- Practice Areas
- Publication Type
- Resources
- Practice Areas
- Publication Type
- Resources
- Home/Publications/World Accounting Report
FASB revenue deferral issued
The FASB has issued the formal Accounting Standards Update
(ASU) which defers for one year the implementation of the new joint revenue
recognition standard. The deferral is to allow companies time to deal with
additional guidance.When the FASB..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
FASB posts draft principal/agent amendment
As part of its continuing clarifications of Topic 606, the US standard-setter has issued a draft Accounting Standards Update to add to the guidance on distinguishing between contracts where the entity is a principal from those where it is an agent...
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
EFRAG issues IFRS 9 endorsement advice
The European Commission has been advised that it should now
put IFRS 9 to member states for endorsement. The advice is, however, subject to
a caveat that the IASB finds a satisfactory way of addressing the problem of
accounting mismatches for..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
More Japanese companies adopting IFRS
The
Tokyo Stock Exchange (TSE) has released an analysis of disclosures by Japanese
listed companies that show 112 companies are using IFRS or planning to move to
them. The TSE says these represent 24% of the market capitalisation of..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Agenda Consultation launched
The IASB’s formal consultation document asks constituents to
provide input to the standard-setter’s work programme for 2016–2020. It sets
out the projects currently in progress and asks if any should be added or
removed. It also..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Golden on convergence
FASB chairman Russ Golden says, in a summer briefing from
the standard-setter, that he remains committed to developing global accounting
standards with the fewest possible differences. He reiterates that global
standards will make investment..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Commissioner criticises over-regulation of US markets
SEC Commissioner
Daniel Gallagher told a conference that the Dodd-Frank Act had strangled the US
economy, increased the fragility of the financial system and politicised
independent financial regulators. He argued that new regulatory..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Applications invited to chair EFRAG
The European Commission has now decided to advertise to find
a new president for its IFRS advisory body. The job is part-time, expected to
involve a maximum of 20 hours a week, and open to nationals of any EU member
state.The job of president of..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
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
IFRS are achieving global convergence
Michel
Prada told a European finance conference that IFRS had achieved a great deal in
a short time to advance a developing global standard. He said IFRS met three
criteria for success: they should have a clear purpose, they must be widely..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Technical clarification on some equity-linked securities
The
FASB has tentatively agreed on the accounting for price adjustments on
so-called ‘down round’ securities. If the instrument is classified as equity,
the price adjustment is treated as a dividend, whereas the price change in..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Revenue: clarification of completed contracts
The IASB has decided not to follow the FASB in making a
formal clarification of what is a completed contract as it relates to the
transition arrangements for IFRS 15. While US constituents raised the issue
with the Revenue Transition Resource..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
EFRAG happy with IFRS 15 proposals
EFRAG says in its draft comment letter that it supports the
IASB’s proposed clarifications of IFRS 15, but says changes should be kept to
the strict minimum necessary for comprehension. The letter also agrees with the
IASB’s decision..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
The IASB’s research agenda
The IASB’s operational split of its work between the research agenda and the standard-setting agenda is still in its early days. It does have, however, a new director, who put before the IASB in September a revised programme, and a new kind of..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
The need to improve an imperfect market
The European Commission will shortly be unveiling its plans for a Capital Market Union (CMU). In an interview Olivier Guersant, the new director general of DG FISMA, says the aim is to improve the market and replace the financing which has been..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Standard-setters compare notes
The FASB and IASB met in London in September to discuss their progress on a number of projects. Although the two boards have virtually reached the end of their major convergence topics, they are individually working on projects that have the..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
PCC preferences for action
The Private Company Council (PCC) discussed a survey of PCC members which was part of the FASB’s agenda prioritisation project. PCC members’ preferred topics put OCI at the top of their list for FASB action.
The FASB is working on..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Outreach event on profit and loss and OCI
A user round table in Brussels discussed the interaction between the profit and loss statement (P&L) and Other Comprehensive Income (OCI) from a user perspective. They emphasised that analysts nearly always use the profit and loss information as..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Steven Maijoor to serve another five years
The chairman of the ESMA has had his term of office extended by five years, as also is the case for the executive director of the Authority. Dr Maijoor was the first chairman of ESMA and has been responsible for creating the organisation and moving..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Plan for access to company data
The European securities regulator has published a draft technical standard which lays out the basis for providing a single electronic access point for European company data. The proposal has been submitted to the European Commission for approval..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Request for comment on financial disclosures
The US enforcer is looking for inputs on some specific disclosure requirements within its Regulation S-X. The areas concerned are financial disclosures dealing with acquired business, affiliates, guarantors and issuers of guaranteed..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
ESMA publishes plan for access to company data
The European securities regulator has published a draft
technical standard which lays out the basis for providing a single electronic
access point for European company data. The proposal has been submitted to the
European Commission for..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
FASB issues draft materiality guidance
An exposure draft proposes to clarify that the US
conceptual framework does not define materiality for US GAAP purposes: the FASB
observes the US Supreme Court definition. A second draft discusses materiality
in relation to the notes to the..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Transparency in corporate taxation
The European Commission (DG FISMA) has published some responses to its public consultation on corporate tax transparency. The consultation turns on whether the Commission should require greater disclosure of taxation matters from corporates.
DG..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Clarification of completed contracts
The IASB has decided not to follow the FASB in making a formal clarification of what is a completed contract as it relates to the transition arrangements for IFRS 15. While US constituents raised the issue with the Revenue Transition Resource Group..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
Editorial
Peter Walton
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015
IASB agrees deferral of IFRS 9 for insurers
At its September meeting the IASB tentatively agreed an optional deferral of IFRS 9 for insurers, albeit not without difficulty. The FASB spent a day at Cannon Street reviewing topics of common interest in a busy week for the international..
Online Published Date:
07 October 2015
Appeared in issue:
18.8 - 02 October 2015