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 publishes discussion paper on accounting for macro hedging
IASB - 04/17/2014
The IASB published for public comment a discussion paper (DP) titled Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging that explores an approach to better reflect entities' dynamic risk management activities in their financial statements, otherwise known as macro hedging. The DP addresses the accounting for dynamic risk management strategies on open portfolios (that is, portfolios that change over time). Dynamic risk management is a continuous process that involves identifying, analyzing and deciding on whether, and how, to mitigate a risk.

IASB publishes proposals as part of Disclosure Initiative
IASB - 03/25/2014
The IASB published for public comment an Exposure Draft outlining proposed amendments to IAS 1, Presentation of Financial Statements. The proposal results from one of several short-term projects under the IASB’s Disclosure Initiative. The Exposure Draft proposes narrow-focus clarifying amendments to IAS 1 to address some of the concerns expressed about existing presentation and disclosure requirements and to ensure entities are able to use judgement when preparing their financial statements.

IFRS Foundation and IVSC coordinate on fair value
IASB - 03/06/2014
The IFRS Foundation and the International Valuation Standards Council (IVSC) announced a joint statement of protocols for cooperation on International Financial Reporting Standards (IFRS) and International Valuation Standards (IVS). Both the IVSC and the IFRS Foundation have a shared interest in the consistent measurement of fair value for financial reporting. Certain Standards issued by the IASB use fair value as a measurement basis. The IVSC has standards and guidance on fair value and other valuation measurement and facilitates collaboration and cooperation among its member organizations to help ensure consistent application.

IFRS Foundation publishes 2014 IFRS Taxonomy
IASB - 03/05/2014
The IFRS Foundation has published the IFRS Taxonomy 2014. The IFRS Taxonomy is a translation of International Financial Reporting Standards (IFRSs) into eXtensible Business Reporting Language (XBRL). The 2014 taxonomy contains XBRL tags for all IFRS disclosure requirements and is consistent with Standards as issued by the IASB at January 1, 2014, including Standards published but not yet effective at that date.

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PwC's IFRS news

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. .

IFRS news — March 2014

This issue of IFRS news looks at (1) financial performance: change on the horizon, (2) IFRS 3 – relevance versus complexity, (3) non-viability instruments, (4) insurance project, (5) IFRS 9 effective date, (6) new revenue standard delayed, (7) IFRS workplan, (8) IC stops debate on ‘higher of’ plans, and (9) Q&As: non-controlling interests.

IFRS news — February 2014

This issue of IFRS news looks at (1) needs of capital providers: EFRAG and ICAS report, (2) IFRIC 21 - just ‘levies’ or much more?, (3) how should business models affect accounting?, (4) interim standard on regulatory deferral accounts, (5) IFRS 9 redeliberations, (6) IFRS 3 post implementation review, (7) lease redeliberations, (8) IAS 1 narrow scope amendments, and (9) Q&As: money market funds.

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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 – March 2014

The IASB met in public from March 13-21, 2014, at the IASB offices in London.

IASB Update – February 2014

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

IASB Update – January 2014

The IASB met in public from January 21-23, 2014, at the IASB offices in London.

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Proposed rules

Exposure Draft: Disclosure Initiative (Proposed amendments to IAS 1)
IASB - 03/25/2014
The IASB published for public comment an Exposure Draft outlining proposed amendments to IAS 1, Presentation of Financial Statements. The proposal results from one of several short-term projects under the IASB’s Disclosure Initiative. The Exposure Draft proposes narrow-focus clarifying amendments to IAS 1 to address some of the concerns expressed about existing presentation and disclosure requirements and to ensure entities are able to use judgement when preparing their financial statements. [Comments on the proposal are requested by July 23, 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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