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New US Report on Investor Confidence
The US Centre for Audit Quality (CAQ) has recently released its latest report[1] on the findings of its annual survey of more than 1,000 US retail investors. The high-level headlines show strong confidence in the audit of public companies but less..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018
FASAC meeting
The FASB’s Financial Accounting Standards Advisory Council (FASAC) met recently to discuss three main topics: tax reform; some financial reporting simplifications; and the use of different transition methods and effective dates for Accounting..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018
Interview with Stephen Haddrill, CEO of the UK’s Financial Reporting Council
The UK’s Financial Reporting Council (FRC) is one of the world’s leading financial regulators, widely respected for its thought leadership and innovative approaches. In this extensive interview, FRC Chief Executive Stephen Haddrill..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018
Financial Instruments with Characteristics of Equity: Part 2
The Discussion Paper (DP) sets out the Board’s thinking for a new standard which would replace the existing standard, IAS 32, Financial Instruments: Presentation which presents the principles for determining whether an issuer’s own..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018
Other topics discussed by the Board
The Board discussed a number of other areas and the key points arising are summarised below.
The Board will issue its Exposure Draft, Costs Considered in Assessing Whether a Contract is Onerous, with proposed amendments to IAS 37,..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018
Dynamic Risk Management
Following the decisions taken to date, the Board went on to discuss “imperfect alignment” which is similar to the concept of hedge ineffectiveness.
There was some discussion about exactly what the Dynamic Risk Management (DRM) model..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018
Primary Financial Statements
The Board revisited some of its earlier work on requiring sub-totals in the Income Statement, including one similar to Earnings Before Interest and Tax (EBIT), which had been developed for non-financial services companies, and discussed how these..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018
Editorial
For the first time this year, this month’s WAR contains an exclusive interview with a leading regulator. Stephen Haddrill, Chief Executive Officer of the UK’s Financial Reporting Council (FRC) granted me an hour of his time for a..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018
Insurance Europe position on IFRS 17
Insurance Europe has recently published a position statement[1] about IFRS 17, Insurance Contracts, on its website. The strongly worded statement states that there are significant issues that must be resolved before the standard can be endorsed in..
Online Published Date:
13 November 2018
Appeared in issue:
21.08 - 10 November 2018