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  • Revenue transition resource group releases meeting agenda
    ple men ta tion of the boards new revenue stan dard By an a lyz ing and dis cussing po ten tial im ple men ta tion issues the TRG will help the boards de ter mine whether they need to take ad di tional action such as pro vid ing clar i fi ca tion or issuing other guid ance The agenda for the meeting is as follows Monday 9 November 2015 In tro duc tory remarks and project updates Customer options for additional goods and services Pre production activities Licenses Specific application issues about restrictions and renewals Whether fixed odds wagering contracts are included or excluded from the scope of Topic 606 Administration session Agenda papers for this meeting are avail able on the IASB s Web site Related Topics Resources Financial Accounting Standards Board FASB International Accounting Standards Board IASB Joint Transition Resource Group for Revenue Recognition 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 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 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 Heads Up

    Original URL path: http://www.iasplus.com/en/news/2015/11/trg-agenda/view (2016-02-10)
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  • AICPA begins developing revenue recognition implementation guidance
    Public Accountants AICPA has released for public comment nine working drafts on accounting issues associated with the implementation of the new revenue standard Accounting Standards Update ASU No 2014 09 Revenue From Contracts With Customers was published jointly with IFRS 15 Revenue From Contracts With Customers in May 2014 and is more principles based than the current US GAAP revenue guidance which is transaction and industry specific The AICPA is now beginning to develop non authoritative implementation guidance that discusses considerations and illustrative examples of industry specific transactions For the time being the AICPA has released for public comment nine working drafts that apply to entities in the aerospace and defense and investment asset management industries however they have been announced as the first of many working drafts When finalised the considerations and illustrative examples will be included in a new revenue recognition guide the AICPA is developing Please click for more information and access to the drafts on the AICPA s Journal of Accountancy website Related Topics Jurisdictions United States of America Standards IFRS 15 Revenue from Contracts with Customers Other American Institute of Certified Public Accountants AICPA US GAAP Related news FASB constituents of the TRG will continue to meet 02 Feb 2016 IASB says TRG not scheduled to meet again 22 Jan 2016 IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 Leases 21 Jan 2016 FASB and ASBJ hold biannual meeting 15 Jan 2016 FASB issues final standard on classification and measurement of financial instruments 05 Jan 2016 FASB to issue final standard on recognition and measurement of financial instruments in early January 22 Dec 2015 All Related Related Publications 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

    Original URL path: http://www.iasplus.com/en/news/2015/11/aicpa/view (2016-02-10)
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  • 'What kind of accounting standards should the IASB write?'
    knowledge of accountants Ms Tokar primarily uses revenue recognition and IFRS 15 to illustrate the subject and writes about comparability versus communication and the role of the business model the role of judgement in financial reporting in general mutual expectations and the role of feedback She concludes that there is no single answer to all the questions she touched upon but states The objective of IFRS is to provide useful information to users of financial statements To achieve this goal they need to be a communication tool and not a compliance exercise Setting standards that support this goal requires the participation of many stakeholders as does interpreting and applying the standards after they have been issued Good faith application of judgement seeking to realise the objectives of the standard and questioning established practice are all part of achieving this goal Please click to access the paper on the JAMIS website please note that you need to use the Download button on the far right otherwise you cannot access the full text of the paper Ms Tokar s article is based on a speech that she gave at Bucharest University in June The transcript of the speech is available on the IASB website Related Topics Resources International Accounting Standards Board IASB Research and education Standards IFRS 15 Revenue from Contracts with Customers Other Academic papers 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

    Original URL path: http://www.iasplus.com/en/news/2015/11/tokar/view (2016-02-10)
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  • We comment on the proposed clarifications to IFRS 15
    Board s IASB Exposure Draft ED 2015 6 Clarifications to IFRS 15 In our comment letter we welcome the Board s initiative in addressing a number of issues that were likely to cause significant practical difficulties in the application of IFRS 15 and support the proposed amendments Also we provide general comments regarding 1 the value of convergence 2 clarity and stability of the platform and timing of further amendments 3 the importance of drafting and updating the Standard itself and 4 the ongoing role of the Transition Resource Group Please click to access the full comment letter Related Topics Resources IASB exposure drafts International Accounting Standards Board IASB Projects Clarifications arising from the post implementation review of IFRS 8 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 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 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 Revenue from contracts with customers 22 Sep 2015 Revenue

    Original URL path: http://www.iasplus.com/en/news/2015/10/dcl-ed-2015-6/view (2016-02-10)
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  • Deloitte comment letter on IASB ED/2015/6 'Clarifications to IFRS 15'
    IASB and FASB to work together when updating the standard however when divergence occurs to clearly explain that decision Clarity stable platform and timing of further amendments We support the Boards effort to clarify aspects of the Standard that are unclear through the proposed amendments In addition we believe that any subsequent changes should be issued with a later effective but with early adoption Importance of drafting and updating the Standard itself To reduce the risk of preparers arriving at divergent answers we urge the Boards to use as much as the same wording as possible when updating the Standard Also we recommend that decisions made are reflected by amendments to the Standard itself rather than as for certain issues addressed by the exposure draft only in the Basis for Conclusions or Illustrative Examples Ongoing role of Transition Resource Group TRG We believe that the TRG provides the preparers auditors and regulators an important forum to discuss matters of interpretation and application Please click to download the full comment letter below Download Related Topics Publication series Deloitte comment letters IASB IFRIC IFRSF Resources IASB exposure drafts 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 of IFRS 9 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 All Related Related Publications Deloitte comment

    Original URL path: http://www.iasplus.com/en/publications/global/comment-letters/2015/ed-2015-6/view (2016-02-10)
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  • IFRS 15 — ESMA believes the IASB has identified the right issues, calls for clear documentation of impacts of differences between IASB and FASB
    is required at this stage Regarding any further standard setting process related to IFRS 15 unless a major flaw of the standard is identified any remaining minor issues to be identified by the implementation process could be addressed by referring the issue for consideration to the IFRS Interpretation Committee or to the post implementation review ESMA urges the two Boards to maintain their efforts to keep the standards as convergent as possible and to discuss emerging issues together until the date of mandatory adoption of IFRS 15 Also ESMA supports the IASB s decision to include a discussion in the Basis for Conclusions to the ED of the potential impacts on convergence for each of the issues where either the IASB or the FASB have decided to propose different amendments to their respective standards ESMA urges the IASB to keep track of the differences and clearly communicate them updating the comparison as the Boards proposals are finalised or new differences emerge Please click to access the full comment letter on the ESMA website Related Topics Resources IASB exposure drafts Projects Clarifications to IFRS 15 Issues emerging from TRG discussions Standards IFRS 15 Revenue from Contracts with Customers Other European Securities and Markets Authority ESMA Related news 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 constituents of the TRG will continue to meet 02 Feb 2016 We comment on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 IASB says TRG not scheduled to meet again 22 Jan 2016 IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 Leases 21 Jan

    Original URL path: http://www.iasplus.com/en/news/2015/10/esma-ifrs-15/view (2016-02-10)
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  • IFRS industry insights: Mining sector — IFRS 15, the new revenue Standard could impact profile of revenue and profit recognition
    Publication series Analysis and opinion Special topics Member firm publications Non English publications Third party publications IFRS e learning Info IFRS industry insights Mining sector IFRS 15 the new revenue Standard could impact profile of revenue and profit recognition Published on 08 Oct 2015 This publication highlights issues from the new revenue recognition standard that will be of interest to those in the mining sector Download Related Topics Publication series IFRS industry insights Resources IASB finalised pronouncements Standards IFRS 15 Revenue from Contracts with Customers Related news 2016 IFRS Red Book coming in March 09 Feb 2016 FASB constituents of the TRG will continue to meet 02 Feb 2016 IASB finalises amendments to IAS 7 under its disclosure initiative 29 Jan 2016 IASB says TRG not scheduled to meet again 22 Jan 2016 IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 Leases 21 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 IFRS industry insights Telecommunications sector Implications of the new leasing standard 21 Jan 2016 EFRAG endorsement status report 19 January 2016 20 Jan 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 Revenue recognition Principal versus agent considerations 19 May 2015 All Related Related Dates Effective date of the 2016 disclosure initiative amendments to IAS 7 01 Jan 2017 Effective date of the 2015 amendments to the IFRS for SMEs 01 Jan 2017 Effective

    Original URL path: http://www.iasplus.com/en/publications/global/ifrs-industry-insights/rev-rec-mining/view (2016-02-10)
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  • Heads Up — FASB issues proposed revenue ASU to make narrow-scope amendments and provide practical expedients
    meeting two Board members indicated that they disagreed with the issuance of the proposed ASU primarily because of the Board s decision to reject moving the collectibility assessment from step 1 to step 5 of the new revenue model i e change it from a criterion for evaluating whether a contract with a customer exists to one used to determine when to recognize revenue These Board members believe that unlike current U S GAAP the proposed changes would not permit entities to recognize revenue on a cash basis As a result the proposed amendments could continue to lead to situations in which an entity would record a liability for which no obligation exists i e the related obligation was satisfied because goods and services were transferred One dissenting Board member referred to the example in ASC 606 10 55 98H to 55 98M which would be added by the proposed ASU as illustrating such situations The assessment of collectibility under the new revenue standard compared with that under current GAAP will most likely 1 require entities to use significantly more judgment and 2 create complexities particularly for entities that use the cash basis under current GAAP because collectibility for some contracts is not reasonably assured Accordingly affected entities should consider the proposed amendments and provide feedback to the FASB Presentation of Sales Taxes and Similar Taxes Collected From Customers Background Under step 3 of the new revenue standard the transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer excluding amounts collected on behalf of third parties Stakeholders have questioned whether sales taxes and similar taxes sales taxes should be excluded from the transaction price when such taxes are collected on behalf of tax authorities The new revenue standard provides guidance on assessing whether an entity is a principal or an agent 7 in a transaction and therefore whether sales taxes should be presented gross or net within revenue The analysis is further complicated by the sales tax in each tax jurisdiction which would include all taxation levels in both domestic and foreign governmental jurisdictions especially for entities that operate in a significant number of jurisdictions Key Provisions of the Proposed ASU The proposed ASU would permit entities to exclude from the transaction price sales taxes that are assessed by a governmental authority and that are imposed on and concurrent with a specific revenue producing transaction and collected by the entity from a customer for example sales use value added and some excise taxes However such an election would not apply to taxes assessed on an entity s total gross receipts or imposed during the inventory procurement process An entity that elects to exclude sales taxes would be required to provide the accounting policy disclosures in ASC 235 10 50 1 through 50 6 Editor s Note The proposed guidance would align the scope of sales taxes in the new revenue standard with that in ASC 605 45 15 2 e Further an entity that does not elect to present sales taxes on a net basis would be required to assess for every tax jurisdiction whether it is a principal or an agent in the sales tax transaction and would present sales taxes on a gross basis if it is a principal in the jurisdiction and on a net basis if it is an agent Noncash Consideration Background When providing goods or services an entity may receive noncash consideration from its customers e g goods services shares of stock Step 3 of the new revenue standard requires entities to include the fair value of the noncash consideration in the transaction price Further the guidance states that changes in the fair value of noncash consideration for reasons other than its form would be subject to the variable consideration constraint in ASC 606 10 32 11 through 32 13 Questions have arisen regarding the measurement date in the determination of the fair value of noncash consideration received in a contract with a customer Further stakeholders have questioned the applicability of the variable consideration constraint when changes in the fair value of the noncash consideration are due both to 1 its form e g stock price changes attributable to market conditions and 2 reasons other than its form e g additional shares of stock that may become due on the basis of a contingent event Key Provisions of the Proposed ASU The proposed ASU would define the measurement date as the contract inception date In addition the transaction price would not include any changes in the fair value of the noncash consideration after the contract inception date that are due to its form Further the proposed ASU would clarify that if changes in noncash consideration are due both to its form and to reasons other than its form the variable consideration constraint would only apply to the variability resulting from changes in fair value that are due to reasons other than the consideration s form Example Noncash Consideration in the Form of Publicly Traded Common Stock As part of a revenue contract with a customer for the delivery of goods an entity is entitled to receive 500 shares of its customer s common stock when all of the goods are provided to the customer In addition if the entity delivers all goods within 90 days it will receive an additional 100 shares of the customer s common stock The changes in the fair value of the noncash consideration may vary between the contract inception date and the delivery of goods as a result of 1 the form of the common stock i e because of changes in the market value and 2 reasons other than its form i e the quantity of shares that the entity will receive may vary because delivery occurs in 90 days The proposed ASU would clarify that the variable consideration constraint would only apply when changes in fair value are due to

    Original URL path: http://www.iasplus.com/en/publications/us/heads-up/2015/issue-34/view (2016-02-10)
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