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  • IFRS in Focus — IASB issues revisions to IFRS 9 for financial liability accounting
    and measurement of financial assets that were published in November 2009 but adds guidance on the classification and measurement of financial liabilities As part of its restructuring of IFRS 9 the IASB also copied the guidance on derecognition of financial instruments and related implementation guidance from IAS 39 Financial Instruments Recognition and Measurement to IFRS 9 Download Related Topics Publication series IFRS in Focus Resources International Accounting Standards Board IASB IASB finalised pronouncements Projects Financial instruments Classification and measurement Financial instruments Derecognition Standards IFRS 9 Financial Instruments Quick links IFRS 9 Financial Instruments IASB issues additions to IFRS 9 for financial liability accounting Financial instruments Classification and measurement Spanish translation of this publication Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 EFRAG endorsement status report 3 February 2016 04 Feb 2016 Insurance webcast 55 The proposed solution to the de coupling of IFRS 9 and IFRS 4 Phase II 03 Feb 2016 IFRS in Focus IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 All Related Related Discussions IFRS 9 Transition issues relating to hedging 12 Jan 2016 IFRS 9 Determining hedge effectiveness for net investment hedges 11 Nov 2015 IFRS 9 IAS

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2010/ifrs-9-revisions (2016-02-10)
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  • IASB finalises IFRS 9 chapter on general hedge accounting
    again to accommodate the macro hedge accounting model Summary of key requirements Increased eligibility of hedged items IFRS 9 increases the scope of hedged items eligible for hedge accounting For example Risk components of non financial items may be designated provided they are separately identifiable and reliably measurable Derivatives may be included as part of the hedged item Groups and net positions may be designated hedged items Increased eligibility of hedging instruments The new model allows financial instruments at fair value through profit or loss to be designated as hedging instruments It also introduces a new way to account for the change in time value of an option when the intrinsic value is designated resulting in less volatility in profit or loss The alternative accounting treatment for forward points and currency basis when excluded from the designated hedge can also result in less volatility in profit or loss New hedge effectiveness requirements A fundamental difference to the IAS 39 hedge accounting model is the lack of the 80 125 per cent bright line threshold for effective hedges and the requirement to perform retrospective hedge effectiveness testing Under the IFRS 9 model it is necessary for there to be an economic relationship between the hedged item and hedging instrument with no quantitative threshold This will allow flexibility in how an economic relationship is demonstrated and for qualifying hedges actual hedge ineffectiveness will be reported Increased hedge accounting disclosures The trade off to increased hedge accounting possibilities is increased disclosures about an entity s risk management strategy cash flows from hedging activities and the impact of hedge accounting on the financial statements Alternatives to hedge accounting As part of developing the new model the IASB introduced some alternatives to hedge accounting as a means to reflect risk management activities in the financial statements For example IFRS 9 includes an option to designate a credit exposure as measured at fair value through profit or loss if the credit risk is managed using a credit derivative IAS 39 as amended for application with IFRS 9 includes an option to designate at fair value through profit or loss own use contracts if doing so eliminates or significantly reduces an accounting mismatch Policy options to continue applying hedge accounting under IAS 39 The newly developed general hedge accounting model does not deal with the accounting for hedges of open portfolios portfolio macro hedge accounting To alleviate concerns of preparers having to change their policies twice within a relatively short period of time the IASB introduced two policy options in the final version of the hedge accounting chapter of IFRS 9 Those entities that currently apply the requirements in IAS 39 81A the application of fair value hedge accounting to portfolio hedges of interest rate risk may continue doing so under the new requirements In that case the requirements in IFRS 9 would apply to hedges in general whereas portfolio hedges would continue to be accounted for according to IAS 39 Additionally entities would be given an

    Original URL path: http://www.iasplus.com/en/news/2013/11/iasb-finalises-ifrs-9-chapter-on-general-hedge-accounting (2016-02-10)
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  • IFRS in Focus — Hedge accounting reforms: A closer reflection of risk management
    A closer reflection of risk management Published on 19 Nov 2013 This newsletter provides an overview of the IASB s guidance on hedge accounting Download Related Topics Publication series IFRS in Focus Resources International Accounting Standards Board IASB IASB finalised pronouncements Projects Financial instruments General hedge accounting Standards IFRS 9 Financial Instruments Quick links IASB finalises IFRS 9 chapter on general hedge accounting Financial instruments General hedge accounting French translation of this publication Japanese translation of this publication Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 EFRAG endorsement status report 3 February 2016 04 Feb 2016 Insurance webcast 55 The proposed solution to the de coupling of IFRS 9 and IFRS 4 Phase II 03 Feb 2016 IFRS in Focus IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 All Related Related Discussions IFRS 9 Transition issues relating to hedging 12 Jan 2016 IFRS 9 Determining hedge effectiveness for net investment hedges 11 Nov 2015 IFRS 9 IAS 28 Is measurement of long term interests in associates and joint ventures including impairment in accordance with IFRS 9 IAS 28 or both 10 Nov 2015 IFRS 9 IAS 39 Derecognition of modified financial assets

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2013/hedging (2016-02-10)
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  • IASB issues interim standard on rate regulation
    including additional disclosure requirements however the main proposals in the ED were not changed substantially in the final Standard Scope Initial application of IFRS 14 must coincide with the application of IFRS 1 First time Adoption of International Financial Reporting Standards This means IFRS 14 cannot be applied by entities that have previously adopted IFRSs Entities applying this interim standard must also meet specified eligibility criteria Specifically the entity has to conduct rate regulated activities as defined by IFRS 14 and it must have recognised amounts that qualify as regulatory deferral account balances in its financial statements in accordance with its previous GAAP Overview of the key requirements IFRS 14 requires the balances reflecting the effects of rate regulation to be described as regulatory deferral account debit balances and regulatory deferral account credit balances collectively they are referred to as regulatory deferral account balances and these balances cannot be referred to as or presented with assets and or liabilities because the determination of whether these balances meet the definition of assets or liabilities in the Conceptual Framework must be addressed as part of the IASB s comprehensive conceptual framework project The effects of rate regulation must be separately presented in the statement of financial position and statement s of profit or loss and other comprehensive income and the Standard provides illustrative examples of these presentation requirements All assets and liabilities balances and transactions have to comply with all other IFRS standards so the regulatory deferral account balances represent the effects of rate regulation only after the requirements of other IFRS standards have been met IFRS 14 includes some specific guidance on how other Standards such as IAS 10 Events After the Reporting Period IAS 12 Income Taxes IAS 33 Earnings Per Share IAS 36 Impairment of Assets IFRS 3 Business Combinations and IFRS 5 Non current Assets Held for Sale and Discontinued Operations should be applied to regulatory deferral balances and or movements in such balances There are specific disclosure requirements to a enable users to evaluate the nature of and the risks associated with the specific rate regulation regime and b enable users to understand how the regulatory deferral account balances are recognised and measured both initially and subsequently Effective date and transition The Standard can be applied in an entity s first annual IFRS financial statements for periods beginning on or after 1 January 2016 Earlier application is permitted Application of the standard is voluntary However an entity that elects to apply the standard in its first IFRS financial statements continues to apply it in all its subsequent financial statements Click for IASB press release link to IASB website IASB Project summary and Feedback statement link to IASB website Our summary of IFRS 14 IFRS in Focus newsletter explaining the new Standard Related Topics Resources IASB finalised pronouncements International Accounting Standards Board IASB Projects Rate regulated activities Interim standard Standards IFRS 14 Regulatory Deferral Accounts Quick links IFRS 14 Regulatory Deferral Accounts Rate regulated activities Interim standard Rate

    Original URL path: http://www.iasplus.com/en/news/2014/01/ifrs-14 (2016-02-10)
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  • IFRS in Focus — IASB publishes IFRS 14 'Regulatory Deferral Accounts'
    Accounts Published on 30 Jan 2014 This newsletter outlines the requirements of IFRS 14 Regulatory Deferral Accounts which specifies the accounting for regulatory deferral account balances that arise from rate regulation The Standard is available only to first time adopters of IFRSs who recognised regulatory deferral account balances under their previous GAAP Download Related Topics Publication series IFRS in Focus Resources International Accounting Standards Board IASB IASB finalised pronouncements Projects Rate regulated activities Interim standard Standards IFRS 14 Regulatory Deferral Accounts Quick links IFRS 14 Regulatory Deferral Accounts IASB issues interim standard on rate regulation Rate regulated activities Interim standard Rate regulated activities Comprehensive project Japanese translation of this publication Chinese translation of this publication from Deloitte China Spanish translation of this publication Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 IFRS in Focus IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 EFRAG endorsement status report 29 January 2016 01 Feb 2016 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 All Related Related Discussions Insurance contracts 20 May 2015 Rate regulated activities 24 Jul 2014 Investor outreach strategy 25 Feb 2014 IASB

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2014/ifrs-14 (2016-02-10)
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  • European Union will not adopt IFRS 14
    September October November December 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Info 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 The EC argues that IFRS 14 Regulatory Deferral Accounts is a temporary standard offering an accounting option to companies that adopt IFRS for the first time Therefore the EC will not propose IFRS 14 for endorsement in the EU as very few European companies would fall within its scope The Commission will consider any future standard on rate regulated activities for endorsement in the EU under its normal process The EC s decision is reflected in an updated EFRAG endorsement status report Related Topics Resources European Commission IFRSs in Europe Events of 2015 Use of IFRS by jurisdiction Use of IFRSs by jurisdiction G20 domestic listed companies Adoption of IFRS by country Standards IFRS 14 Regulatory Deferral Accounts Related news FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 EU endorsement of IFRS 9 now expected in the second half of 2016 04 Feb 2016 Roadmap drawn up for IFRS convergence of Indian banks and insurers 19 Jan 2016 European consultation on non financial reporting guidelines 15 Jan 2016 India sets up transition facilitation group 12 Jan 2016 European Union formally adopts amendments to IAS 27 24 Dec 2015 All Related Related Publications EFRAG endorsement status report 16 December 2015 16 Dec 2015 EFRAG endorsement status report 3 December 2015 03 Dec 2015 EFRAG endorsement status report 25 November 2015 25 Nov 2015 EFRAG endorsement status report 30 October 2015 30 Oct 2015 All Related Related Discussions Use of IFRSs around the world 27 Jan 2014 Cost and benefits

    Original URL path: http://www.iasplus.com/en/news/2015/10/eu-ifrs-14 (2016-02-10)
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  • IASB and FASB issue new, converged revenue standards
    obligations in the contracts Recognise revenue when or as the entity satisfies a performance obligation There is new guidance on whether revenue should be recognised at a point in time or over time which replaces the previous distinction between goods and services Where revenue is variable a new recognition threshold has been introduced by the standard This threshold requires that variable amounts are only included in revenue if and to the extent that it is highly probable that a significant revenue reversal will not occur in the future as a result of re estimation However a different approach is applied for sales and usage based royalties from licences of intellectual property for such royalties revenue is recognised only when the underlying sale or usage occurs The standard provides detailed guidance on various issues such as identifying distinct performance obligations accounting for contract modifications and accounting for the time value of money Detailed implementation guidance is included on topics such as sales with a right of return customer options for additional goods or services principal versus agent considerations licensing and bill and hold arrangements The standard also introduces new guidance on costs of fulfilling and obtaining a contract specifying the circumstances in which such costs should be capitalised Costs that do not meet the criteria must be expensed when incurred The standard introduces new increased requirements for disclosure of revenue in an IFRS reporter s financial statements Effective date IFRS 15 must be applied in an entity s first annual IFRS financial statements for periods beginning on or after 1 January 2017 Application of the Standard is mandatory and early adoption is permitted An entity that chooses to apply IFRS 15 earlier than 1 January 2017 must disclose this fact The 2017 effective date has been chosen in part to allow time for entities to make changes to systems and processes that may be needed in order to comply with the new Standard Additional information IASB website Press release Project Summary and Feedback Statement FASB website Press release ASU 2014 09 Section A Summary and Amendments That Create Revenue from Contracts with Customers Topic 606 and Other Assets and Deferred Costs Contracts with Customers Section B Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables Section C Background Information and Basis for Conclusions FASB in Focus introducing the new standard Three part video series discussing the objectives changes and disclosure requirements in the new standard Joint webcast Being held 5 June 2014 at 3 00 p m BST IAS Plus Overview of the project history Summary of IFRS 15 Revenue from Contracts with Customers IFRS in Focus giving an overview of the new requirements Heads Up newsletter summarizing the joint guidance The Bruce Column Recognising the achievement Short video discussion of key impacts for certain industries Longer video fuller discussion of the different elements of the Standard and the associated issues impacts and challenges Additional Deloitte guidance Adopting the new standard will involve a significant amount of

    Original URL path: http://www.iasplus.com/en/news/2014/05/ifrs-15 (2016-02-10)
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  • IFRS in Focus — IASB issues new standard on revenue recognition
    new standard on revenue recognition Published on 28 May 2014 This newsletter discusses the IASB s new Standard IFRS 15 Revenue from Contracts with Customers It summarises the final standard s 1 key provisions including the specific steps for recognising revenue 2 other provisions and impacts 3 disclosure requirements and 4 effective date and transition Download Related Topics Publication series IFRS in Focus Resources International Accounting Standards Board IASB Financial Accounting Standards Board FASB IASB finalised pronouncements Jurisdictions United States of America Projects IASB FASB convergence Standards IFRS 15 Revenue from Contracts with Customers Other US GAAP Quick links IFRS 15 Revenue from Contracts with Customers IASB and FASB issue new converged revenue standards Revenue recognition project French translation of this publication Japanese translation of this publication Russian translation of this publication Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FASB adds four projects to research agenda 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Heads Up FASB proposes guidance on cash flow classification 04 Feb 2016 Oil Gas Accounting Financial Reporting and Tax Update January 2016 03 Feb 2016 Accounting Roundup January 2016 02 Feb 2016 All Related Related Discussions Revenue from contracts with customers 22 Sep 2015 Revenue from contracts with customers Effective date of IFRS 15 22 Jul 2015 Rate regulated activities 22 Jul 2015 Insurance contracts 20

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2014/ifrs-15 (2016-02-10)
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