IASB News

FASB Seeks Input on Disclosure Framework

FASB Seeks Input on Disclosure Framework

The Financial Accounting Standards Board (FASB) has issued the Invitation to Comment, Disclosure Framework, to ask for stakeholder input on ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organizations. Stakeholders are asked to provide comments by November 16, 2012. The Invitation to Comment is the FASB’s first step in soliciting [...]

Monitoring Board, Trustees of the IFRS Foundation Conclude Governance and Strategy Reviews

Monitoring Board, Trustees of the IFRS Foundation Conclude Governance and Strategy Reviews

The Monitoring Board and the Trustees of the IFRS Foundation jointly announced the conclusions of their separate reviews of the governance and strategy of the IFRS Foundation. The reviews build upon the achievements of the last 11 years, during which International Financial Reporting Standards (IFRSs) have become the internationally accepted language of financial reporting, required [...]

IASB and FASB Seek to Reduce Differences in Classification and Measurement Models for Financial Instruments

IASB and FASB Seek to Reduce Differences in Classification and Measurement Models for Financial Instruments

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) agreed to work together to seek to reduce differences in their respective classification and measurement models for financial instruments. The discussions will form part of the FASB’s ongoing redeliberation of a proposed Accounting Standards Update on financial instruments, which was originally issued [...]

IASB and FASB Seek to Reduce Differences in Classification and Measurement Models for Financial Instruments

IASB and FASB Seek to Reduce Differences in Classification and Measurement Models for Financial Instruments

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) agreed to work together to seek to reduce differences in their respective classification and measurement models for financial instruments. The discussions will form part of the FASB’s ongoing redeliberation of a proposed Accounting Standards Update on financial instruments, which was originally issued [...]

Exposure Draft of the IFRS Taxonomy 2012

Exposure Draft of the IFRS Taxonomy 2012

The IFRS Foundation published for public comment an exposure draft of the IFRS Taxonomy 2012. The proposed Taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs. The IFRS Taxonomy 2012 is a translation of IFRSs as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language). The 2012 Taxonomy also consolidates [...]

IFRS Advisory Council Membership Revamped

IFRS Advisory Council Membership Revamped

The Trustees of the International Financial Reporting Standards (IFRS) Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), have announced the appointments and reappointments to the IFRS Advisory Council following the expiration of membership periods at the end of 2011. The Advisory Council is the formal advisory body to the [...]

New Japanese and Spanish Translations Available Online

New Japanese and Spanish Translations Available Online

The IFRS Foundation has published the Japanese translation of the exposure draft Revenue from Contracts with Customers, issued by the IASB in English in November 2011. Comments to be received by 13 March 2012. This document can be accessed via the comment on a proposal webpage. Also published is the Spanish translation of the Basis [...]

Arabic-language IFRS for SMEs Training Module 30

The Education Initiative has posted Module 30 Foreign Currency Translation of the Arabic-language translation of its training material. In total, 25 Arabic-language modules are now available for download from the IFRS Foundation website (see www.ifrs.org/IFRS+for+SMEs/ArabicModules.htm). The IFRS Foundation is grateful to the Arab Society of Certified Accountants (ASCA) Jordan for facilitating and funding the translation [...]

IASB, FASB Issue Common Offsetting Disclosure Requirements

IASB, FASB Issue Common Offsetting Disclosure Requirements

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued common disclosure requirements that are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. The eligibility criteria for offsetting are different in International Financial Reporting [...]

IASB Defers IFRS 9 to 2015

IASB Defers IFRS 9 to 2015

The International Accounting Standards Board (IASB) has issued amendments to IFRS 9 Financial Instruments that defer the mandatory effective date from 1 January 2013 to 1 January 2015. The deferral will make it possible for all phases of the project to have the same mandatory effective date. The amendments also provide relief from the requirement [...]

IASB Clarifies Requirements for Offsetting Financial Instruments

IASB Clarifies Requirements for Offsetting Financial Instruments

The International Accounting Standards Board (IASB) has 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 clarify the meaning of ‘currently has a legally enforceable [...]

IASB Proposes Clear Transition Guidance in IFRS 10

IASB Proposes Clear Transition Guidance in IFRS 10

The International Accounting Standards Board (IASB) has published for public comment proposed amendments to IFRS 10 Consolidated Financial Statements. The objective of the proposed amendments is to clarify the transition guidance in IFRS 10 by confirming when an entity needs to apply IFRS 10 retrospectively. The proposals should allay the concerns of some who thought [...]

Elke König to Step Down As Member of the IASB

Elke König to Step Down As Member of the IASB

Dr Elke König, member of the IASB, has announced her intention to step down from the Board, effective 31 December 2011. Dr Koenig has been appointed as President of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the German Federal Financial Supervisory Authority. Commenting on her resignation, Hans Hoogervorst, Chairman of the IASB said: “On behalf of my [...]

FASB, IASB Revised Proposal on Revenue from Contracts with Customers

FASB, IASB Revised Proposal on Revenue from Contracts with Customers

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are pulling up their sleeves to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (US GAAP) for revenue (and some related costs) from contracts with customers. The regulators are requesting for [...]

Regulators Revise Proposal for Revenue Recognition

Regulators Revise Proposal for Revenue Recognition

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have jointly issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers. The [...]

KPMG Welcomes Proposal for Revenue Recognition from IASB, FASB

KPMG Welcomes Proposal for Revenue Recognition from IASB, FASB

Global accounting and business consulting firm KPMG has welcomed the second round of proposals on revenue issued by the International Accounting Standards Board and the US Financial Accounting Standards Board. Brian O’Donovan, partner in KPMG’s International Standards Group, “it’s good news that the Boards listened to much of the feedback on the first round of [...]

IFRS Trustees Support Draft Conclusions

IFRS Trustees Support Draft Conclusions

The Chair of the IFRS Advisory Council reported on the October 2011 meeting of the Advisory Council. He noted that the meeting represented the last meeting of the current membership of the Council, with six Trustees represented at the Council meeting. Paul Cherry reported on the Council’s discussions with the IASB regarding the completion of [...]

Tweedie Provides Update on IASB Works

Tweedie Provides Update on IASB Works

The Chair of the International Accounting Standards Board (IASB) Hans Hoogervorst has provided an update on the work of the IASB since the July 2011 Trustees’ meeting. The update was made during the meeting between the IFRS Foundation Trustees, the Autorité des normes comptables (ANC), the French accounting standard-setter, the major French business organisations (Acteo, [...]

IASB Pushes to Amend Accounting for Government Loans in IFRS 1

IASB Pushes to Amend  Accounting for Government Loans in IFRS 1

The International Accounting Standards Board (IASB) has published for public comment a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposed amendment sets out how a first-time adopter would account for a government loan with a below-market rate of interest when they transition to IFRSs. If adopted, this amendment would [...]

IASB Clarifies Surface Mine Accounting Requirements

IASB Clarifies Surface Mine Accounting Requirements

The IASB has issued an Interpretation clarifying the requirements for accounting for stripping costs in the production phase of a surface mine. The Interpretation was developed by the IFRS Interpretations Committee, the interpretative body of the IASB. The Interpretations Committee was asked to clarify when and how to account for stripping costs (the process of [...]

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