Waiting for the next big IFRS thing, with much (and I mean much) anticipation!

November 2008 “On November 14, 2008, the SEC issued the much anticipated proposed IFRS “Roadmap”. The Roadmap outlines 7 milestones which if achieved could result in mandatory adoption of IFRS by U.S. Issuers in fiscal years ending on or after December 15, 2014. Also contemplated is allowing certain U.S. issuers the option to early adopt of IFRS for fiscal years ending on or after December 15, 2009.”

May 2009 “IASB released its much-anticipated Exposure Draft of a standard to replace IAS 12, Income Taxes. Income taxes are a significant item for all reporting companies and any changes to how they are accounted for can have a fundamental impact on a company’s balance sheet and income statement, as well as its disclosures.”

January 2010 “The much-anticipated International Financial Reporting Standards (IFRS) is likely to be rolled out only partially in India from April 1, 2011.That’s because a core group on IFRS implementation, set up by the ministry of company affairs and headed by renowned chartered accountant Y H Malegam, is set to recommend that it be made mandatory only for big corporates in the first phase.”

February 2010 “Yesterday, the Securities and Exchange Commission (SEC) provided their much anticipated announcement on the adoption of International Financial Reporting Standards (IFRS) in the US.”

April 2010 “Because mankind is a creature of habits, I thus understand that we have a certain tendency to resist the idea of change. However, one can no longer ignore the fact that the SEC is moving inexorably towards the adoption of IFRS. Therefore, all potentially affected parties must work in concert with each other to ensure that today’s and tomorrow’s US accounting professionals are more than appropriately prepared to deal with the much anticipated SEC migration from U.S. GAAP to IFRS.”

July 2010 “30 July 2010 was an important milestone for the IASB, with the release of the much anticipated Exposure Draft (ED). This is the most current view of the IASB’s objective to provide a single global comprehensive accounting standard for insurance contracts. Following the IASB’s standard framework, the ED also provides guidance on the recognition, measurement, presentation and disclosure for those contracts that contain ‘significant’ insurance risk.”

June 2011 “In May 2011, the IASB issued the much anticipated IFRS 11, Joint Arrangements. This standard supersedes IAS 31, Interest in Joint Ventures and SIC 13, Joint Controlled Entities – Non-Monetary Contributions. IFRS 11 is expected to bring about major changes in the accounting for joint ventures.”

July 2011 “The much anticipated SEC Roundtable discussion about IFRS adoption in the U.S. has come and gone and the world is still standing. I estimate that there was a 1,000,000:1 ratio of Americans interested in the verdict in the Casey Anthony trial when compared to the results of the roundtable discussion that took place in Washington, D.C. on July 7, 2011.”

October 2011 “But now (at last) the much-anticipated SEC decision regarding incorporating IFRS into the U.S. reporting structure is expected by the end of the year, which may have private companies heaving a sigh of relief. What’s different about the less-robust IFRS guidance? For one, they’ve eliminated topics that aren’t relevant for smaller entities, including EPS guidance, quarterly financial reporting and operating segment disclosures.”

July 2012 “If you are going to do it, do it right. That seems to be the motto of the US Securities and Exchange Commission (SEC) in its approach to incorporating International Financial Reporting Standards (IFRS) into US accounting methods. Although there have been expressions of surprise in some quarters that the much anticipated report was not clearer on when IFRS should be adopted in the US, this should by no means be interpreted as an intention to delay or step away from convergence.”

March 2014 “Publication of the new revenue standard has been delayed until at least the second quarter of 2014. The much anticipated new standard is the result of a joint effort between the IASB and FASB. No further board deliberations are expected.”

January 2016 “On January 12, 2016, the International Accounting Standards Board issued its much-anticipated leases standard, IFRS 16. The standard will require all leases to be reported on a company’s balance sheets as assets and liabilities.”

October 2016 “EY organized its much anticipated International Financial Reporting Standards (IFRS) and Tax Update seminar at the W Hotel in Doha, Qatar. Over 100 finance professionals attended the seminar from the public and private sector in Qatar. The two-day event brought participants up-to-date on the latest IFRS developments and new pronouncements, and their impact on financial reporting.”

December 2016 “A long-running and much-anticipated publication of a final revised Conceptual Framework is slated for July 2017, or ‘after six months’, according to the IASB workplace.”

August 2017 “A much anticipated IFRS 17 was released on 18 May 2017– well, at least it is termed a “much anticipated” standard in many of the newly released IFRS 17 publications and articles. For many following the development of the new Insurance standard, it has been a long and often tedious journey; one that left many suffering from ‘IFRS 17 fatigue’ and wondering whether the standard would ever officially be published.”

And there it is. On this occasion, none of the opinions expressed or words used above were those of the author, not that he doesn’t also live in daily anticipation…

(with thanks for the idea to the jaded author of that last extract)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s