News

Celebration of the OIC’s 10th anniversary

On the occasion of the celebration of the 10th anniversary of the Organismo Italiano di Contabilità – OIC (the Italian standard setter), on 16 December 2011 the OIC organized a conference on “The role of National Standard Setter” that took place in Rome, at Centro Congressi Confcommercio. Speakers were a member of the IASB, the Chair of EFRAG and a representative of the European Commission as well...

IASB issues ED Transition Guidance (Proposed amendments to IFRS 10)

The IASB issued for public comment the exposure draft Transition Guidance – Proposed amendments to IFRS 10. The exposure draft is open for public comment until 21 March 2012. It is available on the IASB website. Please find the press release herewith...

OIC’s comments on IASB Request for Views Agenda Consultation 2011

The OIC’s comment letter on IASB Request for Views Agenda Consultation 2011 is now available. Please find the document herewith attached.

IASB issues Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32)

The IASB clarified its requirements for offsetting financial instruments by issuing Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32). The amendments address inconsistencies in current practice when applying the offsetting criteria in IAS 32 Financial Instruments: Presentation. The amendments are effective for annual periods beginning on or after 1 January 2014 and are required to be...

IASB issues Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7)

The IASB issued Amendments to IFRS 9 and IFRS 7: Madatory Effective Date and Transition Disclosures,  that defer the mandatory effective date from 1 January 2013 to 1 January 2015. Early application of IFRS 9 is still permitted. Please find the press release herewith attached.

IASB and FASB issue common offsetting disclosure requirements

The IASB) and the FASB issued common disclosure requirements to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. For the IASB, these requirements are included in the Amendments to IFRS 7: Disclosure – Offsetting Financial Assets and Financial Liabilities. The amendments are required to apply the amendments for annual reporting periods beginning on...

ESMA issues the document “Sovereign debt in IFRS financial statements”

The European Securities and Markets Authority (ESMA) has issued a statement concerning the accounting treatment in relation with sovereign debt exposures in connection with current market developments. Special consideration is given to the accounting treatment of Greek sovereign debt. Recommendations are intended to ensure consistent application of IFRS requirement across Europe The statement published today is...

Commission Regulation (EU) No 1205/2011 adopts Amendments to IFRS 7

The Commission Regulation (EU) No 1205/2011 of 22 November 2011, published in the Official Journal of the European Union L 305 on 23 November 2011, adopts Amendments to IFRS 7 Financial Instruments: Disclosures –Transfers of Financial Assets. The Amendments aim to help users of financial statements better evaluate the risk exposures relating to transfers of financial assets and the effect of those risks on an...