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  • Revenue resources
    and Amortisation Amendments to IAS 16 and IAS 38 for use in the European Union It also reflects that the Accounting Regulatory Committee ARC meeting was cancelled due to the special situation in Brussels therefore ARC votes on IFRS 15 and amendments to IFRS 10 IFRS 12 and IAS 28 will not occur until the first quarter of 2016 Accordingly endorsement of these pronouncement is now expected in the second quarter of 2016 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 IFRS in Focus Joint Meeting on Revenue 18 Nov 2015 This newsletter summarises the November meeting of the IASB and FASB joint revenue transition resource group 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 TRG Snapshot Joint meeting on revenue November 2015 11 Nov 2015 This TRG Snapshot summarizes the November 9 2015 meeting of the joint FASB and IASB transition resource group TRG on revenue recognition which was formed to discuss and analyze potential issues that preparers may face when implementing the boards new revenue standard 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 AICPA begins developing revenue recognition implementation guidance 03 Nov 2015 The Financial Reporting Executive Committee of the American Institute of Certified Public Accountants AICPA has released for public comment nine working drafts on accounting issues associated with the implementation of the new revenue standard What kind of accounting standards should the IASB write 02 Nov 2015 The IASB makes available a paper by IASB member Mary Tokar published in the Journal of Accounting and Management Information Systems JAMIS The paper focuses on a long standing challenge for standard setters What kind of standards should they write We comment on the proposed clarifications to IFRS 15 28 Oct 2015 We have published our comment letter on the International Accounting Standards Board s IASB Exposure Draft ED 2015 6 Clarifications to IFRS 15 Deloitte comment letter on IASB ED 2015 6 Clarifications to IFRS 15 28 Oct 2015 Deloitte Touche Tohmatsu Limited has responded to the International Accounting Standards Board s IASB Exposure Draft ED 2015 6 Clarifications to IFRS 15 IFRS 15 ESMA believes the IASB has identified the right issues calls for clear documentation of impacts of differences between IASB and FASB 08 Oct 2015 The European Securities and Markets Authority ESMA has commented on

    Original URL path: http://www.iasplus.com/en/collections/revenue/revenue-resources (2016-02-10)
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  • IASB defers effective date of IFRS 15
    has proposed some targeted amendments to IFRS 15 As some entities may wish to apply these amendments at the same time as they first apply IFRS 15 the IASB has decided to postpone the effective date of the standard by one year to provide additional time for these entities to implement the amended standard The FASB issued an ASU deferring the effective date of its revenue standard in August 2015 Amendments The amendments issued today merely aim at changing the mandatory effective date of IFRS 15 from annual periods beginning on or after 1 January 2017 to annual periods beginning on or after 1 January 2018 Earlier application of IFRS 15 continues to be permitted Entities also continue to be permitted to choose between applying the standard either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application Additional information Please click for IASB press release link to IASB website Access to the amendments link to IASB website Summary of feedback to the exposure draft link to IASB website IFRS in Focus newsletter explaining the amendments Our IAS Plus project page on Clarifications to IFRS 15 Related Topics Resources IASB finalised pronouncements International Accounting Standards Board IASB Projects Clarifications to IFRS 15 Issues emerging from TRG discussions Standards IFRS 15 Revenue from Contracts with Customers 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

    Original URL path: http://www.iasplus.com/en/news/2015/09/ifrs-15-deferral (2016-02-10)
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  • IASB clarifies accounting for employee contributions to defined benefit plans
    Contributions that are linked to service must be attributed to periods of service as a reduction of service cost In 2012 the IFRS Interpretations Committee received submissions seeking clarification regarding the accounting for employee contributions set out in the formal terms of a defined benefit plan The submitters requested additional guidance on the accounting of employee contributions in respect of service and also expressed concerns about the complexity of the requirements when applied to simple contributory plans The Interpretations Committee referred the matter to the IASB and suggested simplifying the requirements in IAS 19 for these plans The IASB came to the conclusion that contributions from employees or third parties reduce the ultimate cost of a defined benefit and should therefore be accounted for consistently with the accounting for the defined benefit The conclusions were published as ED 2013 4 Defined Benefit Plans Employee Contributions Proposed amendments to IAS 19 in March 2013 Amendments With Defined Benefit Plans Employee Contributions Amendments to IAS 19 Employee Benefits the IASB has amended the requirements in IAS 19 for contributions from employees or third parties that are linked to service If the amount of the contributions is independent of the number of years of service contributions may be recognised as a reduction in the service cost in the period in which the related service is rendered note this is an allowed but not required method If the amount of the contributions depends on the number of years of service those contributions must be attributed to periods of service using the same attribution method as used for the gross benefit in accordance with paragraph 70 of IAS 19 The amendments are intended to provide relief in that entities are allowed to deduct contributions from service cost in the period in which the service is rendered This was common practice prior to the 2011 amendments to IAS 19 In those cases the impact of retrospective application would be minimal Effective Date The amendments are effective for annual periods beginning on or after 1 July 2014 Earlier application is permitted but corresponding disclosures are required In accordance with IAS 8 Accounting Policies Changes in Accounting Estimates and Errors the amendments are to be applied retrospectively Click for IASB press release link to IASB website IFRS in Focus newsletter explaining the amendments Our project page outlining the history of this project Related Topics Resources IASB finalised pronouncements Projects IAS 19 Employee contributions to defined benefit plans Standards IAS 19 Employee Benefits 2011 Related news 2016 IFRS Red Book coming in March 09 Feb 2016 IASB finalises amendments to IAS 7 under its disclosure initiative 29 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 IPSASB publishes proposed changes to IPSAS 25 Employee Benefits 14 Jan 2016 IASB issues new leasing standard 13 Jan 2016 IASB announces IFRS 16 release date 06 Jan 2016 All Related Related Publications IFRS in Focus IASB issues amendments to IAS 7 Statement of

    Original URL path: http://www.iasplus.com/en/news/2013/11/ias-19 (2016-02-10)
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  • IFRS in Focus — Amendments to IAS 19 (2011) to clarify the accounting for contributions that are linked to service
    are linked to service Published on 21 Nov 2013 This newsletter outlines recent amendments to the accounting under IAS 19 2011 Employee Benefits for contributions from employees or third parties that are linked to service Download Related Topics Publication series IFRS in Focus Resources IASB finalised pronouncements International Accounting Standards Board IASB Projects IAS 19 Employee contributions to defined benefit plans Standards IAS 19 Employee Benefits 2011 Quick links IASB clarifies accounting for employee contributions to defined benefit plans IAS 19 Employee Benefits 2011 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 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 IAS 19 Should longevity swaps held under a defined benefit scheme be measured at fair value as part of a plan asset or on another basis as a qualifying insurance contract 24 Mar 2015 IFRS implementation issues 22 Jan 2015 IAS 19 Longevity swaps held under a

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2013/amendments-ias-19 (2016-02-10)
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  • IASB concludes the 2010-2012 Annual Improvements cycle
    business combination Clarifies that contingent consideration that is classified as an asset or a liability shall be measured at fair value at each reporting date IFRS 8 Operating Segments Aggregation of operating segments Requires an entity to disclose the judgements made by management in applying the aggregation criteria to operating segments Reconciliation of the total of the reportable segments assets to the entity s assets Clarifies that an entity shall only provide reconciliations of the total of the reportable segments assets to the entity s assets if the segment assets are reported regularly IFRS 13 Fair Value Measurement amendments to the basis of conclusions only with consequential amendments to the bases of conclusions of other standards Short term receivables and payables Clarifies that issuing IFRS 13 and amending IFRS 9 and IAS 39 did not remove the ability to measure short term receivables and payables with no stated interest rate at their invoice amounts without discounting if the effect of not discounting is immaterial IAS 16 Property Plant and Equipment Revaluation method proportionate restatement of accumulated depreciation Clarifies that when an item of property plant and equipment is revalued the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount IAS 24 Related Party Disclosures Key management personnel Clarifies that an entity providing key management personnel services to the reporting entity or to the parent of the reporting entity is a related party of the reporting entity IAS 38 Intangible Assets Revaluation method proportionate restatement of accumulated amortisation Clarifies that when an intangible asset is revalued the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount The amendments are effective for annual periods beginning on or after 1 July 2014 but can be applied earlier For more information please see the press release on the IASB s website or our Annual improvements page Deloitte s IFRS Global Office has prepared an IFRS in Focus Newsletter explaining the amendments Related Topics Resources IASB finalised pronouncements Projects Annual improvements 2010 2012 cycle Standards IFRS 8 Operating Segments IFRS 13 Fair Value Measurement IAS 16 Property Plant and Equipment IAS 24 Related Party Disclosures IAS 38 Intangible Assets IFRS 2 Share based Payment IFRS 3 Business Combinations Quick links Amendments resulting from the 2011 2013 cycle also published on 12 December 2013 Related news 2016 IFRS Red Book coming in March 09 Feb 2016 IASB finalises amendments to IAS 7 under its disclosure initiative 29 Jan 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 IASB issues new leasing standard 13 Jan 2016 All Related Related Publications IFRS in Focus IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities

    Original URL path: http://www.iasplus.com/en/news/2013/12/aip-2010-2012 (2016-02-10)
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  • IFRS in Focus — IASB issues Annual Improvements: 2010-2012 Cycle
    IFRSs issued under the IASB s annual improvements process Download Related Topics Publication series IFRS in Focus Resources IASB finalised pronouncements Projects Annual improvements 2010 2012 cycle Standards IAS 16 Property Plant and Equipment IAS 24 Related Party Disclosures IAS 38 Intangible Assets IFRS 2 Share based Payment IFRS 3 Business Combinations IFRS 8 Operating Segments IFRS 13 Fair Value Measurement Quick links IASB concludes the 2010 2012 Annual Improvements cycle Annual improvements 2010 2012 cycle Japanese translation of this publication Chinese translation of this publication from Deloitte China Related news 2016 IFRS Red Book coming in March 09 Feb 2016 IASB finalises amendments to IAS 7 under its disclosure initiative 29 Jan 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 IASB issues new leasing standard 13 Jan 2016 All Related Related Publications 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 IFRS industry insights Telecommunications sector Implications of the new leasing standard 21 Jan 2016 IFRS in Focus IASB issues amendments to IAS 12 to clarify the recognition of deferred tax assets for unrealised losses related to debt instruments measured at fair value 20 Jan 2016 All Related Related Discussions Definition of a business Update on IASB s proposals 10 Nov 2015 IAS 16 IAS 38 IFRIC 12 Variable payments for asset purchases and payments made by an operator to a grantor 10 Nov 2015 IFRS implementation issues 22 Sep 2015 IAS 16 Property Plant

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2013/aip-2010-2012-ed (2016-02-10)
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  • IASB concludes the 2011-2013 Annual Improvements cycle
    IFRS 1 First time Adoption of International Financial Reporting Standards changes to the Basis for Conclusions only Meaning of effective IFRSs Clarifies that an entity in its first IFRS financial statements has the choice between applying an existing and currently effective IFRS or applying early a new or revised IFRS that is not yet mandatorily effective provided that the new or revised IFRS permits early application An entity is required to apply the same version of the IFRS throughout the periods covered by those first IFRS financial statements IFRS 3 Business Combinations Scope of exception for joint ventures Clarifies that IFRS 3 excludes from its scope the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself IFRS 13 Fair Value Measurement Scope of paragraph 52 portfolio exception Clarifies that the scope of the portfolio exception defined in paragraph 52 of IFRS 13 includes all contracts accounted for within the scope of IAS 39 Financial Instruments Recognition and Measurement or IFRS 9 Financial Instruments regardless of whether they meet the definition of financial assets or financial liabilities as defined in IAS 32 Financial Instruments Presentation IAS 40 Investment Property Clarifying the interrelationship of IFRS 3 and IAS 40 when classifying property as investment property or owner occupied property Clarifies that determining whether a specific transaction meets the definition of both a business combination as defined in IFRS 3 Business Combinations and investment property as defined in IAS 40 Investment Property requires the separate application of both standards independently of each other The amendments are effective for annual periods beginning on or after 1 July 2014 but can be applied earlier For more information please see the press release on the IASB s website or our Annual improvements page Deloitte s IFRS Global Office has prepared an IFRS in Focus Newsletter explaining the amendments Related Topics Resources IASB finalised pronouncements Projects Annual improvements 2011 2013 cycle Standards IFRS 1 First time Adoption of International Financial Reporting Standards IFRS 3 Business Combinations IFRS 13 Fair Value Measurement IAS 40 Investment Property Quick links Amendments resulting from the 2010 2012 cycle also published on 12 December 2013 Related news 2016 IFRS Red Book coming in March 09 Feb 2016 IASB finalises amendments to IAS 7 under its disclosure initiative 29 Jan 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 We comment on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 IASB issues new leasing standard 13 Jan 2016 All Related Related Publications 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 IFRS industry insights Telecommunications

    Original URL path: http://www.iasplus.com/en/news/2013/12/aip-2011-2013 (2016-02-10)
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  • IFRS in Focus — IASB issues Annual Improvements: 2011-2013 Cycle
    in Focus IASB issues Annual Improvements 2011 2013 Cycle Published on 12 Dec 2013 This newsletter outlines the recent amendments to four International Financial Reporting Standards IFRSs issued under the IASB s annual improvements process Download Related Topics Publication series IFRS in Focus Resources IASB finalised pronouncements Projects Annual improvements 2011 2013 cycle Standards IAS 40 Investment Property IFRS 1 First time Adoption of International Financial Reporting Standards IFRS 3 Business Combinations IFRS 12 Disclosure of Interests in Other Entities Quick links IASB concludes the 2011 2013 Annual Improvements cycle Annual improvements 2011 2013 cycle Chinese translation of this publication from Deloitte China Related news 2016 IFRS Red Book coming in March 09 Feb 2016 IASB finalises amendments to IAS 7 under its disclosure initiative 29 Jan 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 We comment on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 IASB issues new leasing standard 13 Jan 2016 All Related Related Publications 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 IFRS industry insights Telecommunications sector Implications of the new leasing standard 21 Jan 2016 All Related Related Discussions Definition of a business Update on IASB s proposals 10 Nov 2015 Fair value measurement 23 Jul 2015 IFRS implementation issues 22 Jul 2015 Fair value measurements 27 Apr 2015 All Related Related Dates Comment deadline on ED 2015 10 17 Feb 2016 Comment

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2013/aip-2011-2013-ed (2016-02-10)
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