News

IASB and FASB issue converged Standard on revenue recognition

The IASB and the FASB jointly issued a converged Standard on the recognition of revenue from contracts with customers. The standard provides substantial enhancements to the quality and consistency of how revenue is reported while also improves comparability in the financial statements of companies reporting using IFRS and US GAAP. Please find the press release herewith attached.

IASB issues Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)

The IASB published Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38). The amendments aim to clarify that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied...

IASB agrees Charter “The IASB and other accounting standard-setters – Working together to develop and maintain global financial reporting standards”

The IASB published an updated Charter establishing key principles of co-operation between the IASB and national standard-setters and other accounting standard-setting bodies, represented by the International Forum of Accounting Standard Setters (IFASS). The principles established by the Charter are designed to enhance the efficiency and effectiveness of international accounting...

IASB issues amendments to IFRS 11 Joint Arrangements

The IASB published amendments to IFRS 11 Joint Arrangements. The amendments add new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business. The amendments specify the appropriate accounting treatment for such acquisitions. Please find the press release herewith attached.

OIC comments on IFRS Interpretation Committee tentative agenda decisions January 2014 – IAS 12

The OIC comment letters on the IFRS Interpretation Committee tentative agenda decisions of January 2014 regarding two issues about IAS 12 are now available. Please find the documents herewith attached.

IASB issues the Discussion Paper on accounting for macro hedging

The IASB published for public comment the Discussion Paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging.  The Discussion Paper is open for comments until 17 October...

IASB issues proposal amendments to IAS 1 as part of Disclosure Initiativethe ED Annual Improvements to IFRSs 2012-2014 Cycle

The IASB published for public comment an Exposure Draft outlining proposed amendments to IAS 1 Presentation of Financial Statements, as part of Disclosure Initiative. The proposed amendments: - clarify the materiality requirements in IAS 1, including an emphasis on the potentially detrimental effect of overwhelming useful information with immaterial information; - clarify that specific line items in the...

OIC, the National Standard Setters ANC, ASCG, FRC and EFRAG invite companies to share their experiences with IFRS 3 – Business Combinations

OIC, the National Standard Setters ANC, ASCG, FRC and EFRAG are requesting that European companies share their practical experiences with IFRS 3 (and any consequential amendments to other Standards). The feedback received will assist the National Standard Setters listed above and EFRAG to prepare a response to the IASB’s Request for Information. We wish to gather feedback from preparer-companies with recent...