Proposed amendments to IAS 8 — it’s a policy, no it’s an estimate, oh hell I don’t know…

As we addressed here, the IASB published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, open for comment until January 15, 2018. As the comment period has recently closed, we’ll take a look at some of the responses. First, to recap, IAS 8 in its current form defines…

Disclosing inventory – some ideas for enhancements

The US FASB has issued an exposure draft of changes to the disclosure requirements for inventory, with comments due by March 13, 2017. Here’s how they summarize the proposals, which would be applied prospectively: “The amendments in this proposed Update would modify the disclosure requirements for inventory. The following additional disclosures would be required …for…