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Guidance on expected credit loss disclosures
The Enhanced Disclosure Task Force (EDTF) has published a
report reviewing the kind of information that users would find useful in
analysing expected credit loss provisions that will be required by IFRS 9 Financial Instruments and the new..
Online Published Date:
10 December 2015
Appeared in issue:
18.10 - 10 December 2015
Reactions to draft Interpretations
The European body has issued proposed comments on two draft Interpretations . It welcomes the clarification of the treatment of foreign currency receipts in advance but has doubts about the proposed treatment of uncertain tax positions.
The..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Joint initiative with China
The Chinese Ministry of Finance and the IFRS Trustees have
announced an initiative to widen the use of IFRS in China. In a joint statement
the two organisations noted that Chinese Accounting Standards were now
substantially converged with IFRS,..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Should anything be done about discount rates?
The last standard-setting session of 2015 was fairly short
and involved the IASB asking itself whether there was a problem about the way
IFRS frame the use discount rates. It also came to the conclusion that its
proposed amendments to IFRS 15..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
FASB to mandate disclosure of government assistance
The FASB has exposed a draft requirement that would oblige
companies receiving any form of government assistance to disclose this. The
proposal does not prescribe any recognition and measurement rules, but does say
that the entity must explain how..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Revisions to role of Private Company Council
The interaction between the FASB and the Private Company
Council (PCC) is to be enhanced with the development of work related to the
FASB’s standard-setting programme. The PCC will continue to have the right to
propose simplifications to..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Amendments to US definition of a business
The FASB has published a proposed Accounting Standards
Update (ASU) that aims to clarify the definition of a business that is used in
business combinations, and simplify the assessment so that there is less
diversity in practice. The proposal is..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
New CEO for EFRAG
2016 will see a significant change in the management of EFRAG. The organisation has announced the appointment of a British auditor as chief executive and chairman of the Technical Expert Group, which is the engine for its advice to the European..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
FASB finalises work on impairment and leases
The FASB has finalised deliberations and fixed the effective
dates for two amendments to its financial instruments requirements and for its
leases standard. Both the new credit loss rules and the leases standard will
come into force at the end of..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
EFRAG submits supplementary comments on insurance
The European advisory body has now given the European
Commission its additional comments on the problems for the insurance industry
that would be caused by IFRS 9, and the IASB’s attempts to mitigate those. The advice is slightly less..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Insurance amendment ED published
The amendment to IFRS 4 Insurance
Contracts which gives relief to insurers in relation to the application of
IFRS 9 Financial Instruments has been
published in draft and is open for comment
until 8 February. The proposal provides the detail..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Japan suggests different priorities for the IFRS Foundation
The Japanese authorities have published their comment on the
structure and effectiveness of the IFRS Foundation, and disagree with a number
of the proposals. They think the Accounting Standards Advisory Forum (ASAF)
should always be consulted in..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Peering into the cracks
EFRAG has queried whether the proposed IASB remedies are good enough to deal with the interaction of insurance and financial instruments standards. It has asked whether the hurdle of being predominantly an insurance business is too high, and whether..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Parliament urged to support IFRS 9 endorsement
The European parliament’s Economic and Monetary Affairs Committee
has been sounding out opinion on the endorsement of IFRS 9 for use in Europe.
Earlier this month Nicholas Veron, from EU think tank Bruegel, told them that
the balance of the..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
A glimpse of the future
The IASB is planning to do some major maintenance on
existing standards after the Agenda Consultation, rather than look to new
areas, judging by papers discussed at the short November meeting. It also plans
to go right ahead and start discussing..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
More ESMA enforcement decisions
The European Securities and Markets Authority (ESMA) has
published another set of decisions that have been discussed in its European
Enforcers Coordination Sessions (EECS). The decisions cover a number of
frequently debated areas including what..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
EFRAG issues true and fair discussion
Following its endorsement advice to the European Commission on IFRS 9, EFRAG has issued a further letter explaining how it reached its conclusion that the standard meets the EU requirement to provide a true and fair view. It said there should be no..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
FASB proposes to reduce fair value disclosures
A proposed Accounting Standards Update (ASU) suggests
amendments to Topic 820 Fair Value
Measurement. The object is to remove disclosures which the FASB now
considers not to be useful. This is one of several cases on which the FASB is
applying..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
ASBJ prefers probability criterion for recognition
The Accounting Standards Board of Japan (ASBJ) has asked the
IASB to retain the probability criterion for recognition of assets and
liabilities under the revision of the conceptual framework. It says this is not
necessary for transactions, but..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Progress in Europe
IASB chairman Hans Hoogervorst told a conference in Italy that he believed IFRS had been beneficial for Europe. He said that relations between the IASB and Europe had matured over the years and were constructive. There was a lesson here for other..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Editorial
Peter Walton
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
IFRS to be required from 2017
Saudi Arabia is to extend its use of IFRS progressively from 2017. Currently banks and insurance companies are required to use IFRS, but in 2017 all listed companies must move to IFRS. In 2018 unlisted companies will be required to use the IFRS for..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
How to set accounting standards
The IASB has released the text of a speech given in June by board member Mary Tokar at a conference in Romania. In it she discusses the trade-offs that a standard-setter has to make in writing a standard, using IFRS 15 Revenue from contracts with..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
UK critical of conceptual framework
The UK Financial Reporting Council (FRC) has issued its response to the IASB’s conceptual framework exposure draft. It calls for the return of reliability as a main qualitative characteristic and for stewardship to be given a much more..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Draft comments on materiality guidance
In its draft comment letter EFRAG says it welcomes the IASB’s proposed practice statement on materiality. However it would prefer that the statement was not aimed exclusively at preparers and suggests it should be more concise and be..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
ESMA leaders talk to parliament
ESMA chairman Steven Maijoor and executive director Verena Ross met with the Economic and Monetary Affairs Committee of the European parliament to discuss their re-appointment for a further five-year term. They spoke of their main task shifting in..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
IFRS 14 not to be endorsed
The Commission has decided not to endorse IFRS 14 Regulatory Deferral Accounts. It takes the view that the standard would apply to few, if any, companies in Europe and therefore need not be endorsed.
IFRS 14 is an interim standard intended to..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
IFRS not forgotten
Commissioner Michael Piwowar told a New York conference that while the SEC had not made any pronouncements on IFRS since the 2012 staff report on application of IFRS, IFRS had not been forgotten. He argued that the demand for IFRS should be..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
Disclosure of government assistance
The FASB has exposed a draft requirement that would oblige companies receiving any form of government assistance to disclose this. The proposal does not prescribe any recognition and measurement rules, but does say that the entity must explain how..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
European enforcement decisions
ESMA has issued ten new enforcement decisions to add to its database. The decisions include several on the application of the consolidation standard IFRS 10 and the information to be included in interim financial statements.
The European..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015
What dividend information investors want
A report analyses the information investors would like about dividends and dividend policy. It notes that IFRS reporting needs supplementary disclosures to tell investors more about available cash flows and the company’s intentions.
One..
Online Published Date:
11 December 2015
Appeared in issue:
18.10 - 10 December 2015