IFRS news - March 2018
This issue discusses IFRS transition requirements, presentation of interest revenue for certain financial instruments, 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
IASB revises the Conceptual Framework
The IASB has revised its Conceptual Framework. This will not result in any immediate change to IFRS, but the Board and Interpretations Committee will use the revised Framework in setting future standards.
IFRS and US GAAP: similarities and differences (fully updated November 2017)
Our guide provides an understanding of the differences between IFRS and US GAAP, as well as insight into future changes.
The importance of being financially bilingual
Don't let financial reporting differences affect perspectives on cross-border deal value.
IFRS adoption by country
This PwC publication includes a map and summarizes which countries have adopted IFRS.
Select news releases
IFRS for SMEs Update - March 2018
This Update includes: IFRS for SMEs Standard translations—status report, update on IFRS for SMEs Standard modules, and more.
IASB issues revised Conceptual Framework for financial reporting
The Conceptual Framework sets out the fundamental concepts of financial reporting that guide the Board in developing IFRS Standards
IASB seeks comments on proposed amendments to IAS 8
IAS 8 sets out the criteria for selecting and changing accounting policies. Companies change accounting policy either as a result of new requirements in IFRS Standards or when the change would provide better information for users of financial statements.
IASB issues updated work plan
The work plan is updated as of Mar. 23, 2018 and sets out the Board's technical projects highlighting the next milestone. Such projects include Dynamic Risk Management, Rate-regulated Activities and more.
IFRS Foundation publishes IFRS Taxonomy 2018
The IFRS Foundation has published the IFRS Taxonomy Update—Annual Improvements and the IFRS Taxonomy Update—Prepayments Features with Negative Compensation (Amendments to IFRS 9). The IFRS Taxonomy 2018 incorporates the changes resulting from these two updates.
IASB issues updated work plan
The work plan is updated as of Feb. 23, 2018 and sets out the Board's technical projects highlighting the next milestone. Such projects include research, standard-setting and maintenance. They also include revisions to the IFRS Taxonomy.
IASB issues narrow-scope amendments to pension accounting
Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) specifies how companies determine pension expenses when changes to a defined benefit pension plan occur.
IASB issues updated work plan
The work plan sets out the Board's technical projects highlighting the next milestone. Such projects include research, standard-setting and maintenance. They also include revisions to the IFRS Taxonomy.
IASB outlines transition to the new IFRS Standard for insurance contracts
IASB Board member Amaro Gomes outlines the materials and other support available to national standard-setters and regulators planning for implementation of IFRS 17, Insurance Contracts.
IFRS Standards and their impact on financial stability and long-term investments
The IASB issued two presentations on the impact of Standards on long-term investments and financial stability.
January 2018 IFRIC Update published
The IFRS Interpretations Committee discussed: IAS 28 and in progress committee work at their January 16 meeting.
IASB issues IFRS Taxonomy Update for IFRS 17, Insurance Contracts
The IFRS Taxonomy Update includes IFRS Taxonomy elements to reflect the new presentation and disclosure requirements issued by the Board in May 2017.
IFRS 9 and IFRS 15 are now effective
IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 15 replaces two Standards, IAS 18 Revenue and IAS 11 Construction Contracts. Both were issued in 2014.
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.
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 update - Meeting minutes
IASB Update - March 2018
The Board met from Mar. 21-22, 2018 and discussed Management Commentary, Rate-regulated Activities and more.
IASB Update - February 2018
The Board met from Feb. 20-22, 2018 and discussed Primary Financial Statements, Dynamic Risk Management and more.
IASB Update - January 2018
The Board that met on Jan. 24-25, 2018 discussed Primary Financial Statements, Conceptual Framework and more topics.
Proposed rules
Conceptual Framework for Financial Reporting
The revised Conceptual Framework issued in March 2018 is effective immediately for the International Accounting Standards Board (Board) and the IFRS Interpretations Committee.
Exposure Draft: Definition of Material
The exposure draft proposes minor amendments to IAS 1 and IAS 8 to clarify the definition and improve understanding of the current requirements.
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.
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