News

OIC comments on IFRS Interpretations Committee tentative agenda decisions – September 2018

The OIC comment letter on IFRS Interpretation Committee tentative agenda decisions of September 2018 is now available. Please find the document herewith attached.

IASB proposes one-year deferral of insurance contracts Standard

The IASB has voted to propose a one-year deferral of the effective date for IFRS 17, the new insurance contracts Standard, to 2022. The IASB has also decided to propose extending to 2022 the temporary exemption for insurers to apply the financial instruments Standard, IFRS 9, so that both IFRS 9 and IFRS 17 can be applied at the same time. The proposed deferral is subject to public consultation, which is expected...

IASB issues Definition of Material (Amendments to IAS 1 and IAS 8)

The IASB has issued amendments to its definition of material to make it easier for companies to make materiality judgements. The changes are effective from 1 January 2020, but companies can decide to apply them earlier. For further information please refer to the IASB website.

IFRS Foundation Trustees announce ASAF membership 2018–2021

The Trustees of the IFRS Foundation have  announced the new composition of the Accounting Standards Advisory Forum (ASAF), a technical advisory body to the IASB, for the next three years. The OIC has been reappointed as its member. The first meeting of ASAF with its new composition will take place on 6 and 7 December 2018. For more information, please refer to the IASB...

Debt or Equity? – Impact assessment surveys

EFRAG seeks feedback from preparers and users of financial statements to assess the impact of the IASB’s Discussion Paper Financial Instruments with Characteristics of Equity on distinction between debt and equity. The users’ survey will take approximately 30 minutes and the preparers’ survey between 30-45 minutes to complete. You can interrupt it at any time and come back to where you left if...

Debt or Equity? Milan, 7 November: Speakers announced

EFRAG, the OIC and the IASB present the programme for their joint outreach event in Milan on 7 November on the IASB’s DP ‘Financial Instruments with Characteristics of Equity’. ​The joint outreach event will take place on Wednesday, 7 November 2018 from 14:00 to 18:00 hrs at the Sala Convegni Intesa Sanpaolo, Piazza Belgioioso 1, Milan. Speakers include Paolo Gnes, President of the OIC...

Commission Regulation (EU) No 2018/1595 adopts IFRIC 23

The Commission Regulation (EU) No 2018/1595 of 23 October 2018, published in the Official Journal of the European Union L 265 on 24 October 2018, adopts Interpretation IFRIC 23 Uncertainty over Income Tax Treatments. IFRIC 23 specifies how to reflect uncertainty in accounting for income taxes. Each company shall apply the standard, at the latest, as from the commencement date of its first financial year starting on...

IASB issues Definition of a Business (Amendments to IFRS 3)

The IASB has issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business. The amendments will help companies determine whether an acquisition made is of a business or a group of assets. Companies are required to apply the amended definition of a business to acquisitions that occur on or after 1 January 2020. Earlier application is permitted. For further information please...