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


PwC resources

IFRS and US GAAP: similarities and differences - 2016 edition
PwC - 11/18/16
This PwC publication provides a broad understanding of the major differences between IFRS and US GAAP, as well as insight into the level of change on the horizon.

IFRS news - November 2016
PwC - 11/07/2016
This issue of IFRS news looks at common pitfalls of the impairment VIU mode, predetermined use contracts, and more.

IFRS news - September/October 2016
PwC - 10/10/2016
This issue of IFRS news looks at the upcoming insurance standard, financial instrument impairment, leases denominated in a foreign currency, and more.

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Select news releases

ESMA and IFRS Foundation Sign Updated Statement of Protocols
IASB - 10/14/2016
The European Securities and Markets Authority (ESMA) and the IFRS Foundation announced and updated set of protocols under which the two organisations will deepen their cooperation on the development of IFRS Standards and support for their consistent application across the European Union.

IASB issues amendments to insurance contracts standard
IASB - 09/12/2016
The IASB issued amendments to its existing insurance contracts Standard, IFRS 4. The amendments address concerns arising from implementing the new financial instruments Standard, IFRS 9, before implementing the replacement Standard that the Board is developing for IFRS 4. These concerns include temporary volatility in reported results. The amendments introduce two approaches: an overlay approach and a deferral approach.  

IASB proposes narrow-scope amendments to IFRS 3 and IFRS 11
IASB - 06/28/2016
The IASB published for public consultation proposed amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements. It clarifies both the definition of a business and how to account for previously held interests. 

IASB issues narrow-scope amendments to IFRS 2 Share-based Payment
IASB - 06/20/16
The IASB issued amendments to IFRS 2 Share-based Payment, clarifying how to account for certain types of share-based payment transactions. Companies are required to apply the amendments for annual periods beginning on or after 1 January 2018. Earlier adoption is permitted.

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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 - October 2016
The IASB met in public from October 18 and 19, 2016 at the IFRS Foundation's offices in London, UK.

IASB Update  September 2016
The IASB met in public from September 20 and 22, 2016 at the IFRS Foundation's offices in London, UK.

IASB Update – July 2016
The IASB met in public from July 18 and 19, 2016, at the IASB offices in London.

IASB Update – June 2016
The IASB met in public from June 20 and 22, 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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