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 News - August 2016
PwC - 08/18/16
This issue of IFRS news looks at income taxes, variable payments for the separate acquisition of PPE and intangible assets, current IC rejections, and more.
IFRS news - July 2016
PwC - 07/08/16
This issue of IFRS news looks at (1) alternative performance measures - do's and dont's, (2) definition of a business - what will change, (3) interim reporting reminders, (4) IFRS 2 amendments - what will change for share-based payment accounting, (5) leases lab - impact on systems and processes, and (6) IC rejections - IAS 21.
IFRS news - June 2016
PwC - 06/07/16
This issue of IFRS news looks at (1) investor survey – impact on corporate reporting, (2) IFRS 15 and the insurance industry - an overview, (3) IFRS 9 Financial Instruments - questions and answers, (4) agenda consultation, (5) insurance and IFRS 9, (6) IFRS 2 Share-based payments, (7) conceptual framework, (8) disclosure initiative, (9) leases lab - how to implement the new guidance?, and (10) IC rejections - IAS 19.
IFRS and US GAAP: similarities and differences - 2015 edition
PwC - 09/17/15
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.
Select news releases
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.
IFRS Foundation concludes on its structure and effectiveness
IASB - 06/10/2016
The Trustees of the IFRS Foundation have outlined a range of enhancements for the organization, including steps to strengthen the relevance of IFRS Standards, support consistent application of IFRS Standards and further enhance governance and funding arrangements of the IFRS Foundation.The Trustees have also proposed amendments to the IFRS Foundation Constitution to facilitate the above changes. Comments are requested by September 15.
IFRS Foundation publishes 2015 Annual Report
IASB - 05/19/2016
The IFRS Foundation has published its Annual Report for the year ended 31 December 2015. With the theme of Focussing on the future, the Annual Report for 2015 provides an updated overview of the IFRS Foundation’s strategic objectives.
IASB confirms amendments to current Insurance Contract standard
IASB - 05/17/2016
The IASB concluded deliberations and announced it will amend IFRS 4, Insurance contracts. The amendments are intended to address issues that may arise from implementing the new financial instruments standard, IFRS 9, before implementing the new insurance contracts standard, which will replace IFRS 4. The board expects to issue the amendments to IFRS 4 in September 2016.
IFRS Foundation publishes the 2016 Pocket Guide to IFRS Standards
IASB - 05/10/2016
The 2016 edition of the Pocket Guide to IFRS® Standards: the global financial reporting language was published by the IFRS Foundation. The analysis outlined in the Pocket Guide is conducted across 143 jurisdictions representing 98 percent of global GDP. It shows that IFRS Standards are required for all or most domestic publicly accountable entities (listed companies and financial institutions) in 119 jurisdictions—83 percent of those surveyed.
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 – 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.
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.]
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.
