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  • Comment deadline on ED/2015/10
    Info Comment deadline on ED 2015 10 When 17 Feb 2016 from 01 00 AM to 10 00 PM Timezone UTC Where London Add event to calendar vCal iCal On 19 November 2015 the IASB published ED 2015 10 Annual Improvements to IFRSs 2014 2016 Cycle Comments are requested by 17 February 2016 Related Topics Date type Comment letter deadline Resources IASB exposure drafts International Accounting Standards Board IASB Projects Annual improvements 2014 2016 cycle Standards IFRS 12 Disclosure of Interests in Other Entities IAS 28 Investments in Associates and Joint Ventures 2011 IFRS 1 First time Adoption of International Financial Reporting Standards 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 February 2016 IASB meeting 16 Feb 2016 17 Feb

    Original URL path: http://www.iasplus.com/en-gb/events/deadlines/2016/comment-deadline-on-ed-2015-10 (2016-02-10)
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  • February 2016 IFRS Advisory Council meeting
    Toggle navigation Search site Toggle navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info February 2016 IFRS Advisory Council meeting When 23 Feb 2016 09 15 AM to 24 Feb 2016 03 00 PM Timezone UTC Where London Add event to calendar vCal iCal The IFRS Advisory Council is meeting in London on 23 24 February 2016 An agenda for the meeting is available here More information about this event Related Topics Date type IFRS Advisory Council meetings Resources IFRS Advisory Council Related news Agenda for the February 2016 IFRS Advisory Council meeting 05 Feb 2016 Report on the November 2015 IFRS Advisory Council meeting 10 Dec 2015 IFRS Advisory Council membership update 30 Oct 2015 Agenda for the November 2015 IFRS Advisory Council meeting 08 Oct 2015 Report on the June 2015 IFRS Advisory Council meeting 20 Jul 2015 Agenda for the June 2015 IFRS Advisory Council meeting 08 May 2015 All Related Related Publications Deloitte comment letter on IFRS Interpretations Committee tentative agenda decision IAS 27 IFRS 10 Non cash acquisition of non controlling interest by a controlling shareholder in the consolidated financial statements 28 Nov 2012 All Related

    Original URL path: http://www.iasplus.com/en-gb/events/ifrs-ac/2016/february (2016-02-10)
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  • EFRA TEG meeting February 2016
    My account Logout IAS Plus United Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info EFRA TEG meeting February 2016 When 24 Feb 2016 from 09 30 AM to 03 30 PM Timezone UTC 1 Where Brussels Add event to calendar vCal iCal The European Financial Reporting Advisory Group EFRAG will hold a TEG meeting on 25 February 2016 in Brussels An agenda and details on how to register for the meeting can be found on the EFRAG website Related Topics Date type Conferences and forums Resources EFRAG Technical Expert Group TEG European Financial Reporting Advisory Group EFRAG Related news EFRAG publishes January 2016 issue of EFRAG Update 08 Feb 2016 EFRAG Board conference call February 2016 04 Feb 2016 EFRA TEG meeting February 2016 04 Feb 2016 EFRAG issues feedback statement on the 2015 IASB Agenda Consultation 03 Feb 2016 EFRAG issues its comment letter on the 2015 IASB Agenda Consultation 21 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 All Related Related Publications EFRAG endorsement status report 3 February 2016 04 Feb 2016 EFRAG endorsement status report 29 January 2016 01 Feb 2016 EFRAG endorsement status report 19 January 2016 20 Jan 2016 EFRAG endorsement status report 13 January 2016 13 Jan 2016 All Related Related Dates FRC Priorities 2016 17 Open Meeting 10 Feb 2016 London EFRAG TEG meeting February 2016 24 Feb 2016 Brussels FRC forum on enhancing audit quality 05 Apr 2016 London All Related About Contact us FAQs Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of

    Original URL path: http://www.iasplus.com/en-gb/events/conferences/2016/efra-teg-meeting-february-2016 (2016-02-10)
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  • EFRAG TEG meeting February 2016
    My account Logout IAS Plus United Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info EFRAG TEG meeting February 2016 When 24 Feb 2016 from 03 00 PM to 06 00 PM Timezone UTC 1 Where Brussels Add event to calendar vCal iCal The European Financial Reporting Advisory Group EFRAG will hold a TEG meeting on 24 February 2016 in Brussels An agenda and details on how to register for the meeting can be found on the EFRAG website Related Topics Date type Conferences and forums Resources EFRAG Technical Expert Group TEG European Financial Reporting Advisory Group EFRAG Related news EFRAG publishes January 2016 issue of EFRAG Update 08 Feb 2016 EFRAG Board conference call February 2016 04 Feb 2016 EFRA TEG meeting February 2016 04 Feb 2016 EFRAG issues feedback statement on the 2015 IASB Agenda Consultation 03 Feb 2016 EFRAG issues its comment letter on the 2015 IASB Agenda Consultation 21 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 All Related Related Publications EFRAG endorsement status report 3 February 2016 04 Feb 2016 EFRAG endorsement status report 29 January 2016 01 Feb 2016 EFRAG endorsement status report 19 January 2016 20 Jan 2016 EFRAG endorsement status report 13 January 2016 13 Jan 2016 All Related Related Dates FRC Priorities 2016 17 Open Meeting 10 Feb 2016 London EFRA TEG meeting February 2016 24 Feb 2016 Brussels FRC forum on enhancing audit quality 05 Apr 2016 London All Related About Contact us FAQs Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of

    Original URL path: http://www.iasplus.com/en-gb/events/conferences/2016/efrag-teg-meeting-february-2016 (2016-02-10)
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  • FRC issues updates to UK GAAP, including new standards for small and micro-entities
    previously necessary due to a conflict with company law An option for entities to use the income statement and statement of financial position formats specified by IAS 1 rather than the formats specified in the Accounting Regulations Items 1 and 2 are applicable for periods beginning on or after 1 January 2015 while items 3 and 4 are applicable for periods beginning on or after 1 January 2016 with early adoption required if and only if the entity is early adopting the new Accounting Regulations FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland The most significant changes to FRS 102 are The addition of section 1A Small Entities which sets out the presentation and disclosure requirements for a small entity that chooses to apply the small entities regime Such entities will still need to apply the recognition and measurement requirements set out in the existing sections of FRS 102 Appendices A to D to section 1A are also added and provide guidance on the application of section 1A Minimum requirements are set out for entities wishing to take advantage of the flexibility to adapt statutory balance sheet and profit and loss formats set out in the new Accounting Regulations The removal of some of the exemptions from disclosure requirements regarding financial instruments that were previously available for qualifying entities An increase from five to ten years in the maximum useful life allowed for goodwill and intangible assets for which in exceptional cases a reliable estimate of the useful life cannot be made Reversal of the default accounting treatment for share based payments where the entity has the choice of settling in cash or shares Previously the default position for such arrangements was to treat them as cash settled whereas now they will normally be accounted for as equity settled arrangements unless this is not reflective of the substance Reversal of any impairment of goodwill is now prohibited subject to expected further changes in company law All of the amendments are applicable for periods beginning on or after 1 January 2016 with early adoption required if and only if the entity is early adopting the new Accounting Regulations or from 1 January 2015 if the entity is not subject to company law FRS 105 The Financial Reporting Standard applicable to the Micro entities Regime FRS 105 the new accounting standard for entities choosing to apply the Micro entities regime is based on FRS 102 but its accounting requirements are adapted to satisfy the legal requirements applicable to micro entities and to reflect the simpler nature and smaller size of micro entities In particular Micro entities are only required to prepare a balance sheet and profit and loss account and not any of the other primary statements required for larger companies No assets can be measured at fair value or a revalued amount No deferred tax or equity settled share based payments are recognised All of the accounting policy choices set out in FRS 102 are

    Original URL path: http://www.iasplus.com/en-gb/news/2015/07/new-uk-gaap-updates (2016-02-10)
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  • A Closer look — The requirement to include a full listing of related undertakings within annual financial statements
    driven by demands for greater transparency and concern that over several years a significant proportion of FTSE 350 companies included neither a full list in their annual financial statements nor filed a complete list with the annual return This issue has been the subject of significant NGO activism In practice this change would most likely have been made in any case when the requirement for an annual return is removed in 2016 This change does not alter which entities need to provide such disclosures nor their content The only change is that the full list must now be included within the annual financial statements For those companies that fully complied with the Act s previous requirement to append a full listing of subsidiaries and other significant holdings to their annual return this requirement will not be a significant issue For those that did not fully comply this will be a little more burdensome particularly if the complete list had been omitted from the annual return This Closer look publication answers the following questions that are frequently being asked in relation to this requirement Download Related Topics Publication series A Closer look Resources Company Law EU Law The Department for Business Innovation and Skills BIS Quick links Accounting and financial reporting reminders home page Related news Audit exemption thresholds to be aligned with revised small company accounting thresholds 26 Jan 2016 ICAEW comments on the BIS consultation on deregulatory changes for LLPs and qualifying partnerships as a result of the UK implementation of the EU Accounting Directive 08 Jan 2016 FRC comments on the BIS consultation on a package of measures to implement the EU Audit Regulation and Directive 08 Jan 2016 BIS publishes government response to PSC register consultation 07 Jan 2016 We comment on the BIS consultation on deregulatory

    Original URL path: http://www.iasplus.com/en-gb/publications/uk/closer-look/2015/closer-look-related-undertakings (2016-02-10)
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  • New and revised pronouncements as at 31 December 2015
    and Errors contains a general requirement that changes in accounting policies are retrospectively applied but this does not apply to the extent an individual pronouncement has specific transitional provisions Disclosures about changes in accounting policies Where an entity changes its accounting policy as a result of the initial application of an IFRS and it has an effect on the current period or any prior period IAS 8 requires the disclosure of a number of matters e g the title of the IFRS the nature of the change in accounting policy a description of the transitional provisions and the amount of the adjustment for each financial statement line item affected Third statement of financial position IAS 1 Presentation of Financial Statements requires the presentation of a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements in a number of situations including if an entity applies an accounting policy retrospectively and the retrospective application has a material effect on the information in the statement of financial position at the beginning of the preceding period Earnings per share EPS Where applicable to the entity IAS 33 Earnings Per Share requires basic and diluted EPS to be adjusted for the impacts of adjustments result from changes in accounting policies accounted for retrospectively and IAS 8 requires the disclosure of the amount of any such adjustments Whilst disclosures associated with changes in accounting policies resulting from the initial application of new and revised pronouncements are less in interim financial reports under IAS 34 Interim Financial Reporting some disclosures are required e g description of the nature and effect of any change in accounting policies and methods of computation New or revised standards The information below can be used to assist with the disclosure requirements under paragraph 30 of IAS 8 Accounting Policies Changes in Accounting Estimates and Errors which requires entities to disclose any new IFRSs that are in issue but not yet effective and which are likely to impact the entity New or revised pronouncement When EU effective Application at 31 December 2015 to 1st qtrs 2nd qtrs 3rd qtrs Full yrs IFRS 9 Financial Instruments 2009 IFRS 9 introduces new requirements for classifying and measuring financial assets as follows Debt instruments meeting both a business model test and a cash flow characteristics test are measured at amortised cost the use of fair value is optional in some limited circumstances Investments in equity instruments can be designated as fair value through other comprehensive income with only dividends being recognised in profit or loss All other instruments including all derivatives are measured at fair value with changes recognised in the profit or loss The concept of embedded derivatives does not apply to financial assets within the scope of the Standard and the entire instrument must be classified and measured in accordance with the above guidelines IFRS 9 2014 was issued on 24 July 2014 and supersedes IFRS 9 2009 but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015 Issued 12 November 2009 article newsletter No stated effective date see notes in prior column Not yet endorsed for use in the EU IFRS 9 Financial Instruments 2010 A revised version of IFRS 9 incorporating revised requirements for the classification and measurement of financial liabilities and carrying over the existing derecognition requirements from IAS 39 Financial Instruments Recognition and Measurement The revised financial liability provisions maintain the existing amortised cost measurement basis for most liabilities New requirements apply where an entity chooses to measure a liability at fair value through profit or loss in these cases the portion of the change in fair value related to changes in the entity s own credit risk is presented in other comprehensive income rather than within profit or loss IFRS 9 2014 was issued on 24 July 2014 and supersedes IFRS 9 2009 but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015 Issued 28 October 2010 article newsletter No stated effective date see notes in prior column Not yet endorsed for use in the EU IFRS 9 Financial Instruments Hedge Accounting and amendments to IFRS 9 IFRS 7 and IAS 39 2013 A revised version of IFRS 9 which Introduces a new chapter to IFRS 9 on hedge accounting putting in place a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non financial risk exposures Permits an entity to apply only the requirements introduced in IFRS 9 2010 for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss without applying the other requirements of IFRS 9 meaning the portion of the change in fair value related to changes in the entity s own credit risk can be presented in other comprehensive income rather than within profit or loss Removes the mandatory effective date of IFRS 9 2013 IFRS 9 2010 and IFRS 9 2009 leaving the effective date open pending the finalisation of the impairment and classification and measurement requirements Notwithstanding the removal of an effective date each standard remains available for application IFRS 9 2014 was issued on 24 July 2014 and supersedes IFRS 9 2009 but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015 Issued 19 November 2013 article newsletter No stated effective date see notes in prior column Not yet endorsed for use in the EU IFRS 9 Financial Instruments 2014 A finalised version of IFRS 9 which contains accounting requirements for financial instruments replacing IAS 39 Financial Instruments Recognition and Measurement The standard contains requirements in the following areas Classification and measurement Financial assets are classified by reference to the business model within which they are held and their contractual cash flow characteristics The 2014 version of IFRS 9 introduces a fair value through other comprehensive income category for certain debt instruments Financial liabilities are classified in a similar manner to under IAS 39 however there are differences in the requirements applying to the measurement of an entity s own credit risk Impairment The 2014 version of IFRS 9 introduces an expected credit loss model for the measurement of the impairment of financial assets so it is no longer necessary for a credit event to have occurred before a credit loss is recognised Hedge accounting Introduces a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non financial risk exposures Derecognition The requirements for the derecognition of financial assets and liabilities are carried forward from IAS 39 Note Depending on the chosen approach to applying IFRS 9 the transition can involve one or more than one date of initial application for different requirements Note IFRS 9 2014 supersedes IFRS 9 2009 IFRS 9 2010 and IFRS 9 2013 but these standards remain available for application if the relevant date of initial application is before 1 February 2015 Issued 25 July 2014 Summary of IFRS 9 article newsletter Effective for annual period beginning on or after 1 January 2018 Not yet endorsed for use in the EU IFRS 14 Regulatory Deferral Accounts IFRS 14 permits an entity which is a first time adopter of International Financial Reporting Standards to continue to account with some limited changes for regulatory deferral account balances in accordance with its previous GAAP both on initial adoption of IFRS and in subsequent financial statements Note Entities which are eligible to apply IFRS 14 are not required to do so and so can chose to apply only the requirements of IFRS 1 First time Adoption of International Financial Reporting Standards when first applying IFRSs However an entity that elects to apply IFRS 14 in its first IFRS financial statements must continue to apply it in subsequent financial statements IFRS 14 cannot be applied by entities that have already adopted IFRSs Issued 30 January 2014 Summary of IFRS 14 article Applicable to an entity s first annual IFRS financial statements for a period beginning on or after 1 January 2016 IASB effective date is 1 January 2016 The European Commission has decided not to propose IFRS 14 Regulatory Deferral Accounts for endorsement in the EU because very few European companies would fall within its scope IFRS 15 Revenue from Contracts with Customers IFRS 15 provides a single principles based five step model to be applied to all contracts with customers The five steps in the model are as follows Identify the contract with the customer Identify the performance obligations in the contract Determine the transaction price Allocate the transaction price to the performance obligations in the contracts Recognise revenue when or as the entity satisfies a performance obligation Guidance is provided on topics such as the point in which revenue is recognised accounting for variable consideration costs of fulfilling and obtaining a contract and various related matters New disclosures about revenue are also introduced Issued 28 May 2014 Summary of IFRS 15 article newsletter revenue resources Applicable to an entity s first annual IFRS financial statements for a period beginning on or after 1 January 2018 See related news article Not yet endorsed for use in the EU Endorsement expected Q2 2016 IFRS 16 Leases IFRS 16 specifies how an IFRS reporter will recognise measure present and disclose leases The standard provides a single lessee accounting model requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value Lessors continue to classify leases as operating or finance with IFRS 16 s approach to lessor accounting substantially unchanged from its predecessor IAS 17 Issued 13 January 2016 Summary of IFRS 16 article IFRS 16 resources Applicable to annual reporting periods beginning on or after 1 January 2019 Not yet endorsed for use in the EU Amendments New or revised pronouncement When effective Application at 31 December 2015 to 1st qtrs 2nd qtrs 3rd qtrs Full yrs Defined Benefit Plans Employee Contributions Amendments to IAS 19 Amends IAS 19 Employee Benefits to clarify the requirements that relate to how contributions from employees or third parties that are linked to service should be attributed to periods of service In addition it permits a practical expedient if the amount of the contributions is independent of the number of years of service in that contributions can but are not required to be recognised as a reduction in the service cost in the period in which the related service is rendered Issued 21 November 2013 article newsletter Effective in the EU for annual periods beginning on or after 1 February 2015 however earlier application is permitted so EU companies can adopt in accordance with the IASB effective date 1 July 2014 Mandatory Mandatory Mandatory Optional Annual Improvements 2010 2012 Cycle Makes amendments to the following standards IFRS 2 Amends the definitions of vesting condition and market condition and adds definitions for performance condition and service condition IFRS 3 Require contingent consideration that is classified as an asset or a liability to be measured at fair value at each reporting date IFRS 8 Requires disclosure of the judgements made by management in applying the aggregation criteria to operating segments clarify reconciliations of segment assets only required if segment assets are reported regularly IFRS 13 Clarify that issuing IFRS 13 and amending IFRS 9 and IAS 39 did not remove the ability to measure certain short term receivables and payables on an undiscounted basis amends basis for conclusions only IAS 16 and IAS 38 Clarify that the gross amount of property plant and equipment is adjusted in a manner consistent with a revaluation of the carrying amount IAS 24 Clarify how payments to entities providing management services are to be disclosed Issued 12 December 2013 article newsletter All amendments are effective in the EU for annual periods beginning on or after 1 February 2015 however earlier application is permitted so EU companies can adopt in accordance with the IASB effective date 1 July 2014 Mandatory Mandatory Mandatory Optional Annual Improvements 2012 2014 Cycle Makes amendments to the following standards IFRS 5 Adds specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held for sale to held for distribution or vice versa and cases in which held for distribution accounting is discontinued IFRS 7 Additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset and clarification on offsetting disclosures in condensed interim financial statements IAS 9 Clarify that the high quality corporate bonds used in estimating the discount rate for post employment benefits should be denominated in the same currency as the benefits to be paid IAS 34 Clarify the meaning of elsewhere in the interim report and require a cross reference Issued 25 September 2014 article Applicable to annual periods beginning on or after 1 January 2016 Optional Optional Optional Optional Accounting for Acquisitions of Interests in Joint Operations Amendments to IFRS 11 Amends IFRS 11 Joint Arrangements to require an acquirer of an interest in a joint operation in which the activity constitutes a business as defined in IFRS 3 Business Combinations to apply all of the business combinations accounting principles in IFRS 3 and other IFRSs except for those principles that conflict with the guidance in IFRS 11 disclose the information required by IFRS 3 and other IFRSs for business combinations The amendments apply both to the initial acquisition of an interest in joint operation and the acquisition of an additional interest in a joint operation in the latter case previously held interests are not remeasured Note The amendments apply prospectively to acquisitions of interests in joint operations in which the activities of the joint operations constitute businesses as defined in IFRS 3 for those acquisitions occurring from the beginning of the first period in which the amendments apply Amounts recognised for acquisitions of interests in joint operations occurring in prior periods are not adjusted Issued 6 May 2014 article Applicable to annual periods beginning on or after 1 January 2016 see note in previous column Optional Optional Optional Optional Clarification of Acceptable Methods of Depreciation and Amortisation Amendments to IAS 16 and IAS 38 Amends IAS 16 Property Plant and Equipment and IAS 38 Intangible Assets 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 for property plant and equipment introduce a rebuttable presumption that an amortisation method that is based on the revenue generated by an activity that includes the use of an intangible asset is inappropriate which can only be overcome in limited circumstances where the intangible asset is expressed as a measure of revenue or when it can be demonstrated that revenue and the consumption of the economic benefits of the intangible asset are highly correlated add guidance that expected future reductions in the selling price of an item that was produced using an asset could indicate the expectation of technological or commercial obsolescence of the asset which in turn might reflect a reduction of the future economic benefits embodied in the asset Issued 12 May 2014 article Applicable to annual periods beginning on or after 1 January 2016 Optional Optional Optional Optional Editorial Corrections various The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements Since the beginning of calendar 2012 such corrections have been made in February 2012 July 2012 March 2013 September 2013 November 2013 and March 2014 September 2014 December 2014 March 2015 April 2015 September 2015 and December 2015 Note For details of these editorial corrections see our IASB editorial corrections page As minor editorial corrections these changes are effectively immediately applicable under IFRS See comment in previous column Agriculture Bearer Plants Amendments to IAS 16 and IAS 41 The amendments bring bearer plants which no longer undergo significant biological transformation into the scope of IAS 16 so that they are accounted for in the same way as property plant and equipment For the purpose of bringing bearer plants from the scope of IAS 41 into the scope of IAS 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 Issued 30 June 2014 article The amendments are effective for annual periods beginning on or after 1 January 2016 Earlier application is permitted Optional Optional Optional Optional Equity Method in Separate Financial Statements Amendments to IAS 27 Amends IAS 27 Separate Financial Statements to permit investments in subsidiaries joint ventures and associates to be optionally accounted for using the equity method in separate financial statements Issued 18 August 2014 article Applicable to annual periods beginning on or after 1 January 2016 S ale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 10 and IAS 28 Amends IFRS

    Original URL path: http://www.iasplus.com/en-gb/othernews/new-and-revised/december-2015 (2016-02-10)
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  • New UK GAAP
    on or after 1 January 2016 FRC updates taxonomies to reflect changes in UK GAAP and company law 23 Dec 2015 The Financial Reporting Council FRC has published additional tags to the XBRL electronic tagging conventions taxonomies to reflect recent changes in UK GAAP and company law ICAEW comments on FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures 21 Dec 2015 The Institute of Chartered Accountants in England and Wales ICAEW has published its comment letter on the Financial Reporting Council s FRC s Financial Reporting Exposure Draft FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures Guidance issued on donations and endowments for higher education institutions implementing the FEHE SORP 16 Dec 2015 Guidance for higher education institutions in implementing the provisions of the Further and Higher Education Statement of Recommended Practice FEHE SORP in respect of donations and endowments has been issued by members of the British Universities Finance Directors Group BUFDG Accounting Roundup Closing Out 2015 16 Dec 2015 In this special edition of our Accounting Roundup series we set out the issues that should be front of mind for those preparing annual reports for years ending on or after 31 December 2015 be they listed company consolidated reports private company or subsidiaries Primarily we address areas of regulatory focus including those identified in the FRC s Corporate Reporting Review Annual Report 2015 and as enforcement priorities by ESMA and those arising from the current economic environment or changes in accounting standards ICAEW webinar on FRS 102 practical challenges and emerging issues 15 Dec 2015 The Institute of Chartered Accountants in England and Wales ICAEW will be hosting a webinar in January 2016 on some of the practical implementation issues businesses are facing when transitioning to Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland FRC consults on amendments to FRS 101 and FRS 103 11 Dec 2015 The Financial Reporting Council FRC has today issued for comment two Financial Reporting Exposure Drafts FREDs proposing limited amendments to FRS 101 Reduced Disclosure Framework and FRS 103 Insurance Contracts ICAEW webinar on the FRC s draft guidance on going concern for non Code companies 20 Nov 2015 The Institute of Chartered Accountants in England and Wales ICAEW will be holding a webinar in December 2015 to discuss the FRC s draft guidance on going concern for non code companies that was issued for comment in October 2015 Need to know FRC proposes limited amendments to the FRS 102 fair value hierarchy disclosure 10 Nov 2015 The Financial Reporting Council FRC has published Financial Reporting Exposure Draft FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures The FRC has received feedback that amending the fair value disclosure requirements applicable to financial institutions and retirement benefit plans will reduce the costs of complying with Financial Reporting Standard FRS 102 and allow these entities to provide information to users that is more consistent with EU adopted

    Original URL path: http://www.iasplus.com/en-gb/collections/new-uk-gaap (2016-02-10)
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