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


Select news releases

IASB issues amendments to the Revenue Standard
IASB - 04/12/2016
The IASB has issued amendments to the Revenue Standard, IFRS 15 Revenue from Contracts with Customers, clarifying some requirements and providing additional transitional relief for companies that are implementing the new Standard. 

IASB issues amendments to IAS 7 on statements of cash flows
IASB - 01/29/2016 
The IASB published amendments to IAS 7, Statement of Cash Flows, that will require entities to provide disclosures that enable investors to evaluate changes in liabilities arising from financing activities, including both cash and non-cash changes. The amendments form part of the Board’s Disclosure Initiative—a portfolio of projects that are targeted at improving the effectiveness of disclosures in financial reports. 

IASB issues narrow-scope amendments to IAS 12, Income Taxes
IASB - 01/19/2016
The IASB issued amendments to IAS 12, Income Taxes, intended to clarify how to account for deferred tax assets related to debt instruments measured at fair value. IAS 12 provides requirements on the recognition and measurement of current or deferred tax liabilities or assets. The amendments clarify the requirements on recognition of deferred tax assets for unrealized losses to address diversity in practice.  

IASB issues new lease accounting standard
IASB - 01/13/2016
The IASB published IFRS 16, Leases, which replaces the current guidance in IAS 17. The new standard requires far-reaching changes in accounting by lessees in particular. The new IFRS guidance and the soon-to-be published guidance under US GAAP are not expected to be fully converged.

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PwC's IFRS news

IFRS news - April 2016
PwC - 04/06/16
This issue of IFRS news looks at (1) key considerations for impairment of tests - cash flows and discount rate, (2) current IC rejections - various topics, (3) leases lab - how to implement new guidance, (4) applying IFRS 9 with IFRS 4, (5) definition of a business, (6) goodwill and impairment, (7) agenda consultation, and (8) IC rejections - IAS 17.

IFRS news - March 2016
PwC - 03/28/16

This issue of IFRS news looks at (1) alternative performance measures - an analysis of the current status, (2) more guidance for banks - IFRS 9 impairment, (3) IAS 7 amendment - how to implement new guidance, (4) insurance contracts, (5) goodwill and impairment, (6) interests in associates and joint ventures, (7) non-current liabilities, (8) FICE, (9) IC rejections - IAS 16, and (10) the PwC leases library.

IFRS news - February 2016
PwC - 02/08/16
This issue of IFRS news looks at (1) IFRS 16 Leases: a glance at the new standard, (2) Narrow-scope amendments to IAS 12, Recognition of deferred tax assets on unrealised losses, (3) Current IC rejections, (4) Various topics, (5) P*Q crashes, (6) Insurance contracts, (7) Revenue from contracts with customers, (8) Measurement of interests in associates and joint ventures, and (9) IC rejections - IAS 12.

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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 – April 2016
The IASB met in public from April 19-21, 2016, at the IASB offices in London.

IASB Update – March 2016
The IASB met in public from March 15-16, 2016, at the IASB offices in London.

IASB Update – February 2016
The IASB met in public from February 16-17, 2016, at the IASB offices in London.

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Proposed rules

Exposure Draft: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
Exposure Draft: IASB - 12/10/2015
This exposure draft is intended to amend the existing insurance contracts standard – IFRS 4, Insurance Contracts – to address the temporary consequences of the different effective dates of IFRS 9, Financial Instruments, and the new insurance contracts standard. [Comments are due by February 8, 2016.]

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PwC comment letters

PwC comments on proposed revisions to the IASB's conceptual framework
PwC - 11/25/2015
Overall, the PwC network supports the IASB’s efforts to revise the conceptual framework and believes the proposals in the ED will improve the current framework. While we generally support the proposed changes to the framework, we also suggest the IASB make certain clarifications, which we describe in our comment letter. In addition, we view the framework as being evolutionary, and thus, we agree with the IASB’s approach of updating, improving, and filling in gaps without fundamentally reconsidering all aspects of the framework.

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