Hans Hoogervorst from the IASB talks about the IASB’s progress on amendments to insurance contracts, leases and “breaking the boiler plate”

The 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 …

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IASB issues a revised Exposure Draft for the accounting for Insurance Contracts

The 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 …

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IASB issues proposals on bearer plants that will affect the South African wine industry

The 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 …

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Changes made to the Headline Earnings Circular

The 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 …

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Changes to IFRS for SMEs

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 amendments have been made to …

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New guidance for the recognition of levies imposed by government

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, whether economic impulsion and the …

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Revised Exposure Draft on Leases

The 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 …

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IASB future agenda – 5 themes summarised

5 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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