The July 2013 IFRS Interpretations Committee Update (IFRIC Update) has been published. Please access the following link to access the IFRIC Update document, as published by the IASB: http://www.ifrs.org/Alerts/Meeting/Pages/July-2013-IFRIC-Update-published.aspx Source: IASB
View PostThese outreach events form an important part of the IASB’s due process, enabling board members and staff to hear the views of participants on the issues discussed in the Conceptual FrameworkDiscussion Paper. The IASB aims to receive input from a variety of perspectives, and is seeking participation from all those with an interest in the future direction of financial reporting including preparers, …
View PostThe IASB’s Hans Hoogervorst talks about the IASB’s progress on the amendments to insurance contracts and leases, the global adoption of IFRS, the incurred loss model VS impairment and addresses “breaking the boiler plate” of disclosure of financial statements. Hans presents almost global adoption of IFRS, including in the United States and where even non-adopters like Singapore have made great …
View PostThe June 2013 IFRS for SMEs Update has been published by the IASB and can be downloaded by accessing the following web page: http://www.ifrs.org/Alerts/SME/Pages/June-IFRS-for-SMEs-Update-published-2013.aspx
View PostThe International Accounting Standards Board (IASB) published for public comment a revised Exposure Draft of proposals for the accounting for Insurance Contracts. The Exposure Draft builds upon proposals published in 2010, and reflects feedback received during the extensive public consultation period that followed the publication of those proposals. This Exposure Draft has been developed to improve the transparency of the …
View PostThe International Accounting Standards Board (IASB) yesterday published, for public comment, an Exposure Draft of proposals to include bearer plants within the scope of IAS 16 Property, Plant and Equipment. It seems that it is no longer just labour unrest and wage negotiations that will be bring unrest to the majestic vines of the South African Cape but now also the …
View PostTabaldi wishes to issue a friendly reminder to all individuals that the South African Tax Season starts Monday 1 July 2013! The period that will be assessed by SARS is from 1 March 2012 to 28 February 2013. The closing dates of the tax season are as follows: Non-provisional taxpayers using eFiling have until Friday 22 November 2013 to submit …
View PostThe following notice was issued by The South African Institute of Chartered Accountants (SAICA) on 6 June 2013: The South African Institute of Chartered Accountants (SAICA) has, at the request of the JSE Limited (JSE), issued an exposure draft on the proposed changes to its previous Headline Earnings Circular, Circular 3/2012 for South African companies. The amendments made to Circular …
View PostThe IASB and FASB have issued a Revised Exposure Draft dealing with lease accounting. The main issue still revolves around the capitalisation of previously off balance sheet leases (operating leases under the current IAS 17) in order to make risk assessment of lease commitments more consistent for users of financial reports. The revised exposure draft has evolved the accounting being …
View Post5 themes from IASB public consultation on its future agenda, summarised as follows: 1) After 10 years of continuous change in financial reporting, a period of relative calm is needed; 2) Unanimous support to prioritise work on Conceptual Framework; 3) Targeted improvements to respond to needs of new adopters of IFRS; 4) Greater attention to implementation and maintenance of the …
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