IFRS News

Our first edition of 2012 focuses on the IASB’s and FASB’s latest revenue recognition proposals. We summarise the key changes made since the 2010 exposure draft and their likely impact. We also share the results of a global survey of businesses’ awareness of the proposals and their views on the need for improvements to the existing revenue recognition standards.

Our last edition of 2011 is influenced by the recent change in the IASB Chairman, with articles looking at the IASB’s public consultation on its future work programme and its plans to re-expose its proposals on both leasing and revenue.  Internally the last quarter has seen our working group of financial instruments experts considering the effects of the proposed restructuring of Greek Government debt.

• explains how to measure fair value by providing a clear definition and introducing a single set of requirements for (almost) all fair value measurements
• clarifies how to measure fair value when a market becomes less active
• improves transparency through additional disclosures.

Our third edition of 2011 starts with a look at several important new Standards that have been issued since our last quarterly edition. These include IFRS 13 ‘Fair Value Measurement’, a revised version of IAS 19 ‘Employee Benefits’ and the new Standards on consolidations (which have already been featured in a special edition of IFRS News).   Les mer 

Publication of five new Standardsmeans entities will need to review,and potentially change, theirconsolidation decisionsThe IASB has published five newStandards dealing with group issues and off-balance sheet activity (see tableopposite).These new Standards will need to be understood and considered in thecontext of each entity’s owncircumstances.  Les mer .

Our second edition of 2011 starts with a look at several new Standards that are due to be published imminently – indeed, by the time this newsletter reaches you  they may well already have been published. We go on to consider other recent developments at the IASB, including the IASB’s latest thinking on the impairment of financial assets.

Our first edition of 2011 leads with anarticle on the IASB’s first IFRS PracticeStatement, which provides a broad, non-binding framework for thepresentation of managementcommentary relating to IFRS financialstatements. We go on to consider otherrecent developments at the IASB,including proposals which wouldfundamentally alter the currentrequirements for hedge accounting.

IFRS News Q4 October 2010

Our fourth and final edition of 2010 is dominated by the effects of the IASB’s strategy for convergence with US GAAP. We lead with an analysis of the IASB Exposure Draft ‘Leases’. The Exposure Draft proposes that all leases would be recognised on the lessee’s balance sheet, a proposal that would radically alter the financial position of many companies. We then discuss the numerous other Exposure Drafts that have been issued in the last quarter as the IASB’s convergence strategy gathers pace. 

IFRS News Q3 July 2010 

Our third edition of 2010 leads with the announcement by the IASB that it will modify its convergence strategy in response to concern over the large number of major proposals previously scheduled for exposure in the second quarter of 2010. Despite the modification in strategy, the level of planned changes remains high. A special ‘Convergence Update’ edition of IFRS News, which sets out details of the projects planned and their commercial significance, is available separately.

IFRS News Special Edition July 2010

Modified convergence strategy delays pace but not scale of change

The IASB and US Financial Accounting Standards Board (FASB) have announced a modified convergence strategy in response to widespread concern that they were taking on too much. Under their revised plans, a phased approach to the publication of Exposure Drafts will be adopted and the completion of lower priority projects will be delayed.

IFRS News April 2010

Our second edition of 2010 looks ahead to some of the new Standards that will affect companies when preparing their financial statements for the year ending 30 June, and the challenges that those Standards will bring. It then goes on to report on some recent developments around the world, as more and more countries move towards the adoption of IFRS.

IFRS News Januar 2010

Our first edition of 2010 considers someimmediate challenges that will be facedby companies preparing their financialstatements for the year ended 31 December 2009. It then goes on tolook at the publication of IFRS 9 and thecontinuing development of the IASB’sproject to replace IAS 39, as well as othernew pronouncements.

IFRS News Special Edition December2009

IFRS 9 Financial Instruments (IFRS 9)addresses the classification andmeasurement of financial assets. Itrepresents the completion of the firstphase of the IASB’s project to replaceIAS 39, its current Standard on financialinstruments. IFRS 9 aims to reduce thecomplexity in accounting for financialinstruments by having fewer categoriesof financial assets and a principle-basedapproach to their classification.

IFRS News Oktober2009

Our final edition of 2009 leads with anarticle on the major new Standards thatwill affect December 2009 year ends. Wego on to consider the changes the IASBhas made to its Standards in the lastquarter together with some changes thatare in the IASB’s ‘pipeline’. The IASB hasbeen, and continues to be, busy as itresponds to the credit crisis.We then look at some of the guidesthat Grant Thornton International hasmade available in the last quarter, andgive a round up of activities affecting theIASB. We end with a summary of theproposals that the IASB currently hasout for comment and the implementationdates of newer Standards and IFRICInterpretations.

IFRS News Special Edition September 2009

The International Financial ReportingStandard for Small and Medium-SizedEntities (“IFRS for SMEs”) is asimplified version of full IFRS aimed atthe needs of private companies. Published by the InternationalAccounting Standards Board (IASB) on 9 July 2009, the IFRS for SMEs has thepotential to revolutionise and harmonisefinancial reporting by private companiesacross the world.

IFRS News Juli 2009

Our third edition of 2009 leads with the publication of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). It then looks at the IASB’s plans to develop a replacement for IAS 39, its current standard dealing with the recognition and measurement of financial instruments. The IASB’s ultimate aim is to replace all of the requirements of IAS 39 during 2010, so there have been a number of developments in the last quarter.

IFRS News April 2009  

Our second edition of the year is dominated by repercussions from the credit crisis.We start with an article looking at the calls for changes to the way loan loss provisions are determined in companies’ financial statements – including so-called “dynamic provisioning”.We also consider the effects the credit crisis may have on the adoption of IFRS in the United States.

IFRS News Januar 2009

Our first edition of the year concentrates on the effects of the credit crisis on financial reporting – both for the IASB and companies applying IFRSs. In our lead article we look at the IASB’s amendment allowing the reclassification of financial instruments in certain circumstances. This amendment was unprecedented in terms of the speed of its development, with the IASB waiving its usual due process to rush the publication out.

IFRS News Oktober 2008

OurOctober edition leads with an article on the announcement by the United States Securities and Exchange Commission of a roadmap which sets out the milestones to the possible adoption of IFRS by US companies. Thisis an exciting development which reflects the growing acceptance of IFRS around the world. We then look at some other recent changes that have taken place and some that are expected in the near future before finishing with a round up of the proposals the IASB currently has out for comment and the implementation dates of Standards that are about to come into effect.

IFRS News Juli 2008

Our July edition leads with an article on the International Accounting Standards Board’s (IASB) latest plans for convergence with its counterpart in the United States, the Financial Accounting Standards Board (FASB).We then look at some recent changes that have taken place and some that are expected to occur in the near future as well as commenting on the effect the credit crisis may have on the future reporting of financial instruments.

IFRS News April 2008

This first edition leads with the International Accounting Standards Board’s (IASB) revised standards on business combinations which will make major changes to the reporting of merger and acquisition activity around the world.We then look at some other recent changes that have taken place and some that are expected to occur in the near future.