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 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.

IASB proposes clarifications to new revenue recognition standard
IASB - 07/30/2015
The IASB has published for public consultation an exposure draft that contains proposed clarifications to and transition reliefs for IFRS 15, Revenue from Contracts with Customers. The exposure draft proposes to clarify: (1) how to identify the performance obligations in a contract; (2) how to determine whether a party involved in a transaction is the principal (responsible for providing the goods or services) or the agent (responsible for arranging for the goods or services to be provided to the customer); and (3) how to determine whether a licence provides the customer with a right to access or a right to use the entity’s intellectual property. In addition, the IASB proposes two reliefs to aid the transition to the new revenue standard.

IASB confirms one-year deferral of effective date of revenue standard
IASB - 07/22/2015
On July 22, the IASB confirmed a one-year deferral of the effective date of the new IFRS revenue standard — IFRS 15, Revenue from Contracts with Customers — to January 1, 2018. The new IFRS and US GAAP revenue standards were issued jointly by the IASB and the FASB in May 2014. Both the IASB and the FASB have now confirmed a one-year deferral of the effective date. Companies applying IFRS continue to have the option to apply the IFRS 15 earlier if they wish to do so.

IFRS Foundation issues proposals to further enhance the structure and effectiveness of the organization
IASB - 07/07/2015
The Trustees of the IFRS Foundation, the oversight body of the IASB, published for public comment proposals to further enhance the structure and effectiveness of the organization. The IFRS Foundation’s Constitution requires the Trustees to undertake a review of the structure and effectiveness of the organization every five years. Previous reviews, published in 2005, 2010 and 2012, recommended significant enhancements to the governance, accountability and operational efficiency of the IFRS Foundation and the IASB, while a Governance Review by the IFRS Foundation Monitoring Board was completed in 2012.

IFRS Foundation issues proposed Taxonomy update for IFRS for SMEs
IASB - 06/18/2015
The IFRS Foundation published for public comment a proposed taxonomy update that incorporates the taxonomy elements for 2015 Amendments to the IFRS for SMEs. Updates to the IFRS Taxonomy contain additional taxonomy concepts that reflect new Standards and amendments to Standards issued by the IASB. They may also contain technical updates, new common practice elements, or general taxonomy improvements.

IASB proposes narrow-scope amendments for pension accounting
IASB - 06/18/2015
The IASB published for public comment proposed narrow-scope amendments to its pension accounting requirements. The proposed changes are designed to improve information to investors and address some diversity in practice. When a defined benefit plan is amended, curtailed or settled during a reporting period, the entity needs to update the assumptions about its obligation and fair value of its plan assets to calculate costs related to these changes. The proposed amendments specify that the entity is required to use the updated information to determine current service cost and net interest for the period followed by these changes. Also, the amendments address how the powers of other parties, such as the Trustees of the plan, affect an entity’s right to a refund of a surplus from the plan.

IASB completes post-implementation review of business combinations standard
IASB - 06/17/2015
The IASB announced the completion of its post-implementation review of IFRS 3, Business Combinations. It shows general support for the accounting requirements in the standard but identifies some areas where further research will be undertaken, including accounting for goodwill. The scope of the review covered the whole business combinations project, including resulting consequential amendments to other Standards, such as IAS 36, Impairment of Assets.

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PwC's IFRS news

IFRS news — July/August 2015

This issue of IFRS news looks at (1) revenue recognition: proposed amendment to IFRS 15, (2) pension accounting requirements, (3) topics discussed at the last Transition Resource Group meeting related to implementation issues associated with the new revenue standard, (4) insurance and IFRS 9, (5) IFRS implementation issues, (6) fair value measurement, (7) IFRS 3 post implementation review, (8) financial instruments with characteristics of equity, and (9) IFRS rejections in short - IAS 2.

IFRS news — June 2015

This issue of IFRS news looks at (1) IASB issues exposure draft Conceptual Framework exposure draft, (2) segment disclosures: results of IFRS 8 Post-Implementation Review project, (3) IFRS 9 Disclosures, (4) IFRS 15 clarifications, (5) disclosure initiative, (6) FICE research project, and (7) NIFRICs by numbers: IAS 1.

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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 – July 2015

The IASB met in public from July 20-23, 2015, at the IASB offices in London.

IASB Update – June 2015

The IASB met in public from June 22-25, 2015, at the IASB offices in London.

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Proposed rules

Exposure Draft: Effective Date of Amendments to IFRS 10 and IAS 28
IASB - 08/01/2015
The IASB is proposing to postpone the date when entities must change some aspects of how they account for transactions between investors and associates or joint ventures. The proposed postponement would apply to changes introduced by the IASB in 2014 through narrow-scope amendments to IFRS 10 and IAS 28. Those changes affect how an entity should determine any gain or loss it recognizes when assets are sold or contributed between the entity and an associate or joint venture in which it invests. The changes do not affect other aspects of how entities account for their investments in associates and joint ventures. [Comments on the proposal are requested by October 9, 2015.]

Exposure Draft: Clarifications to IFRS 15
IASB - 07/30/2015
This exposure draft proposes to clarify: (1) how to identify the performance obligations in a contract; (2) how to determine whether a party involved in a transaction is the principal (responsible for providing the goods or services) or the agent (responsible for arranging for the goods or services to be provided to the customer); and (3) how to determine whether a licence provides the customer with a right to access or a right to use the entity’s intellectual property. In addition, the IASB proposes two reliefs to aid the transition to the new revenue standard. [Comments on the proposal are requested by October 28, 2015.]

Exposure Draft: Remeasurement on a Plan Amendment, Curtailment or Settlement/Availability of a Refund from a Defined Benefit Plan (Proposed amendments to IAS 19 and IFRIC 14) 
IASB - 06/18/2015
This exposure draft contains proposed narrow-scope amendments to the IASB's pension accounting requirements. The proposed changes are designed to improve information to investors and address some diversity in practice. [Comments on the proposal are requested by October 19, 2015.]

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PwC comment letters

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.

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