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Maystadt stays on
Michel Barnier has asked Philippe Maystadt to prolong his term as a special adviser in order to oversee the implementation of his recommendations on the appropriate structure for working with IFRS in Europe.
The Internal Market Commissioner..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Business combinations outreach event
The IASB is to hold a joint outreach event next month to provide an opportunity for investors and analysts to comment on IFRS 3 Business Combinations. The standard-setter is in the early stages of a Post Implementation Review (PIR) of the..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Cross-border debt recovery
The Legal Affairs Committee of the European Parliament has backed an initiative to create a legal instrument that will enable a supplier in one EU member state to block the bank account of a debtor without going through lawyers and the courts. The..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Conceptual framework
The EFRAG has filed its comment letter on the IASB’s conceptual framework discussion paper. EFRAG continues to maintain its position that stewardship, prudence and reliability should be re-instated. It argues for a clear articulation of what..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Complexity and financial reporting
The latest Bulletin from the EFRAG deals with the subject of complexity in financial reporting. While taking the line that there is avoidable complexity and unavoidable complexity, the paper also accepts that complexity is a subjective notion and..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
The challenge of reporting performance
IASB Chairman Hans Hoogervorst visited the IASB’s Asia-Oceania office in Tokyo last month. While there, he made a presentation at a seminar organised by the ASBJ. He told delegates that constituents were very divided on the best approach to..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Review of due process
The Due Process Oversight Committee (DPOC) also met in Milan, and reported to the Trustees. The DPOC reviewed deliberations on all the IASB projects currently in process. It expressed concerns about the possible withdrawal by the FASB from..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Hoogervorst on OCI
Chairman Hoogervorst was in Tokyo in February, visiting the IASB’s regional office. He also spoke at a seminar organised by the Accounting Standards Board of Japan (ASBJ). He said that the IASB recognised the importance of the profit or loss..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Daily Telegraph attempts to skewer IASB
A UK broadsheet newspaper, the Daily Telegraph, attempted to demonstrate that the IFRS Foundation was not filing proper returns in the UK. The IFRS Foundation issued a statement pointing out inaccuracies and misconceptions in the newspaper article,..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
published strategic plan exposed
The SEC has published a published strategic plan for 2014–2018 and is requesting stakeholder feedback. There is no indication that the SEC will be looking at IFRS in the near term, although the published report stresses that the SEC operates..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
SEC short of money
In February the SEC held its annual ‘The SEC speaks’ event. Chairman Mary Jo White gave what she termed a ‘State of the SEC’ speech. She reported that the agency had faced an unprecedented volume of work that was..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Relief on variable interest entities
The FASB approved a consensus of the Private Company Council to give relief on the application of variable interest entity rules for private companies that have a lease agreement with a lessor that is under common control. To gain the concession the..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Trustees meeting in Milan
The Trustees of the IFRS Foundation held a joint meeting with the Monitoring Board recently. The Trustees reported that they had put in place the structural changes agreed with the Monitoring Board as a result of their strategy review, but noted..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
The comparability of French IFRS statements in English
The SEC published an evaluation of the application of IFRS in financial statements in 2011. It used, as its sample, the financial statements of companies that asserted compliance with IFRS and appeared in the Fortune Global 500 list for 2009. The..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Complexity in financial reporting
EFRAG has issued another ‘bulletin’ on financial reporting issues. This deals with complexity and includes a recommendation that the issue should be included in the conceptual framework to encourage standard-setters and others to focus..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Clarification of audit reform
The Federation of European Accountants (FEE) has written to the European Commission pointing out that the reform of audit agreed between the Commission, the European Parliament and the Council of Ministers leaves open a number of questions that will..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Insurance shock
The FASB has decided to abandon its attempts to completely revise its insurance accounting by converging with the IASB. Instead it will focus on ‘targeted improvements’ to its rule for life insurers and require supplementary disclosures..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
New agenda priorities
The FASB has agreed a new set of agenda priorities. It is removing a number of projects from its technical agenda, and putting a number of projects on its research agenda, but not taking any new projects onto its technical agenda.
The US..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Classification model abandoned
The FASB has also decided to give up the use of cash flow characteristics and the business model as a means of determining the classification and measurement of financial instruments. It has asked staff to review alternative approaches and focus on..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Fair value standard passes test
The Financial Accounting Foundation’s PIR team has issued its report on SFAS 157, the fair value standard. They say it achieved its objectives of providing a single basis for fair value measurements and did not have any unintended..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
IFRS 9 implementation
The most significant aspect of the IASB’s February meeting was agreement on the implementation date for IFRS 9. Entities will have more than three years to implement the standard once it is issued later this year. There were no joint sessions..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014
Use of equity method
Late last year, the IASB issued an exposure published which would permit the use of the equity method in the balance sheet of a parent company. EFRAG has commented that this approach may provide useful information for users, but suggests the IASB..
Online Published Date:
12 March 2014
Appeared in issue:
17.2 - 12 March 2014