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The IASB’s views on IFRS 9 and long-term investment
One of the recent banner news items on the IASB’s website contained a reaction[1] to the debate in Europe about IFRS 9 and long-term investment from Sue Lloyd, who has recently been re-appointed for a second term in office as the IASB deputy..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
News Update
There are two news items from the FASB this month. First, the Board recently issued improvements to Topic 942 – Financial Services, Depository and Lending; and secondly, Board member Harold Monk has resigned.
The FASB recently issued an..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Speaking in harmony in the EU
Peter Walton and Carien Van Mourik, Open University Business School, have recently published a fascinating article entitled “The European IFRS Endorsement Process – in Search of a Single Voice”[1] which analyses the creation and..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Disclosure Initiative
The Board had its initial discussion about developing guidance for it to use when developing and drafting disclosure requirements. It decided it would base all disclosure requirements on one or more specific disclosure objectives. The objectives..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Primary Financial Statements
This topic also led to interesting discussions between Board members. They started with a summary of the results of a survey the staff have conducted on aggregation and disaggregation practices in different jurisdictions, and considered..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Business Combinations under Common Control (BCUCC)
At the April 2018 meeting, the Board had discussed approaches for specific transactions within the scope of the project based on an IFRS 3 approach.
The Board had taken the example of a BCUCC in which company A acquired company B, both..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Lease incentives
The Board had received feedback that an illustrative example (number 13) for IFRS 16, Leases, is confusing and should be amended.
The issue concerns the treatment of reimbursements of leasehold improvements by the lessor and whether such..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Rate-regulated activities
The Board continued to make progress in developing its new model of accounting for rate-regulated activities. This month, it moved on to considering how regulatory assets should be measured. A number of tentative decisions were made.
The basic..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Enforcement Cases
ESMA has published the 22nd extract from its confidential database of enforcement decisions on IFRS taken by its member bodies from across the EU.
ESMA coordinates the enforcement of IFRS across Europe in order to achieve consistent..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
IFRS 9 and equity investments: Developments at EFRAG
Earlier in the year, EFRAG published a discussion paper[1] seeking views on an approach to impairment for equity investments; since then it has also published the findings of an academic literature review[2] into the topic. This analysis sets out..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Goodwill and impairment
The IASB staff began as usual by presenting their paper, which was a resume of the tentative decisions that the Board has taken to date in response to the post-implementation review of IFRS 3, Business Combinations. These decisions were around..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
FRC Update on Carillion Investigations
Given the public interest in the collapse of Carillion, the FRC has recently issued an update on its investigations which provides an interesting insight into the work effort involved.
The FRC’s investigations are into KPMG’s audit..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018
Editorial
This month sees further comment on the effect of IFRS 9 on long-term investment. EFRAG has been working on this topic for some time now and is due to report back its conclusions and recommendations to the European Commission in the near future. Sue..
Online Published Date:
03 July 2018
Appeared in issue:
21.05 - 03 July 2018