China explores ways to expand IFRS use
Full convergence is a goal.
Accounting compliance and reporting (IFRS)
IFRS amendments require disclosures about debt financing liabilities
Investors had requested more information about changes in companies’ debt.
IASB issues leases standard; FASB to follow
The International Accounting Standards Board issued a new accounting standard that will bring all lease assets and liabilities onto the balance sheet.
IASB presents its view of materiality
FASB also is working to clarify the concept for preparers.
Revenue recognition clarifications affirmed by FASB, IASB
FASB and the IASB have agreed to clarify principal vs. agent guidance contained in the converged revenue recognition standard.
SEC discussing supplementary IFRS option for US issuers
The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements.
China explores ways to expand IFRS use
A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.
IASB proposes annual improvements, change to investment property standard
In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.
FinREC issues revenue recognition working drafts for informal comment
The AICPA FinREC released nine working drafts for informal comment containing industry-specific considerations and illustrative examples related to implementation of the new revenue recognition standard.
IASB proposal would guide management on materiality
The IASB published a draft to help preparers determine which information is material and should be included in financial statements.
IASB may delay new rules for transactions with associates, joint ventures
An upcoming, broader review may include more substantial simplifications.
IFRS Foundation proposes taxonomy updates
Updates are intended to assist organizations that report electronically.
IASB to propose temporary measures for insurance companies
The IASB will propose temporary measures to address concerns about issues insurance companies are facing with implementation of the new financial instruments standard.
IASB may delay new rules for transactions with associates, joint ventures
The International Accounting Standards Board (IASB) is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.
Proposed IFRS taxonomy updates released
Taxonomy updates to reflect new reporting standards were proposed by the IFRS Foundation. Comments can be made through Oct. 30.
IASB proposes changes to conceptual framework
Project would alter the foundational underpinning for IFRS financial reporting.
IASB proposes revenue recognition clarifications
Clarifications and transition relief the IASB proposed for the new revenue recognition standard are designed to address financial statement preparers’ concerns.
IASB votes to delay effective date of revenue recognition standard
The delay keeps IASB’s effective date in line with that of FASB, which also voted in favor of a one-year deferral earlier this month.
FASB, IASB to propose clarifications to principal vs. agent considerations
FASB and the IASB voted to seek public comment on proposed changes to the converged revenue recognition standard that would give financial statement preparers additional guidance on the principal versus agent analysis.
Key report shows EU companies, investors support IFRS
IFRS are largely supported by companies and investors in the European, but also have room for improvement, according to a report adopted by the European Commission.
