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 publishes proposals to clarify the classification of liabilities
IASB - 02/08/2015
The IASB published an exposure draft of proposed amendments to IAS 1, Presentation of Financial Statements, to clarify how entities classify debt, particularly when it is coming up for renewal. The proposed amendments are designed to improve presentation in financial statements by clarifying the criteria for the classification of a liability as either current or non-current.

IASB makes progress on improving the effectiveness of disclosure in financial reporting
IASB - 12/18/2014
The IASB published amendments to IAS 1, Presentation of Financial Statements, as part of its major initiative to improve presentation and disclosure in financial reports. The amendments are designed to further encourage companies to apply professional judgement in determining what information to disclose in their financial statements.

IASB publish narrow-scope amendments to investment entity requirements
IASB - 12/18/2014
The IASB published narrow-scope amendments to IFRS 10, IFRS 12, and IAS 28 to introduce clarifications to the requirements when accounting for investment entities. The amendments also provide relief in particular circumstances, which will reduce the costs of applying the Standards.

Remarks by Ian Mackintosh at the 2014 AICPA National Conference on SEC and PCAOB Developments
IASB - 12/09/2014
IASB Vice Chairman Ian Mackintosh highlighted the necessity for a strong ongoing relationship with the FASB and the growing relevance of IFRS in a U.S. context.

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PwC's IFRS news

IFRS news — February 2015

This issue of IFRS news looks at (1) financial volatility, (2) Revenue Transition Resource Group - January meeting, (3) IFRS in the EU, (4) disclosure initiative, (5) employee benefits, and (6) Q&As: written options.

IFRS news — December 2014/January 2015

This issue of IFRS news looks at (1) IASB tentative agenda rejections on joint arrangements, (2) new revenue standard, (3) top ten reminders for 2014 year-end reporting, (4) Investment entities: Amendments to IFRS 10 and IAS 28, (5) IAS 1 narrow scope amendments, (6) IFRS 2 proposed amendments, (7) IAS 7 proposed amendments, and (8) Q&As: vesting conditions.

IFRS news — November 2014

This issue of IFRS news looks at (1) an update on the Revenue Transition Resource Group’s second meeting where they tackled performance obligations and licenses, (2) insight into the European Financial Reporting Advisory Group’s new governance structure, (3) discussion of the European Securities and Markets Authority new enforcement priorities which focus on consolidation, joint arrangements and deferred tax, (4) leases, (5) conceptual framework, (6) research agenda, and (7) Q&As: what is an underlying.

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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 – January 2015

The IASB met in public from January 20-22, 2015, at the IASB offices in London.

IASB Update – December 2014

The IASB met in public from December 16, 2014, at the IASB offices in London.

IASB Update – November 2014

The IASB met in public from November 19-20, 2014, at the IASB offices in London.

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Proposed rules

Exposure Draft: Classification of Liabilities (Proposed Amendments to IAS 1)
IASB - 02/10/2015
The IASB published this exposure draft of proposed amendments to IAS 1, Presentation of Financial Statements, to clarify the criteria for the classification of a liability as either current or non-current. [Comments on the proposal are requested by June 10, 2015.]

Proposed Interim Release 3 to the IFRS Taxonomy 2014
IASB - 12/19/2014
The IFRS Foundation published for public comment Proposed Interim Release 3 to the IFRS Taxonomy 2014. The interim release incorporates IFRS Taxonomy elements for (1) IFRS 9, Financial Instruments, published by the IASB in July 2014; and (2) Narrow-scope amendments to IFRS and the IFRS Taxonomy. [Comments on the proposal are requested by February 17, 2015.]

Exposure Draft: Disclosure Initiative (Proposed amendments to IAS 7)
IASB - 12/18/2014
As part of the Disclosure Initiative, the IASB published for public comment an exposure draft of proposed amendments to IAS 7, Statement of Cash Flows.The proposal responds to requests from investors for improved disclosures about an entity’s financing activities and its cash and cash equivalents balances. The proposal also includes proposed changes to the IFRS Taxonomy to reflect the effect of the proposed amendments to IAS 7. [Comments on the proposal are requested by April 17, 2015.]

Exposure Draft: Classification and Measurement of Share-based Payment Transactions (Proposed amendments to IFRS 2)
IASB - 11/25/2014
This exposure draft brings together a collection of three proposed amendments to IFRS 2, Share-based Payments. These proposed amendments were initially discussed by the IFRS Interpretations Committee. The proposals provide guidance on: (a) the accounting for the effects of vesting conditions on the measurement of a cash-settled share-based payment; (b) the classification of share-based payment transactions with net settlement features; and (c) the accounting for a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. [Comments on the proposal are requested by March 25, 2015.]

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PwC comment letters

PwC comments on proposals for measuring certain quoted investments at fair value
PwC - 02/03/2015
PwC agrees that the unit of account should be the investment as a whole rather than the individual financial instruments included within the investment. However, we do not agree with the proposed fair value measurement.

PwC comments on the IASB's discussion paper on rate regulation
PwC - 01/21/2015
PwC supports the IASB's going forward with a project on reporting the financial effects of rate regulation.

PwC comments on the IASB deferred tax assets for unrealized losses proposal
PwC - 01/21/2015
PwC is concerned that the proposed amendments are too detailed and introduce new complexity to a straightforward issue.

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