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  • Income taxes — Comprehensive project
    draft Deferred Taxes Recovery of Underlying Assets the staff shared a pre ballot draft with certain constituents to obtain feedback This process identified five primary issues the staff brought back to the IASB for reconsideration Insurance contracts 23 Jun 2010 The IASB and FASB discussed 1 cash flows that arise as an insurer fulfils its existing insurance contract 2 acquisition costs 3 unbundling 4 presentation 5 interest accretion residual composite margins 6 Income taxes 20 Jun 2010 The IASB considered two practice issues being deferred tax on property remeasurement at fair value and uncertain tax positions as well as five proposals from the exposure draft that were very popular with respondents Income Taxes limited amendments to IAS 12 18 Mar 2010 The Board discussed several practice issues that might be considered as part of a limited scope project to amend IAS 12 Income Taxes Income Tax 17 Nov 2009 The Board discussed the possible ways forward following the largely negative feedback from constituents on the Income Tax ED and following the discussion at the Joint Meeting with the FASB in October The Board discussed possibilities of a more limited project that would target the most urgent issues Income Taxes 28 Oct 2009 The Board discussed comment letters received on the Income Tax exposure draft Income Taxes 23 Jan 2009 The Board discussed different aspects of discounting current tax including discount rate and IAS 20 implications Income Taxes 22 Jul 2008 The Boards discussed various sweep issues arising from their review of a pre ballot draft of an Exposure Draft ED that would replace IAS 12 Income Taxes Income Taxes 19 Jul 2007 The Board held a brief discussion of three issues noted for resolution before the joint FASB IASB exposure draft on income taxes is issued IAS 12 Deferred tax arising from unremitted overseas earnings 04 May 2007 The IFRIC discussed whether it should provide guidance about how an entity should account for potential deferred tax liabilities arising from temporary differences created by income that is earned in a foreign jurisdiction but is not taxable until it is remitted to the entity s home jurisdiction Short term Convergence Income Taxes 17 Apr 2007 The Boards discussed whether to remove the temporary difference approach in IAS 12 Income Taxes prohibiting the recognition of deferred tax liabilities on the initial recognition of goodwill The Boards also discussed the treatment of acquired assets and assumed liabilities that have a tax base different from their initial carrying amount both in a business combination and outside a business combination Income Taxes 24 Jan 2007 The Board discussed the accounting for investment allowances in the context of a specific tax regime s requirements Short term Convergence Income Taxes 21 Feb 2006 The Boards discussed a staff proposal that the exception from recognising deferred taxes on undistributed earnings of foreign subsidiaries and joint ventures currently proposed in the draft ED be changed to an exception for subsidiaries and joint ventures in jurisdictions in which intragroup distributions have

    Original URL path: http://www.iasplus.com/en/projects/research/long-term/income-taxes (2016-02-10)
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  • Intangible assets
    broad scope project to address the issues relating to intangible assets in 2007 The IASB did not add the project to its agenda at that time because it did not have sufficient resources The IASB also had previously participated in a research project on extractive activities which was undertaken by a project team of national standard setters from Australia Canada Norway and South Africa Many constituents suggested the IASB should examine extractive activities as part of a broader consideration of intangible assets and research and development activities This broader intangible assets project was activated as a research project as part of the IASB s December 2012 response to its Agenda Consultation 2011 This project is designed to assess the feasibility of developing one set of reporting requirements for investigative exploratory and developmental activities across a wide range of activities Current status of the project In December 2012 as part of its response to the Agenda Consultation 2011 the IASB formally activated this project as an IASB only research project Project milestones Date Development Comments 31 October 2008 Initial Accounting for Internally Generated Intangible Assets published by the Australian Accounting Standards Board AASB with the support of the National Standards Setters NSS Comment deadline 15 May 2009 December 2012 Formally activated as an IASB only research project Discussion Paper would be published before an agenda decision is made Related Discussions Agenda Proposals 12 Dec 2007 The staff presented the Board with four agenda proposals They are 1 intangibles 2 emissions trading and government grants 3 common control transactions and 4 management commentary Convergence Topics 18 Jul 2002 The Board discussed certain areas of difference among major national accounting standards and IAS where there are opportunities for convergence All Related Quick links IAS 38 Intangible Assets IFRS 6 Exploration for and Evaluation

    Original URL path: http://www.iasplus.com/en/projects/research/long-term/intangible-assets (2016-02-10)
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  • Non-financial liabilities
    to replace IAS 37 16 Nov 2010 The IASB considered possible revisions to the recognition requirements for non financial liabilities as a result of comments received on the working draft of the IFRS Topics included 1 the threshold for the existence of a liability 2 additional guidance and examples on how entities should apply the recognition criteria if there is uncertainty as to whether a liability exists 3 removal of probable outflows criterion Liabilities Amendments to IAS 37 15 Sep 2010 The staff presented to the IASB an analysis of the responses received on the exposure draft on the measurement of liabilities summarising the key issues identified by constituents Liabilities IAS 37 26 Aug 2010 European standard setter representatives raised the IAS 37 project as continuing to be on concern particularly the removal of the probability threshold and measurement at expected value Impairment 23 Jul 2010 The IASB 1 considered a staff analysis of comment letters on the Exposure draft ED 2009 12 Financial Instruments Amortised Cost and Impairment 2 considered a summary of the deliberations of the Expert Advisory Panels Liabilities IAS 37 15 Jun 2010 Liabilities Replacement of IAS 37 19 Mar 2010 The Board considered requests from constituents to extend the comment period for the exposure draft Measurement of Liabilities in IAS 37 IAS 37 Measurement 15 Dec 2009 The Board plans to publish an exposure draft ED on the revised proposals for the measurement of liabilities in IAS 37 Liabilities Amendments to IAS 37 19 Nov 2009 The Board discussed how to resolve a conflict identified by the staff Previously the Board decided to clarify that entities should measure liabilities in the scope of IAS 37 by reference to the value rather than the cost of the outflows required to fulfil the obligation Liabilities Amendments to IAS 37 21 Oct 2009 The staff presented one issue to the Board whether re exposure of the IAS 37 amendments package was necessary or whether the Board could proceed directly to issue an IFRS Liabilities Amendments to IAS 37 16 Sep 2009 The Board discussed the details of the measurement guidance for service obligations The issue was discussed on the July meeting when several Board members expressed their concerns regarding the earlier tentative decision Liabilities Amendments to IAS 37 22 Jul 2009 Staff presented a paper proposing more detailed specification of the measurement objective underpinning the proposed measurement guidance for IAS 37 The objective is to facilitate the use of the IAS 37 measurement model for other types of liabilities for example insurance Liabilities Amendments to IAS 37 17 Jun 2009 The Board discussed concerns raised by some constituents and Board members that defendants in some legal proceedings might encounter practical problems when applying aspects of the proposed amendments to IAS 37 Provisions Contingent Liabilities and Contingent Assets Liabilities Amendments to IAS 37 23 Apr 2009 The Board agreed that they should endeavour to issue revisions to IAS 37 even if some issues remain unresolved Liabilities Amendments to IAS

    Original URL path: http://www.iasplus.com/en/projects/research/short-term/non-financial-liabilities (2016-02-10)
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  • Pollutant pricing mechanisms (formerly Emissions trading schemes)
    of IAS 20 Accounting for Government Grants and Disclosure of Government Assistance so that the accounting for allowances and similar assets issued by governments free of charge is addressed Thus the scope of the project addresses only emission trading rights including any government grants associated with such emission trading rights but does not address government grants more generally The reactivated project In December 2012 as part of its response to the Agenda consultation 2011 the IASB formally reactivated this project as an IASB only research project The project is expected to result in the publication of a Discussion Paper considering the financial reporting consequences of government developed schemes designed to encourage reductions in the production of greenhouse gases which will include an inventory of trading schemes an analysis of common economic characteristics of those schemes an initial assessment of the potential reporting solutions The following issues are expected to be considered as part of this project how to account for allowances awarded by a scheme administrator when and how to account for liabilities associated with the emission of greenhouse gases The re scoped project In February 2015 the project was renamed from Emission trading schemes to Pollutant pricing mechanisms This was to reflect a January 2015 Board decision to change the scope the approach and the direction of the project The Board decided to take a fresh start and discard all tentative decisions taken in previous versions of the project In addition the scope of the project was broadened to consider a variety of schemes that use emissions allowances to manage the emission of pollutants Current status of the project In November 2010 the IASB and FASB agreed to defer joint work on their joint project This project was reactivated as an IASB only research project as part of the IASB s response to its Agenda consultation 2011 Board discussion began in the first quarter of 2015 and as first result led to a change of the scope the approach and the direction of the project Project milestones Date Development Comments December 2007 Added to the IASB s active agenda November 2010 The IASB and FASB agreed to defer their joint project December 2012 Reactivated as an IASB only research project Discussion Paper to be published before an agenda decision is made February 2015 Change of scope approach and direction of the project Related Discussions Pollutant pricing mechanisms 20 Oct 2015 The staff provided the IASB with an update and overview of the Pollutant Pricing Mechanisms PPM project The staff set out the planned contents of the Discussion Paper which is expected in H1 2016 see Agenda Paper 6 The staff also set out the issues they have identified relating to cap and trade emission trading schemes Agenda Paper 6A for which the IASB will be asked to make decisions at subsequent meetings No decisions were sought in this meeting instead the session allowed for the staff to share their findings with the IASB and to allow for discussions before

    Original URL path: http://www.iasplus.com/en/projects/research/short-term/emissions-trading (2016-02-10)
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  • Rate-regulated activities — Comprehensive project
    asked whether they believed that staff could start the balloting process for the upcoming discussion paper on rate regulation Several Board members raised concerns about the content and the state of the paper It was agreed that staff would present a draft version for the Board to discuss in a public meeting before the balloting process would be initiated Rate regulated activities 19 Feb 2014 The Board discussed various aspects of the upcoming discussion paper on rate regulation Rate regulated activities Research project 22 Nov 2013 The Board discussed whether a rate setting mechanism that incorporates a true up adjustment could result in the existence of assets and liabilities Rate regulated activities Research project update 31 Oct 2013 The project manager provided the IASB with an overview of the research done on the rate regulated activities project since the last Board meeting including the dual element adjustment used by some regulators and the unit of account Rate regulated activities 18 Sep 2013 The Board discussed 7 agenda papers related to the rate regulated activities project Rate regulated activities 24 Jul 2013 An educational session where staff wanted to highlight the key issues and gain some thoughts and questions from members in preparation for a meeting on Friday 26 July 2013 with the Consultative group Review of breakout sessions held in October 2012 26 Feb 2013 Council members agreed that the summaries of issues raised in two series of breakout sessions during the October 2012 meeting rate regulated activities and establishing a research capacity at the IFRS Foundation were a fair record of those discussions Rate regulated activities IASB only 22 Feb 2013 The Board discussed the proposed interim Standard for Rate regulated Activities that would allow entities adopting IFRS to continue to use their local GAAP requirements for rate regulated activities until the comprehensive project is completed Several application issues were identified by the staff in drafting The purpose of this meeting was to clarify these issues and ask the IASB to decide whether to include application guidance in the proposed interim Standard or to make consequential amendments to other Standards Rate regulated activities 17 Dec 2012 The Board discussed issues to be addressed in the DP on rate regulated activities the need for an interim Standard and a proposed project plan IAS 18 IAS 37 and IAS 39 Regulatory assets and liabilities 14 Nov 2012 The Interpretations Committee received a request seeking clarification on whether a regulatory asset or regulatory liability should be recognised in a particular situation in which a regulated entity is permitted to recover costs or required to refund some amounts independently of the delivery of future services Rate regulated activities 22 Oct 2012 The IASB staff presented an overview of why it had been decided to re activate the IASB s project on whether and if so how IFRSs should reflect the effects of rate regulation Rate regulated activities 26 Sep 2012 This meeting discussed the staff s proposal that they develop a Discussion Paper

    Original URL path: http://www.iasplus.com/en/projects/research/short-term/rate-regulated-activities (2016-02-10)
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  • XBRL — eXtensible Business Reporting Language
    the reports within the organisation and between organisations XBRL aware applications can take advantage of the high level of specificity and self describing nature of the tags to automatically process the information for purposes of reporting and analysis XBRL is independent of any hardware platform software operating system programming language or accounting standard XBRL International XBRL International is a not for profit consortium of approximately 550 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption The consortium members meet periodically in international conferences conduct committee work regularly via conference calls and communicate in email and phone calls throughout the week Click here to go to the XBRL International Website XBRL Plus Deloitte recognises and supports XBRL as a leading standard for managing and processing financial and business information and maintains a separate website dedicated to the case for XBRL Click for www xbrlplus com IFRS XBRL Taxonomy The IASC Foundation IASCF renamed 1 July 2010 as IFRS Foundation has developed a high quality XBRL taxonomy for IFRSs in effect a dictionary of data tags that explains what each tagged element is and how it should be treated under IFRSs that will be maintained in line with the annual Bound Volume of IFRSs In November 2002 the XBRL International Steering Committee ISC issued the IAS Primary Financial Statements PFS Taxonomy as an XBRL Recommendation and also issued the IAS Explanatory Disclosures and Accounting Policies EDAP Taxonomy as a Public Working Draft Both the PFS and EDAP taxonomies are available on the Internet from XBRL International s XBRL Resource Center The PFS Taxonomy includes XBRL representations of a classified balance sheet an income statement a statement of changes in equity and a cash flow statement The PFS Taxonomy encompasses the core financial statements that private sector and certain public sector entities typically report in annual semi annual or quarterly financial disclosures as required by IAS 1 7 and IAS 34 8 Significant accounting policies and other explanatory notes are modelled in a separate XBRL taxonomy the Explanatory Disclosures and Accounting Policies EDAP taxonomy which has been released as a public working draft Click to go to IFRS Taxonomy Click to go to US Financial Reporting Taxonomy Link to XBRL Educational Resource Centre at Bryant University IFRS Foundation XBRL Activities The IASB has created a Separate Section of its Website www ifrs org xbrl that focuses on matters relating to XBRL On that site you will find IFRS related XBRL news links to various taxonomies extensions translations educational materials and upcoming events among other information XBRL Planet The XBRL International staff keep track of who is adopting XBRL and how country by country and agency by agency The initiative is called XBRL Planet http www xbrlplanet org Related Discussions IFRS Taxonomy education session 22 Jul 2015 The Board discussed 1 the results of the IFRS taxonomy due process trial that had been undertaken as part of the exposure draft for proposed amendments to IAS 7

    Original URL path: http://www.iasplus.com/en/projects/research/short-term/xbrl (2016-02-10)
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  • IASB discussion papers
    The International Accounting Standards Board IASB has published a Discussion Paper DP relevant to companies that hedge risks on dynamic portfolios of exposures using derivatives Although the paper focusses on the example of portfolio interest rate hedging by banks the concepts discussed can apply to any entity that hedges on a dynamic portfolio basis for any risks Comments are due 17 October 2014 FRC comments on the IASB s Conceptual Framework discussion paper 13 Jan 2014 The Financial Reporting Council FRC has today published their response to the International Accounting Standard Board s IASB s Discussion Paper DP 2013 1 A Review of the Conceptual Framework for Financial Reporting The FRC agrees with a number of proposals within the Discussion Paper DP but has commented that there are a number of areas where further development is necessary Recording of a seminar on the IASB s Conceptual Framework discussion paper 06 Nov 2013 The New Zealand Accounting Standards Board NZASB has recently hosted seminars on the IASB Discussion Paper DP 2013 1 A Review of the Conceptual Framework for Financial Reporting and has made the recording of one of the seminars freely available online EFRAG draft comment letter on the conceptual framework discussion paper 27 Sep 2013 The European Financial Reporting Advisory Group EFRAG has issued a draft comment letter on the IASB s Discussion Paper DP containing proposals for topical areas where the IASB considers a revision and amendment of the existing Conceptual Framework necessary IASB Research Forum and ABR special issue on the Conceptual Framework 30 Aug 2013 On 2 October 2014 the first IASB Research Forum will be held offering an interdisciplinary platform for academics from around the world to exchange their views with peers and with members of the International Accounting Standards Board IASB on topics that address the interaction between international financial reporting requirements policy and the functioning of capital markets The topic of this first research forum will be the Conceptual Framework for Financial Statements IASB publishes Discussion Paper for a new Conceptual Framework 18 Jul 2013 The International Accounting Standards Board IASB has published a comprehensive Discussion Paper DP containing proposals for topical areas where it considers a revision and amendment of the existing Conceptual Framework necessary Included in the DP are proposals to revise the definitions of an asset and a liability to introduce guidance on derecognition to clarify the objective and purpose of other comprehensive income and to set a framework for presentation and disclosure Comments are due 14 January 2014 IASB ends 2012 with a flurry of pronouncements 12 Dec 2012 In the lead up to the end of 2012 the International Accounting Standards Board IASB released a number of pronouncements under its various projects As a service to our readers this page provides a summary of the pronouncements with links to our resources for each development Deloitte comment letter on the discussion paper on extractive activities 30 Jul 2010 Deloitte s IFRS Global Office has submitted a letter of comment

    Original URL path: http://www.iasplus.com/en/resources/ifrsf/due-process/iasb-discussion-papers (2016-02-10)
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  • IASB requests for information
    goodwill would be appropriate EFRAG submits collected views of European preparers and users on IFRS 3 25 Jun 2014 The European Financial Reporting Advisory Group EFRAG has responded to the IASB s Request for Information RFI regarding IFRS 3 Business Combinations by submitting reports of feedback received from various outreach activities and events We comment on the post implementation review of IFRS 3 30 May 2014 We have published our comment letter on the IASB s Post implementation Review IFRS 3 Business Combinations FEE comments on the Request for Information on the post implementation review of IFRS 3 20 May 2014 The Federation of European Accountants Fédération des Experts comptables Européens FEE has commented on the IASB s Request for Information RFI seeking comments from stakeholders to identify whether IFRS 3 Business Combinations provides information that is useful to users of financial statements whether there are areas of IFRS 3 that are difficult to implement and may prevent the consistent implementation of the standard and whether unexpected costs have arisen in connection with applying or enforcing the standard EFRAG and the European National Standard Setters invite companies to share their experience with applying IFRS 3 25 Feb 2014 The European Financial Reporting Advisory Group EFRAG and the standard setters of France Germany Italy and the UK invite European companies to share their practical experiences with IFRS 3 Business Combinations and any consequential amendments to other Standards in order to learn whether IFRS 3 is working as intended for European companies applying IFRS IASB publishes Request for Information on the post implementation review of IFRS 3 30 Jan 2014 The International Accounting Standards Board IASB has issued a Request for Information RFI seeking comments from stakeholders to identify whether IFRS 3 Business Combinations provides information that is useful to users of financial statements whether there are areas of IFRS 3 that are difficult to implement and may prevent the consistent implementation of the standard and whether unexpected costs have arisen in connection with applying or enforcing the standard IASB user survey on debt disclosures 23 Jan 2014 The International Accounting Standards Board IASB has released a survey of investors and analysts to gather information about the usefulness of disclosures regarding debt including changes in an entity s debt position The survey results will assist the IASB in deciding whether to undertake a project on debt disclosures IASB publishes Request for Information on Rate Regulation 28 Mar 2013 The International Accounting Standards Board IASB has issued a Request for Information RFI seeking comments from stakeholders to identify high level overviews of rate regulatory schemes that should be included as part of the scope in the development of a Discussion Paper Deloitte comment letter on IFRS for SMEs comprehensive review 22 Nov 2012 Deloitte s IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board IASB on its Request for Information Comprehensive Review of the IFRS for SMEs Deloitte comment letter on IFRS 8 post implementation review 16

    Original URL path: http://www.iasplus.com/en/resources/ifrsf/due-process/iasb-rfi (2016-02-10)
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