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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IFRS Foundation publishes 2014 Annual Report
IASB - 05/05/2015
The IFRS Foundation, the governing body of the IASB, has published its 2014 Annual Report. The annual report incorporates the Foundation’s newly developed mission statement and, among other things, it sets out the organization’s strategic priorities for 2015-2017 and highlights the Foundation’s standard-setting activities, including its efforts to promote a single set of global accounting standards.

IASB votes to defer the effective date of the new revenue Standard
IASB - 04/28/2015
On April 28, the IASB voted to publish an exposure draft proposing a one-year deferral of the effective date of the revenue Standard to January 1, 2018. The new revenue Standard - IFRS 15, Revenue from Contracts with Customers - was issued jointly by the IASB and FASB in May 2014 with an effective date of January 1, 2017. The IASB will consult on the proposed deferral of the effective date by one year before it is confirmed, as is required by its due process. Early application of the Standard would still be permitted.

IFRS foundation and IASB issue new mission statement
IASB - 04/16/2015
IASB Chairman Hans Hoogervorst presented the IFRS Foundation’s and the IASB’s newly developed mission statement and provided an update on the progress of IFRS adoption around the world. Their mission is to: (1) develop IFRS that brings transparency, accountability and efficiency to financial markets around the world and (2) have their work serve the public interest by fostering trust, growth and long-term financial stability within the global economy.

IASB summarizes practical implications of new leases standard
IASB - 03/16/2015
The IASB has issued a project update that describes the IASB’s lessee accounting model and compares it to the FASB’s model, highlighting the similarities and differences between them. In response to requests from stakeholders, it also provides an overview of some of the possible effects of the forthcoming changes to lessee accounting, and of the work that the IASB has undertaken to assess those effects.

IFRS Foundation publishes 'IFRS Taxonomy 2015'
IASB - 03/11/2015
The IFRS Foundation published the IFRS Taxonomy 2015. The IFRS Taxonomy is the eXtensible Business Reporting Language (XBRL) representation of the IFRSs, including International Accounting Standards (IASs), Interpretations, and the IFRS for SMEs (Small and Medium-sized Entities), as issued by the IASB. The IFRS Taxonomy 2015 incorporates Interim Release 1, Interim Release 2, and Interim Release 3.

IASB publishes proposals to clarify the classification of liabilities
IASB - 02/08/2015
The IASB published an exposure draft of proposed amendments to IAS 1, Presentation of Financial Statements, to clarify how entities classify debt, particularly when it is coming up for renewal. The proposed amendments are designed to improve presentation in financial statements by clarifying the criteria for the classification of a liability as either current or non-current.

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PwC's IFRS news

IFRS news — April 2015

This issue of IFRS news looks at (1) revenue recognition: proposed clarifications and expedients; FASB deferral, (2) IASB approves new leasing standard for ballot, (3) IFRS 15 implementation issues, (4) IC discussion of IFRS 11, (6) disclosure initiative, (6) conceptual framework, and (7) Q&As: yields.

IFRS news — March 2015

This issue of IFRS news looks at (1) new revenue standard - convergence under pressure, (2) investor view - accounting policies, (3) ED on IAS 1 amendment, (4) leasing project, (5) rate regulated activities, and (6) Q&As: exiting a business.

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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 2015

The IASB met in public from March 17-19, 2015, at the IASB offices in London.

IASB Update – February 2015

The IASB met in public from February 18-20, 2015, at the IASB offices in London.

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Proposed rules

Exposure Draft: Classification of Liabilities (Proposed Amendments to IAS 1)
IASB - 02/10/2015
The IASB published this exposure draft of proposed amendments to IAS 1, Presentation of Financial Statements, to clarify the criteria for the classification of a liability as either current or non-current. [Comments on the proposal are requested by June 10, 2015.]

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PwC comment letters

PwC comments on the IASB's proposed amendment to IAS 7 under disclosure initiative
PwC - 04/28/2015
In our comment letter, we share suggestions on these areas: (1) information provided about an entity’s financing activities, excluding equity items, (2) disclosures that help users to understand the liquidity of an entity, and (3) IFRS Taxonomy. Additionally, our letter includes our answers to the specific questions raised by the IASB in the exposure draft.

PwC comments on IASB's proposed amendments to share-based payment standard
PwC - 04/14/2015
PwC does not support the proposed exception to the principles in IFRS 2 for transactions in which the entity settles an award by withholding a specified portion of the equity instruments to meet a statutory tax withholding obligation and remitting cash to the taxing authority on the recipient’s behalf. We do, however, support the proposed clarification of the guidance for the measurement of cash-settled share based payments and the accounting for modifications that change the classification of a share based payment award from cash-settled to equity-settled. Furthermore, we believe that any amendment to IFRS 2 should be applied retrospectively. Our letter also includes detailed responses to the specific questions in the exposure draft.

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