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
View PostAcknowledging 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 …
View PostThe 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 …
View PostThe 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 …
View PostNew 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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