Financial reporting

  The Federal Accounting Standards Advisory Board (FASAB) is proposing that new presentation requirements for long-term fiscal projections for the U.S. government and related disclosures be delayed one year, to take effect in fiscal year 2015 rather than fiscal year 2014.

The standard requires projections and related disclosures to be presented in a basic financial statement rather than as required supplementary information. Under the proposed delay, this information would be presented as required supplementary information in fiscal year 2014 and in a basic financial statement in fiscal year 2015.

FASAB is proposing the delay because the AICPA has been considering guidance for auditors and appropriate audit report language regarding the statement of long-term projections, the statement of social insurance, and the statement of changes in social insurance amounts.

Preparers and auditors will need additional time to plan for audits based on the final guidance, which is expected to be issued in the coming months, according to FASAB. The proposal is available at

  The International Accounting Standards Board (IASB) published amendments to rules to clarify acceptable methods of depreciation and amortization, and for acquisitions of interests in joint operations that constitute a business.

The IASB changed IAS 16, Property, Plant and Equipment, and IAS 38, Intangible Assets. The IASB clarified that it is not appropriate to use revenue-based methods to calculate an asset’s depreciation because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset.

Revenue also is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. In certain limited circumstances, though, this presumption can be rebutted, according to the new guidance.

Amendments to IFRS 11, Joint Arrangements, specify the appropriate accounting treatment for an acquisition of an interest in a joint operation that constitutes a business.

The IASB decided that entities that acquire interests in joint operations should apply all the principles on business combinations accounting in IFRS 3, Business Combinations, and other IFRSs, that do not conflict with the guidance in IFRS 11. These entities should disclose the information that is required in those IFRSs in relation to business combinations, the IASB decided.

The IASB also published an updated charter that establishes principles for the board’s cooperation with national standard-setting bodies, as represented by the International Forum of Accounting Standard Setters.

More information is available at


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