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  • Robert Bruce interviews — Bringing greater clarity to leases: IFRS 16
    interview Robert Bruce talks with IASB Chairman Hans Hoogervorst and Deloitte s Global IFRS Leader Veronica Poole about the new Standard on lease accounting IFRS 16 The 14 minute video interview discusses the implications of the new Standard its implementation why it was required what changes it will bring about what companies investors and the capital markets need to know and understand and the issues which they are all going to have to tackle in the coming years as a result View the full video above or click here to access the video in a separate window Related Topics Publication series Robert Bruce interviews Resources IASB finalised pronouncements International Accounting Standards Board IASB Projects Leases IFRS 16 Standards IFRS 16 Leases Other Hoogervorst Related news 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 EFRAG Board conference call February 2016 04 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Need to know 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 Need to know 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 29 Jan 2016 All Related Related Discussions Leases 20 Oct 2015 Insurance contracts 20

    Original URL path: http://www.iasplus.com/en-gb/publications/global/robert-bruce-interviews/2016/hoogervorst-poole-ifrs-16 (2016-02-10)
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  • Closing out 2015
    you need to consider as you prepare 2015 accounts and look forward to 2016 To mention just a few the new UK GAAP framework is effective for annual reporting periods beginning on or after 1 January 2015 and this is also the last year that companies can apply the FRSSE There are no new IFRS Standards of note to be applied in 2015 but one should not forget the disclosure of the effect of the Standards in issue that have not yet been adopted which applies to IFRS 15 and IFRS 9 The Financial Reporting Council s priorities for the coming reporting season provide timely reminders in some key areas where the FRC really wants companies to get it right including its separate advice for smaller listed and AIM quoted companies Companies seeking to improve their disclosures around dividend policy and distributable profits should look to the recently published report of the Financial Reporting Lab A real area of change for listed companies will be the requirement to apply the 2014 version of the UK Corporate Governance Code Key changes have been made in relation to going concern risk assessment and internal control including a requirement for Boards to provide a longer term viability statement The FRC guidance has been issued to help Boards comply Our Closing Out 2015 publication covers all of these topics and more To complement it this page provides further links to a collection of our resources in the key areas to help you navigate your way around the increasingly interconnected and complex requirements of corporate reporting And if you are seeking inspiration on how to prepare your annual report our Annual Report Survey provides many examples of best practice and a number of ideas for improvement Click for direct access to Accounting and financial reporting

    Original URL path: http://www.iasplus.com/en-gb/news/2015/12/closing-out-2015 (2016-02-10)
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  • IASB proposes amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard
    profit or loss and recognise in other comprehensive income the difference between the amounts that would be recognised in profit or loss in accordance with IFRS 9 and the amounts recognised in profit or loss in accordance with IAS 39 Financial Instruments Recognition and Measurement provided that the entity issues contracts accounted for under IFRS 4 applies IFRS 9 in conjunction with IFRS 4 and classifies financial assets as fair value through profit or loss in accordance with IFRS 9 when those assets were previously classified at amortised cost or as available for sale in accordance with IAS 39 Application of the overlay approach requires disclosure of sufficient information to enable users of financial statements to understand how the amount reclassified in the reporting period is calculated and the effect of that reclassification on the financial statements An entity would apply the overlay approach retrospectively to qualifying financial assets when it first applies IFRS 9 Deferral approach Under the amendments that make up the deferral approach an entity would be permitted to apply IAS 39 rather than IFRS 9 for annual reporting periods beginning before 1 January 2021 if it has not previously applied any version of IFRS 9 and if its predominant activity is issuing contracts within the scope of IFRS 4 An entity would determine whether its predominant activity is issuing contracts within the scope of IFRS 4 by comparing the carrying amount of its liabilities arising from contracts within the scope of IFRS 4 with the total carrying amount of its liabilities The IASB does not specify a particular quantitative threshold for predominance but indicates in the Basis for Conclusions that predominance is intended to be a high threshold and that 75 liabilities from insurance activities would not qualify as high The IASB also maintains that an entity would need to assess predominance at the reporting entity level Lastly the IASB states that an entity that applies the deferral approach but falls beneath the predominance threshold in a subsequent reporting period would be required to apply IFRS 9 from the beginning of the next annual reporting period An entity would apply the deferral approach for annual periods beginning on or after 1 January 2018 Application of the deferral approach needs to be disclosed together with the reasons for applying it The deferral can only be made use of for the three years following 1 January 2018 Alternative views Three Board member voted against the publication of the ED because they do not agree with the proposal to provide entities with predominant insurance activity with a temporary exemption from applying IFRS 9 These Board members argue that the deferral approach will reduce comparability including between entities that issue insurance contracts They acknowledge the concerns voiced but are of the opinion that the overlay approach offers enough relief and makes a temporary exemption from applying IFRS 9 unnecessary They are also concerned that delays might occur in the insurance contracts project that would exceed the three year span the

    Original URL path: http://www.iasplus.com/en-gb/news/2015/12/ifrs-9-ifrs-4 (2016-02-10)
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  • UK GAAP
    were made to UK GAAP in July 2015 The effect was to issue amended versions of FRS 100 FRS 101 and FRS 102 as well as a new accounting standard applicable to companies eligible to apply the Micro entities Regime FRS 105 The Financial Reporting Standard applicable to the Micro entities Regime For those eligible companies 2015 is the last year that they can apply the Financial Reporting Standard for Smaller Entities FRSSE Due to changes to UK GAAP as a result of the implementation of the EU Accounting Directive those entities who currently apply the FRSSE will either have to follow the recognition and measurement requirements of FRS 102 and the presentation and disclosure requirements within Section 1A Small Entities or apply FRS 105 The Financial Reporting Standard applicable to the Micro entities Regime if they qualify as micro entities for accounting periods beginning on or after 1 January 2016 Companies may early adopt the requirements in Section 1A of FRS 102 for accounting periods beginning on or after 1 January 2015 but in doing so must also early adopt all of the requirements in the new Accounting Regulations There are no restrictions on early adoption of FRS 105 In addition to the above three Standards two additional Standards are in force from 1 January 2015 FRS 103 Insurance Contracts which contains specific accounting requirements for entities that have insurance contracts including reinsurance contracts and are applying FRS 102 and FRS 104 Interim Financial Reporting which i s intended for use in the preparation of interim financial reports by those entities that apply FRS 102 Companies who operate within specialised industries or sectors will also apply the requirements of their specific Statement of Recommended Practice SORP in conjunction with the Financial Reporting Standards Most of the various SORP issuing bodies have revised their SORPs in the light of FRS 102 UK GAAP standards pages FRS 100 FRS 101 FRS 102 FRS 103 FRS 104 FRS 105 FRSSE SORPS In addition to the above Standards the FRC has published Staff Education Notes SENs which illustrate certain requirements of FRS 102 for the convenience of its users The SENs have been issued to assist entities using or thinking of using FRS 102 as a basis of preparation for their financial statements These guidance notes aim to illustrate certain requirements of FRS 102 although they do not have any authoritative status Quick links Collection of New UK GAAP news and publications Changing your GAAP FRS 100 standards page FRS 101 standards page FRS 102 standards page FRS 103 standards page FRS 104 standards page FRS 105 standards page FRSSE standards page Revised SORPS to incorporate the requirements of FRS 102 New UK GAAP projects of the FRC FRSSE project page Related news We comment on FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures 09 Feb 2016 Charity Commission and OSCR issue an Update Bulletin amending the Charities SORP FRS 102 as a result of changes to UK Accounting Standards

    Original URL path: http://www.iasplus.com/en-gb/standards/uk-gaap (2016-02-10)
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  • FRC Priorities 2016/17 Open Meeting
    regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info FRC Priorities 2016 17 Open Meeting When 10 Feb 2016 from 04 00 PM to 05 00 PM Timezone UTC Where London Add event to calendar vCal iCal The FRC is holding an Open Meeting on Wednesday 10 February 2016 to give stakeholders the opportunity to comment on its priorities for 2016 17 Click for Registration details link to the FRC website Our previous UK Accounting Plus news item on the FRC s draft plan and budget for 2016 2017 Related Topics Date type Conferences and forums Resources Financial Reporting Council Related news We comment on FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures 09 Feb 2016 FRC publishes report into engagement quality control reviews 08 Feb 2016 Charity Commission and OSCR issue an Update Bulletin amending the Charities SORP FRS 102 as a result of changes to UK Accounting Standards 04 Feb 2016 FRC responds to IASB s consultation on draft materiality practice statement 04 Feb 2016 FRC publishes its second survey of extended auditor reporting 28 Jan 2016 FRC responds to ESMA s consultation paper on ESEF 21 Jan 2016 All Related Related Publications Deloitte comment letter on FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures 09 Feb 2016 Deloitte comment letter on the FRC Exposure Draft on Going Concern for non Code companies 18 Dec 2015 Accounting Roundup Closing Out 2015 16 Dec 2015 Need to know FRC s Financial Reporting Lab issues report on disclosure of dividend policy and practice 30 Nov 2015 All Related Related Dates Comment deadline on the FRC draft plan and budget 2016 17 12 Feb 2016 London EFRA TEG meeting February 2016 24 Feb 2016 Brussels EFRAG TEG meeting February 2016 24 Feb 2016

    Original URL path: http://www.iasplus.com/en-gb/events/frc-outreach-meetings/frc-priorities-2016-17-open-meeting (2016-02-10)
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  • Comment deadline on the FRC draft plan and budget 2016/17
    Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info Comment deadline on the FRC draft plan and budget 2016 17 When 12 Feb 2016 from 12 05 AM to 11 55 PM Timezone UTC Where London Add event to calendar vCal iCal The Financial Reporting Council FRC has published its Draft Plan Budget and Levy Proposals for 2016 17 which represents the first year of its new 2016 19 three year strategic programme Comments are requested by 12 February 2016 Related Topics Date type Comment deadline other Resources Financial Reporting Council Related news We comment on FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures 09 Feb 2016 FRC publishes report into engagement quality control reviews 08 Feb 2016 Charity Commission and OSCR issue an Update Bulletin amending the Charities SORP FRS 102 as a result of changes to UK Accounting Standards 04 Feb 2016 FRC responds to IASB s consultation on draft materiality practice statement 04 Feb 2016 FRC publishes its second survey of extended auditor reporting 28 Jan 2016 FRC responds to ESMA s consultation paper on ESEF 21 Jan 2016 All Related Related Publications Deloitte comment letter on FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures 09 Feb 2016 Deloitte comment letter on the FRC Exposure Draft on Going Concern for non Code companies 18 Dec 2015 Accounting Roundup Closing Out 2015 16 Dec 2015 Need to know FRC s Financial Reporting Lab issues report on disclosure of dividend policy and practice 30 Nov 2015 All Related Related Dates FRC Priorities 2016 17 Open Meeting 10 Feb 2016 London Comment deadline on FRED 64 28 Feb 2016 London Comment deadline on FRC consultation on revisions to the Audit Firm Governance Code 11 Mar 2016 London Comment deadline

    Original URL path: http://www.iasplus.com/en-gb/events/deadlines/2016/comment-deadline-frc-draft-plan-and-budget-2016-17 (2016-02-10)
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  • February 2016 IASB meeting (education session)
    Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info February 2016 IASB meeting education session When 12 Feb 2016 from 09 00 AM to 05 00 PM Timezone UTC Where London Add event to calendar vCal iCal The International Accounting Standards Board IASB will meet at its offices in London on 15 19 February 2016 Prior to the meeting there will be an education session on 12 February 2016 More information about this event Related Topics Date type IASB meetings Resources International Accounting Standards Board IASB Related news 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 EFRAG Board conference call February 2016 04 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Need to know IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 Need to know 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 29 Jan 2016 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 All Related Related Dates February 2016 IASB meeting 16 Feb 2016 17 Feb 2016 London Comment deadline on ED 2015 10 17 Feb 2016 London Comment deadline on ED 2015 8 26 Feb 2016 March

    Original URL path: http://www.iasplus.com/en-gb/events/iasb-meetings/2016/february-ed (2016-02-10)
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  • February 2016 IASB meeting
    navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info February 2016 IASB meeting When 16 Feb 2016 09 30 AM to 17 Feb 2016 03 00 PM Timezone UTC Where London Add event to calendar vCal iCal The International Accounting Standards Board IASB will meet at its offices in London on 16 17 February 2016 An agenda for the meeting is available here More information about this event Related Topics Date type IASB meetings Resources International Accounting Standards Board IASB Related news 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 EFRAG Board conference call February 2016 04 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Need to know IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 Need to know 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 29 Jan 2016 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 All Related Related Dates February 2016 IASB meeting education session 12 Feb 2016 London Comment deadline on ED 2015 10 17 Feb 2016 London Comment deadline on ED 2015 8 26 Feb 2016 March 2016 GPF meeting

    Original URL path: http://www.iasplus.com/en-gb/events/iasb-meetings/2016/february (2016-02-10)
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