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  • May
    in equity other than those relating to distributions to holders of equity claims Note that other than in the DP the IASB has backed away from changes in the definitions liabilities and equity that would address the problems that arise in classifying instruments with characteristics of both liabilities and equity Exploring those problems has been transferred to the IASB s research project on financial instruments with the characteristics of equity Chapter 5 Recognition and derecognition The ED states that only items that meet the definition of an asset a liability or equity are recognised in the statement of financial position and only items that meet the definition of income or expenses are to be recognised in the statement s of financial performance However their recognition depends on three criteria their recognition provides users of financial statements with 1 relevant information about the asset or the liability and about any income expenses or changes in equity 2 a faithful representation of the asset or the liability and of any income expenses or changes in equity and 3 information that results in benefits exceeding the cost of providing that information Nevertheless the ED also maintains that whether the information provided is useful to users depends on the item and the specific facts and circumstances and requires judgement and possibly varying recognition requirements between standards Derecognition requirements as presented in the ED are driven by two aims the assets and liabilities retained after the transaction or other event that led to derecognition must be presented faithfully and the change in the entity s assets and liabilities as a result of that transaction or other event must also be presented faithfully The ED also describes alternatives when it is not possible to achieve both aims Chapter 6 Measurement This chapter is dedicated to the description of different measurement bases historical cost and current value fair value and value in use fulfilment value the information that they provide and their advantages and disadvantages A table offers an overview of the information provided by various measurement bases The ED also sets out factors to consider when selecting a measurement basis relevance faithful representation enhancing qualitative characteristics and factors specific to initial measurement and points out that consideration of the objective of financial reporting the qualitative characteristics of useful financial information and the cost constraint are likely to result in the selection of different measurement bases for different assets liabilities and items of income and expense Appendix A of the ED supplements Chapter 6 and describes cash flow based measurement techniques for cases when a measure determined using a measurement basis cannot be observed Chapter 7 Presentation and disclosure In this chapter the ED discusses concepts that determine what information is included in the financial statements and how that information should be presented and disclosed The statement of statement of comprehensive income is newly described as statement of financial performance however the ED does not specify whether this statement should consist of a single statement or two statements it only requires that a total or subtotal for profit or loss must be provided Notably the ED does not define profit or loss thus the question of what goes into profit or loss or into other comprehensive income is still unanswered Chapter 8 Concepts of capital and capital maintenance The proposals in this chapter were taken over from the existing Conceptual Framework with minor changes for consistency of terminology The IASB states that it would consider revising the description and discussion of capital maintenance if it were to carry out a future project on accounting for high inflation However it also states that no such work is currently planned ED 2015 4 Updating References to the Conceptual Framework contains proposed amendments to IFRS 2 IFRS 3 IFRS 4 IFRS 6 IAS 1 IAS 8 IAS 34 SIC 27 and SIC 32 in order to update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework As the Conceptual Framework will mainly affect the IASB and its work while the proposals regarding the other pronouncements could also affect preparers the IASB considers granting a transition period of approximately 18 months for the amendments proposed in ED 2015 4 in order to give preparers time to identify understand and adjust to possible implications Comment deadline and next steps The IASB allows constituents an extended six months period to work their way through the document and to respond to the questions raised hence comment letters are to be submitted by 26 October 2015 The IASB will consider the comments received when developing the final version of the revised Conceptual Framework The IASB aims to finalise the revised Conceptual Framework in 2016 Note On 22 September 2015 the IASB decided to extend the comment letter deadline to 25 November 2015 Additional information Press release on the IASB s website ED 2015 3 Conceptual Framework for Financial Reporting link to IASB website Basis for Conclusions for ED 2015 3 link to IASB website IASB Snapshot introducing the ED 2015 3 link to IASB website ED 2015 4 Updating References to the Conceptual Framework link to IASB website IFRS in Focus IASB issues Exposure Draft for a revised Conceptual Framework IAS Plus project page on the IASB s conceptual framework project On 17 June 2015 the IASB will give a live web presentation introducing the Exposure Draft and offering the public an opportunity to ask questions More information on the webinar is available on the IASB website Seven lessons learned from the IFRS adoption in the EU 28 May 2015 The Institute of Chartered Accountants in England and Wales ICAEW has published a report setting out some practical insights and recommendations for policy makers regulators standard setters and other interested parties in jurisdictions that have recently adopted IFRS or are considering doing so The insights were gleaned while preparing the ICAEW s response to the European Commission s public consultation on the impact

    Original URL path: http://www.iasplus.com/en/news/2015/05 (2016-02-10)
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  • June
    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 today 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 ASBJ Modification Accounting Standard No 2 Accounting for Other Comprehensive Income contains modifications to IFRS 7 Financial Instruments Disclosures IFRS 9 Financial Instruments 2010 IAS 1 Presentation of Financial Statements and IAS 19 Employee Benefits As regards the relationship with IFRSs the Foreword to the JMIS states The IFRS endorsement process is an effort to promote the application of IFRS in Japan towards the ultimate goal of achieving a single set of high quality global standards Limited deletions or modifications to the Standards issued by the IASB that are made today may be resolved depending on future discussions in Japan and at the IASB Accordingly they should be viewed as transitional treatments and the ASBJ will continue to express views on these requirements An entity may apply JMIS to consolidated financial statements for annual periods ending on or after 31 March 2016 The endorsement process for standards issued by the IASB as at 31 December 2013 has already begun and will be completed shortly Afterwards the endorsement process for standards issued by the IASB after 31 December 2013 will be taken up Please click to access the press release on the ASBJ website It offers access to the Foreword the approvd Application of the JMIS and the two modification standards JMIS constitute the fourth set of accounting standards for consolidated financial statements in Japan in addition to designated IFRSs Japanese GAAP and US GAAP The Financial Services Agency of Japan FSA is currently consulting on changing the related cabinet ordinances to make the use of JMIS legally possible Comments on the consultation close on 30 July 2015 Please click for more information on the FSA website Japanese only Speech at Paris IFRS conference on the European view of IFRSs 30 Jun 2015 At the IFRS Foundation s IFRS conference currently held in Paris the Chairman of the French standard setter Autorité des Normes Comptables ANC Patrick de Cambourg spoke about the crucial importance of international accounting standards and the objective of establishing a confident and level playing field dialogue with the IASB In his speech Mr de Cambourg evaluated the 10 years of IFRS implementation in Europe and observed that Europe and the world in general is moving into a new stage of standard setting He stressed that extra attention needs to be paid to the general principles underlying standard setting if understanding and buy in is to be encouraged Therefore he pointed out standard development needs to be pursued in a coherent manner has to address emerging issues and has to avoid over complexity The full transcript of Mr de Cambourg s speech is available on the ANC website ESMA opposes IFRS 9 deferral for insurance companies 29 Jun 2015 The European Securities and Markets Authority ESMA has responded to the EFRAG draft endorsement advice on IFRS 9 Financial Instruments In its response to the draft endorsement advice published in May 2015 ESMA agrees with the conclusion that adoption of IFRS 9 is conducive to the European public good and should be adopted for the use in the European Union in a timely manner in order to respond to the concerns raised during the financial crisis In one point however ESMA diagrees with EFRAG the potential deferral of IFRS 9 for insurance business activities while the IASB finalises its forthcoming insurance standard The letter states ESMA is of the view that in light of significant uncertainty about the timing of the finalisation of the new standard on insurance contracts there should be no delay in the application of IFRS 9 for insurance industry Furthermore ESMA is of the view that EFRAG should explicitly acknowledge that the IASB already considered and tentatively rejected deferring the mandatory effective date of IFRS 9 for entities that issue insurance contracts in January 2015 ESMA believes that deferral of IFRS 9 for insurance companies would be inconsistent with the generic nature of IFRSs that apply across all industries ESMA also fears a lack of comparability confusion among financial statement users potential earnings management a loss of credibility of financial reporting conceptual repercussions and other unintended consequences Please click to access the full comment letter on the ESMA website In a recent comment letter the Federation of European Accountants Fédération des Experts comptables Européens FEE had supported a deferral Hans Hoogervorst speaks about historical cost and fair value 29 Jun 2015 At the IFRS Foundation s IFRS conference currently held in Paris IASB Chairman Hans Hoogervorst spoke about the question of how assets and liabilities should be measured a topic he called one of the most difficult topics in accounting Mr Hoogervorst pointed at the fact that the recently published Exposure Draft containing proposals for topical areas where the IASB considers a revision and amendment of the existing Conceptual Framework necessary also includes a chapter on measurement offering a description of different measurement bases the information that they provide and their advantages and disadvantages In this chapter the IASB has have divided the measurement techniques into two categories historical cost and current value However Mr Hoogervorst pointed out that the dichotomy between historical cost and fair value is not as stark as one would expect He listed four aspects where the assumed stability of historical cost and the often cited vulnerability of current value are not necessarily that far apart He cited the fact that for many transactions historical cost starts and ends with fair value or values that come very close to it that despite its name historical cost gets updated too depreciation amortisation that the alleged stability resulting from historical cost

    Original URL path: http://www.iasplus.com/en/news/2015/06 (2016-02-10)
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  • July
    with the proposal to require an entity to apply the amendments retrospectively FASB The FASB has decided to propose more extensive amendments to its revenue standard A first proposed Accounting Standards Update ASU on identifying performance obligations and on licensing was published in May 2015 A second proposed ASU relating to clarifications on principal versus agent considerations collectability measuring non cash consideration and practical expedients relating to transition and the presentation of sales taxes is expected later in 2015 The Basis for Conclusions of the IASB s ED notes where differences in outcomes may arise as a consequence of the different decisions reached by both Boards Next steps The IASB expects to complete its redeliberations by the end of 2015 The ED does not include a proposed an effective date but the IASB s objective is to finalise the proposed amendments with sufficient time to set an effective date that aligns with the revised effective date of IFRS 15 Additional information Please click for IASB press release link to IASB website Access to the exposure draft on the IASB website IFRS in Focus newsletter explaining the ED Our IAS Plus project page on clarifications to IFRS 15 EFRAG supports the IASB s deferral of IFRS 15 29 Jul 2015 On 17 March 2015 the European Financial Reporting Advisory Group EFRAG submitted an endorsement advice letter to the European Commission EC that recommended IFRS 15 be adopted with the effective date set by the IASB This phrase means that if the IASB should at a future point of time decide to delay the effective date it will also be delayed in Europe With the IASB s decision at its 22 July 2015 meeting to defer the effective date of IFRS 15 by one year the EFRAG has notified the EC that it recommends the 1 January 2018 effective date as set by the IASB for application in Europe For more information see the press release and the endorsement advice letter on the EFRAG s website EFRAG draft comment letter on the IASB s exposure draft on amendments to IAS 19 and IFRIC 14 on pension accounting 24 Jul 2015 The European Financial Reporting Advisory Group EFRAG has issued a draft comment letter on IASB exposure draft ED ED 2015 5 Remeasurement on a Plan Amendment Curtailment or Settlement Availability of a Refund from a Defined Benefit Plan Proposed amendments to IAS 19 and IFRIC 14 On 18 June 2015 the IASB issued ED 2015 5 to address two issues submitted to the IFRS Interpretations Committee The two issues are to clarify 1 the calculation of current service cost and net interest when an entity remeasures the net defined benefit liability asset when a plan amendment curtailment or settlement occurs and 2 whether a trustee s power to augment benefits or to wind up a plan affects the employer s unconditional right to a refund and thus in accordance with IFRIC 14 restricts recognition of an asset In its draft comment letter

    Original URL path: http://www.iasplus.com/en/news/2015/07 (2016-02-10)
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  • August
    EFRAG states in its endorsement advice that IFRS 9 should generally be adopted however does not include final advice on the insurance standard matter and therefore leaves open how the European Commission should react go forward with endorsing IFRS 9 for all companies in the hope that the IASB will come up with a sustainable solution to the timing mismatch problem or the hope that IASB will defer the effective date of IFRS 9 for insurers or whether even an EU only deferral should be chosen Please click to access the press release on the EFRAG website announcing the next Board meeting which offers access to the updated set of meeting papers Fourth instalment of the IASB s Conceptual Framework webcast series 27 Aug 2015 In August 2015 the IASB launched a webcast series on the proposed changes to its Conceptual Framework Eight pre recorded webcasts will be posted to the IASB s website weekly The fourth instalment was posted today The on demand webcasts provide detailed discussions of each part of the IASB s May 2015 Exposure Draft ED 2015 3 Conceptual Framework for Financial Reporting The webcast on Chapter 7 Classification of income and expenses profit or loss vs OCI is available today For information about the upcoming webcasts and a complete archive see the webcast page on the IASB s website Summary of the July ASAF meeting now available 27 Aug 2015 The staff of the International Accounting Standards Board IASB have made available a summary of the discussions of the Accounting Standards Advisory Forum ASAF meeting held in London on 16 17 July 2015 The topics covered during the meeting included Insurance contracts ASAF members discussed two papers by the AASB and NZASB on the recognition pattern for the contractual service margin in profit or loss and on the rate used for interest accretion on the contractual service margin and an update on the IASB s tentative decisions since the last ASAF meeting Discount rates The IASB staff provided a summary of findings from the research project on present value measurements and sought ASAF members views on the findings The staff also sought ASAF members views on the next steps in the project Conceptual Framework ASAF members discussed the recognition and derecognition proposals in the Conceptual Framework ED They were also invited to share their views on an EFRAG paper on the reporting of income or expense in profit or loss or OCI Provisions and contingent liabilities IAS 37 The staff provided an overview of the IASB s research project on project on IAS 37 and sought initial views of the ASAF on whether the IASB should start an active project to amend IAS 37 and if so what the scope of that project should be Disclosure initiative The IASB staff introduced a paper describing the content of the Principles of Disclosure discussion paper and sought the ASAF members views on whether there were any other issues that should be included in the discussion paper The staff also introduced a paper discussing proposed changes to the IFRS Taxonomy due process which were recently trialled on the exposure draft of amendments to IAS 7 as a result of the disclosure initiative Dynamic risk management The IASB staff gave an overview of the feedback received on the discussion paper and asked for the ASAF members comments on any additional information needs relating to an entity s dynamic risk management of interest rates that are not included in the summarised feedback received Pollutant pricing mechanisms ASAF members discussed a cap and trade type of emissions trading scheme and provided views about possible accounting approaches Rate regulated activities ASAF members provided views about possible accounting approaches that could be developed to reflect the financial effects of the defined rate regulation introduced in the discussion paper published in September 2014 IFRS 15 The IASB staff provided an overview of the recent developments relating to the new revenue standard including activities of the Transition Resource Group feedback from the comment letters on the exposure draft on the effective date of IFRS 15 and an overview of the forthcoming exposure draft of clarifications of IFRS 15 A full report of the meeting is available on the IASB s website Report from spring 2015 IFASS meeting 26 Aug 2015 A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters IFASS held in Dubai on 23 and 24 March 2015 Highlights from the meeting included IASB workplan and IFRS Foundation developments Participants discussed current projects on the IASB agenda and IFRS Foundation activities and activities that national standard setters may wish to undertake to support the IASB in achieving its work Projects discussed were Conceptual framework Disclosure initiative Insurance contracts Leases Business combinations under common control Financial instruments with characteristics of equity Equity method of accounting Discount rates and Post employment benefits Participants also discussed the agenda consultation research and implementation projects in general and interpretation of standards by regulators Part of the discussions around IASB projects were also the transition resource groups for revenue and impairment bundling of issues that arise in the discussions the question of how long they should be kept operating and whether standard setters should encourage regulators to back off from having one right answer on a particular issue Reports from regional groups Representatives from the Asian Oceanian Standard Setters Group AOSSG the European Financial Reporting Advisory Group EFRAG the Group of Latin American Accounting Standard Setters GLASS and Pan African Federation of Accountants PAFA explained recent developments in each of the groups IPSASB matters Participants were updated on IPSASB developments since October 2014 One focus of attention was the public consultation on IPSASB s strategy and work plan and the need find the right balance between public sector specific and IFRSs convergence projects EU Expert Group on IAS Regulation Participants were provided with some context and an update on this topic The positive outcome of the IAS Regulation evaluation was

    Original URL path: http://www.iasplus.com/en/news/2015/08 (2016-02-10)
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  • September
    structure and effectiveness of the IFRS Foundation He reminded the standard setters in the room that this review provides a platform for them to tell the IFRS Foundation what it does well and where there is room for improvement He encouraged feedback on how the IFRS Foundation can ensure that the relevance of IFRS is maintained what more can be done to encourage consistency in the application of IFRS and what more can the IFRS Foundation do to further strengthen the governance accountability and financing of the IFRS Foundation Finally given the audience he was addressing Mr Prada discussed the role and responsibilities of accounting standard setters in an IFRS world He pointed at the IASB s WSS meeting just held before the IFASS meeting and the ASAF meeting that will directly follow He asked whether having these bodies in place was sufficient Mr Prada also asked whether the IASB should get more involved in bodies such as IFASS which is a body instituted by the national standard setters where the IASB is just one guest among many or whether it is good that national standard setters have a body to themselves Mr Prada also mentioned that expectations with all bodies and the IFRS Foundation and the IASB always go two ways and that in a world where all involved parties agree that the goal is having one set of high quality global accounting standards they have to leverage resources and networks particularly in the area of policy level outreach and stakeholder engagement After his remarks Mr Prada took questions from the audience on all aspects of his speech One of them concerned the perceived fact that the IASB favours coopoeration with the FASB over working with other standard setters which would be giving undue influence to the FASB In his reply Mr Prada again spoke out fervently for supporting the goal of global accounting standards He stated that if a standard setter has knowledge the IASB can draw on the IASB should not turn it down and the FASB was a very experienced standard setter Yet he also pointed at the fact that the IASB works with many other standard setters on individual projects Mr Prada also denied that this cooperation means that the IASB is unduly influenced by these standard setters For as he pointed out if the FASB really influenced the IASB unduly IFRSs would be much more rule based while in fact there are now FASB standards for example on revenue recognition that are in fact principles based Please click to access the full text of the speech on the IASB website ESMA works on implementing EU Transparency Directive requirements 29 Sep 2015 The European Securities and Markets Authority ESMA has taken steps to implement requirements that were included in the amended European Transparency Directive The requirements aim at making submission easier for issuers and facilitating accessibility analysis and comparability for investors and regulators One of the requirements of the amended Directive is that issuers listed on regulated markets in the EU must prepare their annual financial reports in a European Single Electronic Format ESEF from 1 January 2020 ESMA has now launched a public consultation on regulatory technical standards on the ESEF The consultation documents are available through the press release on the ESMA website Comments are requested by 24 December 2015 The other requirement ESMA is currently working on is a European Electronic Access Point EEAP The objective of the EEAP is to provide an easy search and access tool for end users looking for regulated information such as annual reports major shareholdings etc on issuers admitted to trading on regulated markets in Europe ESMA has now submitted corresponding regulatory technical standards to the European Commission for endorsement It is expected that the EEAP will be made available to end users after 1 January 2018 Please see the final report on the ESMA website for more information EFRAG extends comment period for its publication documents on the Conceptual Framework ED 29 Sep 2015 Following the IASB s decision to extend the comment period for the Conceptual Framework ED the European Financial Reporting Advisory Group EFRAG has followed suit and has extended the comment period for the three related documents it currently has out for public consultation On 22 September 2015 the IASB followed an earlier staff recommendation and extended the comment period on the May 2015 exposure drafts to 25 November 2015 EFRAG had been among the voices calling for an extension of the comment period EFRAG has now extended the comment period on its own related consultation documents to 18 November 2015 EFRAG consultation document on the Conceptual Framework ED EFRAG draft comment letter on the ED on updating the references to the Conceptual Framework EFRAG Bulletin Profit or loss versus OCI Please click to access the press release announcing the extension on the EFRAG website ESMA opinion on accounting for cash contributions to a DGS 29 Sep 2015 The European Securities and Markets Authority ESMA has published its opinion on the application of the IFRS requirements in relation to the recognition of cash contributions to the Deposit Guarantee Scheme DGSs in IFRS accounts ESMA s responsibilities include promoting effective and consistent application of International Financial Reporting Standards IFRS Therefore the ESMA Regulation gives ESMA competence to deliver accounting opinions The opinion now published is limited to the accounting treatment of ex ante non refundable cash contributions to the DGS for which the obligating event is identified at a single point in time Based on the analysis of the existing IFRS requirements ESMA concluded that as soon as the obligating event of a non refundable cash contribution to a DGS is identified the contribution must be recognised as an expense in full Please click to access the opinion on the ESMA website IASB issues Investor Perspectives on measurement 28 Sep 2015 The IASB has released a new edition in its Investor Perspectives series In this edition IASB member Steve Cooper discusses the proposals

    Original URL path: http://www.iasplus.com/en/news/2015/09 (2016-02-10)
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  • October
    IFRS Foundation Fair Value Measurement Unit of Account Disclosure Initiative Materiality Practice Statement Agenda papers for this meeting are available on the IASB s website IFRS Foundation Trustee speaks on the relevance of IFRSs 29 Oct 2015 Lynn Wood IFRS Foundation Trustee gave a keynote speech at a conference in Melbourne Australia today She focussed on Financial reporting in the global economy Facilitating better business and investor decision making Ms Wood who herself served as Chairman of the Australian Financial Reporting Council was convinced that in the 21st century capital markets are mutually dependent and globally interconnected and that as a country that looks both East and West Australian capital markets were the perfect example of this This was the reason international standards were needed She noted that one of the most frequent criticisms she heard was the ongoing concern about complexity in financial reporting However she also voiced the conviction that people do understand that there are many root causes of complex financial reporting including increasingly complex business operations She also conceded that IFRS and financial reporting in general are a long way from being perfect Therefore she urged the members of her audience to a familiarise themselves with developments in IFRS and how they may affect their company and b to get involved in the process at an early stage Because she believed that there was no way back or around IFRSs I strongly believe that the momentum is now unstoppable towards every country in the world adopting IFRS and so the question is no longer if but when we will have truly global accounting standards Please click to download the manuscript of Ms Lynn s speech from the IASB website IASB publishes update on the definition of a lease 29 Oct 2015 The IASB staff have published a short project update providing an overview of how a lease will be defined in the IASB s new standard on leases It also includes a working draft of the application guidance and accompanying illustrative examples to be included in the forthcoming standard on the definition of a lease The staff are providing the update to help stakeholders prepare for the implementation of the new standard They point out that it is likely that the first step to be undertaken in implementing the standard will be to determine the population of contracts to which the standard applies which will be determined by the definition of a lease Please note that although the IASB has completed its decision making for the leases project the final standard is still in drafting and is subject to possible further refinements Please click to download the update from the IASB website New IFRS for SMEs training module available 29 Oct 2015 The IFRS Foundation Education Initiative has developed a training module for Section 12 of the IFRS for SMEs Section 12 Other Financial Instruments Issues of the IFRS for SMEs specifies the accounting for other more complex financial instruments and transactions that are not covered

    Original URL path: http://www.iasplus.com/en/news/2015/10 (2016-02-10)
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  • November
    now been given a slot in its own right Monday 7 December 16 15 17 30 According to the new agenda the session is intended to focus only on the overlay approach the deferral approach will not be discussed An additional agenda paper for the session has been made available We have updated our agenda overview for the entire meeting to reflect the change Five steps to simplifying financial statements today 27 Nov 2015 Chartered Professional Accountants of Canada CPA Canada has published a guide outlining an approach for simplyfing financial statements by reducing disclosure overload without the use of significant resources The five steps for achieving described in the publication and also explained in a short video are make financial reporting a strategic matter focus on materiality refine formatting and presentation apply a truly condensed approach to interim reporting and keep looking ahead Please click to access the publication and the video on the CPA Canada website 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 In its draft comment letter EFRAG expresses the view that the proposed guidance could be helpful in particular in the context of disclosures in order to provide a common ground for applying judgement in deciding which information is relevant for users and fostering thinking on how materiality is applied EFRAG also believes that it is appropriate that the guidance takes the form of a practice statement as the essence of the proposed guidance is to foster the exercise of judgement i e work on a mindset Nevertheless EFRAG believes that the draft practice statement should be drafted in a more concise and practical way and focus on the key steps of the process necessary to make decisions and exercise judgement on materiality Comments are requested by 15 February 2016 For more information see the press release and the draft comment letter on the EFRAG website Recent sustainability and integrated reporting developments 27 Nov 2015 A summary of recent developments at the IIRC the ACCA the CFA Institute and the Natural Capital Coalition The International Integrated Reporting Council IIRC announces that it will be launching the IR Academic Network on Wednesday 16 December 2015 via a webinar The session will include a welcome from the IIRC an overview of current research on opportunities for further research and an introduction to the features of the Academic Network including how to join Please click to access the press release on the IIRC website The Association of Chartered Certified Accountants ACCA has published a report into the challenges to providing independent assurance over an integrated report The report notes that the big question is not how IR can develop to accommodate assurance but how assurance models can be adapted to incorporate integrated reporting Please click for the press release on the ACCA website The CFA Institute a global association of investment professionals has added Environmental Social Governance Issues in Investments A Guide for Investment Professionals to its portfolio of environment social and governance ESG resources The guide was developed in response to growing interest among investment professionals to better incorporate ESG issues in investment analysis and serves as a comprehensive introduction to ESG considerations Please click to access the press release on the CFA Institute s website The draft Natural Capital Protocol and Sector Guides have been launched for consultation at the World Forum on Natural Capital The draft protocol and sector guides have been developed by the Natural Capital Coalition as a standardised framework for business to measure and value its impacts and dependencies on natural capital and to help them integrate this into their decision making For more information see the press release on the organisation s website IFRS Foundation releases training material for IFRS 9 and IFRS 15 27 Nov 2015 The IFRS Foundation s education initiative has releases slide decks to support those teaching IFRSs The material provided now is for IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers Both standards are effective for annual reporting periods beginning on or after 1 January 2018 with early application permitted The material for IFRS 9 is four parts 1 Objective scope recognition and derecognition 2 Classification and measurement 3 Impairment and 4 Hedging For IFRS 15 a synopsis that highlights the main requirements of the standard accompanies the slide presentation All materials provided as part of the education initiative can be used free of charge It can be accessed through the press release on the IASB website 18th ESMA enforcement decisions report released 25 Nov 2015 The European Securities and Markets Authority ESMA has published further extracts from its confidential database of enforcement decisions taken by European national enforcers This batch deals with decisions in relation to IAS 1 IAS 19 IAS 27 IAS 34 IAS 36 IFRS 5 IFRS 10 and IFRS 13 The European national enforcers of financial information monitor and review financial statements published by issuers with securities traded on a regulated European market and who prepare their financial statements in accordance with International Financial Reporting Standards IFRS and consider whether they comply with IFRS and other applicable reporting requirements including relevant national law ESMA has developed a confidential database of enforcement decisions taken by individual European enforcers as a source of information to foster appropriate application of IFRS The publication of enforcement decisions is designed to inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS i e whether the treatments are considered as being within the accepted range of those permitted by IFRS ESMA considers the publication of the decisions together with the rationale behind them will contribute to a consistent application of IFRS in the European Union Topics covered in the latest batch of extracts covering the period from February 2014 to May 2015 include Standard Topic

    Original URL path: http://www.iasplus.com/en/news/2015/11 (2016-02-10)
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  • December
    criterion which considers definitions from regulatory sources Finally EFRAG agrees with the expiry date set for the temporary exemption from applying IFRS 9 Comments on EFRAG s draft comment letter are requested by 20 January 2016 For more information see the press release and the draft comment letter on the EFRAG website Summary of the CMAC November 2015 meeting 22 Dec 2015 The IASB has released a summary of the Capital Markets Advisory Committee CMAC meeting which was held in London on 6 November 2015 The topics discussed at the meeting included 2015 agenda consultation Goodwill and impairment Trustees review of structure and effectiveness Conceptual framework measurement IFRS 9 Financial Instruments Education session on new impairment requirements Disclosure initiative project materiality practice statement The next CMAC meeting will take place on 25 February 2016 The full meeting summary is available on the IASB s website FASB to issue final standard on recognition and measurement of financial instruments in early January 22 Dec 2015 The US Financial Accounting Standards Board FASB has announced that it plans to issue its final standard on the recognition and measurement of financial instruments during the first week of January 2016 The FASB finished redeliberations related to its upcoming standard in November 2015 and directed the staff to proceed with drafting a final Accounting Standards Update for a vote by written ballot Please click for the press release on the FASB website ICAEW thought paper on SME accounting requirements 22 Dec 2015 The Institute of Chartered Accountants in England and Wales ICAEW has published SME Accounting Requirements Basing Policy on Evidence The paper look into how if at all financial reporting by SMEs should be regulated The report looks at the costs and benefits not only to the reporting entity but to society as a whole of regulating SMEs financial reporting It analyses why SMEs may require a different regime from other businesses and also includes a summary of the research on this topic to date The paper concludes that the evidence available to date is insufficient to develop policies that are soundly based and that a substantial programme of research is needed An executive summary and the full research paper are available from the ICAEW website FEE believes IASB needs to take a more active role in driving the broader corporate reporting agenda 22 Dec 2015 The Federation of European Accountants Fédération des Experts comptables Européens FEE has responded to the Request for Views document the IASB published in August to launch its second agenda consultation Next to comments on project prioritisation FEE suggests that the IASB takes a more active role in the broader corporate reporting agenda including both financial and non financial reporting in order not to be pushed to the sidelines FEE states The current focus on financial information only seems not to be sustainable over the long term as primary users are using other sources of information in their economic decision making process which might lead to a declining relevance and

    Original URL path: http://www.iasplus.com/en/news/2015/12 (2016-02-10)
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