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IFRS Foundation Trustees reappointed
The theme of the IFRS Foundation’s latest annual report is ‘Better Communication in Financial Reporting’ and it sets out the Foundation’s plans for 2017 and beyond.
According Michael Prada, Chairman of the IFRS..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Two new Board members join
On 18 May, the IASB issued IFRS 17 Insurance Contracts. It is designed to help investors, among others, to better understand insurers’ risk exposure, profitability and financial position.
Twenty years in the making, IFRS 17 –..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
IFRS adoption in Japan: Shared commitment
To provide greater support to developing economies in their use of IFRS Standards, the IFRS Foundation and the World Bank have signed a new cooperation agreement.
Taking the form of a Memorandum of Understanding (MoU), the new agreement between..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
IFRIC discusses IFRS 9 interpretation
The Board is currently seeking applications for membership of the IFRS Taxonomy Consultative Group to fill two open positions.
The IFRS Taxonomy Consultative Group was established in 2014. Members are tasked with reviewing changes to the..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Standard-setting: Proposed amendments to IAS 16
Discussion around the exposure draft ‘Definition of a Business and Accounting for Previously Held Interests’ continued at the April 2017 Board meeting, with a focus on the screening test.
In June 2016, the Board published an..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Standard-setting: Second phase of IFRS 13 review begins
A number of amendments proposed by IFRIC were discussed at the Board’s April 2017 meeting and several tentative decisions were made.
First, the Board considered IFRIC’s recommendation to propose an amendment to IFRS 9 Financial..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Why integrated reporting cannot be ignored
Jenny Carter, Director of UK Accounting Standards at the UK’s FRC, shares her insight into the triennial review of FRS 102, outlining the key amendments proposed in FRED 67 and what impact these may have on other financial reporting..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
The art of doing more with less
The announcement of EFRAG’s Academic Panel is the perfect excuse to reignite some longstanding industry debates – including the role of academics in influencing standards and the need for greater diversity in the profession. Andrew..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
IFRS 17: impact assessment
Over the past several years, Accountancy Europe has done much to further the debate around the future of corporate reporting. World Accounting Report catches up with Hilde Blomme, Deputy CEO of Accountancy Europe, to learn all about the next stages..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
AICPA issues 12 more revenue recognition working drafts
The IASB and FAF have both published their annual reports. World Accounting Report delves into the organisations’ financial results, with a focus on funding sources.
The IFRS Foundation managed to increase its voluntary contributions in..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Education and update sessions: Round-up
Another education session at the April 2017 meeting saw the Financial Accounting Standards Board (FASB) staff present a summary of their research as part of FASB’s Financial Performance Reporting (FPR) project.
The aim of the FPR project..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
FASB to proceed with final standard on hedging
AICPA’s Revenue Recognition Task Force has released a working draft for the telecoms industry on potential accounting issues stemming from the implementation of the new revenue standard.
The latest working draft from AICPA, which is..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Standard-setting: Proposed amendments to IAS 28
The Board reprised its discussion of rate-regulated activities at the April 2017 Board meeting. As part of an education session, a revised general description of a new accounting model being developed to recognise regulatory assets and liabilities..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Spotlight on FTSE 350 audits
FASB has issued an Invitation to Comment to aid assessment of the efficiency and effectiveness of the GAAP Financial Reporting Taxonomy.
The GAAP Taxonomy provides a means for public companies to report financial information in a digital format..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
EBA stress-test methodology includes IFRS 9
The Financial Accounting Foundation’s 2016 annual report highlights the standard-setting activities of the FASB and the GASB during that year and outlines how they contributed to better-informed decisions for users of financial..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
ESMA releases annual report
A further ASU issued by the FASB aims to provide clarity as to how an operating entity should determine the customer of the operation services for any relevant transactions.
According to the FASB, stakeholders have observed diversity in..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
EFRAG publishes annual review
The FASB has issued an Accounting Standards Update (ASU) that looks to provide clarity around the scope of modification accounting for share-based payment arrangements.
The amendments in ASU No. 2017-09, Compensation —Stock Compensation..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
EFRAG holds joint meeting with the KASB
The Financial Reporting Lab has published a report setting out a framework for future digital reporting. This is the first in a series of reports on the Lab’s Digital Future project.
The Financial Reporting Lab was set up, and is funded..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Report of the Emerging Economies Group
Joining the Board from the Chinese Ministry of Finance (MoF), Dr Lu’s appointment will become effective in August 2017 and he will serve for an initial five-year term.
Dr Lu is a well-known figure in Chinese standard-setting. During his..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Changes to EFRAG board and EFRAG TEG
The UK’s Financial Reporting Council (FRC) has announced an interim measure which allows the new measurement option for directors’ loans to be adopted by small companies prior to the finalisation of the FRED 67 changes.
Financial..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Draft comment letter on principles of disclosure
EFRAG has published its draft comment letter in response to the IASB’s exposure draft Prepayment Features with Negative Compensation (proposed amendments to IFRS 9).
The exposure draft proposes narrow-scope amendments to IFRS 9 Financial..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Standard-setting: IFRIC 23 ratified
At its April 2017 meeting, the International Accounting Standards Board (IASB) received an update on the strategy for supporting the implementation of IFRS 17 Insurance Contracts. The Board has since issued the new standard.
In the knowledge..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Feedback statement on proposed amendments to IFRS 9
Preliminary responses to the questions raised in the IASB’s Principles of Disclosure discussion paper have been published by EFRAG. This is the first stage in EFRAG’s two-step response.
As outlined in the April edition of..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
New IFRS Advisory Council members sought
Representatives of the European Financial Reporting Advisory Group (EFRAG) and the Accounting Standards Board of Japan (ASBJ) met in mid-May.
During the third formal bilateral meeting between both parties, which was held in Tokyo, updates were..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
Editorial
Turn back the clock to 1997. It was the year that Madeleine Albright became the first female US Secretary of State, Tony Blair was elected UK Prime Minister and China resumed control of Hong Kong.
At that time, the first seeds of a new..
Online Published Date:
21 July 2017
Appeared in issue:
20.05 - 20 July 2017
IFRS Foundation publishes 2016 annual report
The theme of the IFRS Foundation’s latest annual report is ‘Better Communication in Financial Reporting’ and it sets out the Foundation’s plans for 2017 and beyond.
According Michael Prada, Chairman of the IFRS..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Standard setting: Definition of a business
Discussion around the exposure draft ‘Definition of a Business and Accounting for Previously Held Interests’ continued at the April 2017 Board meeting, with a focus on the screening test.
In June 2016, the Board published an..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
IFRS Foundation and World Bank deepen cooperation
To provide greater support to developing economies in their use of IFRS Standards, the IFRS Foundation and the World Bank have signed a new cooperation agreement.
Taking the form of a Memorandum of Understanding (MoU), the new agreement between..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Standard-setting: IASB issues IFRS 17
On 18 May, the IASB issued IFRS 17 Insurance Contracts. It is designed to help investors, among others, to better understand insurers’ risk exposure, profitability and financial position.
Twenty years in the making, IFRS 17 –..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Standard-setting: Implementation and maintenance of IFRS standards
A number of amendments proposed by IFRIC were discussed at the Board’s April 2017 meeting and several tentative decisions were made.
First, the Board considered IFRIC’s recommendation to propose an amendment to IFRS 9 Financial..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Call for members: IFRS taxonomy consultative group
The Board is currently seeking applications for membership of the IFRS Taxonomy Consultative Group to fill two open positions.
The IFRS Taxonomy Consultative Group was established in 2014. Members are tasked with reviewing changes to the..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Standard-setting: Financial performance reporting
Another education session at the April 2017 meeting saw the Financial Accounting Standards Board (FASB) staff present a summary of their research as part of FASB’s Financial Performance Reporting (FPR) project.
The aim of the FPR project..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
IFRS implementation: The Brazilian experience
After almost a decade of using IFRS in Brazil, Ricardo Julio Rodil, Retired Audit Partner at BDO RCS Auditores Independentes S/S, examines businesses’ attitudes – positive and negative – to the implementation process and its..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
A tale of academics, diversity and new thinking
The announcement of EFRAG’s Academic Panel is the perfect excuse to reignite some longstanding industry debates – including the role of academics in influencing standards and the need for greater diversity in the profession. Andrew..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
The future of corporate reporting
Over the past several years, Accountancy Europe has done much to further the debate around the future of corporate reporting. World Accounting Report catches up with Hilde Blomme, Deputy CEO of Accountancy Europe, to learn all about the next stages..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Triennial review of FRS 102: The FRC’s perspective
Jenny Carter, Director of UK Accounting Standards at the UK’s FRC, shares her insight into the triennial review of FRS 102, outlining the key amendments proposed in FRED 67 and what impact these may have on other financial reporting..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
US GAAP financial reporting taxonomy: Feedback sought
FASB has issued an Invitation to Comment to aid assessment of the efficiency and effectiveness of the GAAP Financial Reporting Taxonomy.
The GAAP Taxonomy provides a means for public companies to report financial information in a digital format..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Analysis of financial results
The IASB and FAF have both published their annual reports. World Accounting Report delves into the organisations’ financial results, with a focus on funding sources.
The IFRS Foundation managed to increase its voluntary contributions in..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Standard-setting: Rate-regulated activities
The Board reprised its discussion of rate-regulated activities at the April 2017 Board meeting. As part of an education session, a revised general description of a new accounting model being developed to recognise regulatory assets and liabilities..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Accounting standards update: Service concession arrangements
A further ASU issued by the FASB aims to provide clarity as to how an operating entity should determine the customer of the operation services for any relevant transactions.
According to the FASB, stakeholders have observed diversity in..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
AICPA issues revenue recognition working draft for telecoms industry
AICPA’s Revenue Recognition Task Force has released a working draft for the telecoms industry on potential accounting issues stemming from the implementation of the new revenue standard.
The latest working draft from AICPA, which is..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Amendment to FRS 102: directors’ loans
The UK’s Financial Reporting Council (FRC) has announced an interim measure which allows the new measurement option for directors’ loans to be adopted by small companies prior to the finalisation of the FRED 67 changes.
Financial..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
FAF issues annual report
The Financial Accounting Foundation’s 2016 annual report highlights the standard-setting activities of the FASB and the GASB during that year and outlines how they contributed to better-informed decisions for users of financial..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Accounting standards update: Stock compensation
The FASB has issued an Accounting Standards Update (ASU) that looks to provide clarity around the scope of modification accounting for share-based payment arrangements.
The amendments in ASU No. 2017-09, Compensation —Stock Compensation..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
FRC Lab releases framework for future digital reporting
The Financial Reporting Lab has published a report setting out a framework for future digital reporting. This is the first in a series of reports on the Lab’s Digital Future project.
The Financial Reporting Lab was set up, and is funded..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
EFRAG issues draft comment letter on proposed amendments to IFRS 9
EFRAG has published its draft comment letter in response to the IASB’s exposure draft Prepayment Features with Negative Compensation (proposed amendments to IFRS 9).
The exposure draft proposes narrow-scope amendments to IFRS 9 Financial..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
EFRAG responds to IASB’s principles of disclosure discussion paper
Preliminary responses to the questions raised in the IASB’s Principles of Disclosure discussion paper have been published by EFRAG. This is the first stage in EFRAG’s two-step response.
As outlined in the April edition of..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
EFRAG and the ASBJ hold bilateral meeting
Representatives of the European Financial Reporting Advisory Group (EFRAG) and the Accounting Standards Board of Japan (ASBJ) met in mid-May.
During the third formal bilateral meeting between both parties, which was held in Tokyo, updates were..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Dr Jianqiao Lu appointed to IASB
Joining the Board from the Chinese Ministry of Finance (MoF), Dr Lu’s appointment will become effective in August 2017 and he will serve for an initial five-year term.
Dr Lu is a well-known figure in Chinese standard-setting. During his..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Editorial
Turn back the clock to 1997. It was the year that Madeleine Albright became the first female US Secretary of State, Tony Blair was elected UK Prime Minister and China resumed control of Hong Kong.
At that time, the first seeds of a new..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017
Standard-setting: IFRS 17 Insurance Contracts
At its April 2017 meeting, the International Accounting Standards Board (IASB) received an update on the strategy for supporting the implementation of IFRS 17 Insurance Contracts. The Board has since issued the new standard.
In the knowledge..
Online Published Date:
21 July 2017
Appeared in issue:
20.04 - 27 June 2017