i-law.com - Newsletter (World Accounting Report)

IASB confirms IFRS 15 deferral

The international standard-setter has just issued the amendment to IFRS 15, which gives formal effect to its decision to defer mandatory application of the standard until 2018. The deferral reflects decisions taken to issue clarifying amendments..

Online Published Date: 07 October 2015

Appeared in issue: 18.9 - 06 November 2015

ESMA calls for better disclosures

The European enforcer has issued a statement exhorting entities to pay more attention to the quality of disclosures and to focus on telling the company’s story. It points to concerns that too much information is being provided and relevant..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Draft Interpretation on advance payments in foreign currency

The IFRS Interpretations Committee has issued two draft Interpretations for comment. One addresses the exchange rate to be used when payment is made or received in advance on a transaction denominated in a foreign currency. The other draft deals..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

European enforcement priorities for 2015 reports

The European Securities and Markets Authority (ESMA) has published its list of reporting priorities which will provide a focus for European enforcers in 2015 annual reports. They will look at the impact of market conditions, the Statement of cash..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Materiality practice statement from IASB

A new practice statement has emerged from the Disclosure Initiative. The draft provides guidance on the application of materiality in the financial statements and is open for comment until February.A practice statement is a rare document in the..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Voluntary standards proposed for Capital Markets Union

The European Commission’s Action Plan for the Capital Markets Union (CMU) identifies a large number of obstacles to cross-border investment. It suggests that it will explore with the IASB the creation of a voluntary set of standards for small..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Business combinations reaches IASB agenda

Amendments to the business combinations standard started to be debated at the October meeting of the IASB. The board also fixed the effective date of IFRS 16, the new leases standard, and agreed to issue documents under the disclosure..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

FASB re-deliberates more revenue guidance

The FASB has tentatively approved for issue amendments to its new revenue standard that provide guidance on issues relating to identifying separate performance obligations and recognising revenue from licences. The proposals were exposed earlier..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Insurance standard must be ready for adoption in 2016

EFRAG says insurance is the highest priority on the IASB’s agenda, but asks for more transparency in the research programme and more Post Implementation Reviews. It also suggests that the IASB should make more use of work done by EFRAG and..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Enhance due process oversight says EFRAG

The European body has suggested that consistency of application of IFRS could be enhanced by publishing clear standards that did not need guidance, and this would be enhanced if oversight of due process was improved. Investigation of complaints..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Expanding demands on financial reporting

FASB chairman Russell Golden has told a United Nations (UN) meeting that the principal goal of standard-setting should be to promote truth-telling in financial reporting. IASB vice-chairman Ian Mackintosh added that financial reporting was about..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Update on applying IFRS lease definition

The project page for the forthcoming leases standard now includes an update on the definition of a lease. This is one of the most critical parts of the new standard, since it provides criteria for determining whether a contract is a lease or..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

FRC consults on going concern and risk disclosures

The UK accounting regulator has issued draft guidance which addresses the disclosures of liquidity and solvency risk that are appropriate to companies that are not covered by the UK’s corporate governance code. The guidance looks at both..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015

Parliament study backs IFRS 9 endorsement

A detailed review of the EU criteria for endorsement of IFRS concludes that IFRS 9 meets the criteria. The study takes the view that all the criteria are vague and allow wide discretion. It also challenges the assertion that the true and fair view..

Online Published Date: 06 November 2015

Appeared in issue: 18.9 - 06 November 2015