News

Meeting OIC-ASBJ

Representatives of the OIC and the Accounting Standards Board of Japan (ASBJ) met on 18 April 2018 in Rome, Italy. At this meeting, the OIC and the ASBJ both provided updates on their respective activities and exchanged views on the opportunities for cooperation. As for the technical topics, the OIC and the ASBJ discussed preliminary views on the EFRAG Discussion Paper “Equity Instruments-Impairment and...

EFRAG Research agenda consultation

EFRAG is seeking public input on the strategic direction of its Research activities. Constituents’ contributions will help to reflect on the future direction of Research on financial reporting. Responses should be submitted by 1 June 2018 also by using the online survey. For further information, please refer to the EFRAG...

Commission Regulation (EU) No 2018/519 adopts IFRIC 22 Foreign Currency Transactions and Advance Consideration

The Commission Regulation (EU) No 2018/519 of 28 March 2018, published in the Official Journal of the European Union L 87 on 28 March 2018, adopts Interpretation IFRIC 22 Foreign Currency Transactions and Advance Consideration. The Interpretation clarifies the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. Each company shall apply the standard, at the...

IASB issues the new Conceptual Framework for Financial Reporting

IASB has issued a revised version of its Conceptual Framework for Financial Reporting. The revised Conceptual Framework includes: - a new chapter on measurement; guidance on reporting financial performance; - improved definitions and guidance—in particular the definition of a liability; - and clarifications in important areas, such as the roles of stewardship, prudence and measurement uncertainty in financial...

IASB issues ED Accounting policy changes (Proposed amendments to IAS 8)

The IASB has published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. IAS 8 sets out the criteria for selecting and changing accounting policies.  When a company changes an accounting policy, it is currently required to apply the new policy as if it had always applied this policy―unless this is not practicable. The Board is...

Commission Regulation (EU) No 2018/498 adopts Amendments to IFRS 9 Financial Instruments

The Commission Regulation (EU) No 2018/498 of 22 March 2018, published in the Official Journal of the European Union L 82 on 26 March 2018, adopts Amendments to IFRS 9 Financial Instruments Prepayment features with Negative Compensation. The amendments are intended to clarify the classification of particular prepayable financial assets when applying IFRS 9. Each company shall apply the standard, at the latest, as...

EFRAG issues two background briefing papers on IFRS 17

EFRAG issues the second and third of three background briefing papers on the requirements of IFRS 17. These papers consider the Release of the Contractual Service Margin and the Transition Requirements of IFRS 17. The aim of these documents is to provide simplified information on controversial areas of IFRS 17 to enable constituents to understand the issues and be in a position to comment on EFRAG’s draft...

OIC pubblica l’OIC 11 Finalità e postulati del bilancio d’esercizio

Si comunica che a seguito del completamento di tutte le fasi del due process, si pubblica l’OIC 11 Finalità e postulati del bilancio d’esercizio. Il documento si applica ai bilanci con esercizio avente inizio a partire dal 1° gennaio 2018 o da data successiva, tranne i paragrafi relativi alla “Prospettiva della continuità aziendale” che si applicano a partire dal 1° gennaio...