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  • Summary of the CMAC November 2015 meeting
    2001 2000 Info 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 Related Topics Resources 2015 Constitution review Capital Markets Advisory Committee CMAC Projects Disclosure initiative Materiality Conceptual Framework Comprehensive IASB project Post implementation review IFRS 3 Agenda consultation 2015 Conceptual Framework Phase C Measurement Standards IFRS 9 Financial Instruments 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 adds four projects to research agenda 08 Feb 2016 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 EBA launches an impact assessment of IFRS 9 on banks 28 Jan 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 Deloitte comment letter on tentative agenda decision on IFRS 9 and IAS 39 Derecognition of financial assets 19 Jan 2016 All Related Related Discussions Goodwill

    Original URL path: http://www.iasplus.com/en/news/2015/12/cmac (2016-02-10)
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  • EFRAG, EFFAS, AIAF, and IASB issue summary of outreach event on profit or loss and OCI
    and OCI 21 Dec 2015 The European Financial Reporting Advisory Group EFRAG the European Federation of Financial Analysts Societies EFFAS the Associazione Italiana degli Analisti e Consulenti Finanziari AIAF and the International Accounting Standards Board IASB have issued a summary report related to their joint outreach event held on 22 October 2015 related to Exposure Draft ED 2015 3 Conceptual Framework for Financial Reporting Specifically members of the panel and participants of the outreach event discussed how profit or loss P L could become more useful and what the role of other comprehensive income OCI may be The press release on the EFRAG website offers a summary of the main observations and access to the full report Related Topics Resources European Financial Reporting Advisory Group EFRAG International Accounting Standards Board IASB Projects Conceptual Framework Comprehensive IASB project 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 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 All Related Related Discussions Conceptual framework joint with FASB education session 23 Sep 2015 Conceptual framework

    Original URL path: http://www.iasplus.com/en/news/2015/12/efrag-joint-outreach (2016-02-10)
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  • AOSSG points out specific aspects of Islamic financial reporting in connection with the Conceptual Framework
    aspects relevant to Islamic accounting The IF WG especially welcomes the explicit substance over form statement in the proposed Conceptual Framework as stakeholders in Islamic finance place high importance on the legal form s used to achieve a particular economic phenomenon the legal form determines whether a transaction is permissible or prohibited Nevertheless given the importance of the underlying contracts in determining the permissibility of an Islamic financial transaction the IF WG considers it appropriate to disclose information in the financial statements about the legal form of an economic phenomenon as part of the faithful representation of that phenomenon The comment letter also notes that the ED s discussion on the reporting entity and the boundary of the reporting entity may be useful to current discussions on Islamic arrangements where an entity is responsible for the economic activities of another non legal entity where it is important to comply with both the shariah assertion of separate entities and the IFRS requirement for consolidated financial statements or where the presentation of related financial statements may be necessary to provide relevant and faithful representative information even in instances where control is not present On liability and equity the comment letter notes that the ED seems to focus more on the legal aspect in determining whether or not an entity has a present obligation to transfer economic resource while in the context of Islamic finance the concept of constructive obligations is of great importance as entities are often much more bound by societal expectations than by legal obligations The IF WG suggests to retain the current definition of liability until the project on financial instruments with characteristics of equity has been completed and the definition of equity and its relation to liabilities is clear as the underlying principle that differentiates liability and equity is important in the context of Islamic finance products that contain elements of liability and equity such as Islamic bonds and profit sharing accounts Please click to access the full letter of the IF WG on the AOSSG website Related Topics Resources International Accounting Standards Board IASB Islamic accounting Asian Oceanian Standard Setters Group AOSSG IASB exposure drafts Projects Conceptual Framework Comprehensive IASB project Standards Conceptual Framework for Financial Reporting 2010 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

    Original URL path: http://www.iasplus.com/en/news/2015/12/aossg-cf-islamic-accounting (2016-02-10)
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  • Deloitte comment letter on updating references to the Conceptual Framework
    Framework Published on 25 Nov 2015 Deloitte Touche Tohmatsu Limited has responded to the IASB s Exposure Draft ED 2015 4 Updating References to the Conceptual Framework Proposed amendments to IFRS 2 IFRS 3 IFRS 4 IFRS 6 IAS 1 IAS 8 IAS 34 SIC 27 and SIC 32 In our comment letter we agree with the proposed amendments to reference to the Conceptual Framework and with the Board s proposed means of transition 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 Conceptual Framework IASB FASB joint project Conceptual Framework Comprehensive IASB project Standards Conceptual Framework for Financial Reporting 2010 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 Conceptual framework joint with FASB education session 23 Sep 2015 Conceptual framework IASB only 22 Sep 2015 Insurance

    Original URL path: http://www.iasplus.com/en/publications/global/comment-letters/2015/ed-2015-4 (2016-02-10)
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  • Deloitte comment letter on the Conceptual Framework
    financial statements and in particular the performance statement s suffers from a lack of a conceptual basis It is inappropriate to build rebuttable presumptions into the Framework The Framework would be enhanced by adding a statement that the Framework has been developed on the assumption that arm s length transactions between entities are fair exchanges and then address those situations when that assumption might not hold such as non reciprocal transfers at a Standards level The proposed section on derecognition seems to have been written with collateralised borrowings i e repo type transactions in mind rather than addressing more general derecognition principles The exposure draft proposal will not provide guidance criteria or indicators that would help the Board decide between a current value and a cost based amount Download the full comment letter below Download Related Topics Publication series Deloitte comment letters IASB IFRIC IFRSF Resources International Accounting Standards Board IASB IASB exposure drafts Projects Conceptual Framework IASB FASB joint project Conceptual Framework Comprehensive IASB project Standards Conceptual Framework for Financial Reporting 2010 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

    Original URL path: http://www.iasplus.com/en/publications/global/comment-letters/2015/ed-2015-3 (2016-02-10)
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  • Heads Up — FASB’s proposed ASU states that omissions of immaterial disclosures are not accounting errors
    the U S Supreme Court s definition Comments on the proposed ASU are due by December 8 2015 Background and Key Provisions of the Proposed ASU Currently failure to provide required disclosures on the basis of materiality concerns is considered an accounting error While such an error may not result in a misstatement of the financial statements as a whole some believed that unless the error was clearly trivial it would trigger additional actions such as discussion with an entity s audit committee Further some believed that because such an omission was considered an error an entity would incur additional risks in not providing immaterial disclosures In addition to lengthening the financial report reporting immaterial disclosures have the potential of obscuring more important information To reduce the reluctance to omit immaterial disclosures the proposed ASU would clarify that omitting such disclosures is not an accounting error Editor s Note The proposed clarification would only apply to disclosures in the notes Omissions of immaterial information related to other GAAP requirements such as recognition and measurement would still be considered accounting errors The proposal further notes that quantitative and qualitative disclosures are assessed for materiality individually and in the aggregate Thus when disclosure requirements are assessed some all or none of the requirements in a Codification topic may be material In addition the proposed ASU s acknowledgment that materiality is a legal concept eliminates any potential conflict between accounting standards and law Constituents have also noted that wording of the disclosure requirements in the Codification may be preventing some from omitting immaterial disclosures For example some find phrases such as an entity shall at a minimum provide difficult to overcome While the proposal did not offer explicit modifications the FASB noted that the final standard would contain amendments to replace such prescriptive language Proposed Amendments to the Conceptual Framework Under the current definition of materiality in chapter 3 of FASB Concepts Statement 8 i nformation is material if omitting it or misstating it could influence decisions that users make on the basis of the financial information of a specific reporting entity emphasis added The proposed ASU would amend this definition to refer to the U S Supreme Court s definition of materiality which states that information is material if there is a substantial likelihood that the omitted or misstated disclosure would have been viewed by a reasonable resource provider as having significantly altered the total mix of information available in making a decision emphasis added While Concepts Statement 8 is not authoritative the Board decided that the most effective way to avoid the potential uncertainty or confusion associated with inconsistent definitions was to 1 replace the original discussion of materiality in Concepts Statement 8 with a statement that the Supreme Court has provided a legal definition of materiality and 2 include a brief summary of that definition Effective Date and Transition The amendments in the proposed ASU would be effective upon issuance Reporting entities may choose to apply this guidance in only

    Original URL path: http://www.iasplus.com/en/publications/us/heads-up/2015/issue-32 (2016-02-10)
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  • IFRS fokussiert — Standardentwurf eines überarbeiteten Rahmenkonzepts
    Home News Publications Meetings Standards Projects Jurisdictions Resources My IAS Plus Topics Communications Toggle navigation Search site Publication Directory Global publications Member firm publications Australia Belgium Brazil Canada China Colombia Czech Republic Denmark Germany IFRS fokussiert Hong Kong Hungary India Ireland Japan Korea Luxembourg Malaysia Mexico Netherlands New Zealand Poland Portugal Russia Singapore South Africa Spain Switzerland Taiwan United Kingdom United States Non English publications Third party publications IFRS e learning Info IFRS fokussiert Standardentwurf eines überarbeiteten Rahmenkonzepts Published on 21 Jul 2015 This German language newsletter summarises the recently issued exposure draft ED 2015 3 Conceptual Framework for Financial Reporting Download Related Topics Publication series IFRS fokussiert Jurisdictions Germany Projects Conceptual Framework Comprehensive IASB project Other Languages German Related news Summary of the December 2015 ASAF meeting now available 22 Jan 2016 IASB updates work plan 22 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 Summary of the CMAC November 2015 meeting 22 Dec 2015 EFRAG EFFAS AIAF and IASB issue summary of outreach event on profit or loss and OCI 21 Dec 2015 AOSSG points out specific aspects of Islamic financial reporting in connection with the Conceptual Framework 09 Dec 2015 All Related Related Publications IFRS fokussiert IASB veröffentlicht Änderungen an IAS 12 Ertragsteuern 28 Jan 2016 IFRS fokussiert IASB regelt die Bilanzierung von Leasingverhältnissen neu 14 Jan 2016 IFRS fokussiert Bilanz für das Jahr 2015 14 Jan 2016 IFRS fokussiert Verschiebung des Erstanwendungszeitpunkts der Änderungen an IFRS 10 und IAS 28 05 Jan 2016 All Related Related Discussions Conceptual framework joint with FASB education session 23 Sep 2015 Conceptual framework IASB only 22 Sep 2015 Conceptual framework 19 Mar 2015 Conceptual Framework Sweep issues 21 Jan 2015 All Related Related Dates Comment deadline on ED 2015 8 26

    Original URL path: http://www.iasplus.com/en/publications/germany/ifrs-fokussiert/cf (2016-02-10)
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