Introducing FVTOCI option for debt instruments – Limited amendments to IFRS 9 (Exposure Draft)
This new ED proposes the introduction of a fair value through other comprehensive income measurement category for simple debt instruments. Under the current IFRS 9 debt instruments are either carried at amortised cost or at fair value through profit or loss. The accounting for these debt instruments would show fair value of the financial asset (debt instrument) in the statement of …
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COMPLETION of the IASB’s hedge accounting phase of its financial instruments project represents a key milestone in its long-standing commitment to replace IAS 39 Financial Instruments: Recognition and Measurement with a more principles-based and simplified standard. The new hedge accounting model, added to IFRS 9 Financial Instruments, provides greater opportunity for reporters to apply hedge accounting in the financial statements and …
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IFRIC Update – January 2014
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
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How the lease accounting proposal may change
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 be high and benefits would …
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Interim Standard on Rate Regulated Activities (IFRS 14)
The International Accounting Standards Board (IASB) on Thursday issued an interim standard on rate-regulated activities for use by first-time IFRS adopters while the board works to develop a permanent standard. Previously, IFRS did not contain any guidance for rate-regulated activities. The IASB has a plan to consider the broad issue of rate-regulated activities and plans to issue a discussion paper …
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IFRS updates for 2014 first quarter
Some new standards expected during the first quarter of 2014, new standard on Revenue, financial instruments (IFRS 9) chapter on impairment and the interim IFRS on rate-regulated activities…… going to be an interesting year….. The big one is going to be the new standard on revenue. For further details visit the IFRS Foundation website: http://www.ifrs.org/Current-Projects/IASB-Projects/Revenue-Recognition/Pages/Revenue-Recognition.aspx
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New standards – first quarter 2014
Some new standards expected during the first quarter of 2014, new standard on Revenue, financial instruments (IFRS 9) chapter on impairment and the interim IFRS on rate-regulated activities…… going to be an interesting year…..
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July 2013 IFRIC Update published
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
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The International Accounting Standards Board (IASB) plans to hold a series of round-table meetings and other forms of outreach on its Discussion Paper on the Conceptual Framework.
These 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, …
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Update on the countries that have adopted IFRS as financial reporting standard
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 Tanzania Chile Macedonia Turkey China …
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