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  • IFRS Taxonomy Consultative Group (ITCG)
    of reference the ITCG is comprised of 16 to 20 members including a Chair and Vice Chair from broad geographic and functional backgrounds Members are generally appointed for a three year period and are expected to be able to make a positive contribution to the group s activities by having expertise skills or practical knowledge in areas related to the XBRL including technical expertise taxonomy content domain expertise and taxonomy interest groups Current members of the group can be found on the IASB s website The ITCG usually meets in face to face meetings twice a year in London and also holds four one hour telephone discussions per year Meetings are open to the public and are webcast with the exception of administrative sessions Related news Summary of the December 2015 ITCG conference call 11 Jan 2016 The IASB has published notes from the IFRS Taxonomy Consultative Group ITCG conference call held on 9 December 2015 Summary of the October 2015 ITCG meeting 20 Nov 2015 The IASB has published notes to the IFRS Taxonomy Consultative Group ITCG meeting held on 27 October 2015 IFRS Foundation invites comments on amended IFRS Taxonomy due process 04 Nov 2015 The Trustees of the IFRS Foundation have published for public comment proposed amendments to the due process for the development and maintenance of the IFRS Taxonomy which would give the IASB greater involvement and responsibility Agenda for the October 2015 ITCG meeting 26 Oct 2015 The agenda is available for the next meeting of the IFRS Taxonomy Consultative Group ITCG which be held in London on 27 October 2015 Summary of the September 2015 ITCG meeting 05 Oct 2015 The IASB has published notes to the IFRS Taxonomy Consultative Group ITCG meeting held on 16 September 2015 Summary of the June 2015 ITCG meeting 14 Jul 2015 The IASB s IFRS Taxonomy Consultative Group ITCG held its meeting on 17 June 2015 The IASB has now published on its website meeting notes from that meeting Summary of the April 2015 ITCG meeting 15 May 2015 The IASB s IFRS Taxonomy Consultative Group ITCG held its meeting on 21 April 2015 The IASB has now published on its website meeting notes from that meeting Summary of the ITCG February 2015 meeting 03 Mar 2015 The IASB has issued its meeting notes on the IFRS Taxonomy Consultative Group s ITCG meeting held on 11 February 2015 Summary of the discussions at the December ITCG meeting 16 Dec 2014 The IASB s IFRS Taxonomy Consultative Group ITCG held its meeting on 11 December 2014 The IASB has now published on its website meeting notes from that meeting Summary of November GPF meeting now available 09 Dec 2014 Minutes of the meeting of the Global Preparers Forum GPF with representatives of the International Accounting Standards Board IASB held in London on Thursday 6 November 2014 are now available The meeting discussed a broad range of topics including a number of IASB active and research projects and IFRS

    Original URL path: http://www.iasplus.com/en/resources/ifrsf/advisory/itcg (2016-02-10)
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  • Joint Transition Resource Group for Revenue Recognition
    Nov 2015 The FASB and IASB have released the agenda for the next meeting of their joint revenue transition resource group TRG which will be held on 9 November 2015 TRG discusses implementation of new revenue standard 16 Jul 2015 At its 13 July 2015 meeting the FASB s and IASB s joint revenue transition resource group TRG discussed potential issues related to implementing the boards new revenue standard Revenue transition resource group releases meeting agenda 07 Jul 2015 The IASB and FASB released the agenda for the upcoming meeting of their joint revenue transition resource group TRG which will be held on 13 July 2015 Chief Accountant of the SEC believes former SEC Chairman s call for burying IFRS was premature 08 Jun 2015 At a financial reporting conference in California Jim Schnurr Chief Accountant of the US Securities and Exchange Commission SEC confirmed that the SEC does not intend to bury the objective of a single set of high quality globally accepted accounting standards TRG discusses implementation of new revenue standard 01 Apr 2015 At its 30 March 2015 meeting the joint revenue transition resource group TRG and IASB and FASB board members discussed potential issues related to implementing the boards new revenue standard Agenda for the Joint Transition Resource Group for Revenue Recognition meeting 23 Mar 2015 The agenda has been released for the upcoming meeting of the Joint Transition Resource Group for Revenue Recognition TRG which is being jointly held at the offices of the IASB and FASB on 30 March 2015 The TRG will discuss a number of topics related to the boards new revenue standard Revenue From Contracts With Customers issued as IFRS 15 by the IASB and ASU 2014 09 by the FASB IASB and FASB discuss potential clarifications to joint revenue recognition guidance 20 Feb 2015 At their meeting on Wednesday the IASB and FASB discussed issues that their joint revenue Transition Resource Group TRG has identified in connection with implementation of their converged standard Revenue From Contracts With Customers issued as IFRS 15 by the IASB and as ASU 2014 09 by the FASB Specifically the boards addressed whether to clarify certain aspects of the standard that seem to be causing implementation problems for some preparers Application of IFRS 15 to permitted Islamic finance transactions 16 Jan 2015 At the upcoming meeting of the Joint Transition Resource Group for Revenue Recognition TRG participants will discuss the implications of IFRS 15 for certain instruments common in the Islamic financial industry Agenda for the Joint Transition Resource Group for Revenue Recognition meeting 15 Jan 2015 The agenda has been released for the third meeting of the Joint Transition Resource Group for Revenue Recognition TRG which is being jointly held at the offices of the IASB and FASB on 26 January 2015 The TRG will discuss a number of topics related to the boards new revenue standard Revenue From Contracts With Customers issued as IFRS 15 by the IASB and ASU 2014 09 by

    Original URL path: http://www.iasplus.com/en/resources/ifrsf/advisory/trg (2016-02-10)
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  • SME Implementation Group (SMEIG)
    2014 The IFRS Foundation Trustees have updated the Terms of Reference and Operating Procedures for the SME Implementation Group SMEIG The mission of the SME Implementation Group SMEIG is to support the international adoption of the IFRS for Small and Medium Sized Entities IFRS for SMEs and to monitor its implementation IFRS Foundation seeks to expand membership of the SMEIG 14 Jan 2014 The IFRS Foundation Trustees are currently seeking nominations for membership of the SME Implementation Group SMEIG which supports the international adoption of the International Financial Reporting Standards for Small and Medium sized Entities IFRS for SMEs and monitors its implementation The call for nominations is being conducted in conjunction with a restructuring of the SMEIG as it prepares to consider feedback on the IASB s proposed amendments to the IFRS for SMEs IASB publishes guidance for micro entities 27 Jun 2013 The International Accounting Standards Board IASB today issued guidance to help micro sized entities apply the IFRS for Small and Medium sized Entities IFRS for SMEs The Guide accompanies but is not part of the IFRS for SMEs SMEIG February 2013 meeting summary 22 Mar 2013 The SME Implementation Group SMEIG met on 4 5 February 2013 to analyse possible amendments to IFRS for SMEs based off the responses to the June 2012 Request for Information Comprehensive Review of the IFRS for SMEs A summary of the meeting is now available SME training modules updated 01 Feb 2013 The IFRS Foundation Education Initiative has updated the 32 published modules of its English language training material on the IFRS for SMEs Darrel Scott follows Paul Pacter as Chairman of the SMEIG 29 Jan 2013 The IFRS Foundation Trustees have announced that IASB member Darrel Scott will become the new Chairman of the SME Implementation Group SMEIG He will replace Paul Pacter whose term at the IASB ended on 31 December 2012 Upcoming SMEIG meeting to analyse possible changes to IFRS for SMEs 22 Jan 2013 The IASB has published agenda papers for the upcoming meeting of the SME Implementation Group SMEIG which is to be held on 4 5 February 2013 The papers contain a summary of the responses received to the IASB s Request for Information Comprehensive Review of the IFRS for SMEs which was issued in June 2012 together with an analysis of those issues and the recommendations on how to progress proposed changes to the IFRS for SMEs SMEIG will begin discussing responses to the SME Request for Information in February 2013 25 Sep 2012 The IASB has announced that the first meeting of the SME Implementation Group SMEIG will take place on 4 and 5 February 2013 South Africa chooses its own way of reducing the financial reporting burden for micro entities 31 Aug 2012 In a move to reduce the financial reporting burden for micro entities the South African Institute of Chartered Accountants SAICA has developed guidance for applying the International Financial Reporting Standard for Small and Medium sized Entities IFRS for

    Original URL path: http://www.iasplus.com/en/resources/ifrsf/advisory/smeig (2016-02-10)
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  • Use of IFRSs by jurisdiction - G20 domestic listed companies
    Equity Method of Accounting and the Initial application of CPC 27 28 37 and 43 Regarding Fixed Assets and Investment Property The CPC has also issued 5 OCPC which provides orientation on the application of certain standards which have been to date generally focused on industry topics or and local convergence issues i e related to the Real Estate Construction Industry Clarifications regarding 2008 Financial Statements first year of partial convergence and Concession Contracts Other Relief provided for certain industries or market segments Regulated Financial Institutions and Insurance companies are generally required to present consolidated financial statement in accordance with IFRS as issued by IASB beginning in 2010 For certain of these institutions regulators will permit the presentation of 2010 only no comparative Note this is NOT applicable to any of these entities that are publicly listed The exclusion of comparative data will inhibit unreserved statement of IFRS Real Estate Construction companies have some relief from provisions of IFRIC 15 may continue recognise revenues based on percentage of completion method Local regulator CVM the Brazilian SEC will accept such practice for local BR GAAP which could inhibit compliance with IFRS as issued by IASB Note 4 Canada IFRSs or Standards that differ from IFRSs to a certain degree required for most For rate regulated entities and investment companies IFRSs are permitted but not required for 2011 Investment companies benefit from a deferral until January 1 2014 With respect to rate regulated entities they benefit from a deferral until January 1 2015 The application of IFRSs in Canada is broader than in Europe and it applies to many more types of entities Canada has adopted the notion of the publicly accountable entity PAE a concept very similar to the one use in IFRS for SMEs In that respect many Crown Corporations or State Entities have to apply IFRSs Similarly brokerage firms and investment companies not listed but with a broad number of investors are being required to apply IFRSs Standards subject to an endorsement process Canada has an endorsement process but it is not done through political means The Canadian Accounting Standards Board composed of a paid Chair and volunteers endorses the standards All IFRSs applicable today have been endorsed without changes and it is not expected that the Board will ever modify any IFRSs before adoption There is a slight delay in endorsement which is in part due to translation issues the standards are integrated into the Canadian Handbook with a few months time lag when the French version becomes available The endorsement process is in fact more of a legal issue Since many laws and contracts refer to Canadian GAAP IFRSs have to be adopted as Canadian GAAP for legal reasons Note 5 China Standards subject to an endorsement process China PRC GAAP converged with IFRS but those new or revised IFRS standards amendments or interpretations that have been issued but are not yet effective to 2010 financial statement have not all been reflected Those effective in 2011 2012 and 2013 have not been reflected yet Modification of IFRS principles There are some GAAP differences between China GAAP and IFRS e g the reversal of impairment loss Reduction of permitted IFRS alternatives Addition of supplemental disclosures Only cost model is permitted for fixed assets and intangible assets under China GAAP In the consolidated financial statements an investment in a joint venture shall be accounted for under equity method only etc Other The new Chinese Accounting Standards for Business Enterprises CAS were published by the Ministry of Finance MoF in 2006 and became effective on January 1 2007 These standards are substantially converged with IFRSs except for certain modifications e g disallow the reversal of impairment loss on long term assets which reflect China s unique circumstances and environment In April 2010 the MoF released the roadmap for continuing convergence of CAS with IFRSs China has made a commitment to convergence with IFRSs Standard convergence is an ongoing process and the MoF is continuing to spend significant effort on the ongoing convergence between CASs and IFRSs The CASs are now mandatory for entities including PRC listed companies financial institutions including entities engaging in securities business permitted by China Securities Regulatory Commission certain state owned enterprises private companies in certain provinces In the roadmap the MoF has indicated its intention to have all large and medium sized enterprises regardless whether they are listed companies or private companies adopt the new CAS by 2012 In December 2007 the HKICPA recognised CAS equivalence to HKFRS which are identical to IFRSs including all recognition and measurement options but have in some cases different effective dates and transition requirements From then the CASC and HKICPA together with IASB created an ongoing mechanism to reinforce continuously such equivalence In December 2010 the Hong Kong Stock Exchange decided to allow mainland incorporated companies listed in Hong Kong to have an option to present financial statements using CASs and audited by an approved mainland audit firm A number of such companies have chosen to present financial statements using CASs for annual reporting The EU Commission permits Chinese issuers to use CAS when they enter the EU market without adjusting financial statement in accordance with IFRS endorsed by EU The US SEC does not accept CAS financial statements Note 6 European Union EU Standards subject to an endorsement process The EU has adopted virtually all IFRSs though there is a time lag in adopting several recent IFRSs Currently IFRSs 9 10 11 12 and 13 IASs 27 2011 and 28 2011 as well as amendments to IFRS 7 IAS 12 and IFRS 1 are awaiting adoption Modification of IFRS principles IAS 39 was modified The modification affects approximately 25 banks in France and the Benelux following IFRSs as adopted in the EU Jurisdictional application guidance issued by a national group The ESMA formerly CESR has published 10 batches of national securities exchange regulators enforcement decisions that are interpretive in nature Other This is a general description of EU requirements Individual member states may have added requirements or may have their own interpretive body The following EU member states are G20 members France Germany Italy United Kingdom Note 7 European Union member states This country is an EU member state Standards subject to an endorsement process The EU has adopted virtually all IFRSs though there is a time lag in adopting several recent IFRSs Currently IFRSs 9 10 11 12 and 13 IASs 27 2011 and 28 2011 as well as amendments to IFRS 7 IAS 12 and IFRS 1 are awaiting adoption Modification of IFRS principles IAS 39 was modified The modification affects approximately 25 banks in France and the Benelux following IFRSs as adopted in the EU Jurisdictional application guidance issued by a national group France The ANC Autorité des Normes Comptables formerly Conseil National de la Comptabilité French Accounting Standard Setter has over time provided some guidance in particular regarding the application of IAS 1 presentation of the income statement being the matter that was emphasised on and on some discrete transactions peculiar to the French context share based compensation schemes taxes The AMF Securities Exchange Regulator issues annually recommendations that are usually plain disclosures oriented and in rare situations interpretive e g put on minority interests Germany The Accounting Standards Committee of Germany ASCG comprising the German Accounting Standards Board GASB and the Accounting Interpretations Committee AIC The AIC provides guidance by interpreting the standards interpretations actually concerning IAS 1 IAS 32 and IFRIC 6 Italy The Organismo Italiano di Contabilità OIC is the Italian standard setter and provides interpretive guidance with IFRSs This Group which is composed of the preparers the auditors the accounting profession under the supervision of the Regulators has until now provided interpretative guidance on the following matters Practical Guidance for IFRS Transition Practical Guidance for IFRS Disclosure Practical Guidance on IFRS Application issues Practical Guidance on IFRS Reserves distribution to shareholders Application no 1 accounting treatment of the substitute tax on goodwill Application no 2 impairment and goodwill Application no 2 1 impairment and goodwill in the banking industry Application no 2 2 Impairment and goodwill in the insurance industry Application no 3 service concessions agreements according to IFRIC 12 Other Italy On 26 February 2011 the Legislative Decree no 225 2010 converted into Law no 10 2011 introduced modifications to article 4 of Decree 38 2005 stating that new IFRSs issued by the IASB and adopted by the EU after 1 January 2011 need to be endorsed by the Italian Ministry of Justice before they can be applied in the separate financial statements of Italian listed companies The endorsement process that is conducted in cooperation with the Italian standard setter is designed to verify the compatibility of each newly published IFRS with the Italian accounting principles This new endorsement process only applies for IFRSs used in separate financial statements not for consolidated financial statements At the moment it is difficult to evaluate whether this endorsement process will generate any impact on the entities separate financial statements Note 8 India IFRSs not permitted In January 2015 the Indian Ministry of Corporate Affairs MCA released a revised roadmap that reflects that in essence companies with a net worth of Rs 500 crore or more will have to mandatorily follow Indian Accounting Standards Ind AS which are largely converged with International Financial Reporting Standards IFRSs from 1 April 2016 Corporates having a net worth of less than Rs 500 crore but are listed or in the process of getting listed and companies with a net worth of Rs 250 crore or more will have to follow the new norms from 1 April 2017 The new road map exempts banking insurance and non banking finance companies The roadmap still needs to be officially notified which is expected shortly Currently while IFRSs are not permitted for primary reporting requirements in India the Securities and Exchange Board of India has provided an option to listed entities having subsidiaries to submit their consolidated financial results either in accordance with the accounting standards specified in section 211 3C of the Companies Act 1956 or in accordance with IFRS This option is permitted only for consolidated financial results by listed entities and submission of stand alone financial results to the stock exchanges shall continue to be in accordance with Indian GAAP Standards subject to an endorsement process IFRS 6 IFRS 9 IFRIC 4 IFRIC 12 IFRIC 15 IAS 41 not yet endorsed Modification of IFRS principles IFRS 1 Transition date is the beginning of the period of first fully compliant IFRS statements not the beginning of the comparative period IFRS 1 Previous GAAP carrying amount of property plant and equipment can be brought forward as at transition date IFRS 3 Bargain purchase to be recognised directly in equity in other comprehensive income and accumulated in equity as capital reserve and not income statement IAS 11 IFRIC 15 has not been incorporated in Ind AS and accounting for agreements for construction of real estate are proposed to be included within the scope of IAS 11 IAS 21 Foreign currency gain loss on long term monetary assets and liabilities to be recognised in equity and amortised to income statement over the period to maturity IAS 32 Convertibles if fixed for fixed in foreign currency then conversion option not accounted as a derivative but as a equity instrument IAS 39 In determining the fair value of the financial liabilities designated at FVTPL upon initial recognition any change in fair value due to changes in the entity s own credit risk are ignored Reduction of permitted IFRS alternatives Addition of supplemental disclosures IAS 40 Carrying investment properties at fair value IAS 1 Income statement to be presented by nature of expense only IAS 19 Actuarial gains loss to be recognised in other comprehensive income only IFRS 3 Common control transactions to be accounted under historical method only IAS 1 Single statement of comprehensive income IAS 7 Interest and dividends paid classification as financing activity only interest and dividends received classification as investing activity only IAS 20 All grants to be measured at fair value and grants related to assets to be presented as deferred income Jurisdictional application guidance issued by a national group Accounting Standards Board of the Institute of Chartered Accountants of India National Advisory Committee on Accounting Standards Note 9 Indonesia IFRSs not permitted Indonesia s approach to IFRS adoption is to maintain its national GAAP Indonesian Financial Accounting Standards IFAS and converge it gradually with IFRSs as much as possible Currently there is no plan and consequently no timetable for a full adoption of IFRSs Indonesia is striving to minimise the significant differences between IFRSs and IFASs gradually Since 2012 the local standards applied in Indonesia are based on those IFRSs that were effective at 1 January 2009 However some modifications were made Indonesia will continue the convergence process by considering recent amendments newer standards eg IFRSs 9 to 13 and IFRS Exposure Drafts Currently the DSAK is committed to maintain a one year difference with IFRS as issued by the IASB until Indonesia decides when it will go for full adoption Therefore the expectation is to converge Indonesian national GAAP PSAK with IFRSs as they stood on1 January 2014 as of 1 January 2015 with IFRSs as they stood on1 January 2015 as of 1 January 2016 etc unless there is a reason not to do so For example IFRS 9 will not be adopted piecemeal Indonesia is waiting until all phases are completed before considering adopting the standard Indonesia will also consider results from the implementation of the first wave of standards resulting from the convergence process before new standards are developed The jurisdiction will also provide for transition periods of three to four years for new standards however Indonesia is striving at the same time to keep the gaps between the effective dates of new IFRSs and new IFASs that are based on them as short as possible Domestic listed companies do not have the option to fully comply with IFRS Note 10 Japan IFRSs or Standards that differ from IFRSs to a certain degree permitted On 11 December 2009 the Financial Services Authority of Japan FSA published final Cabinet Office Ordinances that allow some Japanese public companies voluntarily to start using IFRSs designated by the Commissioner of the FSA Designated IFRSs in their consolidated financial statements starting from the fiscal year ending 31 March 2010 To be eligible to voluntarily start using IFRSs in 2010 domestic Japanese companies must meet both of 1 and 2 below 1 All of the following requirements shall be met Shares issued by the company are listed on a Securities Exchange in Japan The company discloses in its Annual Securities Reports information regarding specific efforts to ensure appropriateness of its consolidated financial statements The company allocates executives or employees with ample knowledge about Designated IFRSs and has in place a structure that enables it to properly prepare consolidated financial statements in accordance with Designated IFRSs 2 The company its parent a related company or the parent of the related company shall either disclose under laws and regulations of a foreign jurisdiction periodically as required thereby documents on its business conditions prepared in accordance with IFRSs disclose under rules set by a foreign security exchange markets periodically as required thereby documents on its business conditions prepared in accordance with IFRSs or own a foreign subsidiary whose capital is equal to or exceeds the equivalent of two billion Japanese yen In 2010 the scope of the permitted use of IFRS in consolidated financial statements has further been expanded to include subsidiaries of domestic Japanese companies meeting above criteria A company that chooses to apply Designated IFRSs will be required to disclose in the initial fiscal year of such application unaudited condensed consolidated financial statements reported in accordance with Japanese GAAP for the current and previous fiscal years and an unaudited description of differences between main items prepared in accordance with Designated IFRSs and Japanese GAAP In subsequent fiscal years the company will be required to disclose only the information set out in 2 above Japan in the process of considering and deciding mandatory adoption of IFRS by public companies In June 2011 the minister for financial services mentioned that 1 mandatory adoption would not be required for the fiscal year ending March 31 2015 and 2 if mandatory adoption is decided a preparation period of five to seven years will be provided Companies that do not voluntarily choose to use Designated IFRSs can use one of three other sets of accounting standards in their consolidated financial statements subject to certain eligibility requirements namely Japan s Modified International Standards JMIS Japanese GAAP or US GAAP Standards subject to an endorsement process Japan has a local endorsement process called designation There have been no modifications of IFRSs however designation is made only on a periodic basis usually semi annually Thus not necessarily all IFRSs issued by the IASB will have been designated at specific point in time So far the FSA of Japan has designated all standards interpretations issued by the IASB before 31 December 2014 In June 2015 the ASBJ issued Japan s Modified International Standards JMIS Accounting Standards Comprising IFRSs and the ASBJ Modifications in June 2015 JMIS are standards and interpretations issued by the International Accounting Standards Board IASB with certain deletions or modifications where considered necessary The current list of JMIS contains standards issued by the IASB as at 31 December 2012 During the endorsement process it was determined that several standards should be modified with respect to guidance related to the accounting of goodwill and other comprehensive income To this end two ASBJ Modification Accounting Standards were also published ASBJ Modification Accounting Standard No 1 Accounting for Goodwill contains modifications to IFRS 3 Business Combinations and IAS 28 Investments in Associates and Joint Ventures and ASBJ Modification Accounting Standard No 2 Accounting for Other Comprehensive Income contains modifications to IFRS

    Original URL path: http://www.iasplus.com/en/resources/ifrs-topics/use-of-ifrs-g20 (2016-02-10)
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  • Adoption of IFRS by country
    issue needs to be solved quickly 04 Dec 2015 In September 2015 the European Financial Reporting Advisory Group EFRAG finalised the long awaited endorsement advice on IFRS 9 Financial Instruments and recommended endorsement of IFRS 9 but withheld comments on insurance industry European Union formally adopts amendments to IAS 16 and IAS 38 03 Dec 2015 The European Union has published a Commission Regulation endorsing the May 2014 amendments to IAS 16 and IAS 38 that provide additional guidance on how the depreciation or amortisation of property plant and equipment and intangible assets should be calculated EFRAG explains its conclusion that IFRS 9 is not contrary to true and fair 01 Dec 2015 Upon the request of the European Commission the European Financial Reporting Advisory Group EFRAG has further explained how it has reached the conclusion contained in its endorsement advice that IFRS 9 is not contrary to the true and fair principle European Union formally adopts amendments to IFRS 11 25 Nov 2015 The European Union has published a Commission Regulation endorsing the May 2014 amendments to IFRS 11 that clarify the accounting for acquisitions of an interest in a joint operation when the operation constitutes a business Joint working group agreed to advance the use of IFRS in China 24 Nov 2015 The IFRS Foundation and the Chinese Ministry of Finance have announced that they will work together to explore possibilities to advance the use of IFRS within China European Union formally adopts amendments to IAS 16 and IAS 41 24 Nov 2015 The European Union has published a Commission Regulation endorsing Agriculture Bearer Plants Amendments to IAS 16 and IAS 41 FEE calls for an international solution of the effective date problem 21 Nov 2015 The Federation of European Accountants Fédération des Experts comptables Européens FEE has commented on the draft letter from the European Financial Reporting Advisory Group EFRAG to the European Commission supplementing its endorsement advice on adoption of IFRS 9 Financial Instruments ESMA believes IFRS 9 carve out for insurance activities not a feasible solution 20 Nov 2015 The European Securities and Markets Authority ESMA has commented on the draft letter from the European Financial Reporting Advisory Group EFRAG to the European Commission supplementing its endorsement advice on adoption of IFRS 9 Financial Instruments SEC Commissioner believes it s time to take step forward 18 Nov 2015 In a speech at the 34th Annual Current Financial Reporting Issues Conference in New York SEC Commissioner Michael S Piwowar commented on the potential alternative of allowing domestic issuers in the U S to provide IFRS based information as a supplement to U S GAAP financial statements without requiring reconciliation Report on IFRS adoption by Japanese companies full English version available 16 Nov 2015 In April 2015 the Financial Services Agency of Japan FSA released a report studying IFRS adoption by Japanese companies and covering their motivation to adopt IFRSs the migration process and project management structure the cost of adoption and implementation challenges At that time

    Original URL path: http://www.iasplus.com/en/resources/ifrs-topics/adoption-of-ifrs (2016-02-10)
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  • IFRS in Europe – Background information
    are available in all of the official EU languages in the Official Journal Accounting Regulatory Committee ARC The Accounting Regulatory Committee ARC is composed of representatives from Member States and chaired by the European Commission The Committee was set up pursuant to the requirements of Article 6 of the IAS Regulation EC 1606 2002 The function of the Committee is a regulatory one and entails providing an opinion on Commission proposals to adopt endorse an international accounting standard as envisaged under Article 3 of the IAS Regulation Click for information about the Accounting Regulatory Committee including operating procedures and list of members on the EC website Standards Advice Review Group SARG In July 2006 the European Commission established a Standards Advice Review Group SARG in the area of accounting to ensure objectivity and proper balance of the European Financial Reporting Advisory Group s EFRAG opinions The Group will be composed of independent experts and high level representatives from National Standard Setters whose experience and competence in accounting are widely recognised The Group s task will be to assess whether the endorsement advice given by the EFRAG is well balanced and objective The group will deliver its advice normally within three weeks The final advice will be published on the Commission s website Roundtable for consistent application of IFRSs The function of the Roundtable is to act as a simple and efficient forum for European accounting experts to identify at an early stage emerging and potentially problematic accounting issues in relation to consistent application The Roundtable will thereby complete the existing European infrastructure contributing to a proper and consistent application of IFRS The Roundtable would gather views in Member States through audit firms standard setters and other bodies It could then identify and group together those issues where it is felt there is a real risk of divergence and recommend which of those should be taken up by IFRIC as a matter of urgency As such the Roundtable would also act as a filter mechanism It should be underlined that the Roundtable will not be making any interpretations or guidance under IFRS This is the task of IFRIC When allowed to do so by their statutory working rules EU national enforcers of financial information grouped within CESR EECS will inform the Roundtable about enforcement decisions taken under the Transparency and Prospectus Directives in relation to financial reporting based on IFRS IAS Plus Roundtable Web Page European Securities Committee ESC The European Securities Committee was created in 2001 to serve as a consultant to the Commission when drafting legislative proposals on securities policy issues The Committee may also act as a regulatory committee in the context of work on future legislative proposals conferring implementing powers on the Commission In its future regulatory capacity it will vote on draft technical implementing measures that develop basic legislation submitted to it by the Commission Click for European Securities Committee on the EC Website European Financial Reporting Advisory Group EFRAG The European Financial Reporting Advisory Group

    Original URL path: http://www.iasplus.com/en/resources/ifrs-topics/europe/ifrs-in-europe (2016-02-10)
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  • International Federation of Accountants (IFAC)
    recommendations for endorsement by the Group of Twenty G20 urging action on issues impacting the G20 priorities of robust inclusive growth PIOB publishes description of standard setting in the public interest 18 Sep 2015 The Public Interest Oversight Board PIOB which oversees the auditing and assurance ethics and education standard setting activities of the International Federation of Accountants IFAC has published Standard Setting in the Public Interest A Description of the Model IFAC publication with a list of useful resources for sustainability accounting 19 Aug 2015 The Professional Accountants in Business Committee PAIB of the International Federation of Accountants IFAC has released a briefing supporting accountants in developing a greater awareness of how they can help their organisations address issues of sustainability and more fully incorporate these issues into business strategy The publication is not so much focused on accounting as such but offers a valuable section on additional resources by focus area IFAC translations better accessible 10 Aug 2015 The International Federation of Accountants IFAC has updated and rebuilt its translations database of publications issued by IFAC and its independent standard setting boards IAASB IAESB IESBA IPSASB Report recommends enhanced governance arrangements for IPSAS 03 Mar 2015 The IPSASB Governance Review Group has published it s final recommendations on the future governance of the IPSASB The Review Group concludes that the International Public Sector Accounting Standards Board IPSASB should continue to operate under the auspices of the International Federation of Accountants IFAC At the same time however the group recommends that a new governance body the Public Interest Committee should be established to ensure that the public interest is served by the standard setting activities of the IPSASB IFAC announces 2014 editions of various handbooks 20 Oct 2014 The International Federation of Accountants IFAC has announced the availability of the 2014 editions of the handbooks from the International Auditing and Assurance Standards Board IAASB International Accounting Education Standards Board IAESB International Ethics Standards Board for Accountants IESBA and International Public Sector Accounting Standards Board IPSASB IFAC provides recommendations to G 20 08 Oct 2014 The International Federation of Accountants IFAC has issued a letter to the G 20 outlining eight recommendations for the G 20 to consider at the G 20 Leader s Summit on 15 16 November 2014 The recommendations focus on supporting economic growth and a resilient economy as well as addressing financial regulatory reform and the international taxation system They include the adoption and implementation of IFRSs Final guide on supplementary financial measures 23 Sep 2014 The Professional Accountants in Business Committee PAIB of the International Federation of Accountants IFAC has released the final version of its International Good Practice Guidance Developing and Reporting Supplementary Financial Measures The guide provides recommendations for the use of supplementary financial measures as part of high quality financial reporting in organisations Deloitte comment letter on IFAC supplementary financial measures proposals calls for global coordination 25 May 2014 Deloitte Touche Tohmatsu Limited has responded to the Professional Accountants in Business Committee

    Original URL path: http://www.iasplus.com/en/resources/global-organisations/ifac (2016-02-10)
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  • International Public Sector Accounting Standards Board (IPSASB)
    their ongoing carrying amounts and related depreciation It does not require or prohibit the recognition of heritage assets IPSAS 18 Segment Reporting Establishes principles for reporting financial information about distinguishable activities of a government or other public sector entity appropriate for evaluating the entity s past performance in achieving its objectives and for making decisions about the future allocation of resources IPSAS 19 Provisions Contingent Liabilities and Contingent Assets This Standard defines provisions contingent liabilities and contingent assets and identifies the circumstances in which provisions should be recognised how they should be measured and the disclosures that should be made about them The Standard also requires that certain information be disclosed about contingent liabilities and contingent assets in the notes to the financial statements to enable users to understand their nature timing and amount IPSAS 20 Related Party Disclosures Requires disclosure of the existence of related party relationships where control exists and the disclosure of information about transactions between the entity and its related parties in certain circumstances This information is required for accountability purposes and to facilitate a better understanding of the financial position and performance of the reporting entity The principal issues in disclosing information about related parties are identifying which parties control or significantly influence the reporting entity and determining what information should be disclosed about transactions with those parties IPSAS 21 Impairment of Non Cash Generating Assets Prescribes the procedures that an entity applies to determine whether a non cash generating asset is impaired and to ensure that impairment losses are recognised The standard also specifies when an entity would reverse an impairment loss and prescribes disclosures IPSAS 22 Disclosure of Financial Information about the General Government Sector Establishes requirements for governments that choose to disclose information about the general government sector and that prepare their financial statements under the accrual basis of accounting IPSAS 23 Revenue from Non Exchange Transactions Taxes and Transfers Addresses Recognition and measurement of revenue from taxes Recognition of revenue from transfers which include grants from other governments and international organisations gifts and donations How conditions and restrictions on the use of transferred resources are to be reflected in the financial statements IPSAS 24 Presentation of Budget Information in Financial Statements Applies to entities that adopt the accrual basis of financial reporting It identifies disclosures to be made by governments and other public sector entities that make their approved budgets publicly available Also it requires public sector entities to include a comparison of budget and actual amounts in the financial reports and an explanation of any material differences between budget and actual amounts IPSAS 25 Employee Benefits Aets out the reporting requirements for the four categories of employee benefits dealt with in the IASB s IAS 19 Employee Benefits These are short term employee benefits such as wages and social security contributions post employment benefits including pensions and other retirement benefits other long term employee benefits and termination benefits The new IPSAS also deals with specific issues for the public sector including the discount rate related to post employment benefits treatment of post employment benefits provided through composite social security programs and long term disability benefits IPSAS 25 is effective for reporting periods beginning on or after 1 January 2011 IPSAS 26 Impairment of Cash Generating Assets Some public sector entities other than government business enterprises which would already be using full IFRSs may operate assets with the main purpose of generating a commercial return rather than providing a public service IPSAS 26 which is based on IAS 36 Impairment of Assets applies to such assets It sets out the procedures for a public sector entity to determine whether a cash generating asset has lost future economic benefit or service potential and to ensure that impairment losses are recognised in its financial reports Non cash generating assets those used primarily for service delivery are addressed separately in IPSAS 21 Impairment of Non Cash Generating Assets IPSAS 26 is effective for reporting periods beginning on or after 1 April 2009 IPSAS 27 Agriculture Prescribes the accounting treatment and disclosures related to agricultural activity a matter not covered in other standards Agricultural activity is the management by an entity of the biological transformation of living animals or plants biological assets for sale or for distribution at no charge or for a nominal charge or for conversion into agricultural produce or into additional biological assets IPSAS 27 is primarily drawn from the IASB s IAS 41 Agriculture with limited changes dealing with public sector specific issues For example IPSAS 27 addresses biological assets held for transfer or distribution at no charge or for a nominal charge to other public sector bodies or to not for profit organisations IPSAS 27 also includes disclosure requirements that are aimed at enhancing consistency with the statistical basis of accounting that governs the Government Finance Statistics Manual IPSAS 27 is effective for annual financial statements covering periods beginning on or after 1 April 2011 with earlier application encouraged IPSAS 28 Financial Instruments Presentation Draws primarily on IAS 32 establishing principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities IPSAS 29 Financial Instruments Recognition and Measurement Draws primarily on IAS 39 establishing principles for recognising and measuring financial assets financial liabilities and some contracts to buy or sell non financial items IPSAS 30 Financial Instruments Disclosures Draws on IFRS 7 and requires disclosures for the types of loans described in IPSAS 29 It enables users to evaluate the significance of the financial instruments in the entity s financial position and performance the nature and extent of risks arising from financial instruments to which the entity is exposed and how those risks are managed IPSAS 31 Intangible Assets Covers the accounting for and disclosure of intangible assets It is primarily drawn from IAS 38 Intangible Assets It also contains extracts from the SIC 32 Intangible Assets Web Site Costs adding application guidance and illustrations that have not yet been incorporated into the IAS

    Original URL path: http://www.iasplus.com/en/resources/global-organisations/ipsasb (2016-02-10)
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