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  • IASB proposes amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard
    other comprehensive income the difference between the amounts that would be recognised in profit or loss in accordance with IFRS 9 and the amounts recognised in profit or loss in accordance with IAS 39 Financial Instruments Recognition and Measurement provided that the entity issues contracts accounted for under IFRS 4 applies IFRS 9 in conjunction with IFRS 4 and classifies financial assets as fair value through profit or loss in accordance with IFRS 9 when those assets were previously classified at amortised cost or as available for sale in accordance with IAS 39 Application of the overlay approach requires disclosure of sufficient information to enable users of financial statements to understand how the amount reclassified in the reporting period is calculated and the effect of that reclassification on the financial statements An entity would apply the overlay approach retrospectively to qualifying financial assets when it first applies IFRS 9 Deferral approach Under the amendments that make up the deferral approach an entity would be permitted to apply IAS 39 rather than IFRS 9 for annual reporting periods beginning before 1 January 2021 if it has not previously applied any version of IFRS 9 and if its predominant activity is issuing contracts within the scope of IFRS 4 An entity would determine whether its predominant activity is issuing contracts within the scope of IFRS 4 by comparing the carrying amount of its liabilities arising from contracts within the scope of IFRS 4 with the total carrying amount of its liabilities The IASB does not specify a particular quantitative threshold for predominance but indicates in the Basis for Conclusions that predominance is intended to be a high threshold and that 75 liabilities from insurance activities would not qualify as high The IASB also maintains that an entity would need to assess predominance at the reporting entity level Lastly the IASB states that an entity that applies the deferral approach but falls beneath the predominance threshold in a subsequent reporting period would be required to apply IFRS 9 from the beginning of the next annual reporting period An entity would apply the deferral approach for annual periods beginning on or after 1 January 2018 Application of the deferral approach needs to be disclosed together with the reasons for applying it The deferral can only be made use of for the three years following 1 January 2018 Alternative views Three Board member voted against the publication of the ED because they do not agree with the proposal to provide entities with predominant insurance activity with a temporary exemption from applying IFRS 9 These Board members argue that the deferral approach will reduce comparability including between entities that issue insurance contracts They acknowledge the concerns voiced but are of the opinion that the overlay approach offers enough relief and makes a temporary exemption from applying IFRS 9 unnecessary They are also concerned that delays might occur in the insurance contracts project that would exceed the three year span the deferral approach is intended to be

    Original URL path: http://www.iasplus.com/en/news/2015/12/ifrs-9-ifrs-4?set_language=en (2016-02-10)
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  • IASB proposes amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard
    contracts standard Comments are requested by February 8 2016 As it has become obvious that the effective date of the forthcoming IFRS on insurance contracts can no longer be aligned with the effective date of IFRS 9 Financial Instruments there have been calls for the IASB to delay application of IFRS 9 for insurance activities and align the effective date of IFRS 9 for those activities with the effective date of the new insurance contracts standard The amendments proposed in ED 2015 11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts Proposed amendments to IFRS 4 are intended to provide two options for entities that issue insurance contracts within the scope of IFRS 4 an option that would permit entities to reclassify from profit or loss to other comprehensive income some of the income or expenses arising from designated financial assets this is the so called overlay approach an optional temporary exemption from applying IFRS 9 for entities whose predominant activity is issuing contracts within the scope of IFRS 4 this is the so called deferral approach The application of both approaches would be optional and an entity would be permitted to stop applying them before the new insurance contracts standard is applied Three Board members voted against the publication of the ED because they do not agree with the proposal to provide entities with predominant insurance activity with a temporary exemption from applying IFRS 9 These Board members argue that the deferral approach will reduce comparability including between entities that issue insurance contracts They acknowledge the concerns voiced but are of the opinion that the overlay approach offers enough relief and makes a temporary exemption from applying IFRS 9 unnecessary They are also concerned that delays might occur in the insurance contracts project that would exceed the three year span the deferral approach is intended to be limited to The exposure draft is only open for comment for 60 days The IASB notes that the Due Process Handbook permits a comment period shorter than the standard minimum period of 120 days if the matter is narrow in scope and urgent which the IASB believes is the case with these amendments The IASB will consider the comments that it receives on the proposals and intends to complete its redeliberations as soon as possible in 2016 Please click for IASB press release link to IASB s Web site Access to the exposure draft on the IASB s Web site An IASB Snapshot document explaining the two approaches link to IASB s Web Site An IASB Investor Perspective on the two approaches link to IASB s Web Site Our project page on issues around the different effective dates of IFRS 9 and the new insurance contracts standard Related Topics Standards IFRS 4 Insurance Contracts IFRS 9 Financial Instruments Quick links Clearly IFRS IASB proposes amendments to IFRS 4 to address concerns about the different effective dates of IFRS 9 and the new insurance contracts Standard that will replace IFRS 4

    Original URL path: http://www.iasplus.com/en-ca/news/part-i-ifrs/2015-12/ifrs-9-ifrs-4?set_language=en-ca (2016-02-10)
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  • L'IASB propose des modifications pour répondre aux préoccupations concernant les dates d'entrée en vigueur différentes d'IFRS 9 et de la nouvelle norme sur les contrats d'assurance
    de faire coïncider la date d entrée en vigueur d IFRS 9 pour ces activités avec la date d entrée en vigueur de la nouvelle norme sur les contrats d assurance Les modifications proposées dans l ES 2015 11 sur l application d IFRS 9 Instruments financiers et d IFRS 4 Contrats d assurance projet de modification d IFRS 4 visent à offrir deux options aux entités qui émettent des contrats d assurance entrant dans le champ d application d IFRS 4 une option permettant aux entités de reclasser du résultat net aux autres éléments du résultat global une partie des produits ou des charges découlant des actifs financiers désignés c est la méthode de la superposition une exemption temporaire facultative de l application d IFRS 9 à l intention des entités dont l activité principale est l émission de contrats entrant dans le champ d application d IFRS 4 c est la méthode du report L application de ces deux méthodes serait facultative l entité serait autorisée à cesser de les appliquer avant l adoption de la nouvelle norme sur les contrats d assurance Trois membres du conseil ont voté contre la publication de l ES puisqu ils n appuient pas la proposition de fournir aux entités dont l activité principale est l émission de contrats d assurance une exemption temporaire de l application d IFRS 9 Ils ont avancé que la méthode du report réduirait la comparabilité notamment entre les entités qui émettent des contrats d assurance Ils reconnaissent les préoccupations soulevées mais sont d avis que la méthode de la superposition constitue un allègement suffisant et que l exemption temporaire de l application d IFRS 9 n est pas nécessaire Ils craignent également que des retards dans le projet sur le contrats d assurance excèdent la période de trois ans couverte par la méthode du report La période de commentaires sur l exposé sondage est de 60 jours L IASB indique que le manuel de procédures autorise une période de commentaires plus courte que la période minimale standard de 120 jours si la question est urgente et de portée limitée ce qui est selon lui le cas pour ce qui est de ces modifications L IASB étudiera les commentaires qu il recevra sur les propositions et compte terminer ses nouvelles délibérations le plus rapidement possible en 2016 Consulter le communiqué de presse de l IASB lien vers le site Web de l IASB en anglais l exposé sondage sur le site Web de l IASB la synthèse de l IASB qui explique les deux méthodes lien vers le site Web de l IASB en anglais le bulletin Investor Perspectives de l IASB qui porte sur les deux méthodes lien vers le site Web de l IASB en anglais notre page sur le projet portant sur les dates d entrée en vigueur différentes d IFRS 9 et de la nouvelle norme sur les contrats d assurance Sujets connexes Projets Contrats d assurance ES Dates d entrée en vigueur

    Original URL path: http://www.iasplus.com/fr-ca/nouvelles/part-i-ifrs/2015-12/ifrs-9-ifrs-4?set_language=fr-ca (2016-02-10)
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  • IASB proposes amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard
    of IFRS 9 Financial Instruments and the forthcoming insurance contracts standard The amend ments would provide two options for en ti ties that issue in sur ance con tracts within the scope of IFRS 4 Overlay ap proach Entities would be permitted to re clas sify from profit or loss to other com pre hen sive income some of the income or ex penses arising from des ig nated fi nan cial assets De fer ral ap proach En ti ties whose pre dom i nant ac tiv ity is issuing con tracts within the scope of IFRS 4 would be able to employ an optional temporary exemption from applying IFRS 9 Com ments on the ED are due by Feb ru ary 8 2016 For more information see Deloitte s IFRS in Focus newsletter as well as the ED press release and Snapshot document on the IASB s Web site Related Topics Resources International Accounting Standards Board IASB Projects Insurance contracts overview Standards IAS 39 Financial Instruments Recognition and Measurement IFRS 4 Insurance Contracts IFRS 9 Financial Instruments Quick links IFRS in Focus IASB proposes amendments to IFRS 4 to address concerns about the different effective dates of IFRS 9 and the new insurance contracts Standard that will replace IFRS 4 Related news Comment letter feedback on the IASB s proposal related to the different effective dates of IFRS 9 and the forthcoming insurance contracts standard Feb 08 2016 IASB publishes amendments to IAS 7 Jan 29 2016 January 2016 IASB meeting notes posted Jan 22 2016 IASB publishes amendments related to the recognition of deferred tax assets for unrealized losses Jan 19 2016 IASB issues new leasing standard Jan 13 2016 IASB announces IFRS 16 release date Jan 06 2016 All Related Related Publications Deloitte comment letter on

    Original URL path: http://www.iasplus.com/en-us/news/2015/12/ifrs-9-ifrs-4?set_language=en-us (2016-02-10)
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  • January
    give preparers sufficient time to develop reliable models for recognising and measuring assets and liabilities during the transition period These assets and liablilties include inventories investment property property plant and equipment defined benefit plans and other long term employee benefits biological assets and agricultural produce intangible assets service concession assets and the related liabilities and financial instruments The IPSASB is aware that where a first time adopter takes advantage of the exemptions above fair presentation and compliance with accrual basis IPSASs will be affected and the first time adopter will not be able to make an unreserved statement of compliance with accrual basis IPSASs until the exemptions have expired or the relevant items are recognised and measured in accordance with the applicable IPSASs Still the IPSASB believed that the transition period meets the needs of both preparers and users of financial statements and might be a further incentive for entities to make the decision to apply IPSASs Nevertheless the IPSASB encourages first time adopters to comply in full with all the requirements of the applicable IPSASs as soon as possible IPSAS 33 shall be applied if a first time adopters first IPSAS financial statements are for a period beginning on or after 1 January 2017 Earlier application is permitted Please access the new standard and a corresponding press release on the IPSASB website January 2015 IFRS Interpretations Committee meeting notes Part 1 29 Jan 2015 The IFRS Interpretations Committee met in London on 27 January 2015 We ve posted the Deloitte observer notes for the sessions on IAS 12 IAS 24 IAS 40 IAS 39 IFRS 12 IFRS 13 works in progress and a review of 2014 activities The topics discussed were as follows click through to access detailed Deloitte observer notes for each topic TUESDAY 27 JANUARY 2015 Items for continuing consideration IAS 12 How should current tax assets and liabilities be measured when tax positions are uncertain Finalisation of tentative agenda decisions IAS 39 Income and expenses on FI with a negative interest rate How should this be presented in the statement of comprehensive income IFRS 12 Request for clarification of what disclosures are required and basis of preparation for a subsidiary with a material non controlling interest and b a material joint venture or associate IFRS 13 The fair value hierarchy What level in the hierarchy applies when using consensus prices provided by third parties New issues IAS 24 Definition of close members of the family of a person IAS 40 Can a property under construction be transferred from inventory to investment property when there is an evident change in use Administrative session Work in progress Interpretations Committee review of activity 2014 You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting Japanese Board member writes about Expectation of Japan 29 Jan 2015 IASB member Takatsugu Ochi has published an article in KEIRIJOUHOU an accounting journal issued by Chuokeizaisha He writes about ASAF Japanese contributions to the Conceptual Framework and

    Original URL path: http://www.iasplus.com/en/news/2015/01 (2016-02-10)
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  • February
    around the world 27 Feb 2015 IASB member Philippe Danjou has written an article for Finance Gestion analysing the use of IFRS around the world Based on the jurisdiction profiles the IFRS Foundation has compiled the article describes developments in the adoption of IFRSs since the European Union adopted IFRSs in 2005 Mr Danjou writes about the many jurisdictions that have adopted IFRSs since then as well as about the jurisdictions that haven t among them China and the United States He lists three lessons that are to be learned from this anlysis IFRSs now play a preeminent role throughout the world the majority of jurisdictions have made a commitment to IFRSs and the jurisdictions that apply them represent more than half of the world s wealth The European Union continues to be a major user of IFRSs but it is no longer the dominant one IFRSs are applied by 52 per cent of the Fortune 500 companies US GAAP is applied by 29 per cent of these companies Please click to access Mr Danjou s article English translation on the IASB website It is also available in the original version French February 2015 IASB meeting notes concluded 27 Feb 2015 The IASB met at its offices in London on 18 20 February 2015 Some of the meeting was a joint session with the FASB We have posted the Deloitte observer notes from the joint session on revenue recognition Click through for direct access to the notes Wednesday 18 February 2015 Revenue recognition The preliminary and unofficial notes taken by Deloitte observers for the entire meeting are also available IASB issues Investor Perspectives on insurance 26 Feb 2015 The International Accounting Standards Board IASB has released a new edition in its Investor Perspectives series In this edition Steve Cooper member of the IASB provided an update on the IASB s insurance contracts project Mr Cooper described four key advances made during deliberation concerning issues in practice These key advances include Current updated measure of insurance contract liabilities Using an asset based discount rate only where relevant Recognising profit as services are delivered Recognising that in many respects insurance is not that different from other industries In addition he stated one of the next steps for the IASB is to resolve issues concerning the pattern of profit recognition for participating contracts For more information see the Investor Perspective on the IASB s website Paper on the use of OCI for the presentation of unearned profits 26 Feb 2015 For the upcoming meeting of the Accounting Standards Advisory Forum ASAF which is to be held at the IASB s offices in London on 26 27 March 2015 the Accounting Standards Board of Japan ASBJ has submitted a paper Insurance Contracts Use of OCI for Presentation of Unearned Profits In the paper the ASBJ proposes that the contractual service margin CSM could be presented as accumulated other comprehensive income AOCI as opposed to being presented in the liability section of the statement of

    Original URL path: http://www.iasplus.com/en/news/2015/02 (2016-02-10)
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  • March
    markets can trust From this starting point we have no problem with companies providing additional non GAAP measures to enrich the IFRS data in financial statements Yet some basic ground rules should be respected The basic rules Mr Hoogervorst referred to were that alternative performance measures should not present information that is misleading and that this information should not be given greater prominence in the financial statements than the IFRS numbers He also stressed that the IASB is aware that this might be an area where more action is needed He said We are also open to the idea of learning from the use of non GAAP measures Where the use of such measures is widespread and many companies are systematically adjusting the IFRS numbers then maybe there is a vacuum in IFRS that we need to look at However he also pointed out that the IASB has already begun to act Mr Hoogervorst cited the December 2014 amendments to IAS 1 as a case in point and also mentioned that a discussion paper on the principles of disclosure is expected to be published by the end of 2015 Please click to download the full text of Mr Hoogervorst s speech from the IASB website March 2015 IFRS Interpretations Committee meeting notes Part 2 concluded 30 Mar 2015 The IFRS Interpretations Committee met in London on 24 March 2015 We ve posted the Deloitte observer notes for the final session on IFRS 5 The topics discussed were as follows click through to access detailed Deloitte observer notes for each topic TUESDAY 24 MARCH 2015 Items for continuing consideration IFRS 5 Issues relating to the requirements for scope and presentation in IFRS 5 You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting Japan completes endorsement of IFRS 9 without modifications 30 Mar 2015 The Financial Services Agency FSA of Japan has announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan The announcement effectively includes all IASB pronouncements issued up to 31 December 2014 This means that endorsement of IFRS 9 Financial Instruments is now complete in Japan Newly designated IFRSs include IFRS 9 Financial Instruments July 2014 Equity Method in Separate Financial Statements August 2014 Annual Improvements 2012 2014 Cycle September 2014 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture September 2014 Investment Entities Applying the Consolidation Exception December 2014 and Disclosure Initiative Amendments to IAS 1 December 2014 Click for the FSA press release in Japanese only link to FSA website March 2015 ASAF meeting notes on insurance contracts 30 Mar 2015 The Accounting Standards Advisory Forum ASAF in London on 26 27 March 2015 We have posted the Deloitte observer notes from the session on insurance contracts The meeting discussed a presentation from the Accounting Standards Board of Japan ASBJ which proposed that the contractual service margin CSM of an insurance contract should be presented in the accumulated balance

    Original URL path: http://www.iasplus.com/en/news/2015/03 (2016-02-10)
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  • April
    she describes the loan model under IFRS 9 which requires financial institutions and other companies to estimate and account for expected credit losses from when they first lend money or invest in a financial instrument She notes that although the IASB and FASB have worked together to create a converged model the FASB has taken a different approach Lastly she comments that the implementation of the expected loss model for loan loss provisions will require significant changes to financial institutions and other companies systems and processes which is the reason why the IASB set the mandatory effective date to 1 January 2018 For more in for ma tion see the report on the IASB s website ITG discusses implementation of impairment requirements in IFRS 9 24 Apr 2015 On 22 April 2015 the IFRS Transition Resource Group for Impairment of Financial Instruments ITG held its first meeting The ITG is a discussion forum established by the International Accounting Standards Board IASB to provide support for stakeholders on implementation issues arising from the new impairment requirements following the issue of IFRS 9 Financial Instruments 2014 Topics discussed at the meeting included Forecasts of future economic conditions Loan commitments scope Expected credit losses measurement date Assessment of significant increase in credit risk for guaranteed debt instruments The maximum period to consider when measuring expected credit losses Revolving credit facilities Measurement of expected credit losses for an issued financial guarantee contract Measurement of expected credit losses in respect of a modified financial asset For more information and a summary of the discussions at the meeting see Deloitte s IFRS in Focus as well as the meeting summary on the IASB s website IASB publishes update on the conceptual framework project 24 Apr 2015 The staff of the IASB has published a document setting out the key tentative decisions made by the IASB up to the end of March 2015 that affect the proposals in the discussion paper on the conceptual framework On 18 July 2013 the IASB issued Discussion Paper A Review of the Conceptual Framework for Financial Reporting to consider areas where revisions and amendments of the existing conceptual framework was needed At its January 2015 meeting the IASB substantially completed its redeliberations on the Discussion Paper and published a first summary of tentative decisions In March 2015 the IASB discussed issues that have arisen in drafting the Conceptual Framework exposure draft This new update includes the tentative decisions made in March An exposure draft is expected in the second quarter of 2015 For more information see the document on the IASB s website In addition Deloitte has followed the redeliberations of the IASB and all tentative decisions to date see our conceptual framework project page for details Video recording of the stakeholder event at the IFRS Foundation Trustees meeting 24 Apr 2015 On 15 April 2015 the IFRS Foundation Trustees and the Canadian Accounting Standards Oversight Council AsSOC jointly hosted an event to discuss Canada s perspective on IFRS and global

    Original URL path: http://www.iasplus.com/en/news/2015/04 (2016-02-10)
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