Here’s one of the IFRS Foundation’s wackier recent endeavours, as announced at the end of September: “The IFRS Foundation has today launched an online educational quiz as a free-of-charge resource for students, educators and other interested parties to assess their knowledge of the use of IFRS, the IASB as well as the Standards themselves. The online…
Last month, the International Accounting Standards Board (IASB) issued Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value, an exposure draft of proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28 and IAS 36 and the illustrative examples which accompany IFRS 13. Comments should be submitted by January 16, 2015.…
The International Accounting Standards Board (IASB) has released its latest annual improvements to IFRSs, for the 2012-2014 cycle. To read this article, and a wide range of additional IFRS material by other writers, go to Wiley Insight IFRS at bit.ly/1v7nYXD (subscription required, but free trial available)
The IASB recently posted a summary report of a joint outreach event held in Brussels in June 2014, titled: Investors and Advisers: What role can you play in ensuring quality financial reporting? Here’s the executive summary: “Panellists emphasised that the information provided by financial reporting needed to be of high quality so that it is…
How the IASB’s new framework for recognizing revenue affects the accounting for related costs As we summarized here, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2017 (NB this was subsequently amended to January 1, 2018). In addition to setting out…
The IASB has issued Sale or Contribution of Asset between an Investor and its Associate or Joint Venture, amendments to IFRS 10 and IAS 28, driven by questions about the appropriate accounting by an investor for a business it contributes to an equity-accounted investee. The guidance in IFRS 10 suggests that when it loses control of…
How to make the transition to the IASB’s new accounting requirements As we summarized here, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2017 (NB this was subsequently amended to January 1, 2018). An entity for which the standard causes a…
by John Hughes The IASB has issued Recognition of Deferred Tax Assets for Unrealized Losses, an exposure draft of proposed changes to IAS 12 Income Taxes, with comments to be received by December 18, 2014. The press release accompanying the exposure draft was unusually plain and stark, as if reflecting that even the IASB’s publicity…
Some issues around the fifth step in the IASB’s new framework for recognizing revenue As we summarized here, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2017 (NB this was subsequently amended to January 1, 2018). The new standard is built…
by John Hughes The speeches by the IASB’s leaders often evoke some tedious game of strategy where every rhetorical point in favour of IFRS is considered to be worth making over and over, even if it accomplishes little more than moving a single piece back and forth between the same two squares. As in some Cold War espionage…
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