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 [...]
February 12, 2012 |
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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 [...]
January 30, 2012 |
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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 [...]
January 30, 2012 |
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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 [...]
January 20, 2012 |
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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 [...]
January 11, 2012 |
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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 [...]
January 9, 2012 |
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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 [...]
January 6, 2012 |
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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 [...]
December 26, 2011 |
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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 [...]
December 26, 2011 |
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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 [...]
December 23, 2011 |
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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 [...]
December 23, 2011 |
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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 [...]
December 23, 2011 |
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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 [...]
December 14, 2011 |
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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 [...]
November 15, 2011 |
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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 [...]
November 15, 2011 |
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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 [...]
November 14, 2011 |
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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, [...]
November 14, 2011 |
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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 [...]
October 31, 2011 |
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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 [...]
October 31, 2011 |
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The IFRS Foundation, the oversight body of the International Accounting Standards Boards (IASB), have completed the first part of its project to address requests by regulators and preparers to extend the full International Financial Reporting Standards (IFRS) XBRL Taxonomy, along with the release of the proposed 2012 U.S. GAAP Financial Reporting Taxonomy by the Financial [...]
September 6, 2011 |
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