IASB News

2012 U.S. GAAP Financial Reporting, IFRS Taxonomy Released Simultaneously

2012 U.S. GAAP Financial Reporting, IFRS Taxonomy Released Simultaneously

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 [...]

Exemption for Investment Firms from Accounting Requirements Pushed

Exemption for Investment Firms from Accounting Requirements Pushed

The International Accounting Standards Board (IASB) has proposed defining the investment firms as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements. Investment entities are commonly understood to be entities that pool investments from a wide range of investors for investment purposes only. Currently, IFRS [...]

Re-exposing Leasing Proposals, IASB and FASB Push

Re-exposing Leasing Proposals, IASB and FASB Push

The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have bared their intention to re-expose their revised proposals for a common leasing standard. The move is expected to provide interested parties with an opportunity to comment on revisions the boards have undertaken since the August 2010 publication of an exposure [...]

2011 Projects of IASB, EFRAG Cap June 14 Meeting

2011 Projects of IASB, EFRAG Cap June 14 Meeting

The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) have reviewed during the June 14 meeting the IASB’s current work program. The meeting focused on the main projects that the IASB intends to finalize in 2011, as well as the time line for completion of those projects. Both entities discussed [...]

Standard-setters Amend Presentation of Comprehensive Income in Financial Statements

Standard-setters Amend Presentation of Comprehensive Income in Financial Statements

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have moved to amend the presentation of items of other comprehensive income (OCI) in financial statements in line with International Financial Reporting Standards (IFRSs) and those prepared in accordance with US generally accepted accounting principles (GAAP). IAS 1 Presentation of Financial Statements [...]

Financial Crisis Response of IASB, Improved Accounting Standards

Financial Crisis Response of IASB, Improved Accounting Standards

The International Accounting Standards Board (IASB) has completed the improvements to the accounting standards for off balance sheet activities and joint arrangements. The improvements came as the IASB issued the IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. This is in addition to IASB’s and [...]

Deficit in IFRS Foundation Down by 28pc in 2010

Deficit in IFRS Foundation Down by 28pc in 2010

From the projected deficit figure of £1.8 million, last year’s operating deficit of the IFRS Foundation was reduced to £1.3 million, down almost 28pc, according to the Trustees that bared their report April 28 after meeting with the Monitoring Board. The Trustees and the Monitoring Board bared yesterday their coordination to take forward efforts to [...]

Monitoring Board, Trustees Reviewing IFRS Governance

Monitoring Board, Trustees Reviewing IFRS Governance

After discussions during their fifth joint meeting early this month, the Monitoring Board and the Trustees of the IFRS Foundation will prop up coordination to take forward their efforts to review the Foundation’s governance and strategy. The Monitoring Board will review the governance of IFRS Foundation while the Trustees will conduct a strategy review. April [...]

Shortcomings in FASB’s Impairment Model Raised

Shortcomings in FASB’s Impairment Model Raised

Many issues have been omitted by the US Financial Accounting Standards Board (FASB) in its impairment model for accounting for financial assets and the proposal’s concept does not look ‘sound’. This was the statement of the Financial Reporting Executive Committee (FinREC) of the American Institute of Certified Public Accountants (AICPA) in a letter addressed to [...]

Draft Guidance on IFRS for SMEs Issued for Public Comment

Draft Guidance on IFRS for SMEs Issued for Public Comment

A draft guidance on IFRS for SMEs published today by the SME Implementation Group (SMEIG) raises the issue of whether a parent entity may present separate financial statements if it does not have public accountability and if a group is ordered to present consolidated financial statements in accordance with full IFRS. The draft guidance aims [...]

Accounting Standards Regulators Outline Proposals for Common Impairment Accounting of Financial Assets

Accounting Standards Regulators Outline Proposals for Common Impairment Accounting of Financial Assets

The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have proposed parallel approaches to impairment accounting of financial assets supplementing previously published exposure drafts. The proposals, open for public comment until April 1, 2011, will adopt a more forward-looking approach to credit losses accounting through the expected loss model, a [...]

IASB, FASB Propose to Wipe Off Differences in Offsetting Requirements

IASB, FASB Propose to Wipe Off Differences in Offsetting Requirements

The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have proposed to eliminate the differences in offsetting requirements arising from financial instruments reporting under the International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP). The proposal comes after the request forwarded by investors, Financial Stability Board, G20 [...]

International Accounting Standards Board Bares Latest Changes in Hedge Accounting Model

International Accounting Standards Board Bares Latest Changes in Hedge Accounting Model

Responding to the call of G20 to address complex and burdensome aspects of hedge accounting, the International Accounting Standards Board (IASB) has released a new Exposure Draft (ED) as part of the completion of the IAS 39 financial instruments accounting model. With the proposed changes in the hedge accounting model that simplify burdensome requirements like [...]

New Rules on Accounting to Influence Business Financial Services

New Rules on Accounting to Influence Business Financial Services

The new standards on accounting proposed by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) may see their impacts on business financial services as leases would have to be reported on balance sheet. Capital Markets Director for PwC Elizabeth Schoonees said companies must take a closer look at these changes [...]

IASB and FASB Coordinating on Dates for New Standards

IASB and FASB Coordinating on Dates for New Standards

The IASB (International Accounting Standards Board) and FASB (US Financial Accounting Standards Board) are consulting as to when to set the dates for the new financial reporting standards to be taking effect. The new financial reporting standards had been decided on early this year to rectify the issues that were frequently cropping up on the [...]

Dutch Chairman for IASB

Dutch Chairman for IASB

Hans Hoogervorst has been appointed as the Chairman of the IASB (International Accounting Standards Board). Ian Mackintosh will be acting as the Vice Chairman. Hoogervorst will be taking over from Sir Tweedie, who is the present Chairman of the IASB. Sir Tweedie will be retiring at the end of his term in June 2011. Hoogervorst [...]

IASB Decides on Enhanced De-recognition Disclosure Requirements

IASB Decides on Enhanced De-recognition Disclosure Requirements

As part of IASB’s (The International Accounting Standards Board), comprehensive review of off balance sheet activities, it has issued amendments to IFRS 7 Financial Instruments: Disclosure. The amendments have been designed in such a way so as to allow users of financial statements improve their understanding of transfer transactions of financial assets. This includes that [...]

IASB to Release Hedge Accounting Proposals in November

IASB to Release Hedge Accounting Proposals in November

Hedge accounting, which is the third and final chapter of IASB’s (International Accounting Standards Board) financial instruments project, is expected to be released in November this year. If the proposals get released in November, the board will be 9 months late in doing so. According to sources within the board, the proposals will be just [...]

The Pains and Gains of the New Lease Accounting Standards

The Pains and Gains of the New Lease Accounting Standards

The new lease accounting standards may not look as promising for short-term gains but they are definitely going to be beneficial for the companies in the long run. The new accounting standard not only acts like a reality check for the companies but it also highlights the inherent drawbacks in the process of standard setting. [...]

IASB and FASB Submits Proposals to Simplify Lease Accounting

IASB and FASB Submits Proposals to Simplify Lease Accounting

The IASB (The International Accounting Standards Board) and the FASB (US Financial Accounting Standards Board) has announced plans to bring in new proposals to the ways in which lease contacts’ financial reporting is handled. The aim is for a better system of lease accounting where the process would be less complex and more transparent.

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