the use of IFRS for all or most public companies.

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PwC's IFRS news

IFRS news — November 2014

This issue of IFRS news looks at (1) an update on the Revenue Transition Resource Group’s second meeting where they tackled performance obligations and licenses, (2) insight into the European Financial Reporting Advisory Group’s new governance structure, (3) discussion of the European Securities and Markets Authority new enforcement priorities which focus on consolidation, joint arrangements and deferred tax, (4) leases, (5) conceptual framework, (6) research agenda, and (7) Q&As: what is an underlying.

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.

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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 – November 2014

The IASB met in public from November 19-20, 2014, at the IASB offices in London.

IASB Update – October 2014

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

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Proposed rules

Exposure Draft: Classification and Measurement of Share-based Payment Transactions (Proposed amendments to IFRS 2)
IASB - 11/25/2014
This exposure draft brings together a collection of three proposed amendments to IFRS 2, Share-based Payments. These proposed amendments were initially discussed by the IFRS Interpretations Committee. The proposals provide guidance on: (a) the accounting for the effects of vesting conditions on the measurement of a cash-settled share-based payment; (b) the classification of share-based payment transactions with net settlement features; and (c) the accounting for a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled.. [Comments on the proposal are requested by March 25, 2015.]

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.]

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 discussion paper on accounting for macro hedging
PwC - 10/28/2014
PwC does not support an accounting model with a scope focused on Dynamic Risk Management as explored in the IASB paper.

PwC comments on IFRS IC tentative agenda decision: IFRIC 21—Levies
PwC - 10/24/2014
PwC agrees with the Committee's decision not to take this item onto its agenda.

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