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 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 PostA South African has been appointed to the IFRS Advisory Council. Congratulations Mr René van Wyk, Head of Bank Supervision and Registrar of Banks, South African Reserve Bank.
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As an audit and accounting practice, or as a corporate accountant you are expected to be a technical accounting expert. IFRS and IFRS for SME’s is the lifeblood of your business. Without an in depth knowledge of the latest changes and core principles you are exposing your firm to the risk of being incompetent. Larger firms and corporate entities requiring …
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