IFRS News Clips
ACCA Survey of U.S. Investors Reveals Majority Are Confident the U.S. Will Eventually Adopt IFRS
Many respondents in a survey of almost 500 U.S.-based investors felt that the SEC would eventually require IFRS reporting, but not until a substantial period of time yet. (AccountancyAge).
Tokyo Is Chosen Location of New IFRS Foundation Regional Office for Asia-Oceania
IASB recently opened the office, due to the Asia-Oceania region’s rapidly-growing economies and markets, as well as the fact that adoption of IFRS has already occurred in many areas. (AccountancyAge).
IFRS Foundation report says SEC's concerns are not insurmountable
A report released Tuesday by the IFRS Foundation staff examines the concerns expressed by the Securities and Exchange Commission staff about International Financial Reporting Standards adoption in a report in July. The IFRS Foundation report says new initiatives have addressed some of the SEC's concerns, and it contests some of the commission's findings on funding of the International Accounting Standards Board, noting that U.S. contributions are lacking in proportion to the size of its economy and its number of seats on IFRS Foundation bodies. (Journal of Accountancy)
U.S. leadership position among accounting bodies at stake if progress toward IFRS, convergence stalls, Melancon warns
The article presents the comments of AICPA President and CEO Barry Melancon regarding the importance of the U.S. continuing to push for convergence of U.S. GAAP and international standards. (Journal of Accountancy)
September IFRS for SMEs Update published
The September 2012 IFRS for SMEs Update has been published. (IFRS.org)
IASB to develop IFRS guidance for ‘micro-sized entities’
IASB will focus on extracting principles from IFRS for SMEs that are necessary for most micro-sized entities. The term “micro-sized entity” typically refers to entities with fewer than 10 employees.
Very Small Businesses to Receive IFRS Guidance from IASB
The SME Implementation Group, a part of IASB, has announced its intention to help provide guidance on IFRS adoption to this class of businesses. (AccountingToday)
Accounting Convergence, SEC’s “Decision-less” Staff Paper, and a Recent Seidman-Hoogervorst Disagreement
The article looks at some recent developments and issues in the IASB’s path to creating a global financial accounting standard. (CFO.com)
Should the U.S. Vacate Its Seat on the IASB Monitoring Board?
European Commission spokesman Stefaan De Rynck has expressed his opinion that this should be the case, since the U.S. continues to delay in implementing its actual use of IFRS. (Reuters)
US regulator’s report offers detailed look at IFRS
On Friday, July 13, 2012, the US Securities and Exchange Commission (SEC) released an 127-page report providing a thorough discussion of the issues related to International Financial Reporting Standards in the United States, noting that a wholesale switch to international standards would strain the resources of U.S. companies and that a stepped transition has more public support. The report did not contain a recommendation on whether US public companies should be allowed or required to adopt IFRS for their financial reporting. (CGMA.org)
Response to US SEC publication of staff report on IFRS
The Trustees of the IFRS Foundation note the publication of a staff report representing the final element of a Work Plan developed by the staff of the US Securities and Exchange Commission (IFRS.org)
SEC Staff Publishes Final Report on Work Plan for Global Accounting Standards
Washington, D.C., July 13, 2012 – The Securities and Exchange Commission’s Office of the Chief Accountant today published its final staff report on the Work Plan related to global accounting standards. (SEC.gov)
IASB Critical of SEC’s Delay Regarding Adoption of IFRS
In the article, Michel Prada, Chairman, IASB oversight body, expresses regret that the recently-released SEC report purposely omits any recommended action plan. (AccountancyAge)
No Further Public Speculation from SEC on IFRS Decision
The SEC has announced that it will issue no further statements regarding a time line for its final decision on the implementation of IFRS. (Compliance Week)
June IFRS for SMEs Update published
The June 2012 IFRS for SMEs Update has been published. (IFRS.org)
Michel Prada, IFRS Foundation Chief, Delivers Speech at IFRS Foundation Conference in Frankfurt
In his speech, Prada recalls the progress made over the last ten years in moving toward global accounting standards and the importance to investors of doing so; mentions FASB’s decision to reconsider US GAAP; and discusses the effects of the most-recent global financial crisis, as well as other issues. (inAudit)
IASB invites comments on review of the IFRS for SMEs
The International Accounting Standards Board (IASB) has issued a Request for Information as the first step in its initial comprehensive review of the IFRS for SMEs. The objective of the Request for Information is to seek public views on whether there is a need to make any amendments to the IFRS for SMEs and, if so, what amendments should be made. The deadline for responses is 30 November 2012. (IFRS.org)
Spanish translations of IFRS for SMEs Q&As
All seven Q&As are now available in Spanish. The Q&As are non-mandatory guidance issued by the SME Implementation Group that are intended to help those who use the IFRS for SMEs to think about specific accounting questions. (IFRS.org)
Emerging Economies Group (EEG) communiqué published
The Emerging Economies Group (EEG) focuses on issues around the application and implementation of IFRSs in emerging economies. (IFRS.org)
Speech by Hans Hoogervorst at 3rd ECB Conference on Accounting, Financial Reporting and Corporate Governance for Central Banks
On 4 June 2012 Hans Hoogervorst, Chairman of the IASB, addressed the 3rd ECB Conference on Accounting, Financial Reporting and Corporate Governance for Central Banks in Frankfurt. (IFRS.org)
IFRS Interpretations Committee publishes proposed guidance on levies charged by public authorities on entities that operate in a specific market
On 31 May 2012 the IFRS Interpretations Committee, responsible, in co-operation with the IASB, for developing amendments and Interpretations of International Financial Reporting Standards (IFRSs), published for public comment proposed guidance on the accounting for levies charged by public authorities on entities that operate in a specific market. (IFRS.org)
IFRS Interpretations Committee publishes proposed guidance on put options written on non-controlling interests
The IFRS Interpretations Committee, responsible, in co-operation with the IASB, for developing amendments and Interpretations of International Financial Reporting Standards (IFRSs), has today published for public comment proposed guidance on the accounting for a put option written by a parent entity on the shares of its subsidiary held by a non-controlling-interest shareholder. (IFRS.org)
IFRS Foundation Trustees Appoint John O’Grady, of Ernst & Young, as Representative to IFRS Interpretations Committee
O’Grady’s appointment to the Committee, which plays an important part in ensuring consistent interpretations of the standards among all the countries that adopt them, begins July 1st of this year. (inAudit)
Material from French-language IFRS for SMEs ‘train the trainers’ workshops available
On 17– 19 April 2012 the IFRS Foundation held a three-day French-language workshop in Douala, Republic of Cameroon, to train the trainers in West Africa on the IFRS for SMEs. (IFRS.org)
Speech by IFRS Foundation Chairman Michel Prada at IOSCO conference in Beijing
On 16 May 2012 Michel Prada, Chairman of the IFRS Foundation Trustees, addressed the 2012 IOSCO conference, in Beijing, China. (IFRS.org)
Support for those teaching IFRSs
IASB’s education staff are developing Framework-based teaching resources, and, using those resources, they are facilitating a number of Framework-based teaching workshops for those teaching IFRSs. (IFRS.org)
FASB and IASB narrow lessee accounting model options
FASB and the International Accounting Standards Board (IASB) have narrowed their focus in anticipation of a vote next month on a lessee accounting model in their joint convergence project on leases. (JofA)
IASB welcomes PAFA General Assembly resolution to adopt IFRS
The International Accounting Standards Board (IASB) welcomes the resolution passed by the Pan African Federation of Accountants (PAFA) General Assembly, to adopt International Financial Reporting Standards (IFRSs) and the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). (IFRS.org)
Martin Edelmann appointed to the IASB
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), announced today the appointment of Martin Edelmann as a member of the IASB for an initial five-year term from 1 July 2012 and renewable for a further three-year term. (IFRS.org)
On-Going Issue of Convergence
Article re-states and summarizes the issue of convergence of IFRS and U.S. GAAP, discussing the viewpoints of both IASB and FASB and the positions held by them in what seems to be a never-resolving process. (The Economist)
Arabic-language IFRS for SMEs training Module 22
The Arabic-language translation of Module 22 Liabilities and Equities of the IFRS Foundation training material is now available. (IFRS.org)
IFRS Taxonomy Annual Convention 2012 - Presentations Available
The IFRS Taxonomy Annual Convention took place on 25 April 2012 at the Hilton Tower Bridge Hotel, London. Speeches and presentations from the IFRS Taxonomy Annual Convention 2012 are now available to view. (IFRS.org)
Global Accounting Standards Still High-Priority for U.S.
Following recent meeting in Beijing, U.S. and China re-affirm joint commitment to work toward high-quality, global accounting standards. Article also re-caps the IFRS scenario. (The New York Times)
Trustees publish proposed enhancements to IFRS Foundation Due Process Handbook
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), have today published for public comment an updated version of the IFRS Foundation Due Process Handbook (‘the Handbook’). (IFRS.org)
IFRS Interpretations Committee meeting May 2012, papers & webcast registration available
The IFRS Interpretations Committee is meeting at the IASB's office in London, UK on 15 and 16 May 2012. All agenda papers and webcast registration links are now available. (IFRS.org)
April IFRS for SMEs Update
The April 2012 IFRS for SMEs Update has been published. (IFRS.org)
Spanish-language IFRS for SMEs training Module 22
The Spanish translation of Module 22 Liabilities and Equity of the IFRS for SMEs training material is now available. (IFRS.org)
Sir Callum McCarthy appointed as a Trustee of the IFRS Foundation
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), today announced the appointment of Sir Callum McCarthy to serve as a Trustee. (IFRS.org)
Joint Presentation, "Shaping the Future: Lessons From Accounting Standards Leaders," to Be Given on Tuesday, April 24th
Sir David Tweedie, President of ICAS, Bob Herz, former FASB Chairman, and Paul Cherry, IFRS Advisory Council Chairman, will take part in a panel discussion presented jointly by AICPA, ICAS and CICA in New York, which will cover several pertinent current issues, such as the recent financial crisis, the make-up of financial statements, and the issue of private companies. (Journal of Accountancy)
Unaccompanied IFRSs and their technical summaries as of 1 January 2012
The IFRS Foundation offers free access to the current year's consolidated unaccompanied English language IFRSs and official interpretations (Red Book). This includes IFRSs, IASs, IFRICs and SICs. These are now available along with their technical summaries as of 1 January 2012. (IFRS.org)
SME Implementation Group publishes two final Q&As
The SME Implementation Group (SMEIG) today published two question and answer documents (Q&As) on the IFRS for SMEs:
• Q&A 2012/01 Application of 'undue cost or effort'
• Q&A 2012/02 Jurisdiction requires fallback to full IFRSs (IFRS.org)
Representatives of IASB and ASBJ hold biannual meeting
Representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) met on 2 April 2012 in Tokyo. This meeting was the fifteenth in a series of discussions between the IASB and the ASBJ. (IFRS.org)
March IFRS for SMEs Update
The March 2012 IFRS for SMEs Update has been published. (IFRS.org)
New IFRS for SMEs guide is posted
A revised version of the booklet, A Guide to the IFRS for SMEs, has been posted. This eight-page 'executive briefing' is written in non–technical language for lenders, creditors, owner–managers, and others who use SME financial statements. (IFRS.org)
IFRS Taxonomy 2012
The IFRS Foundation has published the IFRS Taxonomy 2012. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language). (IFRS.org)
Podcasts recordings on March 2012 Board and IFRS Interpretations Committee meetings available
Podcast recordings giving a short audio summary of the main topics discussed at the March 2012 Board meeting and the March 2012 IFRS Interpretations Committee meeting have been posted on the website. (IFRS.org)
IFRS Interpretations Committee meeting March 2012, papers & webcast registration available
The IFRS Interpretations Committee is meeting at the IASB office in London UK on 13 and 14 March 2012. All agenda papers and webcast registration links are now available. (IFRS.org)
February IFRS for SMEs Update
The February 2012 IFRS for SMEs Update has been published. (IFRS.org)
Editorial corrections to bound volumes and single IFRSs published
The editorial team of the IASB published a collection of editorial corrections to the 2010 and 2011 Bound Volume (Red Book and Education) and to the 2011 and 2012 Bound Volume (Blue Book), as well as to other standards and disclosures. (IFRS.org)
Ronald Arculli appointed as a Trustee of the IFRS Foundation
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), today announced the appointment of Ronald Arculli to serve as a Trustee. (IFRS.org)
IFRS Decision a "Few" Months Away, Based on SEC Staff Report Timeline
An SEC decision on the use of IFRS by U.S. public companies is still a "few" months away, SEC Chief Accountant James Kroeker indicated Monday. At an IFRS Advisory Council meeting in London, Kroeker declined to get more precise because he wants the SEC staff focused on completing a report on the issue rather than on a deadline. (Journal of Accountancy)
Progress on SME Q&As
The public comment period has now ended on the following two draft Q&As relating to the IFRS for SMEs. After considering the comments, staff have proposed some minor clarifying changes and have sent drafts of final Q&As to the SME Implementation Group for a 30-day review period to obtain their approval to send to the Board. (IFRS.org)
SEC's Kroeker Indicates IFRS Recommendation Could Be Close At Hand
At an advisory panel meeting in London on Monday, Mr. Kroeker suggested that the SEC will, within a few months, complete the Commission's recommendation to adopt the endorsement approach to IFRS implementation in the U. S. (The Wall Street Journal)
SEC's Full Adoption of IFRS and Disallowance of LIFO Deemed Unlikely
Although the dual issues of the SEC's delay in ruling on full-adoption of IFRS and the possible repeal of LIFO have existed for some time, Lee Schneider, Tax Counsel to The LIFO Coalition, indicates that it is possible that LIFO will remain a viable method, even though it may not be recognized by IFRS. (timesunion.com)
Vacancy: Members, IFRS Interpretations Committee
The Trustees of the International Financial Reporting Standards (IFRS) Foundation invite applications from suitable candidates to fill up to four vacancies on the IFRS Interpretations Committee. (IFRS.org)
Webcast on proposed IFRS Taxonomy 2012
On Thursday 2 February, IASB staff presented a webcast about the proposed IFRS Taxonomy 2012. The webcast recording is now available. (IFRS.org)
Webcast on proposed IFRS Taxonomy 2012
On Thursday 2 February, IASB staff presented a webcast about the proposed IFRS Taxonomy 2012. The webcast recording is now available. (IFRS.org)
January 2012 IFRS for SMEs Update
The January 2012 IFRS for SMEs Update has been published. (IFRS.org)
Summary of the January 2012 Trustees' meeting, Singapore
The Trustees of the IFRS Foundation, the body responsible for the governance and oversight of the International Accounting Standards Board (IASB), have announced the conclusions of their meeting in Singapore on 12 January 2012. (IFRS.org)
IFRS Interpretations Committee January 2012
The IFRS Interpretations Committee met at the IASB office in London UK on the 17 and 18 January 2012. The meeting summaries and audio files from this meeting are available from the project pages. (IFRS.org)
Podcast summary of January 2012 IFRS Interpretations Committee meeting available
A podcast was recorded shortly after the January 2012 IFRS Interpretations Committee meeting to provide a short summary of the main topics and projects discussed. (IFRS.org)
Status report on IFRS for SMEs
On Friday, 20 January 2012, the SME Working Group of the European Financial Reporting Advisory Group (EFRAG) met with IASB Board member Paul Pacter in Brussels to discuss various matters relating to the IFRS for SMEs. (IFRS.org)
Trustees reappoint three members of the IASB
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), announced today the reappointment of three existing members of the IASB. (IFRS.org)
Scott Evans reappointed as IFRS Foundation Trustee
The Monitoring Board of the IFRS Foundation has approved the reappointment of Scott Evans, to serve a second three-year term as a Trustee. His term will now expire on 31 December 2014. (IFRS.org)
IFRS 13 and Fair Value Accounting
Francisco Roque A. Lumbres, CFA, PRM, Partner of SGV & Co., discusses the main principles and clarifies some of the related definitions and concepts of this standard, which is scheduled for mandatory implementation in less than a year. (BusinessWorld)
Exposure Draft of the IFRS Taxonomy 2012
On 17 January, the IFRS Foundation published for public comment an exposure draft of the IFRS Taxonomy 2012. The proposed Taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs. The IFRS Taxonomy 2012 is a translation of IFRSs as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language). (IFRS.org)
IFRS Foundation Trustees Meeting January 2012
The IFRS Foundation Trustees Meeting is being held on 12 January 2012 at the Regent Hotel in Singapore. All observer notes for this meeting, including those for the DPOC are now available, visit the meeting page. (IFRS.org)
IFRS Interpretations Committee January 2012
The IFRS Interpretations Committee is meeting at the IASB office in London UK on the 17 and 18 January 2012. (IFRS.org)
A New System for Recognizing Revenue
FASB and the International Accounting Standards Board (IASB) in November released a revised proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. (Journal of Accountancy)
