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Better communication: making disclosures more meaningful
The IFRS Foundation has published a case study report showing how companies from different parts of the world have improved communication in their IFRS financial statements.
It’s always good to understand how other companies are striving..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Conceptual framework: status check
The final session at the October 2017 Board meeting saw discussion about the comments on the pre-ballot draft of the revised Conceptual Framework for Financial Reporting.
The staff are now in the process of drafting the revised Conceptual..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Business combinations under common control
The scope of the Business Combinations under Common Control (BCUCC) research project was also discussed during the Board’s October meeting.
Wind the clock back to June 2014, the Board had just made a tentative decision on the scope of the..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Standard-setting: definition of a business
The amendments to IFRS 3 Business Combinations on the definition of a business were examined again during the October 2017 board meeting, and then finalised.
In its April and June 2017 meetings, the Board discussed the comments received on the..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Proposed IFRS taxonomy update for IFRS 17
The due process steps taken to develop the IFRS Taxonomy Update for IFRS 17 Insurance Contracts were discussed during the October 2017 Board meeting, as well as the lack of feedback on the Proposed IFRS Taxonomy Update.
The IFRS Taxonomy Update..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Standard-setting: implementation issues
The October meeting also saw The Board receive an update on the September 2017 meeting of the IFRS Interpretations Committee (IFRIC).
Following a brief update on the topics discussed at September IFRIC meeting, the Board gave permission to the..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Standard-setting: rate-regulated activities
The topic of rate-regulated activities was once again on the Board’s agenda during October, although this time with a slight twist.
Rather than picking up on past deliberations around this topic, the Board received feedback from the World..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Brexit and the impact on financial reporting
A new report by the Institute of Chartered Accountants in England and Wales (ICAEW) suggests that the implications of Brexit on financial reporting have not yet attracted sufficient public debate. As such, it’s high time for a conversation..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Accounting for Islamic finance: 60-second interview
The recent IFRS Foundation conference in Dubai reignited the debate around how to dovetail Islamic finance with IFRS standards. World Accounting Report caught up briefly with Dato’ Mohammad Faiz Azmi, Chairman of the Islamic..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Revenue reporting changes: insights from early adopters
Vincent Papa, Director of Financial Reporting Policy at the CFA Institute, explains what the experiences of early adopters indicate about the impact of revenue reporting changes. He also outlines why investors must push for robust company..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Shaping the future of corporate reporting
In September 2017, Accountancy Europe held an event aimed at furthering the dialogue around the future of corporate reporting. World Accounting Report was in attendance.
Financial reporting was once confined to the back benches. Companies used..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Actions promoting enhanced audit quality
The AICPA has released a new report looking at progress made over the past 12 months towards enhancing audit quality.
According to the report, there have been significant accomplishments in the areas of: peer review; audit documentation; single..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Standard-setting: goodwill and impairment
Goodwill and impairment was back on the agenda for the Board’s October 2017 meeting. Lively discussion saw some re-deliberation of existing arguments and approaches, as well as the introduction of some new ideas.
Although this was not a..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
New AICPA Chair announced
The next Chair – and Vice Chair – of the American Institute of CPAs (AICPA) have just been elected. Both candidates will assume their duties on 1 February 2018, and serve until 20 May 2019.
Eric Hansen, Chief Operating Officer of..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Follow-up report on disclosure of dividend policy and practice
The Financial Reporting Lab, which is part of the FRC, has published its second report into disclosure of dividend policy and practice by companies.
Back in November 2015, the Financial Reporting Lab published a report entitled Disclosure of..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Proposed ASU: codification improvements
The FASB has a standing project on its agenda to address suggestions received from stakeholders on the Codification and to make other incremental improvements to GAAP. As such, the Board has recently issued a proposed Accounting Standards Update..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Corporate reporting has room to improve
The FRC has just released its Annual Review of Corporate Reporting by large listed companies in the UK. As expected, there are many good points, but also quite a few areas where companies could do better.
As much as the overall standard..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
FRC issues advice for preparing 2017/18 annual reports
Rather like ESMA’s priority areas for financial statement assessment, the FRC has highlighted changes to reporting requirements and key areas where improvements can be made when preparing annual reports for the 2017/18 reporting..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
The FRC consults on annual review of FRS 101
The UK’s Financial Reporting Council (FRC) has just carried out its annual review of FRS 101 Reduced Disclosure Framework – designed to provide additional disclosure exemptions as IFRS evolves and to respond to stakeholder feedback about..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Draft endorsement advice on amendments to IFRS 9
Following on from the IASB’s publication of Prepayment Features with Negative Compensation (Amendments to IFRS 9), EFRAG has assessed the proposed amendments against the technical criteria in the EU and on assessed whether the Amendments are..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
ESMA lists priority areas for financial statement assessment
As it does every year, The European Securities and Markets Authority (ESMA) has published the annual priorities to be considered by listed companies, and their auditors, when preparing and auditing their financial statements.
These priorities..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Better communication, goodwill and insurance contracts
In September 2017, EFRAG held a joint user event looking at the IASB’s Discussion Paper Disclosure Initiative – Principles of Disclosure, EFRAG’s Discussion Paper (DP) on the Goodwill and Impairment Test, and IFRS 17 Insurance..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Progress of integrated reporting
The International Integrated Reporting Council has just published results of its global Framework Feedback Exercise, which is the first worldwide consultation on how companies are adopting integrated reporting since the International Framework was..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Comment letter on the principles of disclosure
Back in March 2017, the IASB published its Discussion Paper Disclosure Initiative – Principles of Disclosure, requesting comments by 2 October 2017. EFRAG has now published its comment letter on the paper, which makes for interesting..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Editorial
The eyes of the international community have been fixed on the UK in recent weeks, as the Bank of England moved to raise interest rates for the first time in a decade. Brexit negotiations, or rather their lacklustre nature, also continue to dominate..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017
Standard-setting: amendments to IFRS 9 and IAS 28
In mid-October 2017, the IASB issued narrow-scope amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures as a means to aid implementation.
IFRS 9 Financial Instruments is being amended to allow..
Online Published Date:
27 December 2017
Appeared in issue:
20.09 - 23 December 2017