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Financial instruments – hedging
The standard-setter has decided to go ahead with a project to review its hedge accounting requirements. Based on a staff research project, the board will look at a number of improvements, including effectiveness.
The FASB has added hedging to..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Capital Market Union
Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), outlined to financial analysts the importance he attached to integration of European capital markets. He said he awaited with interest the commission’s proposals..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
FISMA objectives
The Directorate-General for Financial Stability, Financial Services and Capital Market Union (to be known as DG Fisma) now has its own website, to which have been transferred all the back pages relating to accounting. The first new posting to the..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Goodwill and identifiable intangibles
The FASB will review accounting for identifiable intangibles with a view to possibly requiring more to be included in goodwill. It has also asked staff to carry out research into the possibility of amortising goodwill.
The US standard-setter..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Conceptual Framework
During November the FASB made a number of decisions on possible modifications of its conceptual framework and disclosure framework. These include criteria for re-measurement, criteria for aggregating items in the financial statements and changes to..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Goodwill relaxation for private companies
The FASB has also endorsed a Private Company Council (PCC) consensus which provides an option for private companies not to recognise separately customer-related intangibles in a business combination. If companies use this option they must also..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Where angels fear to tread
The November meeting of the IASB was relatively short, but a number of papers discussed subjects which most people regard as already settled, but which in practice could lead to months of discussions. The staff decided at the last minute that the..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Editorial
The European Commission’s consultation on the IAS Regulation, and some of the changes proposed in the Maystadt review of the EU endorsement process, closed early in November. Presumably the Commission staff are busy analysing the responses and..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
European public good and IFRS
The European Commission set out in its 2002 IAS Regulation the criteria that IFRS should meet in order to be endorsed into European law. One of these is that an IFRS should be ‘conducive to the European public good.’ Endorsement advice..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
FISMA responsibilities
The Directorate General for Financial Stability, Financial Services and Capital Market Union (DG Fisma) is a new section of the European Commission. Many of its activities were previously carried out by the Directorate General for Internal Markets,..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Limbering up for action
The new board of EFRAG had its first meeting in November. The European Commission reported on the process of finding a chairman for the board and the progress of its evaluation of the IAS Regulation. The board discussed how to interpret the..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Sample enforcement decisions cover some sensitive areas
The ESMA has issued a new batch of enforcement decisions. They include decisions on forbearance of loans and disclosure of assumptions used in impairment, both issues on which the European enforcer has given warnings in the past.
Under the..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
IAS Regulation works well says FEE
The Federation of European Accountants (FEE) has written to the European Commission to say that in its view the adoption of IFRS within the EU has been a success. They counsel that there should be no change to the arrangements, and in particular no..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Sanctioning individuals as well as companies
The US Foreign Corrupt Practices Act (FCPA) was the focus of a conference in Maryland in November. The Director of the SEC division of enforcement said corrupt practices undermined investor confidence and the accuracy of company reporting. The SEC..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Conceptual framework
The IASB has published a paper showing its tentative decisions in re-deliberating the 2013 Discussion Paper. The paper lists out the issues in the Discussion Paper and provides a summary of the result of re-deliberations.
The IASB concluded its..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Prada on Asia tour
Chairman of the Trustees of the IFRS Foundation, Michel Prada, was in Asia in November and made speeches in Korea, Japan and China. The underlying themes of his presentations were the interconnectedness of the global economy (and the role of IFRS in..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014
Questionnaire on Accounting Standards Advisory Forum
The Trustees of the IFRS Foundation are starting their review of the Accounting Standards Advisory Forum (ASAF) by asking accountants interested in standard-setting to respond to an online questionnaire. The Trustees promised to review ASAF after..
Online Published Date:
08 December 2014
Appeared in issue:
17.10 - 08 December 2014