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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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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