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 proposed amendments to IAS 12, Income Taxes
IASB - 08/20/2014
The IASB published an exposure draft titled Recognition of Deferred Tax Assets for Unrealised Losses, which 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.

IASB publishes narrow-scope amendments to IAS 27, Separate Financial Statements
IASB - 08/12/2014
The IASB published narrow-scope amendments to IAS 27 to will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. The amendments will help some jurisdictions move to IFRS for separate financial statements, reducing compliance.

IASB completes reform of financial instruments accounting
IASB - 07/24/2014
The IASB completed the final element of its comprehensive response to the financial crisis by issuing IFRS 9, Financial Instruments. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and a substantially-reformed approach to hedge accounting. The new Standard will come into effect on January 1, 2018, with early application permitted.

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.

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PwC's IFRS news

IFRS news — July/August 2014

This issue of IFRS news looks at (1) IFRS 9 - the IASB's new standard on financial instruments, (2) Revenue Transition Resource Group (TRG) starts discussion on IFRS 15, (3) ESMA reports on accounting for business combinations under IFRS 3, (4) IAS 41 and IAS 16 amendments on bearer plants, (5) EU endorses IFRIC 21, (6) leasing redeliberations, (7) disclosure initiative, (8) conceptual framework discussions, and (9) Q&As: related parties.

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.

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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 2014

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

IASB Update – June 2014

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

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Proposed rules

Proposed Interim Release 2 to the IFRS Taxonomy 2014 
IASB - 08/22/2014
Proposed Interim Release 2 to the IFRS Taxonomy 2014 incorporates the IFRS Taxonomy elements for (1) IFRS 15, Revenue from Contracts with Customers, and (2) common practice (transport and pharmaceuticals). IFRS Taxonomy interim releases contain additional taxonomy concepts that reflect new Standards and improvements to Standards issued by the IASB. They may also contain technical updates, new common practice elements or general taxonomy improvements. [Comments on the proposal are requested by October 20, 2014.]

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.]

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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