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  • Annual financial reporting review guide
    Welcome My account Logout IAS Plus Canada English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home About CFR News Publications Standards Projects Resources Toggle navigation Search site Publication Directory Annual Review Guide Deloitte Point of View Financial Reporting Update Webcasts Newsletters and Guides Info Annual financial reporting review guide Published on Jan 26 2016 For directors to be successful in meeting their financial reporting obligations they need the support of management and they need to ask the right questions This publication includes questions directors may ask management regarding their annual financial filings to ensure that an appropriate level of challenge is given Non public companies may also find these considerations useful in preparing their financial filings Download Related Topics Publication series Annual Review Guide Related Publications SEC Compliance Checklist General Jan 19 2016 Checklist for Quarterly Report on SEC Form 10 Q Jan 19 2016 Executive compensation assessment tool Jan 14 2016 AIF assessment tool Jan 07 2016 All Related Contact us Acknowledgment About CFR Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of Deloitte Touche Tohmatsu Limited or

    Original URL path: http://www.iasplus.com/en-ca/publications/annual-review-guide/annual-financial-reporting-review-guide (2016-02-10)
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  • IASB issues new leasing standard
    accounting model in IFRS 16 Under IFRS 16 a lessee recognizes a right of use asset and a lease liability The right of use asset is treated similarly to other non financial assets and depreciated accordingly The liability accrues interest This will typically produce a front loaded expense profile whereas operating leases under IAS 17 would typically have had straight line expenses A front loaded expense profile arises for example when a lessee recognizes a right of use ROU asset which is typically amortized on a straight line basis and a liability to pay lease rentals which would be accounted for like a mortgage loan with higher interest charges in the early years The combined effect is a front loaded expense in the income statement even if the lessee pays the same amount of rent each period The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the rate implicit in the lease if that can be readily determined If that rate cannot be readily determined the lessee shall use their incremental borrowing rate Identifying a lease A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration Control is conveyed where the customer has both the right to direct the identified asset s use and to obtain substantially all the economic benefits from that use Recognition exemptions Instead of applying the recognition requirements of IFRS 16 described above a lessee may elect to account for lease payments as an expense on a straight line basis over the lease term or another systematic basis for the following two types of leases leases with a lease term of 12 months or less and containing no purchase options this election is made by class of underlying asset and leases where the underlying asset has a low value when new such as personal computers or small items of office furniture this election can be made on a lease by lease basis Effective date IFRS 16 is effective for annual reporting periods beginning on or after January 1 2019 Earlier application is permitted if IFRS 15 Revenue from Contracts with Customers has also been applied Status of FASB s new standard on lease accounting The Financial Accounting Standards Board FASB is currently finalizing its new leases standard and is expected to issue it in February 2016 We expect the FASB s new standard on lease accounting will be effective for public business entities for annual periods beginning after December 15 2018 i e calendar periods beginning on January 1 2019 and interim periods therein For all other entities the standard would be effective for annual periods beginning after December 15 2019 i e calendar periods beginning on January 1 2020 and interim periods thereafter Early adoption would be permitted for all entities Additional information on the IASB s Web site Press release Project Summary and

    Original URL path: http://www.iasplus.com/en-ca/news/part-i-ifrs/2016-1/ifrs-16 (2016-02-10)
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  • Deloitte Financial Reporting Update Webcasts
    Standards Info Deloitte Financial Reporting Update Webcasts Quick Article Links In our informative and engaging series of webcasts we commit to simplifying technical topics and providing valuable insights on important issues and developments Part I IFRS Past sessions Q4 IFRS quarterly technical update November 25 2015 IFRS 15 Revenue from contracts with customers October 21 2015 Q3 IFRS quarterly technical update September 23 2015 Q2 IFRS quarterly technical update May 27 2015 Q1 IFRS quarterly technical update March 25 2015 Part II ASPE Past session ASPE annual technical update December 9 2015 Public sector Past session Public Sector Accounting Standards Update Keeping current January 13 2016 Third party events Part III ASNPO Past sessions CPA Canada s not for profit financial executive forum March 9 10 2015 Toronto MD A Guidance on preparation and disclosure AcSB webinar March 19 2015 Related news Video of Panel Discussion IFRS and Global Standards A Canadian Perspective Apr 23 2015 On April 23 2015 the Accounting Standards Board released a video of a panel discussion jointly hosted by the IFRS Foundation Trustees and Accounting Standards Oversight Council AcSOC in Toronto A director preparer auditor financial statement user regulator and standard setter provide their views on important issues including adopting IFRSs in Canada working with the IASB to support a global set of standards and convergence with U S GAAP IFRS and Global Standards A Canadian Perspective Mar 04 2015 On March 4 2015 CPA Canada announced that it will offer a webinar to discuss the work of the IASB to establish International Financial Reporting Standards as the global standard for financial information as well as the role that Canada plays in influencing the development of international standards All Related Quick links Visit our new Preference Centre Related Publications Public Sector Accounting Standards Update Keeping

    Original URL path: http://www.iasplus.com/en-ca/resources/events (2016-02-10)
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  • 2015 ASPE alert
    many private enterprises are preparing for their upcoming year ends To help you prepare we have created an ASPE alert that focuses on what has changed with ASPE and future changes we can expect to come our way In preparation for the year end financial reporting cycle for many private enterprises we released our 2015 Accounting Standards for Private Enterprises ASPE alert This alert provides a high level overview of the major changes in ASPE that could affect organizations and the steps they need to take to ensure that they are up to date More specifically the alert discusses the following Activities during 2015 Known changes in 2016 Redeemable preferred shares issued in a tax planning arrangement Post implementation review Financial instruments 2015 ASPE annual improvements project Exposure Draft subsidiaries and investments Reminders Subsidiaries Reminders Joint arrangements Upcoming activities Agriculture discussion paper Download Related Topics Publication series Deloitte Point of View Projects Accounting for Subsidiaries under the Cost Method and the Equity Method Potential Amendments to Sections 1591 and 3051 ED Post Implementation Review Section 3856 Financial Instruments Redeemable Preferred Shares Issued in a Tax Planning Arrangement Agriculture 2015 Annual Improvements Completed Standards Section 1591 Subsidiaries Section 3056 Interests in joint arrangements Quick links Visit our new Preference Centre Related news AcSB Decision Summary December 15 2015 Private Enterprise Advisory Committee Jan 04 2016 AcSB Decision Summary December 15 2015 Agriculture Jan 04 2016 Discussion Paper Agriculture Dec 18 2015 AcSB Decision Summary November 24 2015 Redeemable Preferred Shares Dec 04 2015 Private Enterprise Advisory Committee Notes October 6 2015 Nov 27 2015 FYI Article Clarifying the Cost Method Subsidiaries and Investments Nov 17 2015 All Related Related Publications Directors Alert 2016 Feb 04 2016 Robert Bruce interviews Bringing greater clarity to leases IFRS 16 Jan 13 2016 Focus on

    Original URL path: http://www.iasplus.com/en-ca/publications/publications/2015-aspe-alert (2016-02-10)
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  • Comment letter deadline on Amendments to CAS 720
    February 12 2016 Based on the input the AASB received from Canadian stakeholders the AASB expressed support for strengthening the auditor s responsibilities relating to other information However the AASB expressed concerns that the changes to ISA 720 proposed in the 2012 Exposure Draft may widen the expectations gap or otherwise cause confusion among users of the auditor s report and that the benefits of extending the auditor s responsibilities may not exceed related costs Further the AASB was concerned that the International Auditing and Assurance Standards Board IAASB s proposals would embed within the financial statement audit an unspecified type of separate engagement related to other information The AASB is proposing to make the following Canadian amendments to ISA 720 Revised in adopting it as CAS 720 i clarify the documents within and outside the scope of CAS 720 ii amend references to relevant ethical requirements and iii enhance the description of the auditor s responsibilities relating to other information expected to be obtained after the date of the auditor s report in the illustrative reports Related Topics Date type Comment letter deadline Projects The Auditor s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements Amendments to CAS 720 ED Related news Minutes of AASOC Meeting October 22 2015 Responsibilities Related to Other Information Jan 22 2016 AASB Exposure Draft The Auditor s Responsibilities Relating to Other Information Canadian Amendments Nov 24 2015 Message from the Chair Extension of the Comment Deadline for the Auditor Reporting Invitation to Comment Nov 05 2015 AASB Decision Summary September 16 18 2015 Oct 02 2015 Auditing and Assurance Standards Oversight Council Minutes of Meeting July 9 10 2015 Sep 17 2015 CPA Magazine Standards Speak The Adoption of International Auditor Reporting Standards Sep 04 2015 All Related Related Dates

    Original URL path: http://www.iasplus.com/en-ca/events/deadlines/comment-letter-deadline-on-amendments-to-cas-720 (2016-02-10)
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  • Comment letter deadline for ED on Annual Improvements to IFRSs 2014–2016 Cycle
    17 2016 The ED proposes the following amendments i IFRS 1 to delete the short term exemptions in paragraphs E3 E7 of IFRS 1 because they have now served their intended purpose ii IFRS 12 to clarify the scope of the standard by specifying that the disclosure requirements in the standard except for those in paragraphs B10 B16 apply to an entity s interests listed in paragraph 5 that are classified as held for sale as held for distribution or as discontinued operations in accordance with IFRS 5 Non current Assets Held for Sale and Discontinued Operations and iii IAS 28 to clarify that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is a venture capital organization or other qualifying entity is available for each investment in an associate or joint venture on an investment by investment basis upon initial recognition The ED contains no proposed effective dates for any of the proposed amendments The intention is to decide on these after the exposure period On December 15 2015 the AcSB issued an Exposure Draft that corresponds to the IASB s Exposure Draft on this topic Stakeholders are also encouraged to submit their comments by February 17 2016 Related Topics Date type Comment letter deadline Projects Annual Improvements to IFRSs 2014 2016 Cycle ED Related news AcSB Exposure Draft Annual Improvements to IFRSs 2014 2016 Cycle Dec 15 2015 IASB publishes proposals for amendments under its annual improvements project cycle 2014 2016 Nov 19 2015 FYI Article Narrow scope Amendments Improving IFRSs Mar 04 2015 July IASB Update published Jul 30 2014 All Related Related Publications Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED

    Original URL path: http://www.iasplus.com/en-ca/events/deadlines/2015/comment-letter-deadline-on-ed-annual-improvements-to-ifrss-2014-2016-cycle (2016-02-10)
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  • Comment letter deadline on AASB Draft Strategic Plan for 2016-2021
    Toggle navigation Home About CFR News Publications Standards Projects Resources Toggle navigation Search site Info Comment letter deadline on AASB Draft Strategic Plan for 2016 2021 When Feb 19 2016 from 12 00 AM to 12 00 AM Add event to calendar vCal iCal On November 10 2015 the AASB issued an Invitation to Comment on its next strategic plan which outlines the AASB s vision mission and strategic objectives that will guide its standard setting activities Stakeholders are encouraged to submit their comments on the form provided by February 19 2016 Related Topics Date type Comment letter deadline Projects AASB 2016 2021 Draft Strategic Plan ED Related news Private Enterprise Advisory Committee Notes October 6 2015 Nov 27 2015 Invitation to Comment AASB Draft Strategic Plan for 2016 2021 Nov 10 2015 All Related Related Dates Comment letter deadline on Amendments to CAS 720 Feb 12 2016 Comment letter deadline for ED on Annual Improvements to IFRSs 2014 2016 Cycle Feb 16 2016 Comment letter deadline on draft Practice Statement Application of Materiality to Financial Statements Feb 26 2016 Comment letter deadline for ED on Transfers of Investment Property Proposed amendment to IAS 40 Mar 18 2016 All Related

    Original URL path: http://www.iasplus.com/en-ca/events/deadlines/comment-letter-deadline-on-aasb-draft-strategic-plan-for-2016-2021 (2016-02-10)
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  • Deloitte US Dbriefs Webcast: Technology trends in 2016: What should CFOs focus on?
    try using another browser such as Google Chrome or Mozilla Firefox IAS Plus IAS plus Canada English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Welcome My account Logout IAS Plus Canada English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home About CFR News Publications Standards Projects Resources Toggle navigation Search site Info Deloitte US Dbriefs Webcast Technology trends in 2016 What should CFOs focus on When Feb 24 2016 from 03 00 PM to 04 30 PM Timezone UTC 5 Where Online Add event to calendar vCal iCal Learn about results of Deloitte s research and potential impacts of emerging technology trends on finance organization performance and investment priorities More information about this event Related Topics Date type Deloitte Financial Reporting Update Webcasts Contact us Acknowledgment About CFR Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of Deloitte Touche Tohmatsu Limited or one of their related entities See Legal for additional copyright and other legal information Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited

    Original URL path: http://www.iasplus.com/en-ca/events/deloitte-us-dbriefs-webcast-technology-trends-in-2016-what-should-cfos-focus-on (2016-02-10)
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