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).
IASB issues interim Standard on rate-regulated activities
IASB - 01/30/2014
The IASB issued an interim Standard — IFRS 14, Regulatory Deferral Accounts. The aim of this interim Standard is to enhance the comparability of financial reporting by entities that are engaged in rate-regulated activities. Many countries have industry sectors that are subject to rate regulation, whereby governments regulate the supply and pricing of particular types of activity by private entities. This can include utilities such as gas, electricity and water. Rate regulation can have a significant impact on the timing and amount of an entity's revenue.
IASB begins public consultation on Post-implementation Review of IFRS 3
IASB - 01/30/2014
The IASB began the public consultation stage of its review of IFRS 3, Business Combinations, by publishing a Request for Information on experience with, and the effect of, implementing the Standard. The Request for Information seeks feedback on whether the Standard provides information that is useful to users of financial statements, whether there are areas of the Standard that represent implementation challenges and whether unexpected costs have arisen when preparing, auditing or enforcing the requirements of the Standard.
IFRS Foundation seeks comments on proposed IFRS Taxonomy 2013 interim releases
IASB - 01/15/2014
he IFRS Foundation, the oversight body of the IASB, published for public comment the Proposed Interim Release Package 2 on the IFRS Taxonomy 2013. IFRS Taxonomy interim releases contain additional taxonomy concepts that reflect new IFRSs and improvements to IFRSs published by the IASB, thereby allowing entities wishing to report electronically using the latest IFRSs to do so without the need for these entities to create their own taxonomy concepts.
IASB concludes 2010–2012 and 2011–2013 Annual Improvements Cycles
IASB - 12/12/2013
The IASB has issued Annual Improvements to IFRSs 2010–2012 Cycle and Annual Improvements to IFRSs 2011–2013 Cycle. The IASB uses the Annual Improvements process to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of any other project.
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.
IFRS news — December 2013/January 2014
This issue of IFRS news looks at (1) IFRS 9 hedging project, (2) revised pension changes, (3) 10 Key reminders for 2013 year-ends, (4) IAS 27 narrow scope amendments, (5) ESMA enforcement decisions, (6) IIRC integrated reporting framework, (7) IFRS 9 deliberations, (8) annual improvements, and (9) know your IFRS 'ABC': 'L' is for Loans.
The IASB Update is a staff summary of the tentative decisions reached by the IASB in its public meetings.
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.
IASB Update – December 2013
The IASB met in public from December 12, 2013, at the IASB offices in London.
Exposure Draft: Annual Improvements to IFRSs 2012-2014 Cycle
IASB - 12/2/2013
The IASB published for public comment an exposure draft of proposed amendments to four IFRSs under its 2012-2014 annual improvements project. The project provides a streamlined process for dealing efficiently with a collection of narrow scope amendments to IFRSs. The propossed amendments reflect issues discussed by the IASB in the project cycle that began in 2012. [Comments on the proposal are requested by March 13, 2014.]
Exposure Draft: IFRS for SMEs: Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entities
IASB - 10/3/2013
The IASB has published for public comment an exposure draft of proposed amendments to the IFRS for SMEs. Most of the proposed amendments clarify existing requirements or add supporting guidance, rather than propose changes to the underlying requirements in the IFRS for SMEs. Consequently, for most SMEs, the proposals are expected to improve understanding of the existing requirements, without having a significant effect on the entity's financial reporting practices and financial statements. [Comments on the proposal are requested by March 3, 2014.]
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.