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    Please click to access the press release and ED 61 on the IPSASB website Comments are requested by 31 July 2016 IASB website available again 03 Feb 2016 The IASB website which had been down for three days as a result of a major hardware failure at its hosting provider is available again The eIFRs section and the web shop are fully functional again the news section has been restored to the state of 19 January 2016 and will be available in full shortly We are proud that the IASB used IAS Plus to communicate with their readers when their website was down FASB constituents of the TRG will continue to meet 02 Feb 2016 Wesley R Bricker deputy chief accountant in the SEC s Office of the Chief Accountant OCA spoke at the 43rd Annual Securities Regulation Institute sponsored by the Northwestern Pritzker School of Law about the implementation of the new revenue standard Mr Bricker noted that the SEC staff continues to support the TRG as a mechanism to promote more consistent application of the new revenue standard While the IASB will no longer attend TRG meetings the FASB will continue to address implementation issues and has scheduled three TRG meetings for 2016 Mr Bricker noted that the SEC staff attends TRG meetings and will use the discussions as a basis to assess the appropriateness of domestic and foreign registrants revenue recognition policies For more information see Deloitte s journal entry IASB website currently not available 01 Feb 2016 The IASB has asked us to post the following information The IFRS Foundation website including all IASB matters is currently down as a result of a major hardware failure at its hosting provider They are working to restore the system as quickly as possible but this is likely to take at least 24 hours IASB issues Investor Perspectives article on leases 29 Jan 2016 The IASB has issued the latest issue of Investor Perspectives In this edition Sue Lloyd IASB board member discusses the key features in the new leases standard This issue features A discussion on why there was a change in the accounting for leases and what these changes mean to investors A comparison between the requirements in IFRS 16 previous IFRS guidance and future US GAAP requirements Illustrative examples For more in for ma tion see the press release and Investor Per spec tives article on the IASB s Web site IASB finalises amendments to IAS 7 under its disclosure initiative 29 Jan 2016 The International Accounting Standards Board IASB has published amendments to IAS 7 Statement of Cash Flows The amendments are intended to clarify IAS 7 to improve information provided to users of financial statements about an entity s financing activities They are effective for annual periods beginning on or after 1 January 2017 with earlier application being permitted Background The IASB added an initiative on disclosure to its work programme in 2013 to complement the work being done in the Conceptual Framework project

    Original URL path: http://www.iasplus.com/en/news?b_start:int=10 (2016-02-10)
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  • News
    next steps Equity method 64 69 ASAF members discussed the scope of the equity method of accounting project Project updates and agenda planning 70 72 ASAF members were updated on current IASB projects which included its primary financial statements research project and changes in accounting policies project A full report of the meeting is available on the IASB s website IASB updates work plan 22 Jan 2016 Following its January 2016 meeting the IASB has updated its work plan As mentioned before directly tracing the Board s progress on the individual projects has become impossible since the change of the work plan format in July unless the Board makes definite progress or has to make larger corrections Of these only a few can be identified since the previous work plan On major projects the only change the Board notes is that a decision on the direction of the Conceptual Framework is now expected within three months was within six months For all other projects the next project steps may or may not have been pushed back by one month since the last work plan update Updates regarding the im ple men ta tion projects are The status of the project on Classification of Liabilities has changed to state that an IFRS is being developed and will be published within six months An exposure draft on the Definition of a Business is now expected within three months was within six months A note has been added to indicate that Fair Value Measurement Unit of Account project will become part of the post implementation review of IFRS 13 An exposure draft on Remeasurement of Previously Held Interest is now expected within three months was within six months For research projects the work plan now provides more details into the initial work that will be done in the Primary Financial Statements project Lastly the work plan has replaced its entry for the 2011 2012 Agenda Consultation with the 2015 Agenda Consultation The 2015 Agenda Consultation is currently in the analysis phase with a feedback statement expected after six months The revised IASB work plan is available on the IASB s website IASB says TRG not scheduled to meet again 22 Jan 2016 The IASB has announced that the Transition Resource Group for Revenue Recognition TRG is not scheduled to meet again The IASB has completed its decision making on amendments to IFRS 15 this week The clarifications are expected to be published in March 2016 and the effective date of the amendments will be 1 January 2018 effective date of IFRS 15 Regarding the TRG the Board states The Board is now of the view that stakeholders need to know that they can continue their implementation process with the confidence that IFRS 15 will not be subject to further changes Accordingly the Board does not plan to schedule further meetings of the IFRS constituents of the TRG However the TRG will not be disbanded and will be available for consultation by the Board

    Original URL path: http://www.iasplus.com/en/news?b_start:int=20 (2016-02-10)
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  • News
    purposes give rise to a deductible temporary difference regardless of whether the debt instrument s holder expects to recover the carrying amount of the debt instrument by sale or by use The carrying amount of an asset does not limit the estimation of probable future taxable profits Estimates for future taxable profits exclude tax deductions resulting from the reversal of deductible temporary differences An entity assesses a deferred tax asset in combination with other deferred tax assets Where tax law restricts the utilisation of tax losses an entity would assess a deferred tax asset in combination with other deferred tax assets of the same type Transition requirements and effective date The amendments are effective for annual periods beginning on or after 1 January 2017 Earlier application is permitted As transition relief an entity may recognise the change in the opening equity of the earliest comparative period in opening retained earnings on initial application without allocating the change between opening retained earnings and other components of equity The Board has not added additional transition relief for first time adopters Additional information Please click for IASB press release link to IASB website Access to the amendments link to IASB website IFRS in Focus newsletter Our IAS Plus project page on IAS 12 Recognition of deferred tax assets for unrealised losses Roadmap drawn up for IFRS convergence of Indian banks and insurers 19 Jan 2016 The Indian Ministry of Corporate Affairs MCA has released a roadmap for the adoption of Indian Accounting Standards Ind AS which are largely converged with International Financial Reporting Standards IFRSs by Indian banking insurance and non banking finance companies These companies were exempt from the general roadmap announced in January 2015 In January 2015 the MCA released a roadmap requiring that companies with a net worth of Rs 500 crore or more will have to mandatorily follow Ind AS from 1 April 2016 Corporates having a net worth of less than Rs 500 crore but are listed or in the process of getting listed and companies with a net worth of Rs 250 crore or more will have to follow the new norms from 1 April 2017 For banking insurance and non banking finance companies which were exempt from the general roadmap a separate one has now been drawn up that will see a phased approach with Ind AS adoption beginning from 1 April 2018 The details of the new road map are Banks and insurers Scheduled commercial banks excluding regional rural banks and insurance companies will be required to prepare Ind AS based financial statements for accounting periods beginning from 1 April 2018 onwards Ind AS will be applicable to both consolidated and individual financial statements Holdings subsidiaries joint ventures or associate companies of scheduled commercial banks excluding regional rural banks will be required to prepare Ind AS based financial statements for accounting periods beginning from 1 April 2018 onwards Urban cooperative banks and regional rural banks are not required to apply Ind AS and will continue

    Original URL path: http://www.iasplus.com/en/news?b_start:int=30 (2016-02-10)
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  • News
    Accounting Standards Board IASB has published a new standard IFRS 16 Leases The new standard brings most leases on balance sheet for lessees under a single model eliminating the distinction between operating and finance leases Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained IFRS 16 supersedes IAS 17 Leases and related interpretations and is effective for periods beginning on or after 1 January 2019 with earlier adoption permitted if IFRS 15 Revenue from Contracts with Customers has also been applied Background In July 2006 a project to revise lease accounting was added to the IASB s agenda The project was undertaken as a joint project with the US Financial Accounting Standards Board FASB with both standard setters looking to develop an approach requiring lessees to recognise assets and liabilities for the rights and obligations arising under leases In the years that followed a discussion paper and two exposure drafts were published with both boards undertaking significant outreach activities The IASB has now issued a final standard with a single lessee accounting model whereas the FASB has decided to have a dual lessee accounting model in their forthcoming standard both however require assets and liabilities to be recognised with limited exceptions 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 Overview of the new accounting model in IFRS 16 Under IFRS 16 a lessee recognises 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 and 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 as an assumed linear depreciation of the right of use asset and the decreasing interest on the liability will lead to an overall decrease of expense over the reporting 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 As with IFRS 16 s predecessor IAS 17 lessors classify leases as operating or finance in nature A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset Otherwise a lease is classified as an operating lease For finance leases a lessor recognises finance income over the lease term based on a pattern reflecting a constant periodic rate of return on the net investment A lessor recognises operating lease payments as income on a straight line basis or if more representative of the pattern in which benefit from use of the underlying asset is diminished another systematic basis 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 1 January 2019 Earlier application is permitted if IFRS 15 Revenue from Contracts with Customers has also been applied Additional information IASB website Press release Project summary and feedback statement Fact sheet IFRS 16 Leases Access to the standard the illustrative examples and the basis for conclusions on eIFRS eIFRS subsription required Effects analysis Interview with Hans Hoogervorst introducing the standard Recording of web presentation on the new standard IAS Plus IFRS in Focus newsletter summarizing the new standard Overview of the project history Summary of IFRS 16 Leases Interview with Hans Hoogervorst and Veronica Poole The Bruce Column Bringing clarity to leases The new standard IFRS industry insights newsletters Aviation Property occupiers Telecommunications EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 On 23 September 2015 the European Financial Reporting Advisory Group EFRAG will hosted a conference on Conceptual Framework for Financial Reporting will it meet European expectations in Brussels A summary report related to this outreach event has now been provided Specifically participants and a panel consisting of representatives from national standard setters the European Parliament users of financial statements the IASB EFRAG and academics discussed the IASB s proposed Conceptual Framework and the results of an academic study sponsored by EFRAG and the ICAS on professional investors financial information usage The press release on the EFRAG s website offers a summary of the main observations and access to the full report IASB changes to technical leadership 12 Jan 2016 IASB has made some changes to its technical leadership effective 1 January 2016 The following responsibilities have been determined Henry Rees has become Director of Implementation and Adoption Activities and will be supported by Patrina Buchanan as deputy Andrea Pryde will be leading the IASB s standard setting staff work with the exception of the financial instruments work which will be continue to led by Kumar Dasgupta Michael Stewart will be responsible for all post implementation reviews and will also lead certain research projects Peter Clark will continue to lead the IASB s overall research programme Wayne Upton will continue to chair the IFRS Interpretations Committee Please click for the announcement of

    Original URL path: http://www.iasplus.com/en/news?b_start:int=40 (2016-02-10)
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  • News
    recognition of deferred taxes and payments made by an operator to a grantor in a service concession arrangement We have added them to our meeting note page and will supplement them with our popular meeting notes after the meeting Three new publications on integrated reporting 08 Jan 2016 The International Integrated Reporting Council IIRC has made available three new publications on integrated reporting Creating Value Integrated Reporting IR and Investor Benefits draws on the latest research and highlight the increasingly compelling evidence on the value of integrated reporting for investors exploring its benefits for them and the information they deem important The research compiled largely comprises investor surveys on their views of integrated reporting and wider information that goes beyond pure financial data although studies are also included that demonstrate the value of integrated reporting in terms of the performance of a company Please click to access the publication on the IIRC website In cooperation with the International Federation of Accountants IFAC the IIRC has released the publication Materiality in Integrated Reporting which offers guidance for the preparation of integrated reports It explains materiality and the corresponding materiality determination process in the context of integrated reporting It also outlines expectations for materiality related disclosures Please click to access the publication on the IIRC website Finally the IIRC makes available a publication by the Integrated Reporting Committee IRC of South Africa Reporting on Outcomes An Information Paper The IIRC Framework introduced a requirement to report on outcomes which are defined as the internal and external consequences positive and negative for the capitals as a result of an organisation s business activities and outputs While the wording in the Framework is simple an analysis of South African integrated reports has revealed challenges in reporting on outcomes The IRC information paper aims to assist report preparers in improving their understanding of what the term outcomes means while offering some considerations for communicating outcomes in an integrated report Please click to access the publication on the IIRC website IFRS Foundation responds to ESMA s consultation paper on ESEF 07 Jan 2016 The IFRS Foundation has published its comment letter on the European Securities and Markets Authority s ESMA s public consultation paper regarding the European single electronic format ESEF The IFRS Foundation supports the ESMA s consultation and welcomes ESMA s proposal to use the IFRS Taxonomy for structured electronic reporting in Europe The comment letter states The IFRS Foundation is fully committed to supporting ESMA and to co operate with other stakeholders including users and preparers of structured electronic reports in implementing the IFRS Taxonomy and the ESEF within Europe While the IFRS Foundation s comment letter shows strong support for the ESMA s September 2015 consultation paper the letter does note that the IFRS Foundation would prefer that the ESMA does not prohibit the use of XBRL extensions or any other mechanism to structure entity specific disclosures The comment letter also specifically responds to various but not all of the questions set

    Original URL path: http://www.iasplus.com/en/news?b_start:int=50 (2016-02-10)
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  • News
    for the meeting can be found here We will update this page for our pre meeting summaries of the staff papers any changes to the agenda and our Deloitte observer notes from the meeting as they become available We comment on the IASB agenda consultation 04 Jan 2016 We have responded to Request for Views document that the IASB published in August 2015 to launch its second public consultation to seek broad public input on the strategic direction and overall balance of its future work programme We support the emphasis the consultation places on completing the remaining major projects We also note that the Board should allocate sufficient resources to the implementation of these standards of the forthcoming IFRS 16 Leases and of the recently published standards IFRS 9 and IFRS 15 We welcome the attention given to research projects However we miss a sense of context how the Board sees its current standard setting priorities in relation to a wider and more long term view of financial and corporate reporting Please click to access the full comment letter IFRS Foundation publishes additional framework based teaching material 04 Jan 2016 The IFRS Foundation has published the fourth and fifth parts of its comprehensive framework based IFRS teaching material for its education initiative The material is free to download and is designed to enhance educators teaching about IFRSs and to help students develop their abilities to make the necessary estimates and judgments when applying IFRSs and the IFRS for SMEs Part 4 of the material made available now focusses on accounting for business combinations and consolidated financial statements Part 5 focusses on changing accounting policies and accounting estimates correcting prior period errors and reflecting changes in circumstances Please click to access all batches of the teaching material on the IASB website Year in review 2015 30 Dec 2015 2015 was another successful year for the IAS Plus family with over 13 million page views We ve devoted significant resources to bring you comprehensive coverage of all things IFRS and broader financial reporting and other relevant topics and are pleased that our readers appreciate our efforts Overall our most popular pages remain our accounting standards summaries and we continued to witness strong demand for our news publications resource pages and project summaries Our 10 most popular stories of 2015 IASB publishes Exposure Draft of a new Conceptual Framework May IAASB releases new and revised standards on auditor reporting January IASB will propose to defer the effective date of IFRS 15 April IASB issues finalised amendments to the IFRS for SMEs May IASB proposes clarifications to IFRS 15 July IASB decides to propose IFRS 9 deferral September IASB completes post implementation review of IFRS 3 June IASB proposes amendments to IAS 1 to clarify the classification of liabilities February EFRAG concludes that adoption of IFRS 9 is conducive to the European public good May IASB votes to defer the effective date of IFRS 15 July We wish you a happy and safe New

    Original URL path: http://www.iasplus.com/en/news?b_start:int=60 (2016-02-10)
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  • News
    Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Meetings Standards Projects Jurisdictions Resources My IAS Plus Topics Communications Toggle navigation Search site Navigation News 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Info News IASC seeks views on accounting in the extractive industries 01 Dec 2000 IASC has published an Issues Paper on accounting in the extractive industries mining and oil and gas Deloitte Touche Tohmatsu Hong Kong Technical Director Paul Pacter is one of the principal authors along with Horace Brock of University of North Texas Click here for IASC Press Release PDF 41k Description of IASC s Project IASC approves two final Interpretations 01 Dec 2000 In late November IASC approved two final Interpretations that had been developed by the Standing Interpretations Committee SIC 19 Reporting Currency Measurement and Presentation of Financial Statements Under IAS 21 and IAS 29 and SIC 24 Earnings Per Share Financial Instruments and Other Contracts that May Be Settled in Shares Click here for IASC Press Release PDF 33k Description of SIC 19 Description of SIC 24 IASC makes limited revisions to IAS 12 IAS 19 IAS 39 01 Dec 2000 In late November IASC published limited revisions to three International Accounting Standards IAS 12 Income Taxes IAS 19 Employee Benefits and IAS 39 Financial Instruments Recognition and Measurement All are effective for periods beginning on or after 1 January 2001 earlier application encouraged Click here for IASC Press Release PDF 27k Previous 10 items 1 941 942 943 944 Quick links About news IFRS in your pocket Model financial statements Global publication library Deloitte observer notes from meetings Contact us About Legal Privacy FAQs Material on this website is 2015 Deloitte

    Original URL path: http://www.iasplus.com/en/news?b_start:int=9430 (2016-02-10)
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    excellent source for refreshing your knowledge about past developments and research This page provides answers to commonly asked questions about our news items Frequently asked questions answered on this page How can I find a particular news item What do the icons for news items mean How can I find a particular news item There are several ways to find news items of interest Browse our archives where you can select particular years and months and page through news articles in reverse chronological order Visit our site sections to locate a topic of interest and see news articles that relate to that topic Each of our standards resources projects and jurisdictions pages contain links to news articles related to those topics Search the site using the search bar in the top section of each page on the site In the search results you can narrow the search to news items by clicking on the News category which appears on the left in the click out left menu on mobile devices Find out more about search What do the icons for news items mean We include one or two icons for all news articles we publish on IAS Plus These icons are designed to allow our readers to quickly identify articles of interest News icons are grouped in colours that represent the organisations or topics related to news items An overview of our colour scheme with examples is set out below Key IFRS Foundation and IASB groups Other IFRS Foundation and IASB groups Regional standard setter organisations Other standard setters Regulation and enforcement International Federation of Accountants Sustainability and integrated reporting Other organisations Related Topics Resources Welcome to IAS Plus Related news IASB publishes updated list of IFRS learning resources 04 Dec 2015 Canada joins the IAS Plus family Le Canada

    Original URL path: http://www.iasplus.com/en/othernews/about/news (2016-02-10)
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