News

IASB and FASB propose common solution for impairment accounting

The IASB and the FASB have today published, for public comment, proposals for accounting for impairment of financial assets such as loans managed in an open portfolio. The proposals are published as a supplement to ED Financial Instruments: Amortised Cost and Impairment published by the IASB in November 2009, and a separate FASB exposure draft published in May 2010. The supplementary document is open for public...

IASB issues ED Offsetting Financial Assets and Financial Liabilities

The IASB and the US-based Financial Accounting Standards Board (FASB) have published a proposal to establish a common approach to offsetting financial assets and financial liabilities on the statement of financial position (balance sheet). The exposure draft Offsetting Financial Assets and Financial Liabilities [FASB: Balance Sheet (Topic 210): Offsetting] is open for public comment until 28 April 2011 and can be...

OIC’s comments on EFRAG draft endorsement advice on IFRS 7 Transfers of Financial Assets

The OIC’s comment letter in reply to EFRAG’s draft endorsement advice on IASB Amendments to IFRS 7 Financial Instruments: Disclosures – Transfers of Financial Assets is now available. The document is enclosed.

OIC’s comment on IASB Request for Views Effective Dates and Transition Methods

The OIC’s comment letter on IASB Request for Views Effective Dates and Transition Methods, in reply to EFRAG’s draft comment letter is now available. The document is...

IFRS Foundation issues ED IFRS Taxonomy 2011

On 18 January, the IFRS Foundation published for public comment an ED of the IFRS Taxonomy 2011.  The proposed taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs.  The IFRS Taxonomy 2011 is a translation of IFRSs as issued at 1 January 2011 into XBRL (eXtensible Business Reporting Language). The ED is open for comment until 18 March 2011. The ED is available on the IFRS Foundation...

Online the new OIC’s website

Online the new website of the OIC with  new graphics, new navigation system and enhanced content. The informative function has been improved, reorganizing existing content by providing current and new sections. At the same time the access to information has also been facilitated, easier navigation through a clearly articulated definition of the content, and guiding the user in the consultation. The site has, in...

IASB publishes “Amendments to IFRS 1″ and “Amendments to IAS 12″

The IASB has today issued: - Amendments to IAS 12 Income Taxes. It is effective from 1 January 2012. Earlier application is permitted. - two narrow amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRSs). The amendments to IFRS 1 are set out in Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters and are effective from 1 July 2011. Earlier application is...

OIC’s comment on IASB ED Lease

The OIC’s comment letter on IASB ED Leases, in reply to EFRAG’s draft comment letter is now available. The same comments have been sent to the IASB. The document is enclosed.