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 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.

IASB proposes enhancements to the conceptual framework for financial reporting
IASB - 05/28/2015
The IASB has published for public consultation proposals to improve the Conceptual Framework for Financial Reporting. The Conceptual Framework underpins International Financial Reporting Standards (IFRS) and helps the IASB to develop standards that bring transparency, accountability and efficiency to financial markets around the world. Among the proposed improvements are (1) a new chapter on measurement basis (i.e., historical cost and current value, including fair value), (2) added guidance on when income and expenses could be reported outside the statement of profit or loss, in ‘Other Comprehensive Income (OCI)’, and (3) refined definitions of assets, liabilities, equity, income and expenses.

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.

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PwC's IFRS news

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.

IFRS news — May 2015

This issue of IFRS news looks at (1) IASB propose to defer effective date of IFRS 15, (2) IASB research project gains steam, (3) Disclosure initiative, (4) Annual improvements, (5) Fair value of quoted instruments, and (4) Q&As: ‘Z’ is Zoos and IAS 41.

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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 – June 2015

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

IASB Update – May 2015

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

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Proposed rules

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.]

Exposure Draft: Conceptual Framework for Financial Reporting
IASB - 05/28/2015
This exposure draft aims to improve financial reporting by providing a more complete, clearer and updated set of concepts that can be used by: (a) the IASB when it develops International Financial Reporting Standards (IFRS); and (b) others to help them understand and apply those Standards. [Comments on the proposal are requested by October 26, 2015.]

Exposure Draft: Updating References to the Conceptual Framework
IASB - 05/28/2015
This exposure draft aims to provide transition to the revised Conceptual Framework proposed in the Conceptual Framework Exposure Draft. To achieve that, the Updating References Exposure Draft proposes to update, in existing Standards, references to, and quotes from, the existing version of the Conceptual Framework or the version that was replaced in 2010 so that they refer to the revised Conceptual Framework. [Comments on the proposal are requested by October 26, 2015.]

Exposure Draft: Revenue from Contracts with Customers (Proposed Amendments to IFRS 15)
IASB - 05/19/2015
The IASB is proposing to change the effective date of IFRS 15. Accordingly, entities would be required to apply IFRS 15 for annual reporting periods beginning on or after January 1, 2018. Earlier application of IFRS 15 would continue to be permitted. [Comments on the proposal are requested by July 3, 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.

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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