News

Commission Regulation (EU) No 2015/2406 adopts Disclosure Initiative (Amendments to IAS 1)

The Commission Regulation (EU) No 2015/2406 of 18 December 2015, published in the Official Journal of the European Union L 333 on 19 December 2015, adopts Amendments to IAS 1 Presentation of Financial Statements entitled Disclosure Initiative. The amendments aim to improve the effectiveness of disclosure and to encourage companies to apply professional judgement in determining what information to disclose in...

IASB postpones accounting changes for associates and joint ventures until completion of broader review

The IASB has postponed the date when entities must change some aspects of how they account for transactions between investors and associates or joint ventures. The postponement applies to changes introduced by the IASB in 2014 through narrow-scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. The amendment can be accessed...

EFRAG has published its draft comment letter in response to the ED Annual Improvements to IFRSs 2014–2016 Cycle

EFRAG has published its draft comment letter in response to the Exposure Draft Annual Improvements to IFRSs 2014–2016 Cycle and seeks constituents’ views on the proposals. Comments on the draft comment letter are requested by 5 February 2016.

Commission Regulation (EU) No 2015/2343 adopts Annual Improvements to International Financial Reporting Standards 2012-2014 Cycle

The Commission Regulation (EU) No 2015/2343 of 15 December 2015, published in the Official Journal of the European Union L 330 on 16 December 2015, adopts Annual Improvements to International Financial Reporting Standards 2012-2014 Cycle, in the framework of its regular improvement process which aims at streamlining and clarifying the standards. Each company shall apply the amendments, at the latest, as from...

EFRAG has published its draft comment letter on the IASB ED Transfers of Investment Property

EFRAG issued its draft comment letter on the IASB ED Transfers of Investment Property: Proposed Amendment to IAS 40. EFRAG requests comments by 15 March 2016.

IASB issues ED Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4)

The IASB has published for public comment proposals to amend the existing insurance contracts Standard, IFRS 4. This is to address the temporary consequences of the different effective dates of IFRS 9 Financial Instruments and the new insurance contracts Standard. The deadline for comments on the Exposure Draft is 8 February...

EFRAG’s report on the findings from the public survey on the expected effects of the introduction of IFRS 16 Leases on financial covenants in loan agreements

EFRAG published a report that summarises the findings from the public survey on the effects of the introduction of IFRS 16 Leases on financial covenants in loan agreements. The public survey was carried out by EFRAG in association with the National Standard Setters of Lithuania, France, Germany, Italy, and the UK (AAT, ANC, DRSC, OIC, FRC). The IASB also participated in this consultation. The objective of the survey...

EFRAG has sent its letter to the European Commission providing further information related to the endorsement of IFRS 9

EFRAG has sent its letter to the European Commission providing further information related to the endorsement of IFRS 9. It provides some preliminary views on the deferral and overlay approaches that will be proposed by the IASB in the Exposure Draft that is expected to be released in the near...