IASB may delay new rules for transactions with associates, joint ventures

An upcoming, broader review may include more substantial simplifications.

The IASB is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.

The board published a proposal that would postpone the date when entities must change some aspects of how they account for transactions between investors and associates or joint ventures. The narrow-scope amendments to IFRS 10, Consolidated Financial Statements, and IAS 28, Investments in Associates and Joint Ventures, originally were published in September 2014.

The original amendments affect how an entity should determine any gain or loss it recognizes when assets are sold or contributed between the entity and an associate or joint venture in which it invests. When published, the amendments were scheduled to be effective from annual periods beginning on or after Jan. 1, 2016.

The proposed postponement would remove the requirement to make these changes by 2016. Instead, entities could delay implementation until after the IASB carries out a broader review it plans to undertake. This review may simplify accounting for such transactions as well as other aspects of accounting for associates and joint ventures.

Comments on the proposal are sought by Oct. 9 and can be submitted at ifrs.org.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.