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  • IASB clarifies accounting for acquisitions of interests in joint operations
    joint operations should apply the principles in IFRS 3 Business Combinations on initial recognition of the interest or whether the acquirer should instead account for it as the acquisition of a group of assets The Interpretations Committee confirmed that diversity in practice had arisen in this context and referred the matter to the IASB suggesting that the most appropriate approach was to apply the relevant principles for business combinations in IFRS 3 and other IFRSs The conclusion was published as ED 2012 7 Acquisition of an Interest in a Joint Operation Proposed Amendment to IFRS 11 in December 2012 Amendments Accounting for Acquisitions of Interests in Joint Operations Amendments to IFRS 11 amends IFRS 11 such that the acquirer of an interest in a joint operation in which the activity constitutes a business as defined in IFRS 3 is required to apply all of the principles on business combinations accounting in IFRS 3 and other IFRSs with the exception of those principles that conflict with the guidance in IFRS 11 Accordingly a joint operator that is an acquirer of such an interest has to measure most identifiable assets and liabilities at fair value expense acquisition related costs other than debt or equity issuance costs recognise deferred taxes recognising any goodwill or bargain purchase gain perform impairment tests for the cash generating units to which goodwill has been allocated disclose information required relevant for business combinations The amendments apply to the acquisition of an interest in an existing joint operation and also to the acquisition of an interest in a joint operation on its formation unless the formation of the joint operation coincides with the formation of the business IFRS 1 First time Adoption of International Financial Reporting Standards was also amended to extend the business combination exemptions so that they include past acquisitions of interests in joint operations in which the activity of the joint operation constitutes a business Effective date The amendments are effective for annual periods beginning on or after 1 January 2016 Earlier application is permitted but corresponding disclosures are required The amendments apply prospectively Additional information Please 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 IFRS 11 Acquisition of an interest in a joint operation Standards IFRS 1 First time Adoption of International Financial Reporting Standards IFRS 3 Business Combinations IFRS 11 Joint Arrangements Quick links IFRS 11 Joint Arrangements 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 updates work plan 22 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 All Related Related Publications IFRS in

    Original URL path: http://www.iasplus.com/en/news/2014/05/ifrs-11 (2016-02-10)
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  • IFRS in Focus — IASB issues amendments to IFRS 11 'Joint Arrangements' to address the accounting for acquisitions of interests in joint operations
    address the accounting for acquisitions of interests in joint operations Published on 06 May 2014 This newsletter summarises the IASB s May 2014 amendments to IFRS 11 Joint Arrangements regarding the clarification of the accounting for acquisitions of an interest in a joint operation when the operation constitutes a business Download Related Topics Publication series IFRS in Focus Resources IASB finalised pronouncements Projects IFRS 11 Acquisition of an interest in a joint operation Standards IFRS 1 First time Adoption of International Financial Reporting Standards IFRS 3 Business Combinations IFRS 11 Joint Arrangements Quick links Japanese translation of this publication Chinese translation of this publication from Deloitte China Spanish translation of this publication 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 updates work plan 22 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 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 IFRS 11 Remeasurement of previously held interests 12 Jan 2016 Definition of a business Update on IASB s proposals 10 Nov 2015 IFRS implementation issues 22 Oct 2015 IFRS implementation issues 22 Sep 2015 All Related

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2014/ifrs-11 (2016-02-10)
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  • IASB clarifies depreciation and amortisation
    Acceptable Methods of Depreciation and Amortisation Proposed Amendments to IAS 16 and IAS 38 following the Interpretations Committee s recommendation on 4 December 2012 However the ED proposed in the Basis for Conclusions that there would be limited circumstances in which a revenue based method gave the same result as a units of production method As constituents perceived this statement to be contradictory with the proposed amendments to the standard the IASB decided to drop this comment in the final amendments Amendments Amendments to IAS 16 Property Plant and Equipment The requirements of IAS 16 are amended to clarify that a depreciation method that is based on revenue that is generated by an activity that includes the use of an asset is not appropriate This is because such methods reflects a pattern of generation of economic benefits that arise from the operation of the business of which an asset is part rather than the pattern of consumption of an asset s expected future economic benefits Amendments to IAS 38 Intangible Assets The requirements of IAS 38 are amended to introduce a rebuttable presumption that a revenue based amortisation method for intangible assets is inappropriate for the same reasons as in IAS 16 However the IASB states that there are limited circumstances when the presumption can be overcome The intangible asset is expressed as a measure of revenue the predominant limiting factor inherent in an intangible asset is the achievement of a revenue threshold and it can be demonstrated that revenue and the consumption of economic benefits of the intangible asset are highly correlated the consumption of the intangible asset is directly linked to the revenue generated from using the asset Amendments to both standards Guidance is introduced into both standards to explain that expected future reductions in selling prices could be indicative of a higher rate of consumption of the future economic benefits embodied in an asset Dissenting Opinion One IASB member dissented from the publication of the amendments This Board member is concerned that the amendments do not fully resolve the issue originally raised with the IFRS Interpretations Committee and that the amendments are not sufficiently clear on what evidence is required to overcome the presumption that is being introduced into IAS 38 Effective Date The amendments are effective for annual periods beginning on or after 1 January 2016 Earlier application is permitted Additional information 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 16 IAS 38 Acceptable methods of depreciation and amortisation Standards IAS 16 Property Plant and Equipment IAS 38 Intangible Assets 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 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

    Original URL path: http://www.iasplus.com/en/news/2014/05/depreciation (2016-02-10)
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  • IFRS in Focus — IASB amends IAS 16 and IAS 38 to clarify acceptable methods of depreciation and amortisation
    to the accounting under IAS 16 Property Plant and Equipment and IAS 38 Intangible Assets that provide additional guidance on how the depreciation or amortisation of property plant and equipment and intangible assets should be calculated Download Related Topics Publication series IFRS in Focus Resources IASB finalised pronouncements Projects IAS 16 IAS 38 Acceptable methods of depreciation and amortisation Standards IAS 38 Intangible Assets IAS 16 Property Plant and Equipment Quick links Chinese translation of this publication from Deloitte China Japanese translation of this publication French translation of this publication Spanish translation of this publication 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 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 IASB announces IFRS 16 release date 06 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 IAS 16 IAS 38 IFRIC 12 Variable payments for asset purchases and payments made by an operator to a grantor 10 Nov 2015 IAS 16 Property Plant and Equipment IAS 38 Intangible Assets and IFRIC 12 Service Concession Arrangements 08 Sep

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2014/depreciation (2016-02-10)
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  • IASB brings bearer plants into the scope of IAS 16
    16 and therefore enabling entities to measure them at cost subsequent to initial recognition or at revaluation a definition of a bearer plant is introduced into both standards A bearer plant is defined as a living plant that is used in the production or supply of agricultural produce is expected to bear produce for more than one period and has a remote likelihood of being sold as agricultural produce except for incidental scrap sales The scope sections of both standards are then amended to clarify that biological assets except for bearer plants are accounted for under IAS 41 while bearer plants are accounted for under IAS 16 The amendments also clarify that produce growing on bearer plants continues to be accounted for under IAS 41 and that government grants related to bearer plants no longer fall into the scope of IAS 41 but need to be accounted for under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance Other considerations The IASB explains in the Basis for Conclusion that it decided on a no alternative use model for bearer plants instead of a predominant use model thereby excluding from the amendments biological assets that have both bearer and consumable attributes as a predominant use model would be more difficult to apply because it would require judgement to be applied and as reclassifications between IAS 16 and IAS 41 might become necessary if the predominant use changes The IASB also excluded livestock from the scope of the amendments as a cost model would be more complex for livestock Also the IASB argued that an active market would usually exist for livestock resulting in fair value information being readily available and easier to apply than cost measurement Dissenting opinions Two IASB members dissented from the publication of the amendments because they believe that the amendments will eliminate information about the fair value changes in bearer plants and the underlying assumptions used to estimate those changes They believe that the amendments are no improvement to IFRSs and lower the quality of the information available in the financial statements of entities engaged in agricultural activities Therefore they conclude that the amendments fail to meet the Board s own criteria for new or amended standards Effective date and transition The amendments are effective for annual periods beginning on or after 1 January 2016 Earlier application is permitted On the initial application of the amendments entities are permitted to use the fair value of items of bearer plant as their deemed cost as at the beginning of the earliest period presented Also an entity need not disclose the quantitative information required by paragraph 28 f of IAS 8 for the current period However entities are required to provide these disclosures for each prior period presented Additional information Click for IASB press release link to IASB website IFRS in Focus newsletter explaining the amendments Project summary and feedback statement link to IASB website Our project page outlining the history of this project Related Topics Resources

    Original URL path: http://www.iasplus.com/en/news/2014/06/ias-41 (2016-02-10)
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  • IFRS in Focus — IASB amends IAS 16 and IAS 41 to include bearer plants within the scope of IAS 16 instead of IAS 41
    of IAS 16 instead of IAS 41 Published on 30 Jun 2014 This newsletter outlines the recent amendments to IAS 16 Property Plant and Equipment and IAS 41 Agriculture that bring bearer plants into the scope of IAS 16 Download Related Topics Publication series IFRS in Focus Resources IASB finalised pronouncements Projects IAS 41 Bearer plants Standards IAS 16 Property Plant and Equipment IAS 41 Agriculture Quick links Japanese translation of this publication Spanish translation of this publication French translation of this publication 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 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 IASB announces IFRS 16 release date 06 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 IAS 16 IAS 38 IFRIC 12 Variable payments for asset purchases and payments made by an operator to a grantor 10 Nov 2015 IAS 16 Property Plant and Equipment IAS 38 Intangible Assets and IFRIC 12 Service Concession Arrangements 08 Sep 2015 IAS 16 Property plant and equipment 08 Sep 2015 IFRS implementation

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2014/ias-41-ias-16 (2016-02-10)
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  • IASB changes IAS 27 to again allow application of the equity method in separate financial statements
    Method in Separate Financial Statements Amendments to IAS 27 with the proposal to reinstate the option Separate financial statements are not required by IFRSs In general separate financial statements are required by local regulation or other financial statement users In some jurisdictions corporate law does also require the use of the equity method in separate financial statements to measure investments in subsidiaries joint ventures and associates Accordingly in jurisdictions that apply IFRSs and have the equity method requirement two sets of financial statements need currently be prepared to meet the requirements of both IAS 27 and local laws Amendments The amendments allow an entity to account for investments in subsidiaries joint ventures and associates in its separate financial statements at cost in accordance with IFRS 9 Financial Instruments or IAS 39 Financial Instruments Recognition and Measurement for entities that have not yet adopted IFRS 9 or using the equity method as described in IAS 28 Investments in Associates and Joint Ventures The accounting option must be applied by category of investments The amendments also clarify that when a parent ceases to be an investment entity or becomes an investment entity it shall account for the change from the date when the change in status occurred In addition to the amendments to IAS 27 there are consequential amendments to IAS 28 to avoid a potential conflict with IFRS 10 Consolidated Financial Statements and to IFRS 1 First time Adoption of International Financial Reporting Standards Other considerations Given that the definition of separate financial statements has long been an area of confusion the IASB has made changes to confirm that separate financial statements are those presented in addition to consolidated financial statements or in addition to the financial statements of an investor that does not have investments in subsidiaries but has investments in associates or joint ventures in which the investments in associates or joint ventures are required by IAS 28 Investments in Associates and Joint Ventures to be accounted for using the equity method The IASB refrained from providing transitional relief as entities should be able to use the information that is used for the consolidation of subsidiaries in their consolidated financial statements without performing any additional procedures Also the IASB concluded that information in the financial statements of ultimate or intermediate parents could be used on the initial application of the amendments Finally the IASB points out in its Basis for Conclusions that the application of the equity method in separate financial statements is optional and not mandatory Effective date The amendments are effective for annual periods beginning on or after 1 January 2016 Earlier application is permitted The amendments are to be applied retrospectively in accordance with IAS 8 Accounting Policies Changes in Accounting Estimates and Errors Additional information 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 27 Equity method in separate financial statements

    Original URL path: http://www.iasplus.com/en/news/2014/08/equity-method (2016-02-10)
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  • IFRS in Focus — IASB issues amendments to IAS 27 to allow the use of the equity method in separate financial statements
    issues amendments to IAS 27 to allow the use of the equity method in separate financial statements Published on 12 Aug 2014 This newsletter outlines the recent amendments to IAS 27 Separate Financial Statements that reinstate the equity method as an accounting option for investments in in subsidiaries joint ventures and associates in an entity s separate financial statements Download Related Topics Publication series IFRS in Focus Resources IASB finalised pronouncements Projects IAS 27 Equity method in separate financial statements Standards IAS 27 Separate Financial Statements 2011 Quick links Japanese translation of this publication Chinese translation of this publication from Deloitte China French translation of this publication 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 IASB issues new leasing standard 13 Jan 2016 IASB announces IFRS 16 release date 06 Jan 2016 European Union formally adopts amendments to IAS 27 24 Dec 2015 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 Fair value measurement 23 Jul 2015 Fair value measurements 27 Apr 2015 Fair value measurement 19 Mar 2015 Equity method in separate financial statements 23 Apr 2014 All Related Related Dates Effective date of the

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-in-focus/2014/ias-27 (2016-02-10)
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