IFRS update Israel December 2013
|
|
- Bathsheba Griffin
- 6 years ago
- Views:
Transcription
1 IFRS update Israel December
2 Agenda 1. What s new? 2. Developments at the IASB - Leases - Revenue - Financial instruments - Conceptual framework - Rate regulation 3. Future improvements to IFRSs Slide 2
3 1. What s new?
4 Timeline new standards and amendments No mandatory date IFRS 1 amendment Government grants IFRS 7 amendment Assets and liabilities offsetting IFRS 10 Consolidated financial statements IFRS 11 Joint arrangements IFRS 12 Disclosure of interests in other entities IFRS 13 Fair value measurement Amendments to IFRSs 10, 11, and 12 Transitional guidance IAS 1 amendment Presentation of items of OCI IAS 19 amendment Employee benefits IAS 27 (revised 2011) Separate financial statements IAS 28 (revised 2011) Associates and joint ventures IFRIC 20 Stripping costs Annual improvement 2011 IAS 32 amendment Assets and liabilities offsetting Amendment to IFRS 10, 11 and IAS 27 Exception from consolidation for investment entities IAS 36 amendment Recoverable amount disclosures for nonfinancial assets IAS 39 amendment Novation of derivatives and continuation of hedge accounting IFRIC 21 Levies IAS 19R amendment employee contributions IFRS 9 Financial instruments Slide 4
5 IFRIC 21 - levies Scope Levies in the scope of IAS 37 Timing and amount to pay is certain Key provisions What is the obligating event that gives rise to a liability? - Event identified by the legislation triggering obligation to pay When is a liability to pay a levy recognised? - When the obligating event occurs o o At a point of time or over time Triggered by reaching minimum threshold Transition Effective 2014 Retrospectively applied, early adoption permitted Slide 5
6 IFRS 9 general hedge accounting Issued in November No mandatory effective date for now. Possible alternatives: Keep applying IAS 39 until macro hedging project is completed Adopt IFRS 9 hedge accounting chapter immediately Retain three types of hedges Relax the requirements for hedge effectiveness Documentation and designation Greater alignment with risk strategy Risk components in nonfinancial items Derivatives as hedged items Net exposures Accounting for time value of options, forwards and currency basis spread Removal of effectiveness bright lines Slide 6
7 2. Developments at the IASB
8 IASB work plan Major project Q Q IFRS 9: impairment IFRS 9: classification and measurement IFRS IFRS Macro hedging Insurance contracts Leases Revenue Conceptual framework Rate regulation DP Redeliberations Redeliberations IFRS Redeliberations DP Slide 8
9 2.1 Leases
10 Lease accounting Key proposals Lessee accounting - Recognise an asset (right to use the leased item) - Recognise a liability (obligation to pay rentals) Income statement accounting depends on type of lease - Similar to finance lease if most of the value is consumed - Otherwise similar to an operating lease - Rebuttable presumption for property - What is property? Lessor accounting - Similar to today, based on similar criteria Slide 10
11 Lease accounting Key proposals Lease term - Include optional extension periods only when there is significant economic incentive to extend Contingent rents - Excluded What distinguishes a lease from a service? Slide 11
12 Lease accounting Over 600 comment letters (and increasing) Varied messages - Lessee o o o Limited support for dual approach Dividing line for lease classification Costly and complex - Lessor no mandate for change? Improvement in accounting? Slide 12
13 2.2 Revenue
14 Revenue from contracts with customers Long standing project expected to finish shortly Discussion paper and two exposure drafts Consistent model across all geographies, industries and capital markets Replace limited existing GAAP Re-deliberations continued through October Final standard expected first quarter 2014 Expected to be effective 2017 Joint implementation group with FASB announced Slide 14
15 Revenue from contracts with customers Recognition Step 1: Identify the contract with the customer XXX Step 2: Identify the separate performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognise revenue when (or as) a performance obligation is satisfied Slide 15
16 Revenue from contracts with customers Final decisions Collectibility Probable threshold to determine whether revenue guidance is applied Probable under both IFRS and US GAAP, so convergence not achieved, but both consistent with existing practice Variable consideration Variable consideration included if it is highly probable that a subsequent change in the estimate would not result in a significant revenue reversal Exception for sales based royalties revenue when uncertainty resolved Licences Two types of licences: (1) Right transferred at point in time (2) Service of providing access over time Criteria to distinguish different types Identify separate performance obligations first Slide 16
17 2.3 Financial instruments
18 Impairment proposed credit deterioration model Change in credit quality since initial recognition Recognition of expected credit losses 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Interest revenue Effective interest on gross carrying amount Stage 1 Stage 2 Stage 3 Initial recognition* Effective interest on gross carrying amount Assets with significant increase in credit risk since initial recognition* Effective interest on amortised cost carrying amount (i.e. net of credit allowance) Credit impaired assets *except for purchased or originated credit impaired assets Slide 18
19 Impairment proposed credit deterioration model Simplified approach Class Upon origination Expected credit loss Trade receivables without significant financing Trade receivables with significant financing Simplified approach Measure receivable at invoice amount Accounting policy choice: General model; or Simplified approach Lifetime expected credit losses Provision matrix can be used Depends on the accounting policy choice decision made. Lease receivables As trade receivables with significant financing Slide 19
20 Convergence? IASB/FASB No joint decisions. Convergence seems unlikely Responses to IASB suggest support for the credit deterioration model IASB tentatively decided: Not to provide a definition of default, but to require entities to use the definition used for credit risk management. Rebuttable presumption of default at 90 days past due Clarify application of low credit risk exception Clarify that the discount rate is effective interest rate (EIR) or an approximation thereof Final standard expected in first half of Expected effective date no earlier than 2017 Slide 20
21 IFRS 9 - classification and measurement Limited amendments Original objectives to change IFRS 9 Address IFRS 9 application issues Consider its interaction with the insurance project Address differences between IFRS 9 and FASB model Summary of proposed changes Introduction of the fair value OCI category with recycling for debt instruments Clarify solely payments of principal and interest Revised business model guidance to clarify the scope of the amortised cost category Transition guidance requires that all phases of IFRS 9 are adopted together once the final standard is issued Slide 21
22 Convergence? IFRS 9 - Classification & measurement (limited amendments) Joint meetings with FASB on-going In the November both boards tentatively agreed: To retain the fair value categories FVOCI and FVPL Sales should not drive business model in the hold to collect measurement category Final standard expected in the first half of 2014 Slide 22
23 2.4 Conceptual framework
24 Conceptual framework Disclosure forum (Jan) Discussion paper (July) 2014 Comment period ends (Jan) Exposure draft expected 2015? Final publication date Slide 24
25 Conceptual framework Key questions Debt/equity Strict obligation approach or narrow equity Conditional liabilities Three possible views for conditional and constructive liabilities Other comprehensive income (OCI) A principle? Proposed formats: sub-total of profit or loss with bridging/mismatch/recycling items in OCI? Prudence Removed from Framework in 2010 and not considered in the DP Slide 25
26 2.5 Rate regulation
27 Rate regulation Discussion paper Accounting for rate regulation Interim standard Discussion paper expected early 2014 Consultative working group formed Background research: - IASB should explore rate regulation based on rights and obligations rather than types of regulation - Consider of interactions with IFRIC 12 - Description of rate regulation in several different territories Slide 27
28 3. Future improvements to IFRSs IASB / IC agenda items
29 3. IASB / IC agenda items IAS 12 IAS 16/ IAS 38 IAS 19R IAS 32 IFRS 2 Recognition of deferred tax assets for unrealized losses Clarification of acceptable methods of depreciation and amortization Employee contributions Discount rates Puts on non-controlling interests Debt/equity Dual pricing Measurement of cash settled awards Contingent settled features Slide 29
30 3. IASB / IC agenda items IAS 27 / IAS 28 / IFRS 10 / IFRS 11 Equity method in separate financial statements Equity method share of other net assets changes IFRS 11 implementation issues IFRs 10 implementation issues IFRS 13 Fair value measurement unit of account for financial assets that are investments in subsidiaries, JV and associates measured at FV Exposure draft of IAS 41 Bearer plants in the scope of IAS 16 instead of IAS 41 Slide 30
31 3. IASB / IC agenda items Disclosure initiative Short term project Disclosure initiative, including - materiality - disaggregation - order of notes - net-debt reconciliation Going concern Current and non-current classification of liabilities Medium term project Single standard replacing IAS 1, IAS 7 and IAS 8? General review of disclosure in existing standards Slide 31
32 Thank you This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. PricewaterhouseCoopers LLP. All rights reserved. In this document, refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom) which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.
What is new on IFRS?
www.pwc.com.br What is new on IFRS? Agenda 1. What s new for 2014 2. What is in the pipeline IFRS 15 Revenue from contract with customers IFRS 9 Financial instruments IAS 41 Amendments ( bearer plants
More informationIASB Projects A pocketbook guide. As at 30 June 2013
IASB Projects A pocketbook guide As at 30 June 2013 In this edition... Introduction... 2 Timeline for major IFRS projects... 3 Financial instruments classification and measurement (proposed limited scope
More informationIASB Projects A pocketbook guide. As at 31 March 2013
IASB Projects A pocketbook guide As at 31 March 2013 In this edition... Introduction... 2 Timeline for major IFRS projects... 3 Financial instruments classification and measurement (proposed limited scope
More informationIFRS topical issues, ongoing debates and future challenges
International Financial Reporting Standards IFRS topical issues, ongoing debates and future challenges Hans Hoogervorst Chairman, IASB Wei-Guo Zhang Member, IASB The views expressed in this presentation
More informationIFRS news. IFRS 9 finally hits the streets
IFRS news In this issue: 1 IFRS 9 hits the streets IASB finalise project to replace IAS 39 2 Revenue TRG Transition resource group starts discussion on IFRS 15 3 Business combinations ESMA reports on accounting
More informationMedia Industry Accounting Group Annual conference 2017
www.pwc.com/miag Media Industry Accounting Group Annual conference 2017 London 15 June 2017 General accounting update Katie Woods UK E: Katie.woods@uk.pwc.com Slide 2 What s new in 2017? Not much again!
More informationIASB Projects A pocketbook guide. As at 31 December 2013
IASB Projects A pocketbook guide As at 31 December 2013 In this edition... Introduction... 2 Timeline for major IFRS projects... 3 Financial instruments classification and measurement... 4 Financial instruments
More informationIASB Projects A pocketbook guide. As at 30 September 2013
IASB Projects A pocketbook guide As at 30 September 2013 In this edition... Introduction... 2 Timeline for major IFRS projects... 3 Financial instruments classification and measurement (proposed limited
More informationIASB Projects A pocketbook guide. As at 30 June 2014
IASB Projects A pocketbook guide As at 30 June 2014 In this edition... Introduction... 2 Timeline for major IFRS projects... 3 Financial instruments classification and measurement... 4 Financial instruments
More informationIFRS changes impacting the banking industry
Banking and capital markets IFRS changes impacting the banking industry An update for the CFO Second edition (May 2013) Introduction Financial institutions reporting under International Financial Reporting
More informationIASB update: Progress and Plans
Agenda paper 2.1 International Financial Reporting Standards IASB update: Progress and Plans November 2014 The views expressed in this presentation are those of the presenter, not necessarily those of
More informationPNG GAAP Developments and new IFRS for June 2017 year ends
CPAPNG Accounting Technical Bulletin 3/2017 PNG GAAP Developments and new IFRS for June 2017 year ends Contributed by Stephen Beach, Partner PwC PNG and PwC Accounting Consulting Services INTRODUCTION
More informationFINANCIAL INSTRUMENTS. The future of IFRS financial instruments accounting IFRS NEWSLETTER
IFRS NEWSLETTER FINANCIAL INSTRUMENTS Issue 20, February 2014 All the due process requirements for IFRS 9 have been met, and a final standard with an effective date of 1 January 2018 is expected in mid-2014.
More informationIASB Projects A pocketbook guide. As at 31 December 2011
A pocketbook guide As at 31 December 2011 In this edition... Introduction 2 Timeline 3 IASB projects 4 Consolidation 4 Financial instruments 7 Leases 13 Revenue recognition 15 Insurance contracts 17 Annual
More informationEY IFRS Core Tools. IFRS Update of standards and interpretations in issue at 31 December 2014
EY IFRS Core Tools IFRS Update of standards and interpretations in issue at 31 December 2014 Contents Introduction 2 Section 1: New pronouncements issued as at 31 December 2014 4 Table of mandatory application
More informationensure all AASBs and Interpretations that are mandatory for adoption have been applied in the correct period
s Updated as at 17 February 2017 This document outlines all standards issued by the AASB and the IASB which will be applicable for the first time or available for early adoption by for-profit entities
More informationAccounting for Financial Instruments
International Financial Reporting Standards Accounting for Financial Instruments (IFRS 9) Executive IFRS workshop for Regulators Diplomatic Academy of Vienna Darrel Scott, IASB member The views expressed
More informationIFRS Update of standards and interpretations in issue at 30 June 2016
IFRS Update of standards and interpretations in issue at 30 June 2016 Contents Introduction 2 Section 1: New pronouncements issued as at 30 June 2016 4 Table of mandatory application 4 IFRS 9 Financial
More informationIFRS Update of standards and interpretations in issue at 31 March 2016
IFRS Update of standards and interpretations in issue at 31 March 2016 Contents Introduction 2 Section 1: New pronouncements issued as at 31 March 2016 4 Table of mandatory application 4 IFRS 9 Financial
More informationIFRS news. Back to basics the IASB goes to work on the Conceptual Framework. In this issue: Project in a nutshell. Key questions
IFRS news In this issue: 1 IASB Conceptual Framework project Back to basics 2 IAS 19R Are you ready? Top 10 issues for transition and disclosure 4 Cannon Street Press Feedback on hedging review draft IAS
More informationIFRS in mining. Iain Selfridge, Tim McAllister & Jason Burkitt. London School of Mines
IFRS in mining Iain Selfridge, Tim McAllister & Jason Burkitt IFRS in mining Agenda Standard setting update Applying IFRS 15 Revenue recognition for miners Accounting for alternative financing arrangements
More informationJoint Project Watch. IASB/FASB joint projects from an IFRS perspective. December 2011
Joint Project Watch IASB/FASB joint projects from an IFRS perspective December 2011 The standard-setting activities of the International Accounting Standards Board (IASB) and the US Financial Accounting
More informationUpdate on IASB s work plan
IN THE HEADLINES April 2011, Issue 2011/10 Update on IASB s work plan This issue of In the Headlines summarises the status of the current projects of the IASB 1. It reflects significant discussions up
More informationIFRS Update of standards and interpretations in issue at 30 June 2015
IFRS Update of standards and interpretations in issue at 30 June 2015 Contents Introduction 2 Section 1: New pronouncements issued as at 30 June 2015 4 Table of mandatory application 4 IFRS 9 Financial
More informationAccounting Update. Kelly Martin. Spring 2014
Accounting Update Kelly Martin Spring 2014 Agenda IASB update IASB timetable & new for 2014 Revenue Leasing UK GAAP update Reminder & proposed changes War stories 32 IASB update IASB timetable & new for
More informationRecent developments in AS/ IFRS and IND AS Global and India.
Bombay Chartered Accountants Society Recent developments in AS/ IFRS and IND AS Global and India. Presented by: CA P.R.Ramesh December 07, 2011 Contents Amendments to Existing Standards 2 New Pronouncements
More informationFinancial Reporting Update
Financial Reporting Update 24 th Annual Insurance Issues Conference Monday, November 30, 2015 Newly effective and forthcoming requirements at a glance * In September 2015, the IASB tentatively decided
More informationNew accounting standards and interpretations. 31 December 2014
New accounting standards and interpretations 31 December 2014 Introduction This document is a supplement to Endeavour (International) Limited (December 2014 edition) and contains disclosure information
More informationQuarterly Accounting Update: On the Horizon
Quarterly Accounting Update: On the Horizon The following selected FASB exposure drafts and projects are outstanding as of June 30, 2015. FASB Simplification Initiative The FASB s Simplification Initiative
More informationNew accounting standards and interpretations. 30 June 2015
New accounting standards and interpretations 30 June 2015 Introduction This document is a supplement to Endeavour (International) Limited (December 2014 edition) and contains disclosure information on
More informationIFRS update 12 March 2013 Download the slides to accompany the webinar ion.icaew.com/financialreporting/26230
IFRS update 12 March 2013 Download the slides to accompany the webinar ion./financialreporting/26230 Introduction Marianne Mau Technical Manager, Financial Reporting Faculty Introduction Eddy James Technical
More informationSUMMARY OF IASB WORK PLAN AS AT 15 FEBRUARY 2018
SUMMARY OF IASB WORK PLAN AS AT 15 FEBRUARY 2018 Page Standard-setting and Related Projects... 2 Conceptual Framework... 2 Disclosure Initiative Definition of Materiality... 3 Management Commentary...
More informationEY IFRS Core Tools IFRS Update
EY IFRS Core Tools IFRS Update of standards and interpretations in issue at 31 August 2014 Contents Introduction 2 Section 1: New pronouncements issued as at 31 August 2014 4 Table of mandatory application
More informationSUMMARY OF IASB WORK PLAN AS AT 5 NOVEMBER 2013
SUMMARY OF IASB WORK PLAN AS AT 5 NOVEMBER 2013 Major IFRSs... 3 IFRS 9, Financial Instruments (FI) (IAS 39 replacement)... 3 Insurance Contracts... 4 Leases... 4 Rate-Regulated Activities... 5 Revenue
More informationpwc.com/ifrs In depth New IFRSs for 2017
pwc.com/ifrs In depth New IFRSs for 2017 March 2017 Introduction Since March 2016, the IASB has issued the following amendments: Amendments to IFRS 4, Insurance contracts, regarding the implementation
More informationFINANCIAL INSTRUMENTS: EXPECTED CREDIT LOSSES INTERNATIONAL FINANCIAL REPORTING BULLETIN 2013/09
FINANCIAL INSTRUMENTS: EXPECTED CREDIT LOSSES INTERNATIONAL FINANCIAL REPORTING BULLETIN 2013/09 Summary In March 2013, the International Accounting Standards Board (IASB) published Exposure Draft ED/2013/3
More informationIFRSs, IFRICs AND AMENDMENTS THAT ARE MANDATORY FOR THE FIRST TIME FOR 31 DECEMBER 2014 YEAR ENDS INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/22
IFRSs, IFRICs AND AMENDMENTS THAT ARE MANDATORY FOR THE FIRST TIME FOR 31 DECEMBER 2014 YEAR ENDS INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/22 Background This IFRB covers IFRSs, IFRICs and amendments
More informationIFRS 9 FINANCIAL INSTRUMENTS (2014) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/12
IFRS 9 FINANCIAL INSTRUMENTS (2014) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/12 Summary On 24 July 2014, the International Accounting Standards Board (IASB) completed its project on financial instruments
More informationSUMMARY OF IASB WORK PLAN AS AT 14 NOVEMBER 2017
SUMMARY OF IASB WORK PLAN AS AT 14 NOVEMBER 2017 Page Standard-setting and Related Projects... 2 Conceptual Framework... 2 Disclosure Initiative Definition of Materiality... 3 Rate-regulated Activities...
More informationSTAFF PAPER 15-19 October 2012 REG IASB Meeting Project Paper topic CONTACT(S) Impairment Summary of decisions to date (information only) Manuel Kapsis mkapsis@ifrs.org +44 (0)20 7246 6459 Jana Streckenbach
More informationFINANCIAL INSTRUMENTS. The future of IFRS financial instruments accounting IFRS NEWSLETTER
IFRS NEWSLETTER FINANCIAL INSTRUMENTS Issue 4, July 2012 In July, differences in approach emerged between the IASB and FASB on the way forward to achieving a converged impairment model; these are a cause
More informationIFRS Update of standards and interpretations in issue at 31 December 2016
IFRS Update of standards and interpretations in issue at 31 December 2016 Contents Introduction 2 Section 1: New pronouncements issued as at 31 December 2016 4 Table of mandatory application 4 IFRS 9 Financial
More informationThe Interpretations Committee discussed the following issues, which are on its current agenda.
IFRIC Update From the IFRS Interpretations Committee January 2013 Welcome to the IFRIC Update IFRIC Update is the newsletter of the IFRS Interpretations Committee (the Interpretations Committee). All conclusions
More informationSUMMARY OF IASB WORK PLAN AS AT 18 MAY 2017
SUMMARY OF IASB WORK PLAN AS AT 18 MAY 2017 Page Standard-setting and Related Projects... 2 Conceptual Framework... 2 Disclosure Initiative Materiality Practice Statement... 3 Disclosure Initiative Definition
More information1. Amended standards Transfers of investment property Amendments to IAS 40, Investment property... 8
Introduction Since March 2017, the IASB has issued the following: IFRS 17, Insurance contracts Amendments to IFRS 9, Financial instruments Prepayment features with negative compensation Amendments to IAS
More informationFinancial reporting update
Financial reporting update Agenda What s new for 2017 o o Disclosure initiative Minor accounting standard changes PBEs For-Profits Major changes on the horizon Disclosure Initiative Objectives of financial
More informationIFRS news. EFRAG and ICAS report on the needs of capital providers
IFRS news In this issue: 1 Needs of capital providers EFRAG and ICAS report 2 IFRIC 21 Just levies or much more? 3 Business model How should it affect accounting? 4 Cannon Street Press Interim standard
More informationQuarterly Accounting Update: On the Horizon The following selected FASB exposure drafts and projects are outstanding as of April 12, 2015.
Quarterly Accounting Update: On the Horizon The following selected FASB exposure drafts and projects are outstanding as of April 12, 2015. Proposed Delay of Effective Date for Revenue Recognition Standard
More informationNew accounting standards and interpretations. 31 December 2015
New accounting standards and interpretations 31 December 2015 Introduction This document is a supplement to Endeavour (International) Limited (December 2015 edition) and contains disclosure information
More informationIFRSs, IFRICs AND AMENDMENTS AVAILABLE FOR EARLY ADOPTION FOR 31 DECEMBER 2015 YEAR ENDS
IFRSs, IFRICs AND AMENDMENTS AVAILABLE FOR EARLY ADOPTION FOR 31 DECEMBER 2015 YEAR ENDS INTERNATIONAL FINANCIAL REPORTING BULLETIN 2016/02 IFRSs, IFRICs and amendments available for early adoption for
More informationIFRS Update. International Financial Reporting Standards. OECD Accrual Accounting Symposium 7 March March 2013
4 March 2013 International Financial Reporting Standards IFRS Update OECD Accrual Accounting Symposium 7 March 2013 The views expressed in this presentation are those of the presenter, not necessarily
More informationEY IFRS Core Tools. IFRS Update. of standards and interpretations in issue at 28 February 2014
EY IFRS Core Tools IFRS Update of standards and interpretations in issue at 28 February 2014 Contents Introduction 2 Section 1: New pronouncements issued as at 28 February 2014 4 Table of mandatory application
More information2012 Americas School of Mines
www.pwc.com 2012 Americas School of Mines Update of IFRS for the Mining Industry Vilja Roman Agenda Overview of IFRS Transition Year IFRS Pronouncements - Effective Date Impacting 2012 Calendar Years New
More informationIFRS news. New hedge accounting standard is published finally!
IFRS news In this issue: 1 IFRS 9 hedging project Third phase published 3 Revised pension changes Are you ready? 6 Closing thoughts 1o key reminders for 2013 year-ends 8 Cannon Street Press IAS 27 narrow
More informationTHE EU ENDORSEMENT STATUS REPORT
THE EU ENDORSEMENT STATUS REPORT IASB/IFRIC documents not yet endorsed [Revisions to this schedule are marked in bold] EFRAG draft advice EFRAG advice ARC Vote When might be expected IASB Effective date
More informationUpdate on IASB s work plan
IN THE HEADLINES September 2011, Issue 2011/30 Update on IASB s work plan This issue of In the Headlines focuses on the IASB s 1 projected targets as at 14 September 2011. The IASB is in the process of
More informationThe significance of an impairment model to the re-introduction of recycling and a modified IAS 39 approach - Issues Paper
EFRAG TEG-CFSS meeting 20 September 2017 Paper 11-02 EFRAG Secretariat: F. Poli, J. Waldier, I. Chatzieffraimidou This paper has been prepared by the EFRAG Secretariat for discussion at a public meeting
More informationSUMMARY OF IASB WORK PLAN AS AT 23 AUGUST 2018
SUMMARY OF IASB WORK PLAN AS AT 23 AUGUST 2018 Page Standard-setting and Related Projects... 3 Management Commentary... 3 Rate-regulated Activities... 3 Research Projects... 4 Dynamic Risk Management...
More informationIFRS 9 for Insurers. Syysseminaari. Aktuaaritoiminnan kehittämissäätiö. 30 November 2017
IFRS 9 for Insurers Syysseminaari Aktuaaritoiminnan kehittämissäätiö 30 November 2017 Agenda 1 Introduction from IAS 39 to IFRS 9 2 Classification 3 Impairment 4 Hedge accounting Page 2 What changes do
More informationProgress report on IASB-FASB convergence work 21 April 2011
Progress report on IASB-FASB convergence work 21 April 2011 In a joint Statement issued in November 2009 we, the International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards
More informationNavigating the changes to International Financial Reporting Standards. A briefing for Chief Financial Officers December 2015
Navigating the changes to International Financial Reporting Standards A briefing for Chief Financial Officers December 2015 Important Disclaimer: This document has been developed as an information resource.
More informationIFRS UPDATE. Standards, Amendments and Interpretations. June 2016
IFRS UPDATE Standards, Amendments and Interpretations June 2016 Our summary of the new and revised financial reporting requirements provides an update on IFRS Standards, Amendments and Interpretations
More informationEFRAG s final position on the IASB s ED/2013/3 Financial Instruments: Expected Credit Losses
EFRAG s final position on the IASB s ED/2013/3 Financial Instruments: Expected Credit Losses Final comment letter 9 July 2013 EFRAG s overall assessment EFRAG agrees with EFRAG s assessment is that the
More informationExposure Draft. Expected Credit Losses. International Financial Reporting Standards
International Financial Reporting Standards Exposure Draft Expected Credit Losses The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation
More informationThe EU endorsement status report Position as at 6 July 2016
IASB/IFRIC documents not yet endorsed [Revisions to this schedule are marked in bold] STANDARDS EFRAG draft advice EFRAG advice ARC Vote When might be expected The EU status report Position as at 6 July
More informationFASB/IASB/SEC Update. American Accounting Association. Tom Linsmeier FASB Member August 4, 2014
American Accounting Association FASB/IASB/SEC Update Tom Linsmeier FASB Member August 4, 2014 The views expressed in this presentation are those of the presenter. Official positions of the FASB are reached
More informationIFRS Update. June PRECISE. PROVEN. PERFORMANCE.
IFRS Update June 2015 www.moorestephens.co.uk PRECISE. PROVEN. PERFORMANCE. Contents 1 Introduction 3 2 Standards 4 2.1 IAS 16 Property, Plant and Equipment 4 2.2 IAS 19 Employee Benefits 4 2.3 IAS 24
More informationAccounting for Financial Instruments
Accounting for Financial Instruments Summary of Decisions Reached to Date During Redeliberations As of October 31, 2012 The Summary of Decisions Reached to Date is provided for the information and convenience
More informationKPMG s CFO Financial Forum Webcast
KPMG s CFO Financial Forum Webcast FASB Financial Instruments Project Update October 23, 2012 Enrique Tejerina Jill Windrum Administrative CPE regulations require online participants take part in online
More informationIFRS UPDATE. Standards, Amendments and Interpretations. April 2016
IFRS UPDATE Standards, Amendments and Interpretations April 2016 Our summary of the new and revised financial reporting requirements provides an update on IFRS Standards, Amendments and Interpretations
More informationPwC Alert. Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities
Issue 124 November 2015 PP 9741/10/2012 (031262) PwC Alert Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities Page 3 MPERS at a glance Page 5 Comparing
More informationIFRS Update Event 2015 Highlighting the key issues. Groenekan, 19 November 2015
IFRS Update Event 2015 Highlighting the key issues Groenekan, 19 November 2015 Peter Bommel CEO Deloitte Nederland Ralph ter Hoeven Partner IFRS Centre Deloitte Nederland Dingeman Manschot Director IFRS
More informationContents. PricewaterhouseCoopers Slide 2
Update of US and IFRS Mining GAAP September 23 rd, 2010 Presenters: Paul Fitchett James Terry Contents - Convergence Timeline - IFRS Standards Effective in 2010 - US GAAP Standards Effective in 2010 -
More informationDATE ISSUED IASB AcSB
New and Proposed Changes to IFRS Sections for the Two Years Ended NEW AND AMENDED STANDARDS DATE ISSUED IASB AcSB EFFECTIVE DATE Annual Improvements to IFRSs 2012 2014 Cycle (Amendment) September 2014
More informationIFRS Core Tools. IFRS Update of standards and interpretations in issue at 30 September 2017
IFRS Core Tools IFRS Update of standards and interpretations in issue at 30 September 2017 Contents Introduction 2 Section 1: New pronouncements issued as at 30 September 2017 4 Table of mandatory application
More informationAdvantech Co., Ltd. and Subsidiaries
Advantech Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Three Months Ended March 31, 2015 and 2014 and Independent Auditors Review Report INDEPENDENT AUDITORS REVIEW REPORT The Board
More informationThe EU endorsement status report Position as at 20 April 2016
The EU status report Position as at 20 April IASB/IFRIC documents not yet endorsed [Revisions to this schedule are marked in bold] EFRAG draft advice EFRAG advice ARC vote W hen might be expected IASB
More informationconsideration in a business combination The Board discussed whether the fair value of equity instruments issued as
July 2006 IASB Update is published as a convenience for the Board's constituents. All conclusions reported are tentative and may be changed or modified at future Board meetings. Decisions become final
More informationIFRS Core Tools. IFRS Update of standards and interpretations in issue at 31 March 2017
IFRS Core Tools IFRS Update of standards and interpretations in issue at 31 March 2017 Contents Introduction 2 Section 1: New pronouncements issued as at 31 March 2017 4 Table of mandatory application
More informationSUMMARY OF IASB WORK PLAN AS AT 7 NOVEMBER 2018
SUMMARY OF IASB WORK PLAN AS AT 7 NOVEMBER 2018 Page Standard-setting and Related Projects... 3 Management Commentary... 3 Rate-regulated Activities... 4 Research Projects... 5 Business Combinations under
More informationNew Accounting Standards and Interpretations for Tier 1 For-profit Entities. 31 March 2016
New Accounting Standards and Interpretations for Tier 1 For-profit Entities 31 March 2016 Introduction This document is applicable for Tier 1 for-profit entities applying New Zealand Equivalents to International
More informationAccounting Standards Advisory Forum The Conceptual Framework September 2016 The Linkage between Financial Performance and Measurement
Accounting Standards Advisory Forum The Conceptual Framework September 2016 The Linkage between Financial Performance and Measurement Accounting Standards Board of Japan Introduction 1. We highly appreciate
More informationJanuary Global financial crisis
J January 2009 IASB Update is published as a convenience for the Board s constituents. All conclusions reported are tentative and may be changed or modified at future Board meetings. Decisions become final
More informationSUMMARY OF IASB WORK PLAN AS AT 31 JULY 2015
SUMMARY OF IASB WORK PLAN AS AT 31 JULY 2015 Page Major IFRSs... 2 IFRS 9, Financial Instruments... 2 Disclosure Initiative... 2 Insurance Contracts... 3 Leases... 3 Rate-Regulated Activities... 4 Implementation
More informationIFRS Core Tools. IFRS Update of standards and interpretations in issue at 30 June 2017
IFRS Core Tools IFRS Update of standards and interpretations in issue at 30 June 2017 Contents Introduction 2 Section 1: New pronouncements issued as at 30 June 2017 4 Table of mandatory application 4
More informationA S C ACCOUNTING STANDARDS COUNCIL
A S C ACCOUNTING STANDARDS COUNCIL CPA Forum Towards A Stronger Financial Reporting Standards Framework 9 May 2014 Presented by: Mr Cheung Pui Yuen, Member, ASC 1 Agenda A. About the ASC Background Structure
More informationpwc.com/ifrs In depth New IFRSs for 2016
pwc.com/ifrs In depth New IFRSs for 2016 April 2016 Stay informed. Visit inform.pwc.com March 2016 PwC s IFRS, corporate reporting and governance publications and tools 2015/2016 IFRS technical publications
More informationPreparing for International Financial Reporting Standards (IFRS) January 27, 2011
www.pwc.com/ca Preparing for International Financial Reporting Standards (IFRS) January 27, 2011 Introductions and Welcome 2 Objectives By the end of the session participants will be able to: 1. Describe
More informationIFRSs, IFRICs AND AMENDMENTS AVAILABLE FOR EARLY ADOPTION FOR 31 DECEMBER 2016 YEAR ENDS
IFRSs, IFRICs AND AMENDMENTS AVAILABLE FOR EARLY ADOPTION FOR 31 DECEMBER 2016 YEAR ENDS INTERNATIONAL FINANCIAL REPORTING BULLETIN 2017/05 IFRSs, IFRICs and amendments available for early adoption for
More informationThe LIAJ s Comments on the ED. Classification and Measurement: Limited Amendments to IFRS 9
The LIAJ s Comments on the ED Classification and Measurement: Limited Amendments to IFRS 9 Proposed amendments to IFRS 9 (2010) 28 March 2013 The Life Insurance Association of Japan (LIAJ) The Life Insurance
More informationInternational Financial Reporting Standards, amendments and interpretations (IFRICs) application mandatory for periods beginning 1 February 2018
International Financial Reporting Standards, amendments and interpretations (IFRICs) application mandatory for periods beginning 1 February 2018 1 January 2018 IFRS 15: Revenue from Contracts with Customers
More informationEQUITY INSTRUMENTS - IMPAIRMENT AND RECYCLING EFRAG DISCUSSION PAPER MARCH 2018
EQUITY INSTRUMENTS - IMPAIRMENT AND RECYCLING EFRAG DISCUSSION PAPER MARCH 2018 2018 European Financial Reporting Advisory Group. European Financial Reporting Advisory Group ( EFRAG ) issued this Discussion
More informationIASB Update. Welcome to IASB Update. 31 May - 2 June Contact us
IASB Update From the International Accounting Standards Board 31 May - 2 June 2011 Welcome to IASB Update The IASB held public sessions on Tuesday 31 May to Thursday 2 June. Most of the sessions focused
More informationIFRS news. IASB proposes clarifications to IFRS 15
IFRS news In this issue: 1 Revenue recognition IFRS 15 ED 2 Pension accounting requirements ED on IAS 19 and IFRIC 14 4 Revenue recognition News from the Revenue TRG 6 Cannon Street Press Insurance and
More informationIFRS UPDATE. Standards, Amendments and Interpretations. February 2017
IFRS UPDATE Standards, Amendments and Interpretations February 2017 Our summary of the new and revised financial reporting requirements provides an update on IFRS Standards, Amendments and Interpretations
More informationIFRS Core Tools. IFRS Update of standards and interpretations in issue at 31 March 2018
IFRS Core Tools IFRS Update of standards and interpretations in issue at 31 March 2018 Contents Introduction 2 Section 1: New pronouncements issued as at 31 March 2018 4 Table of mandatory application
More informationGIGA-BYTE TECHNOLOGY CO., LTD. UNCONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS 31st DECEMBER 2013 AND 2012
GIGA-BYTE TECHNOLOGY CO., LTD. UNCONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS 31st DECEMBER 2013 AND 2012 ---------------------------------------------------------------------------------------------------------------
More informationAdvantech Co., Ltd. and Subsidiaries
Advantech Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Six Months Ended, 2016 and 2015 and Independent Auditors Review Report INDEPENDENT AUDITORS REVIEW REPORT The Board of Directors
More informationEFRAG Update. Summary of EFRAG meetings held in September October Highlights. October 2011
Summary of EFRAG meetings held in September On 26 September 2011, EFRAG held a meeting by public conference call to discuss its comment letters on: IASB Exposure Draft Investment Entities IFRS Interpretations
More informationIFRS news. Revenue redeliberations: some decisions; more to come
IFRS news Revenue redeliberations: some decisions; more to come In this issue: 1 Revenue discussions 2 Leases It s the wolf! Viewpoint on the progress of the leasing project 4 IFRS quiz Deferred tax 6
More information