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  • Asset disposals and discontinued operations
    Financial statement presentation Other comprehensive income IAS 1 Disclosures about going concern IAS 24 State controlled entities and definition of related party IAS 34 Disclosures in interim reporting periods IFRS 5 Definition of discontinued operations IFRS for small and medium sized entities IFRS for SMEs Comprehensive review 2012 2014 Management commentary Reporting comprehensive income performance reporting Segment reporting Convergence issues Info Asset disposals and discontinued operations Background This is a joint project between the IASB and FASB under its short term convergence project to achieve substantial convergence of IFRS IAS 35 Discontinuing Operations with the requirements of US GAAP SFAS 144 Accounting for the Impairment or Disposal of Long Lived Assets The objective of the overall convergence project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP The project which is being done jointly by FASB and IASB grew out of an agreement reached by the two boards in September 2002 Current status of the project This project has been completed IFRS 5 Non current Assets Held for Sale and Discontinued Operations was issued on 31 March 2004 Project milestones Date Development Comments 24 July 2003 Exposure Drat ED 4 Disposal of Non current Assets and Presentation of Discontinued Operations published Comment deadline 24 October 2003 31 March 2004 IFRS 5 Non current Assets Held for Sale and Discontinued Operations issued Effective for annual periods beginning on or after 1 January 2005 Related Discussions IFRS 3 Continuing employment 18 Sep 2012 The staff recommended that the Committee not add business combinations to its agenda until the post implementation review of the FASB standard was complete to avoid creating divergence with the wording of US GAAP on a standard that had previously achieved convergence Discontinued Operations Amendments to IFRS 5 26 Oct 2009 The FASB

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/discontinued-operations (2016-02-10)
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  • Business combinations – Combinations by contract alone or involving mutual entities
    method of accounting IFRS 1 IAS 27 Cost of a subsidiary in separate financial statements IFRS 10 Transitional requirements IFRS 11 Acquisition of an interest in a joint operation Joint arrangements SIC 12 Scope exemption for equity compensation benefits IAS 27 Equity method in separate financial statements IFRS 10 IAS 28 Sales or contributions of assets between an investor and its associate joint venture IFRS 10 IAS 28 Investment entity amendments IAS 28 Elimination of gains arising from downstream transactions Info Business combinations Combinations by contract alone or involving mutual entities Background In developing its proposals in Phase I of its business combination project the IASB observed that differences between the ownership structures of mutual entities such as mutual insurance companies or mutual cooperative entities and those of investor owned entities give rise to complications in applying the purchase method to business combinations involving two or more mutual entities complications arise in applying the purchase method to combinations involving the formation of a reporting entity by contract alone without the obtaining of an ownership interest The Board decided to propose in ED 3 Business Combinations that until those issues are resolved as part of the second phase of the Business Combinations project IAS 22 Business Combinations should continue to apply to the accounting for such transactions During its redeliberations of ED 3 the Board observed that continuing to apply IAS 22 to such transactions would result in them being classified either as unitings of interests or as acquisitions and considered this contrary to the conclusions reached in Phase 1 of the business combinations porject The board decided to develop an interim solution separate to the issue of IFRS 3 Business Combinations Current status of the project This project was discontinued in 2004 The IASB decided not to finalise the proposals

    Original URL path: http://www.iasplus.com/en/projects/completed/consol/business-combinations-by-contract-alone-or-involving-mutual-entities (2016-02-10)
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  • Business combinations – Phase II (application of the purchase method)
    interest Whether a minority interest s share of goodwill should be recognised Whether the purchase of a minority interest should be treated as the purchase of equity Decreases in the parent s ownership interest after a business combination both with and without loss of control Display of minority interests in the consolidated income statement or statement of changes in equity 2 Treatment of successive share purchases 3 Issues relating to the measurement of consideration for the acquisition Measurement date for equity securities issued as consideration Date of acquisition Whether there should be an adjustment from a quoted market price when determining the value of a block of securities issued as consideration Treatment of direct costs of the acquisition Recognition and measurement of contingent consideration Should businesses or other non monetary assets exchanged for an interest in a subsidiary be accounted for at fair value at the date of the transaction or at previous carrying amounts How should any gain or loss arising on the transaction be reported 4 Issues relating to the measurement of the identifiable net assets acquired Recognition of restructuring provisions Specifically whether the recognition criteria set out in IAS 37 Provisions Contingent Liabilities and Contingent Assets should be amended Deferred revenue This is a wider issue than recognition of items within a business combination and this wider context will need to be borne in mind when the issue was considered Income taxes Although IASB and FASB guidance on income taxes will not be reconsidered as part of this project the project will include the specific issue of the treatment of acquired deferred tax assets that are recognised after the business combination Guidance on determining the fair value of liabilities Assets expected to be disposed of Contingencies of the acquired entity The period in which the allocation of the fair value of the acquisition to identifiable net assets can be revised Certain issues excluded from Phase I of the business combinations project These include Combinations of entities under common control Combinations in which separate entities are brought together to form a reporting entity by contract only without the obtaining of an ownership interest for example business combinations in which separate entities are brought together by contract to form a dual listed company The parts of Phase II dealing with application of the purchase method and new basis accounting are being handled as joint projects with the US Financial Accounting Standards Board Current status of the project This project has been completed The IASB issued a revised IFRS 3 Business Combinations and related revisions to IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures on 10 January 2008 The portion of this project related to the recognition and measurement of liabilities was not completed as part of this project but effectively became a separate project See our summary of the IAS 37 project Project milestones Date Development Comments April 2002 Added to the IASB s agenda 30 June 2005

    Original URL path: http://www.iasplus.com/en/projects/completed/consol/business-combinations-phase-2 (2016-02-10)
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  • Business combinations – Phase I
    an investor and its associate joint venture IFRS 10 IAS 28 Investment entity amendments IAS 28 Elimination of gains arising from downstream transactions Info Business combinations Phase I Background The IASB business combinations project has two phases This page deals with the first phase of the project Click for information about Phase II of the business combinations project Topics discussed in the first phase The IASB began a project to review IAS 22 Business Combinations as part of its initial agenda with the objective of improving the quality of accounting for business combinations and achieving international convergence The IASB s primary focus in the first phase of the business combinations project was on these topics the method of accounting for business combinations the initial measurement of identifiable assets acquired and liabilities and contingent liabilities assumed recognition of liabilities for termination or reducing the activities of an acquiree treatment of any excess of the acquirer s interest in the fair value of the identifiable net assets acquired over the cost of the combination accounting for goodwill and intangible assets acquired in a business combination Current status of the project This project has been completed IFRS 3 Business Combinations and revised versions of IAS 36 Impairment of Assets and IAS 38 Intangible Assets were issued on 31 March 2004 Project milestones Date Development Comments 5 December 2002 Exposure Drafts published ED 2 Business Combinations Proposed Amendments to IAS 36 and IAS 38 Comment deadline 4 April 2003 31 March 2004 IFRS 3 Business Combinations issued Applies to business combinations for which the agreement date is on or after 31 March 2004 31 March 2004 Revised IAS 36 Impairment of Assets issued Effective from the beginning of the first annual period beginning on or after 31 March 2004 and to goodwill and intangible

    Original URL path: http://www.iasplus.com/en/projects/completed/consol/business-combinations-phase-1 (2016-02-10)
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  • Business reporting on the internet
    for SMEs Comprehensive review 2012 2014 Management commentary Reporting comprehensive income performance reporting Segment reporting Convergence issues Info Business reporting on the internet Background In November 1999 IASC published a study Business Reporting on the Internet as the first step in a possible project to develop standards in that area The study examined the current technologies available for electronic business reporting what companies around the world are actually doing this involved a detailed analysis of the websites of the 30 largest companies in each of 22 countries 660 companies in all the sort of standards for electronic business reporting that are needed now within the constraint of today s technologies the shortcomings of business reporting on the Internet within current technologies the technological changes that are on the horizon and how can they improve electronic business reporting particularly the ability to go beyond the Internet as electronic paper to facilitate downloading and analysis of financial data The study was authored by four experts from academe Andrew Lymer Roger Debreceny Glen Gray and Asheq Rahman Paul Pacter who was then a Technical Director in Deloitte Touche Tohmatsu s Hong Kong office was project manager for IASC Among other recommendations the study urges IASC to adopt a Code of Conduct for Web based business reporting A complete draft of a proposed Code is included in the report The study also recommends that IASC join a consortium effort which would include information intermediaries software companies securities regulators national accounting standard setters international accounting firms and others to develop a global electronic business reporting language to meet the needs of investors lenders regulators and others who look to the Internet for financial and operating information about business enterprises The report is organised as follows Chapter 1 reviews some of the impetuses behind the proliferation of Web based business reporting It also provides background information on the increasing types and number of corporate websites and the increasing number of online traders Chapter 2 explores and summarises the multitude of different electronic reporting technologies that can be used by Web designers These technologies are not mutually exclusive which means that a designer can use any mix of these technologies to develop a website Chapter 3 summarises the findings of the existing literature on Web based financial reporting and adds further findings from a survey of 660 corporations in 22 countries conducted by the authors The chapter also discusses electronic reporting environments within national disclosure and regulatory regimes such as EDGAR and SEDAR in the USA and Canada respectively Chapter 4 examines the information presented in the prior chapters and proposes that the IASC should seriously consider the development of a code of conduct that would cover both the form and content aspects of Web based business reporting Chapter 5 addresses issues raised by pending and future technologies which are evolving at a rapid rate The chapter suggests that to add value to information consumers it is critical that international standards setters and other organisations respond to

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/project94 (2016-02-10)
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  • Concepts (Elements of financial statements)
    Topics Communications Toggle navigation Search site Navigation Projects Major projects Narrow scope amendments Research projects Post implementation reviews Agenda consultations Completed projects Annual improvements Assets Conceptual framework Consolidation and business combinations Employee benefits Financial instruments Financial statements and disclosure First time adoption Income taxes Leases Liabilities Revenue Share based payments Other Items not added to the agenda IFRIC Navigation Conceptual framework Concepts Elements of financial statements Conceptual Framework IASB FASB joint project Conceptual Framework Phase A Objective and qualitative characteristics Conceptual Framework Phase B Elements and recognition Conceptual Framework Phase C Measurement Conceptual Framework Phase D Reporting entity Conceptual Framework Phase E Presentation and disclosure Conceptual Framework Phase F Purpose and status Conceptual Framework Phase G Application to not for profit entities Conceptual Framework Phase H Remaining issues Info Concepts Elements of financial statements Background This is a project was initiated in 2001 and was intended to explore similarities and differences between the definitions of the elements of financial statements assets liabilities equity revenues expenses gains and losses in the then IASC Framework and the existing conceptual frameworks of national standard setters to determine whether there are differences that are impediments to convergence Current status of the project At the April 2004 joint IASB FASB meeting the boards discussed a staff proposal to undertake a joint project to develop a common converged conceptual framework that both boards agree on and that improves on their two existing frameworks More information can be found on our IASB FASB Conceptual Framework project page Related Discussions Conceptual Framework Phase A Objective and Qualitative Characteristics and Phase B Elements and Recognition 20 Feb 2007 The Boards discussed phase A and phase B of the conceptual framework All Related Quick links Conceptual Framework IASB FASB joint project Related news Model IFRS financial statements and checklist for

    Original URL path: http://www.iasplus.com/en/projects/completed/framework/concepts (2016-02-10)
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  • Conceptual Framework — IASB-FASB joint project
    Completion of Phase A effectively immediately applicable For more information including details of exposure drafts and other due process documents for each phase refer to the individual project pages for the various project components For details of the reactivated IASB only project refer to our separate project page Related Discussions Conceptual framework 28 Sep 2012 The staff presented their proposals to the Board as to how to approach the project on the conceptual framework The staff recommended that the conceptual framework project should focus on elements of financial statements measurement reporting entity presentation and disclosure They also noted that the aim would be to work towards a single discussion paper covering all of the areas rather than the previous joint IASB and FASB phase project on the conceptual framework rather than separate discussion papers for each area Agenda consultation 23 May 2012 The IASB staff presented a summary of the feedback received in response to the IASB s request for views Agenda Consultation 2011 including a summary of the IASB s responses to the feedback Technical plan 17 Nov 2010 The IASB and FASB briefly discussed the timing of each of the Memorandum of Understanding MOU joint projects in preparation for the intended issue of an updated technical plan Three projects were discussed in detail financial instruments discontinued operations and the Conceptual Framework Conceptual Framework Phase A Qualitative Characteristics Sweep Issues 17 May 2010 The Board discussed sweep issues from the ballot draft Conceptual Framework Phase C Measurement 04 May 2010 The Boards discussed the next step in the measurement chapter of the conceptual framework IAS 8 Change in terminology to the qualitative characteristics 04 Mar 2010 The IFRIC considered the comment letters received to the proposed amendments to IAS 8 related to changes of terminology reflecting the changes in the Framework Conceptual Framework Phase C Measurement 16 Dec 2009 The Boards discussed an updated draft of a new measurement chapter Also the Boards discussed the concepts that might be included in a discussion paper Credit Risk in Liability Measurement 21 Oct 2009 At that meeting the Board decided to stop work on credit risk in liability measurement as separate project and not to reach a general conclusion on credit risk at this time Instead the issues will be incorporated into the Conceptual Framework Measurement project Conceptual Framework Phase D Reporting Entity 15 Sep 2009 The Board gave direction to the staff preparing the exposure draft of the Reporting Entity chapter of the Framework as follows Conceptual Framework Phase A Objectives and Qualitative Characteristics 15 Sep 2009 The staff led the Board through a series of issues raised by Board members during their review of a pre ballot draft of final chapters on the Objectives and Qualitative Characteristics of Financial Reporting Conceptual Framework Phase C Measurement 17 Jun 2009 The Board discussed a draft chapter on measurement that might form the basis of a joint IASB FASB discussion paper The sample chapter very basic it did not include a basis

    Original URL path: http://www.iasplus.com/en/projects/completed/framework/framework-joint (2016-02-10)
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  • Conceptual Framework Phase F — Purpose and status
    status Conceptual Framework Phase G Application to not for profit entities Conceptual Framework Phase H Remaining issues Info Conceptual Framework Phase F Purpose and status Background At their joint meeting in October 2004 the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework based on and built on both the existing IASB Framework and the FASB Conceptual Framework that both Boards would use as a basis for their accounting standards The Conceptual Framework project is being conducted in eight phases Phase F will consider the Conceptual Framework s authoritative status with the goal of developing a framework that is of comparable authority for the use of both the IASB and FASB in the standard setting process Current status of the project The IASB and FASB did not deliberate this phase of the project As a result of the IASB s Agenda Consultation project the IASB decided in September 2012 to reactivate the Conceptual Framework project as an IASB only comprehensive project The IASB only project will consider the elements of financial statements measurement reporting entity presentation and disclosure Work on the purpose and status aspects was discontinued as one of the objectives of that phase was to reach a converged IASB FASB view on the secondary purpose of the framework to assist preparers in preparing financial statements which is not present in US GAAP Project milestones Date Development Comments October 2004 Comprehensive project added to the active agenda September 2012 Project discontinued when the overall IASB FASB project was replaced by IASB only comprehensive project Related Discussions Conceptual framework Purpose and status 23 Apr 2013 The Board discussed the purpose of the conceptual framework Conceptual framework 28 Sep 2012 The staff presented their proposals to the Board as

    Original URL path: http://www.iasplus.com/en/projects/completed/framework/framework-f (2016-02-10)
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