IFRS 13 becomes effective for all reporting periods starting on or after 1 January 2013. The increase in disclosures will be a shock to many entities that are horribly underprepared. The disclosures of the different levels of fair value inputs is just the start, please ensure that you spend some time working through the standard in detail. A great resource …
View PostIFRS 13 is effective for year ends starting on or after 1 January 2013. Are you prepared for the increase in disclosure requirements and the additional work that will be required to fully disclose the required information on the different levels of inputs? A great resource has been published by Ernst and Young. The link to download is http://www.ey.com/Publication/vwLUAssets/Applying_FVM_November_2012/%24FILE/Applying_FVM_November%202012.pdf
View PostThis 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 …
View PostConvergence between FASB and IASB still on the cards, but looking less likely the longer it is drawn out. With the recent unravelling of aspects of some of the convergence projects (namely the differences on financial asset impairment and revenue interpretations) the chances of convergence are decreasing. Recently the FASB Chariman Leslie Seidman and International Accounting Standards Board Chairman Hans …
View PostIASB to host a public forum to consider disclosure overload (can I have an amen to that). Scheduled for 28 January 2013 for a venue in London. More details and bookings on http://www.ifrs.org/Alerts/PressRelease/Pages/IASB-hosts-public-forum-to-discuss-disclosure-overload.aspx Not an easy task being a standard setter, but there is a growing feeling that accounting disclosures are getting out of hand. Commenting on the Forum, Hans …
View PostThe IASB has posted the draft of the forthcoming general hedge accounting requirements that will be added to IFRS 9 Financial Instruments. Technical deliberations are now complete and the IASB is not seeking comments on the draft. Expected to be finalised into IFRS 9 last quarter of 2012. Please note that the draft on macro hedging is not complete, this …
View PostSARS are keeping up with the move to mobile technology (smart phones and tablet PC’s). You can now file your tax return via the efiling mobile app or mobisite. To access the mobisite via your phone, type in www.sarsefiling.mobi or download the app from the App store for iPhones and iPads or from the Google store for Android devices.
View PostSo what is going to be different, well these entities will not consolidate subsidiaries, but will measure 'subsidiaries' at fair value with fair value changes going through profit or loss. I agree with this 100% and think it improves the fair presentation of economic reality for their business model. Job well done IASB Remember this only applies to 'investment entities' …
View PostI have been getting queries on the differences between full IFRS and IFRS for SME's with regards to Other Comprehensive Income. So to clarify there are 6 instances under full IFRS for OCI, and three for IFRS for SME’s, as follows:
View PostWe’ve all heard the story – a small business’s accountant is caught months if not years after they started embezzling funds. Or PAYE, UIF etc. discovered to have been paid into a personal bank account. While large companies have entire internal audit departments to prevent and detect fraud, it is up to you as the small business owner to ensure …
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