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  • Group of 20 (G20)
    a stronger and sustainable growth to end the global financial crisis the Declaration also discusses again the need for convergence of accounting standards FSB takes stock after five years Convergence of accounting standards still amber 02 Sep 2013 In preparation for the upcoming G20 Leaders Summit the Financial Stability Board FSB has released several reports about progress in connection with the fundamental reform of the global financial system initiated by the G20 in 2008 One of the developments that is facing difficulties in meeting its objective and or timeline is achieving a single set of high quality global accounting standards Presidents of the European Commission and the European Council call on fellow G20 leaders to support goals on reform and recovery 24 Jul 2013 In a joint letter to the 28 EU Heads of State and Government European Commission President José Manuel Barroso and European Council President Herman Van Rompuy inform about the key issues coming up for discussions at the G20 summit in Saint Petersburg on 5 6 September 2013 and call on fellow G20 leaders to unite around a common purpose to improve global confidence and support the global recovery G20 Finance Ministers and Central Bank Governors stress the importance of convergence for the resilience of financial markets 21 Jul 2013 The communiqué from meeting of the G20 Finance Ministers and Central Bank Governors held in Moscow on 19 20 July 2013 reiterates the call for the finalisation of the joint IASB and FASB projects Non financial reporting will actively contribute to a new more responsible corporate world says Barnier 24 May 2013 The European Commissioner for Internal Market and Services Michel Barnier spoke at the Global conference on sustainability and reporting in Amsterdam which also saw the launch of the new G4 guidelines developed by the Global Reporting Initiative GRI Barnier highlighted the measures taken by the Commission to promote long termism in the corporate sector which also include a recent proposal on non financial reporting G20 Finance Ministers and Central Bank Governors continue to call for convergence 20 Apr 2013 The communiqué from meeting of the G20 Finance Ministers and Central Bank Governors held in Washington on 18 19 April 2013 reiterates the call for the finalisation of the joint IASB and FASB projects IASB chairman encourages Indonesia to fully adopt IFRSs 18 Mar 2013 Hans Hoogervorst Chairman of the International Accounting Standards Board IASB recently spoke at an international seminar on IFRS Dynamics 2013 and Beyond Impact to Indonesia organised by the Indonesian Institute of Accountants Ikatan Akuntan Indonesia IAI He encouraged Indonesia that currently follows a gradual convergence process to fully embrace IFRSs EMIR technical standards enter into force 17 Mar 2013 The European Market Infrastructure Regulation EMIR was passed in 2012 but most provisions only apply after technical standards enter into force Technical standards on OTC derivatives reporting to trade repositories and requirements for trade repositories and central counterparties entered into force on 15 March 2013 EMIR gave rise to the IASB s

    Original URL path: http://www.iasplus.com/en/resources/global-organisations/g20 (2016-02-10)
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  • European Financial Reporting Advisory Group (EFRAG)
    Advisory Group EFRAG the European Federation of Financial Analysts Societies EFFAS the Associazione Italiana degli Analisti e Consulenti Finanziari AIAF and the International Accounting Standards Board IASB have issued a summary report related to their joint outreach event held on 22 October 2015 related to Exposure Draft ED 2015 3 Conceptual Framework for Financial Reporting EFRAG TEG appointments and reappointments 21 Dec 2015 The Board of the European Financial Reporting Advisory Group EFRAG has announced the appointment of four new members of its Technical Experts Group TEG New EFRAG TEG Chairman and EFRAG CEO appointed 17 Dec 2015 On 16 December 2015 the EFRAG Board decided to appoint Andrew Watchman as the new EFRAG TEG Chairman and EFRAG CEO to succeed Françoise Flores whose second term will come to an end in March next year EFRAG draft comment letter on annual improvements 2014 2016 16 Dec 2015 The European Financial Reporting Advisory Group EFRAG has issued a draft comment letter on the IASB exposure draft ED 2015 10 Annual Improvements to IFRSs 2014 2016 Cycle EFRAG draft comment letter on transfers of investment property 11 Dec 2015 The European Financial Reporting Advisory Group EFRAG has issued a draft comment letter on the IASB exposure draft ED 2015 9 Transfers of Investment Property Proposed amendment to IAS 40 EFRAG report on survey results on the impact of the forthcoming new IFRS on leases on financial covenants in loan agreements 09 Dec 2015 EFRAG has issued a report summarising the results of a public survey conducted by the IASB and the National Standard Setters of France Germany Italy Lithuania and the UK on the potential impact of the forthcoming new IFRS on leases on financial covenants in loan agreements EFRAG repeats that the IFRS 9 insurance 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 EFRAG draft comment letter on the proposed amended IFRS Taxonomy due process 04 Dec 2015 The European Financial Reporting Advisory Group EFRAG has issued a draft comment letter on the IFRS Foundation s invitation to comment on proposed amendments to the due process for the development and maintenance of the IFRS Taxonomy which would give the IASB greater involvement and responsibility 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 EFRAG draft comment letter on the materiality exposure draft 27 Nov 2015 The European Financial Reporting Advisory Group EFRAG has issued a draft comment letter on IASB exposure draft ED 2015 8 IFRS Practice Statement Application of Materiality to Financial Statements FEE calls for an international

    Original URL path: http://www.iasplus.com/en/resources/regional/efrag (2016-02-10)
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  • Asian-Oceanian Standard-Setters Group (AOSSG)
    date of other standards whenever the implementation is found to be challenging AOSSG strategic plan makes out modifications to IFRSs as threat to the activities of the group 19 Mar 2015 The Asian Oceanian Standard Setters Group AOSSG has published its strategic plan for 2015 2019 The plan includes strengths and weaknesses as well as opportunities and threats in connection with the future work of the AOSSG AOSSG survey finds comparability of Islamic financial institutions financial statements needs to be improved 11 Mar 2015 The Asian Oceanian Standard Setters Group AOSSG has released the results of a survey into the financial reporting standards that Islamic financial institutions IFIs are legally required to comply with in their jurisdiction and the extent of compliance Outcomes from the sixth AOSSG meeting 19 Dec 2014 The Asian Oceanian Standard Setters Group AOSSG has released a communiqué from its meeting held in Hong Kong on 26 and 27 November 2014 AOSSG report considers standard setting capacity in Nepal 08 Jul 2014 The Asian Oceanian Standard Setters Group AOSSG has released a report providing a review of Nepal s standard setting process as part of its initiative to build regional standard setting capacity by establishing a pilot IFRS Center of Excellence in Nepal The report outlines a number of recommendations to assist the Accounting Standards Board ASB of Nepal in building its capacity to adopt and facilitate implementation of International Financial Reporting Standards IFRS issued by the International Accounting Standards Board IASB IASB holds meetings with AOSSG and ASBJ 06 Jun 2014 The International Accounting Standards Board IASB held a series of meetings in Tokyo with the Asian Oceanian Standard Setters Group AOSSG the Accounting Standards Board of Japan ASBJ and others to discuss recent activities by the IASB 8th IFRS Regional Policy Forum New Frontiers 18 Feb 2014 The 8th IFRS Regional Policy Forum will be hosted by Institute of Chartered Accountants of India ICAI on 8 9 March 2014 in New Delhi following the meeting of the International Forum of Accounting Standard Setters IFASS The policy forums are designed to be one of the key platforms in the Asian Oceanian region for stakeholders including regulators to discuss IFRS related policy issues The theme of the eighth forum will be Financial Reporting New Frontiers Outcomes from the fifth AOSSG meeting 20 Dec 2013 The Asian Oceanian Standard Setters Group AOSSG has released a communiqué from its meeting held in Colombo Sri Lanka on 27 and 28 November 2013 Accounting and Islamic finance in the Middle East and North Africa 25 Nov 2013 The Asian Oceanian Standards Setters Group AOSSG has published the results of a survey distributed by the AOSSG s Islamic Finance Working Group in 24 countries in the Middle East and North Africa to understand about accounting requirements for Islamic financial transactions in these jurisdictions The survey showed a high degree of co existence of International Financial Reporting Standards IFRSs and the accounting standards issued by the Accounting and Auditing Organization for Islamic

    Original URL path: http://www.iasplus.com/en/resources/regional/aossg (2016-02-10)
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  • Pan-African Federation of Accountants (PAFA)
    and the World Bank Objectives PAFA s objectives include Engagement in the development and enhancement of the accountancy profession in the African continent through participation in the development and the dissemination of the standards guidelines and other pronouncements of the International Accounting Standards Board IASB and the independent standard setting boards under the auspices of the International Federation of Accountants IFAC and the establishment and implementation of appropriate strategies and work programmes Sharing and exchanging information and best practices on technical matters regulatory frameworks and corporate governance principles Communicating with and participating in the work of IFAC and IASB boards and committees in agreed areas and liaision with other international and regional organisations Influencing and representing African accountants in international accounting and other organisations The full listing of objectives of PAFA are available on the PAFA website Membership PAFA is composed of 37 professional accountancy organisations from 34 countries which have joined together to give voice to Africa s economies and strategy on the global stage PAFA currently has membership from the following countries Benin Botswana Burundi Cameroon Congo Brazzaville Democratic Republic of the Congo Ethiopia Gambia Ghana Guinea Bissau Ivory Coast Cote D Ivoire Kenya Lesotho Liberia Libya Malawi Mali Mauritius Morocco Namibia Niger Nigeria Rwanda Senegal Sierra Leone Sudan South Africa Swaziland Tanzania Togo Tunisia Uganda Zambia and Zimbabwe Contact details Integritas II 7 Zulberg Close Bruma Lake 2198 Johannesburg South Africa Related news ASAF membership announced 19 Mar 2013 The IFRS Foundation has announced the membership of the newly founded Accounting Standards Advisory Forum ASAF that is designed to formalise and streamline the relationships between the IFRS Foundation and IASB with the global standard setting community in order to bring important regional perspectives to the IASB s technical work and to offer feedback on the most important

    Original URL path: http://www.iasplus.com/en/resources/regional/pafa (2016-02-10)
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  • Group of Latin American Accounting Standard Setters (GLASS)
    Panama Paraguay Peru Uruguay and Venezuela Costa Rica and Honduras have observer status Objectives The objectives of GLASS include Interacting with IASB by providing technical input to all documents published for comments Promoting the adoption and or convergence with IFRSs in the region as well as their consistent application Cooperating with governments regulators and other regional national and international organisations in contributing to the improvement of quality of financial statements Collaborating in the dissemination of the standards issued by IASB in the region particularly in member countries Providing proposals for the IASB agenda and coordinating its alignment with that of the region Taking part in the technical meetings of the National Standard Setters and World Standard Setters as appropriate respecting the national sovereignty of each member country participating in both groups Interacting with other organisations in Latin America such as the Union of South American Nations the Southern Common Market and the Andean Community on issues related to accounting standards At the IFASS meeting held in New Delhi on 6 7 March 2014 GLASS presented an overview of its structure and activities since its formation in 2011 link to GLASS website Related news Summary of April 2013 GLASS meeting 15 May 2013 The Group of Latin American Accounting Standard Setters GLASS has released a summary of its meeting held in São Paulo during April The meeting also saw a presentation from the Asian Oceanian Standard Setters Group AOSSG Summary of March 2013 GLASS meeting 28 Mar 2013 The Group of Latin American Accounting Standard Setters GLASS has released a summary of its meeting held in Ecuador during March ASAF membership announced 19 Mar 2013 The IFRS Foundation has announced the membership of the newly founded Accounting Standards Advisory Forum ASAF that is designed to formalise and streamline the relationships between

    Original URL path: http://www.iasplus.com/en/resources/regional/glass (2016-02-10)
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  • European Commission
    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 EFRAG not in a position to amend its endorsement advice on IFRS 9 10 Nov 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 will not adopt IFRS 14 30 Oct 2015 The European Commission EC will not propose for endorsement the interim standard on rate regulated activities IFRS 14 EC s Capital Markets Union action plan includes consultation with the IASB on a tailor made accounting solution for European SMEs 30 Sep 2015 The European Commission EC has adopted an action plan setting out 20 key measures to achieve a true single market for capital in Europe The project aims to boost growth in the EU with the creation of a single market for capital and break down the barriers that are blocking cross border investments in the EU and preventing businesses from getting access to finance Responses to the European Commission s consultation on corporate tax transparency 28 Sep 2015 The European Commission EC has made available the responses to its public consultation on corporate tax transparency in the EU The consultation aimed to find out whether requiring companies to disclose more information about the taxes they pay could help tackle tax avoidance and aggressive tax practices in the EU EFRAG recommends endorsement of IFRS 9 but withholds comments on insurance industry 15 Sep 2015 The European Financial Reporting Advisory Group EFRAG has finalised the long awaited endorsement advice on IFRS 9 Financial Instruments EFRAG states that overall IFRS 9 is conducive to the European public good except for the impact on the insurance industry of applying IFRS 9 before the finalisation of the forthcoming insurance contracts standard EFRAG supports deferral of IFRS 10 IAS 28 amendments recommends postponing the endorsement process 09 Sep 2015 The European Financial Reporting Advisory Group EFRAG has issued a draft comment letter on IASB exposure draft ED 2015 7 Effective Date of Amendments to IFRS 10 and IAS 28 It has also recommended to the European Commission to further postpone the endorsement process on these amendments Call for applications EFRAG president 01 Sep 2015 Following the decision by Mr Wolf Klinz not to pursue the post of President of the Board of the European Financial Reporting Advisory Group EFRAG the European Commission EC has launched a new call for applications for the post EFRAG ready to send out qualified endorsement advice on IFRS 9 27 Aug 2015 As reported earlier the European

    Original URL path: http://www.iasplus.com/en/resources/regional/european-commission (2016-02-10)
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  • Financial Accounting Standards Board (FASB)
    and measurement of financial instruments during the first week of January 2016 FASB to issue final standards on leases and classification and measurement 12 Nov 2015 At its meeting yesterday the FASB finished redeliberations related to its upcoming standards on 1 leases and 2 classification and measurement Further the Board directed the staff to proceed with drafting two final Accounting Standards Updates for a vote by written ballot TRG discusses implementation of new revenue standard 11 Nov 2015 At its 9 November 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 Speeches and presentations at the 32nd ISAR session 05 Nov 2015 The thirty second session of the United Nations Conference on Trade and Development UNCTAD Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting ISAR is currently being held in Geneva The keynote address was given by FASB Chairman Russell Golden among the presentations was also one by IASB Vice Chairman Ian Mackintosh Revenue transition resource group releases meeting agenda 03 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 September 2015 IASB meeting notes posted part 2 concluded 02 Oct 2015 The IASB met at its offices in London on 21 24 September 2015 some of it a joint meeting with the FASB We have posted the Deloitte observer notes from the sessions on insurance contracts conceptual framework business combinations financial instruments with characteristics of equity and discount rates FASB proposes clarifications to its new revenue standard 30 Sep 2015 The US Financial Accounting Standards Board FASB has issued a proposed ASU Narrow Scope Improvements and Practical Expedients that would amend certain aspects of the Board s May 2014 revenue standard ASU 2014 09 Revenue From Contracts With Customers FASB proposes changes to materiality references 28 Sep 2015 The FASB has issued a proposed Accounting Standards Update ASU Assessing Whether Disclosures Are Material as part of its disclosure framework project September 2015 IASB meeting notes posted part 1 24 Sep 2015 The IASB met at its offices in London on 21 24 September 2015 some of it a joint meeting with the FASB We have posted the Deloitte observer notes from the sessions on revenue the research programme and the disclosure initiative September 2015 IASB meeting agenda posted 11 Sep 2015 The agenda has been posted for the IASB s next meeting which will be held at its offices in London on 21 24 September 2015 Some of the meeting will be jointly held with the FASB The IASB will discuss insurance contracts the disclosure initiative revenue research programme conceptual framework IFRS implementation issues business combinations financial instruments with characteristics of equity and discount rates FASB proposes guidance on principal versus agent considerations 31 Aug 2015 The FASB has issued a proposed ASU Principal Versus Agent Considerations Reporting

    Original URL path: http://www.iasplus.com/en/resources/regional/fasb (2016-02-10)
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  • US Securities and Exchange Commission (SEC)
    The staff noted that in certain cases the disclosures or lack thereof also raised questions as to whether the company s accounting complied with IFRSs SEC final staff report On July 13 2012 the SEC issued the final staff report Work Plan for the Consideration of Incorporating IFRSs into the Financial Reporting System for U S Issuers The report marks the culmination of the work the SEC directed the staff to perform in relation to the work plan that the SEC initiated in February 2010 The purpose of the work plan was to consider specific areas and factors that would be relevant to the SEC as to whether when and how to incorporate IFRS into the U S financial reporting system The SEC staff published a number of reports over the last few years that provide insights on progress observations and findings pursuant to the work plan The final Staff report summarises observations and findings and brings them together into a single document In completing its analysis the staff identified the following significant themes Development of IFRSs Globally IFRSs are generally perceived to be high quality standards While both U S GAAP and IFRSs contain areas that are underdeveloped the perception among U S constituents is that the gap under IFRSs is greater e g the accounting for extractive industries insurance and rate regulated industries Progress has been made as it relates to the FASB s and IASB s current convergence projects Interpretive Process The IFRS Interpretations Committee should do more to address application issues on a timely basis to reduce diversity in practice in the application of IFRSs Although recent changes to the Committee s process may address this concern it is not yet known if the changes will be effective IASB s Use of National Standard Setters The IASB needs to understand different domestic reporting and regulatory frameworks and should consider relying more on national standard setters e g assistance in areas where they have expertise outreach activities identifying diversity in practice and post implementation reviews The IASB is in the process of developing a plan to formalise its relationships with National Standard Setters as it contemplates its future agenda Global Application and Enforcement Although the financial statements that the SEC staff analysed largely appeared to comply with IFRSs there is diversity in application of IFRSs globally Regulators in various jurisdictions would need to work cooperatively to foster consistent application and enforcement of IFRSs Governance of the IASB The governance structure of the IFRS Foundation appears to strike a reasonable balance of providing oversight of the IASB while simultaneously recognising and supporting the IASB s independence Mechanisms may be necessary to consider and protect the U S capital market e g by allowing the FASB to endorse IFRSs in the U S Status of funding While there has been progress in developing a funding mechanism for the IFRS Foundation the staff expressed concern about existing funding sources including the reliance on large accounting firms to provide funding Currently the funding is provided by businesses not for profits and governments in fewer than 30 countries The IFRS Foundation has been unsuccessful in raising sufficient funds for the U S portion of the budget Investor understanding Investors do not have uniform education on accounting issues Irrespective of any ultimate decision made by the SEC the staff plans to further explore how investor engagement and education can be improved What may be most interesting is not what the final staff report is but rather what it isn t The final staff report does not include a staff recommendation nor does it provide a sense as to what the Commissions next steps may be in relation to IFRS The final staff report does indicate that the report has not been approved by the SEC and does not necessarily reflect its views and that its publication does not imply and should not be construed to imply that the Commission has made any policy decision as to whether International Financial Reporting Standards should be incorporated into the financial reporting system for U S issuers or how any such incorporation if it were to occur should be implemented The work plan also did not set out to answer the fundamental question of whether transitioning to IFRS is in the best interests of the U S securities markets generally and U S investors specifically Although the work plan is now completed the final staff report acknowledges that additional analysis and consideration of this threshold policy question is necessary before any decision by the Commission concerning the incorporation of IFRS into the financial reporting system for U S issuers can occur Although the completion of the work plan is an important step for the U S many questions remain unanswered Next steps Further analysis by the SEC will be performed before the Commissioners make a decision on incorporating IFRSs in the United States Related news FASB constituents of the TRG will continue to meet 02 Feb 2016 Wesley R Bricker deputy chief accountant in the SEC s Office of the Chief Accountant OCA spoke at the 43rd Annual Securities Regulation Institute sponsored by the Northwestern Pritzker School of Law about the implementation of the new revenue standard SEC speeches on IFRSs at the annual AICPA conference 10 Dec 2015 At the annual American Institute of Certified Public Accountants AICPA Conference on Current SEC and PCAOB Developments currently taking place in Washington D C representatives of the US Securities and Exchange Commission SEC spoke at surprising length about IFRSs in the United States 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 SASB issues second set of provisional standards for consumption industries 29 Sep

    Original URL path: http://www.iasplus.com/en/resources/regional/sec (2016-02-10)
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