IFRIC Update – January 2014

Posted in: Technical News- Feb 16, 2014 No Comments

The IFRIC update newsletter from the IFRS Interpretations Committee from the meeting held in London on 29 & 30 January 2014. The direct link to the newsletter can be found at: http://media.ifrs.org/2014/IFRIC/January/IFRIC-Update-January-2014.pdf  

How the lease accounting proposal may change

Posted in: Technical News- Feb 12, 2014 No Comments

Acknowledging that the converged leases project poses difficulties for standard setters, International Accounting Standards Board (IASB) Chairman Hans Hoogervorst described some possible solutions Wednesday during a speech in Tokyo. The IASB and FASB are involved in new deliberations on their converged leases project after receiving feedback from financial statement preparers that said implementation costs would [...]

Update on the countries that have adopted IFRS as financial reporting standard

Posted in: Technical News- Jul 14, 2013 No Comments

The following countries have adopted IFRS as the country’s financial reporting standard: Albania Georgia Norway Argentina Germany Pakistan Australia Hong Kong Romania Austria India Russia Bahamas Indonesia Saudi Arabia Belgium Israel Serbia Bhutan Italy Singapore Bolivia Jamaica Slovakia Botswana Japan South Africa Brazil Korea Sri Lanka Brunei Darussalam Lesotho Switzerland  Bulgaria Lithuania Taiwan Canada Macao [...]

Changes to IFRS for SMEs

Posted in: Technical News- Jun 03, 2013 No Comments

The IASB made tentative decisions about, among others, not changing the IFRS for Small and Medium-Sized Entities (SMEs) to incorporate the latest changes to full IFRS but to align Section 29 Income Tax with IAS 12 Income Taxes. The following changes that have been made to full IFRS may potentially filter through to IFRS for SMEs, but no [...]

New guidance for the recognition of levies imposed by government

Posted in: Technical News- Jun 03, 2013 No Comments

New guidance has been issued in the form of IFRIC 21, that clarifies when a liability within the scope of IAS 37 – Provisions, Contingent Liabilities and Contingent Assets, should be recognised for levies imposed by government. IFRIC 21 seeks to clarify obligating events that give rise to the recognition of a liability to pay levies, [...]