International Financial Reporting Standards

The IASB revised its definition of “material” in an effort to make it easier for companies to decide which information is important enough to include in their financial statements.

The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.

A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.

An IASB exposure draft seeks to clarify the distinction between accounting estimates and accounting policies.

A new interpretation issued by the IASB specifies requirements for how organizations should reflect uncertainty in their accounting for income taxes.

A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk.

The IASB issued clarifications to standards related to income taxes, borrowing costs and investments in associates and joint ventures.

Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.