IFRS news - June 2017
This issue of IFRS news looks at the main elements of IFRS 17, Accounting for lessors, goodwill and impairment, and more.
International Accounting Standards Board (IASB)
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.
Website: www.iasb.org
PwC resources
IFRS news - May 2017
This issue of IFRS news looks at determining lease terms, the definition of a business exposure draft, intra-group loans, and more.
IFRS news - April 2017
This issue of IFRS news looks at demystifying IFRS 9 for corporates, conceptual framework for financial reporting, uncertainty in income taxes, and more.
IFRS news - March 2017
This issue of IFRS news looks at cracking the cryptocurrency code, navigating the maze of IFRS 15 transition, demystifying IFRS 9 and more.
IFRS news - February 2017
This issue of IFRS news looks at accepting IFRS 17, IFRS 15 Mole - accounting for free gifts, substitution rights and more.
Select news releases
IASB publishes updated work plan
The work plan is up to date as of July 21, 2017.
IFRS for SMEs - June 2017
The IFRS for SMEs Update is a quarterly staff summary of news, events and other information about the IFRS for SMEs Standard and related SME activities.
IASB proposes amendments to IAS 16
The proposed amendments will reduce the diversity in the application of the Standard. Comments are due Oct. 19, 2017.
IASB issues IFRIC interpretation on income taxes
The Board issued IFRIC 23 to specify how to reflect uncertainty in accounting for income taxes.
IASB begins second phase of IFRS 13 review with call for information
This request is part of the Board’s Post-implementation Review (PIR) of IFRS 13 Fair Value Measurement. Comments are due Sept. 22, 2017.
IASB finalizes fundamental overhaul of insurance accounting
IFRS 17 replaces IFRS 4, which was brought in as an interim Standard in 2004.
IFRIC Update - May 2017
The IFRIC Update is a summary of the decisions reached by the IFRS Interpretations Committee during its May 3, 2017 meeting.
IFRS Foundation publishes 2017 edition of Pocket Guide to IFRS Standards
The Guide shows continuing progress towards further enhancing the quality of IFRS Standards and increasing adoption around the world
IASB issues updated work plan
The work plan is up to date as of April 28, 2017.
IFRS foundation publishes 2016 annual report
The IFRS Foundation Annual Report 2016 provides an overview of the IFRS Foundation’s activities during the year.
IASB issues discussion paper outlining steps to improve financial statement disclosures
The International Accounting Standards Board (the Board) has today published a Discussion Paper that suggests principles to make disclosures in financial statements more effective.
Exposure Draft: Proposed improvements to IFRS 8, Operating Segments
The Board published proposed improvements to the IFRS 8, Operating Segments. [Comments due July 31, 2017.]
IFRS Foundation Publishes the IFRS Taxonomy 2017
The IFRS Taxonomy 2017 reflects Standards issued at 1 January 2017, including those published but not yet effective at that date.
Accounting for Non-GAAP Earnings Measures
International Accounting Standards Board Member Gary Kabureck discusses non-GAAP accounting and the Board’s Primary Financial Statements project.
Leases one year on putting IFRS 16 into practice
Four IASB Members discuss messages they have heard from stakeholders about IFRS 16 implementation over the last year and offer advice to companies implementing the new Standard.
IASB Seeks Comment on Proposed Amendments to Three Standards as Part of its Annual Improvements Process
The International Accounting Standards Board (the Board) has published proposed amendments to three Standards for public consultation as part of its annual improvements process.
IFRS publishes recap of IFRS 9 and IFRS 15
The IFRS posted a recap of the new IFRS® Standards on revenue and financial instruments (which companies have to start applying in 2018) and the educational materials available to help with the implementation.
IASB issues minor changes to IFRS Standards
The International Accounting Standards Board (The Board) has issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards.
IASB publishes its five-year work plan
The International Accounting Standards Board (the Board), which sets IFRS Standards required in more than 120 countries, has published the conclusions from its recent Agenda Consultation and its five-year work plan.
ESMA and IFRS Foundation Sign Updated Statement of Protocols
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
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 update - Meeting minutes
IASB Update - July 2017
The Board met July 18-19, 2017 at the IFRS Foundation's offices in London, UK.
IASB Update - June 2017
The Board met on June 21-22, 2017 at the IFRS Foundation's offices in London, UK.
IASB Update - May 2017
The Board met on May 16 and 17, 2017 at their offices in London, UK.
IASB Update - April 2017
This issue of IASB Update summarizes the meeting of the Board on April 24, 2017.
IASB Update - March 2017
This issue of IASB Update summarizes the meeting on March 21-22, 2017 of the International Accounting Standards Board.
IASB Update - February 2017
This issue of IASB Update summarizes the meeting of the IASB's meeting on February 22-23, 2017 at the IFRS Foundation's offices in London, UK.
IASB Update January 2017
This issue of IASB Update summarizes the meeting of the IASB's meeting on Wednesday, January 18, 2017 at the IFRS Foundation's offices in London, UK.
IASB Update December 2016
The IASB met on December 13 and 14, 2016 at the IFRS Foundation's offices in London, UK.
IASB Update November 2016
The IASB met on November 14 to 16, 2016 at the IFRS Foundation's offices in London, UK.
IASB Update October 2016
The IASB met in public from October 18 and 19, 2016 at the IFRS Foundation's offices in London, UK.
Proposed rules
Proposed amendments to IAS 16, Property, Plant and Equipment
The proposed amendments would prohibit deducting sales proceeds from the cost of an item of property, plant and equipment while that asset is in use. Instead, the company would recognise those sales proceeds and related costs in profit or loss. [Comments due Oct. 19, 2017.]
IASB proposes amendments to IFRS 9 to aid implementation
The amendments respond to comments received by the IFRS Interpretations Committee and are intended to improve the usefulness of information about these financial assets that the new Standard requires.
Exposure Draft: Annual Improvements to IFRS Standards 2015-2017 Cycle
The International Accounting Standards Board (the Board) has published this Exposure Draft of proposed amendments to IFRS® Standards as part of its Annual Improvements process. [Comments are due April 12, 2017.]
PwC comment letters
PwC comments on proposed revisions to the IASB's conceptual framework
PwC generally supports the revisions to the IASB's conceptual framework, but suggests some clarifications.
PwC Comments on IFRS IC tentative agenda decision: IFRIC 21 - Levies
PwC agrees with the Committee's decision not to take this item onto its agenda.
Beth Paul
Pat Durbin
David Schmid
