Updates

 

IASB

Fair value measurement comprehensive project summary published

July 2, 2010 - A comprehensive project summary, prepared by the International Accounting Standards Board (IASB) staff, has been published on the fair value measurement project page. (IASB.org)

The IASB and FASB embark on additional outreach activities on their Financial Statement Presentation Project

July 1, 2010 - The IASB and FASB started today their programme of extended outreach to stakeholders on the joint project on financial statement presentation by posting a staff draft of proposed standards on their respective websites. (IASB.org)

IASC Foundation to become IFRS Foundation on 1 July 2010

June 30, 2010 - On 1 July 2010 the IASC Foundation will formally change its name to the IFRS Foundation. The change represents the next step in a process to simplify the names in use across the organisation announced following the conclusion of the Constitutional Review in 2010. (IASB.org)

IASB proposes improvements to disclosure requirements for Level 3 fair value measurements

June 29, 2010 - The International Accounting Standards Board (IASB) today published for public comment further enhancements to a disclosure proposal on Level 3 fair value measurements that formed part of the IASB’s exposure draft Fair Value Measurement published in May 2009. (IASB.org)

IASB and FASB propose a new joint standard for revenue recognition

June 24, 2010 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs. (IASB.org)

IASB and FASB update to G20 Leaders on modified convergence strategy

June 24, 2010 - The IASB and the FASB today wrote to the G20 Leaders outlining their modified strategy for completing their convergence work. The modified strategy retains the target completion date of June 2011 or earlier for the MoU projects for which the boards believe the need for improvement is the most urgent. (IASB.org, FASB.org)

6 July - Live webcast on IAS 39 replacement project

June 22, 2010 - On 6 July 2010 IASB staff will be hosting a webcast on the IAS 39 replacement project. Discussion topics will include an update on the main outcomes of the Expert Advisory Panel and next steps in the impairment phase, an update on the hedge accounting phase, and a general update on timing for the project. (IASB.org)

Tommaso Padoa-Schioppa to return as Chairman of the Trustees following the July Trustees’ meeting

The Monitoring Board today announced that it has approved the appointment of Tommaso Padoa-Schioppa, former Italian Minister of Economy and Finance, as Chairman of the Trustees. (IASC Foundation)

IASC Foundation Annual Report 2009 published

June 17, 2010 - The 2009 Annual Report of the IASC Foundation has been published today and is available for download from the IASB website. (IASC Foundation)

IASB and FASB issue statement on their convergence work

June 2, 2010 - The IASB and the FASB today announced their intention to prioritise the major convergence projects to permit a sharper focus on issues and projects that they believe will bring about significant improvement and convergence between IFRSs and US GAAP. Joint FASB and IASB Letter to G-20 (IASB.org)

IASB proposes improvements to the presentation of items of Other Comprehensive Income

May 27, 2010 - The International Accounting Standards Board (IASB) today published for public comment proposals to improve the consistency of how items of Other Comprehensive Income (OCI) are presented. (IASB.org)

Request for comment: FASB Financial Instruments Exposure Draft

May 27, 2010 - On 26 May 2010 the FASB released a proposed Accounting Standards Update (ASU) that contains proposals for a new comprehensive standard on financial instruments. (IASB.org)

Thursday 10 June – Live webcast on Lease accounting

May 25, 2010 - On Thursday 10 June IASB staff will present a live webcast to provide updates to the proposals on accounting for lease contracts. (IASB.org)

User questionnaire for Fair Value Option exposure draft

May 25, 2010 - On 24 May 2010 the International Accounting Standards Board (IASB) produced a questionnaire for financial statement users on its May 2010 exposure draft Fair Value Option for Financial Liabilities. (IASB.org)

IASB addresses ‘counter-intuitive’ effects of fair value measurement of financial liabilities

May 11, 2010 - The International Accounting Standards Board (IASB) today published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments). (IASB.org)

Trustees publish report on the Second Part of the Constitution Review

May 11, 2010 - The Trustees of the IASC Foundation published today a report on the changes to the Foundation’s Constitution made as a result of the second part of their 2008-2010 Constitution review. (IASB.org)

IASB concludes the 2008-2010 cycle of annual improvements to IFRSs

May 6, 2010 - The International Accounting Standards Board (IASB) today issued Improvements to IFRSs - a collection of amendments to seven International Financial Reporting Standards (IFRSs) - as its latest set of annual improvements. (IASB.org)

Second meeting of AICPA/FAF/NASBA “Blue Ribbon” Panel on Standard Setting for Private Companies

The Panel will hold its second meeting on Friday, May 14, at the FAF offices at 401 Merritt 7, Norwalk, CT 06851. The public portion of the meeting, from 9:10 am to 4:00 pm, with a lunch break, will be webcast live through the AICPA and FAF websites. (FASB.org)

IFRS Interpretations Committee appointments

May 4, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation, oversight body of the International Accounting Standards Board (IASB), announced today an appointment and reappointments to the IFRS Interpretations Committee, formerly known as the IFRIC. (IASB.org)

IASB and ASBJ meet to discuss convergence with and intended adoption of IFRSs in Japan

April 30, 2010 - The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) have held their eleventh meeting to review preparations for the convergence with and intended adoption of IFRSs in Japan. (IASB.org)

IASC Foundation releases IFRS Taxonomy 2010

April 30, 2010 - The International Accounting Standards Committee (IASC) Foundation today released the International Financial Reporting Standards (IFRS) Taxonomy 2010. (IASB.org)

IASC Foundation and IASB emphasise greater investor participation in the development of IFRSs

April 29, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation and the International Accounting Standards Board (IASB) launched today a programme to enhance investors’ participation in the development of International Financial Reporting Standards (IFRSs). (IASC Foundation)

IASB proposes improvements to defined benefit pensions accounting

April 28, 2010 - The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to IAS 19 Employee Benefits. (IASB.org)

Impairment user questionnaire

April 26, 2010 - The International Accounting Standards Board (IASB) is seeking input from users of financial statements in the form of a questionnaire on the proposals regarding amortised cost measurement and impairment of financial instruments. (IASB.org)

Paul Pacter appointed to the IASB

April 15, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of Paul Pacter to the International Accounting Standards Board. (IASB.org)

IASB and FASB Quarterly Report Shows Continued Progress Towards Convergence Goal

April 14, 2010 – The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published a report on their work to improve and achieve convergence of International Financial Reporting Standards and US generally accepted accounting principles. (IASB.org)

IASB seeks feedback on extractive activities discussion paper

April 6, 2010 – The International Accounting Standards Board (IASB) published today the results of an international research project on a possible future International Financial Reporting Standard (IFRS) for extractive activities in the form of a discussion paper – Extractive Activities. (IASB.org)

Liabilities – comment deadline extended

March 24, 2010 - In its March Board meeting, the IASB decided to extend the comment period for the exposure draft Measurement of Liabilities in IAS 37 to 19 May 2010. (IASB.org)

Nominations sought for membership of the IFRS for SMEs Implementation Group

March 18, 2010 - The Trustees of the International Accounting Standards Committee Foundation invite nominations of suitable candidates for membership of the SME Implementation Group (SMEIG). (IASB.org)

Chairman of the IASB addresses ECOFIN meeting

March 16, 2010 - Prepared Statement of Sir David Tweedie, Chairman of the International Accounting Standards Board, to the meeting of the COUNCIL OF THE EUROPEAN UNION (Economic and Financial Affairs) on 16 March 2010. (IASB.org)

IASB and FASB publish proposals on reporting entity concept

March 11, 2010 – The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) today published for public comment an exposure draft on the reporting entity concept. (IASB.org)

Working draft of proposed IFRS to replace IAS 37 is now available; live webcast on 3 March

February 19, 2010 – The IASB has posted on its website a working draft of a proposed IFRS to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets. (IASB.org)

IASC Foundation publishes proposed IFRS Taxonomy 2010

February 19, 2010 – The International Accounting Standards Committee (IASC) Foundation today published for public comment an exposure draft of the International Financial Reporting Standards (IFRSs) Taxonomy 2010. (IASB.org)

Vacancies: Member, International Financial Reporting Interpretations Committee

February 19, 2010 – The Trustees of the International Accounting Standards Committee (IASC) Foundation invite applications from suitable candidates to fill up to four vacancies on the International Financial Reporting Interpretations Committee (IFRIC). (IASB.org)

Trustees clarify position on IFRS adoption objective and support for convergence

February 16, 2010 – In a letter to the Financial Times, Gerrit Zalm, Chairman of the Trustees, responds to concerns that the constitutional emphasis on the objective of IFRS adoption globally represents a weakening of the Trustees' support for ongoing convergence efforts. (IASB.org)

Trustees announce further governance enhancements

February 15, 2010 – The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced enhancements to their governance arrangements. (IASB.org)

Trustees appoint two leading financial executives to the IASB

February 4, 2010 – The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of two leading financial executives to the International Accounting Standards Board (IASB). (IASB.org)

IASB issues limited exemption amendment to IFRS 1

January 28, 2010 – The International Accounting Standards Board (IASB) issued today a minor amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IASB.org)

IASC Foundation publishes free training material for IFRS for SMEs

January 18, 2010 – The International Accounting Standards Committee Foundation (IASC Foundation) today published the first part of its comprehensive set of training materials for the IFRS for SMEs. (IASC Foundation)

IASB re-exposes proposals on measuring liabilities for asset decommissioning, legal disputes and similar items

January 5, 2010 – The International Accounting Standards Board (IASB) today published for public comment an exposure draft of one section of a replacement for IAS 37 Provisions, Contingent Liabilities and Contingent Assets. (IASB.org)

IASB Welcomes Decision by Japanese FSA to Permit Domestic Use of IFRSs for Current Financial Year

December 11, 2009 – The International Accounting Standards Board (IASB) welcomes the recent regulatory changes announced by the Japan Financial Services Authority (FSA) on December 11, 2009. The changes establish an operational framework for the voluntary application of International Financial Reporting Standards (IFRSs) in Japan, starting from the fiscal year ending on or after March 31, 2010 and represent an important step towards the adoption of IFRSs in Japan. (IASB.org)

IASC Foundation Announces Two Successors for Retiring Trustees

December 8, 2009 – Following approval by the Monitoring Board, the International Accounting Standards Committee (IASC) Foundation announced the appointment of two Trustees, Yves-Thibault de Silguy from France and Harvey Goldschmid from the United States. (IASB.org)

IASC Foundation Publishes 2010 Architecture for the IFRS and IFRS for SMEs Taxonomies

December 9, 2009 – International Accounting Standards Committee (IASC) Foundation published The IFRS Taxonomy 2010 Architecture Draft for public comment. (IASB.org)

Trustees Seek Nominations for Chairman of the IASB from 2011

December 7, 2009 – The Trustees of the International Accounting Standards Committee Foundation, the oversight body of the IASB, have launched a global search to identify a successor to Sir David Tweedie as Chairman of the IASB. Sir David Tweedie will retire on June 30, 2011 when he completes his second term. (IASB.org)

IFRIC Issues Guidance on Extinguishing Financial Liabilities with Equity Instruments

November 30, 2009 – The International Financial Reporting Interpretations Committee (IFRIC) issued an interpretation that provides guidance on how to account for the extinguishment of a financial liability by the issue of equity instruments. (IASB.org)

IASB Issues Minor Amendment to Pensions Accounting and Proposes Consequential Change for First-time Adoption of IFRSs

November 30, 2009 – The IASB issued a minor amendment to its requirements on accounting for pension plans, and separately published for public comment a proposal to amend IFRS 1 First-time Adoption of International Financial Reporting Standards. (IASB.org)

IASB Completes First Phase of Financial Instruments Accounting Reform

November 12, 2009 – The International Accounting Standards Board (IASB) issued today a new International Financial Reporting Standard (IFRS) on the classification and measurement of financial assets. Publication of the IFRS represents the completion of the first part of a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard – IFRS 9 Financial Instruments. (IASB.org)

IASB and FASB Reaffirm Commitment to Memorandum of Understanding

November 5, 2009 – At their joint meeting last week, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (U.S. GAAP) and to bring about their convergence. The Boards also agreed to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. (FASB.org) (IASB.org)

IASB Publishes Proposals on the Impairment of Financial Assets

November 5, 2009 – The International Accounting Standards Board (IASB) today published for public comment an exposure draft on the amortized cost measurement and impairment of financial instruments. The proposals form the second part of a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard, to be known as IFRS 9 Financial Instruments. (IASB.org)

IASB Simplifies Requirements for Disclosure of Related Party Transactions

November 4, 2009 – The International Accounting Standards Board (IASB) issued today a revised version of IAS 24 Related Party Disclosures that simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party. (IASB.org)

Summary of IASC Foundation Trustees Meeting

November 2, 2009 – The Trustees of the IASC Foundation, the oversight body of the IASB, published the conclusions of their meeting in New York, USA on October 7 and 8, 2009. (IASB.org)

Revised Fair Value Standard to Be Issued in November

October 20, 2009 – The International Accounting Standards Board will release its revision to IAS 39 next month. Accountancy Age reports on IASB Chairman Sir David Tweedie's address to European Finance Ministers. Chairman Tweedie's prepared statement is available at the IASB website.

IASB Amends the Accounting for Rights Issues

October 8, 2009 – The International Accounting Standards Board (IASB) issued an amendment to IAS 32 Financial Instruments: Presentation. The amendment addresses the accounting for rights issues (rights, options or warrants) that are denominated in a currency other that the functional currency of the issuer. (IASB.org)

IASB Chairman Addresses Europe's Economic and Monetary Affairs Committee

September 28, 2009 – Sir David Tweedie tells the Committee of the European Parliament that fair value reforms are on track and that the IASB will not "blindly" follow the U.S. FASB. AccountancyAge reports on the Chairman's speech.

Trustees Welcome Monitoring Board Statement on Accounting Standards

September 22, 2009 – The Trustees of the IASC Foundation, the oversight body of the International Accounting Standards Board (IASB), welcomed today’s statement by the Monitoring Board, a group of public capital market authorities to whom the IASC Foundation established a public accountability link. (IASB.org)

Live Web Update on IAS 39 Financial Instrument Replacement

On September 23, 2009, IASB staff will present two identical webcasts on the project to replace IAS 39. (IASB.org)

Trustee Letter to G20 Participants

September 16, 2009 – The Trustees of the IASC Foundation issued a letter to participants of the upcoming G20 meeting on September 24-25 in Pittsburgh. The purpose of this letter is to inform the leaders of G20 countries of the progress that the IASC Foundation and the IASB have made in response to the G20’s recommendations on accounting standards agreed at the Leaders Summits in Washington in November 2008 and in London in April 2009. (IASB.org)

ASBJ and IASB Reaffirm Their Ongoing Cooperation in Achieving Convergence in Accounting Standards

September 9, 2009 – The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their tenth meeting to accelerate convergence of Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). (IASB.org)

Trustees Publish Proposals Aimed at Enhanced Accountability and Stakeholder Outreach

September 9, 2009 – The Trustees of the International Accounting Standards Committee Foundation (IASC Foundation), the oversight body of the International Accounting Standards Board (IASB), today published for public comment proposals that form the second part of a two-part review of the IASC Foundation Constitution. (IASB.org)

IASB Publishes Proposals for Amendments under Its Annual Improvements Project

August 26, 2009 – The International Accounting Standards Board published for public comment an exposure draft of proposed amendments to eleven International Financial Reporting Standards under its annual improvements project. (IASB.org)

IFRIC Proposes Guidance on Settling Financial Liabilities with Equity Instruments

August 6, 2009 - The International Financial Reporting Interpretations Committee (IFRIC) published for public comment a draft Interpretation, IFRIC D25 Extinguishing Financial Liabilities with Equity Instruments. The proposal is open for public comment until October 5, 2009. (IASB.org)

IASB Publishes Proposals on the Classification of Rights Issues

August 6, 2009 – The International Accounting Standards Board Published for public comment proposals on the classification of rights issues. The proposals in the Exposure Draft are open for comment until September 7, 2009. (IASB.org)

Financial Instruments Round Tables

August 3, 2009 – In September 2009 the IASB and the FASB will hold joint round table discussions on their proposals for financial instruments. Round tables will be held in North America, Asia and Europe. (IASB.org)

Monitoring Board Re-appoints Four Trustees

July 27, 2009 - The Monitoring Board of the International Accounting Standards Committee (IASC) Foundation has approved the recommendation of the IASC Foundation Trustees to re-appoint four Trustees for a second three-year term. (IASB.org)

Registration for Constitution Review Round Tables

July 27, 2009 - The Trustees of the IASC Foundation have announced further details of public round table discussions relating to the second part of the Constitution Review. (IASB.org)

IASB Publishes Proposals on Rate-regulated Activities

July 23, 2009 – The International Accounting Standards Board published for public comment proposals on the accounting for rate-regulated activities. (IASB.org)

IASB Amends the Retrospective Application of IFRSs for First-Time Adopters

July 23, 2009 - The International Accounting Standards Board issued amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendments address the retrospective application of IFRSs to particular situations and are aimed at ensuring that entities applying IFRSs will not face undue cost or effort in the transition process. (IASB.org)

IASB Proposes Improvements to Financial Instruments Accounting

July 14, 2009 – The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposals to improve financial instrument accounting. (IASB.org)

IASB Live Web Presentation on Financial Instruments

On July 14, 2009, the IASB will publish and exposure draft on Financial Instruments: Classification and Measurement. The IASB will introduce the exposure draft in a live web presentation on Wednesday, July 15, 2009. (IASB.org)

IASB Publishes IFRS for SMEs

July 9, 2009 - The International Accounting Standards Board (IASB) issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs). The standard is a result of a five-year development process with extensive consultation of SMEs worldwide. (IASB.org)

Live Web Update on IAS 39 Financial Instruments Replacement

June 29, 2009 - On July 3, 2009 and July 6, 2009 the IASB will be hosting the third in its series of live webcasts to keep interested parties up to date on progress of the project to replace IAS 39. This web update will focus on the recently published Request for Information on the feasibility of an expected loss model.

IASB Seeks Input on Feasibility of Expected Loss Model

June 25, 2009 - The International Accounting Standards Board (IASB) published a Request for Information on the feasibility of an expected loss model for the impairment of financial assets.

IASB Proposes Guidance for the Preparation and Presentation of Management Commentary

June 23, 2009 - The International Accounting Standards Board (IASB) published for public comment a proposed non-mandatory framework to help entities prepare and present a narrative report, often referred to as management commentary.

Live Web Presentation Introducing the Exposure Draft on Fair Value Measurement

June 22, 2009 - In May 2009, the IASB published an exposure draft on Fair Value Measurement. The IASB will introduce the exposure draft in a live web presentation on June 30, 2009.

2008 IASC Foundation Annual Report

June 19, 2009 - The Annual Report includes a comprehensive account of the IASC Foundation and IASB’s activities during 2008, as well as audited financial statements and details on the funding of the organization.

Trustees Announce Dates for Constitution Review Public Round-Tables

June 19, 2009 - The Trustees of the IASC Foundation have today announced dates for public round-table discussions relating to the second part of the Constitution Review.

IASB Seeks Views on Accounting for “Own Credit Risk”

June 18, 2009 - The International Accounting Standards Board (IASB) published for public comment a discussion paper on the role of credit risk in liability measurement.

IASB Clarifies the Accounting for Group Cash-Settled Share-Based Payment Transactions

June 18, 2009 - The International Accounting Standards Board (IASB) announced amendments to IFRS 2 Share-based Payment that clarify the accounting for group cash-settled share-based payment transactions.

Japan Takes Major Step towards IFRS Adoption

June 12, 2009 - The Business Accounting Council (BAC), a key advisory body to the Commissioner of Japan's Financial Services Agency (FSA), approved a roadmap for the adoption of International Financial Reporting Standards (IFRSs) in Japan. The roadmap still requires the formal approval of the FSA, which is expected to take place by the end of the month.

Webcast on Project to Replace IAS 39 Financial Instruments

As part of its comprehensive review of IAS 39 Financial Instruments IASB staff will be hosting a series of live webcasts to keep interested parties up to date on progress of the project to replace IAS 39. The first webcast will be held on Thursday June 11, 2009.

Sign Up for Email Updates on Replacement of IAS 39 Project

The IASB is carrying out a comprehensive review of its standard on the recognition and measurement of financial instruments, IAS 39 that will result in IAS 39 being replaced. You can sign up for email updates at the IASB’s website.

IASB Progress Update on IAS 39 Replacement

On May 29, 2009, the IASB published an update on the progress of its comprehensive review of IAS 39 Financial Instruments. The IASB also posted an update of how it is responding to concerns previously raised by the European Commission in its letter of October 27, 2008 to the IASB.

Live Web Presentation Introducing the Exposure Draft on Income Tax

In March 2009, the IASB published an exposure draft on Income Tax. The International Accounting Standards Board will be introducing the exposure draft in a live web presentation on June 3, 2009.

IASB Publishes Draft Guidance on Fair Value Measurement

May 28, 2009 - The International Accounting Standards Board (IASB) published for public comment an exposure draft of draft guidance on fair value measurement. To ensure consistency between IFRSs and US generally accepted accounting principles (GAAP), the proposals incorporate recent guidance on fair value measurement published by the US Financial Accounting Standards Board (FASB) and are consistent with a report of the IASB’s Expert Advisory Panel published in October 2008 on fair value measurement in illiquid markets.

IASB Proposes to Clarify the Accounting for Prepayments for Pension Plans

May 28, 2009 - The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.

Two Leading U.S. Analysts Appointed to the IASB

Accounting Standards Committee Foundation announced the appointment of two leading investment analysts to the International Accounting Standards Board.

Fifth Meeting of Financial Crisis Advisory Group Taking Place on May 22

The meeting will take place in London at 8:00 AM London time.

Live Web Presentation Introducing the Discussion Paper on Lease Accounting

May 6, 2009 – In March 2009, the IASB and the FASB published their joint discussion paper Leases: Preliminary Views. The discussion paper will be introduced in live web presentations on May 13, 2009.

IASB to Hold Additional Board Meeting on May 5

The additional board meeting is being held to continue work on the project to replace existing requirements for financial instruments. The meeting will be audio webcasted.

IASB Sets Out IAS 39 Replacement Timetable and Its Conclusions on FASB FSPs

April 24, 2009 – The International Accounting Standards Board (IASB) set out a detailed six-month timetable for publishing a proposal to replace its existing financial instruments standard, IAS 39 Financial Instruments: Recognition and Measurement. The IASB also announced the results of its 30-day accelerated consultation on the recently issued FASB staff positions (FSPs) on fair value measurement and impairment.

Commenting on the IASB's decisions, Chairman Sir David Tweedie said, "We have heard a clear and consistent message on financial instruments accounting—fix this once, fix it comprehensively, and fix it in an urgent and responsible manner. The IASB is committed to do just that by developing proposals within six months for public comment."

IASB announces round-table discussions as part of comprehensive review of off balance sheet activities

The discussions will take place in June 2009 and will be held in Asia, Europe and North America.

IASB Concludes the 2007-2009 Annual Improvements

April 16, 2009 - The International Accounting Standards Board issued improvements to IFRSs--a collection of amendments to twelve IFRSs--as its latest set of annual improvements. The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project.

IASB Responds to G20 Recommendations and U.S. GAAP Guidance
April 7, 2009 – The International Accounting Standards Board responded to recent recommendations of the leaders of Group of Twenty (G20) countries regarding accounting standards and to recent decisions taken by the U.S. Financial Accounting Standards Board.
IASC Foundation Issues IFRS Taxonomy 2009
April 3, 2009 – The International Accounting Standards Committee (IASC) Foundation issued the IFRS Taxonomy 2009 and published the Due Process Handbook for XBRL Activities for public comments.
Monitoring Board Meets with IASCF Trustees and Announces First Chair
April 2, 2009 – The Monitoring Board, established by public authorities in January 2009 to enhance the public accountability of the International Accounting Standards Committee Foundation (IASCF) met for the first time with the IASCF Trustees.
Trustees express support for fundamental and urgent review of financial instruments accounting and conclude inaugural meeting with Monitoring Board

April 2, 2009 - At their meeting held in London on 1-2 April, the Trustees of the IASC Foundation reviewed the response of the International Accounting Standards Board (IASB) to the financial crisis. Both the Trustees and the IASB reaffirmed their commitment to respond to issues emanating from the financial crisis in an urgent and responsible manner.

IASB Proposes Improvements to Derecognition Requirements
March 31, 2009 – The IASB has published for public comment an exposure draft of proposals to improve the derecognition requirements for financial instruments.
IASB Seeks Comments on a Proposed New Standard on Income Tax Accounting
March 31, 2009 – The IASB published for public comment an exposure draft on a proposed new standard on the accounting for income tax.
IASB and FASB Announce Further Steps in Response to Global Financial Crisis
March 24, 2009 – Building on work underway, the Boards announced that they have agreed to work jointly and expeditiously towards common standards that deal with off balance sheet activity and the accounting for financial instruments. They will also work toward analyzing loan loss accounting within the financial instruments project.
Request for Views on FASB Proposals
March 20, 2009 – The International Accounting Standards Board seeks views from interested parties on proposals from the U.S. Financial Accounting Standards Board that deal with guidance on fair value measurement and impairments of financial instruments.
IASB and FASB Launch Public Consultation on a Future Standard on Lease Accounting
March 19, 2009 – The International Accounting Standards Board and the U.S. Financial Accounting Standards Board launched a public discussion on lease accounting by publishing their preliminary views in a joint discussion paper.
IASB Seeks Input on Proposed FASB Fair Value Guidance
March 18, 2009 – The International Accounting Standards Board announced its intention to seek views from interested parties on proposals from the U.S. Financial Accounting Standards Board that deal with guidance on fair value measurement and impairments of financial instruments. Feedback from interested parties and the IASB's Expert Advisory Panel will be considered by the IASB before deciding whether to publish formal proposals for public comment.
Inaugural Meeting of Monitoring Board and IASC Foundation Trustees
March 13, 2009 – The agenda for the inaugural meeting of the Monitoring Board and the IASC Foundation Trustees is now available.
ASBJ and IASB Meet to Review Convergence Progress
March 13, 2009 – The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their ninth meeting to accelerate convergence of Japanese generally accepted accounting standards and IFRS.
IASB clarifies the accounting treatment for embedded derivatives when reclassifying financial instruments
March 12, 2009 – The International Accounting Standards Board (IASB) clarifies the accounting treatment of embedded derivatives for entities that make use of the reclassification amendment issued by the IASB in October 2008.
IASB Enhances Financial Instruments Disclosures
March 5, 2009 – The International Accounting Standards Board issued amendments that improve the disclosure requirements about fair value measurements. The amendments introduce a three-level hierarchy for fair value measurement disclosures and require entities to provide additional disclosures about the relative reliability of fair value measurements.
Reconstituted SAC completes first meeting in London
February 26, 2009 – The reconstituted Standards Advisory Council (SAC) held its first meeting on February 23 and 24, 2009 in London.
IASB proposes amendments to IFRIC Interpretations
January 30, 2009 – The International Accounting Standards Board published for public comment proposals to amend IFRIC 9 Reassessment of Embedded Derivatives and IFRIC 16 Hedges of a Net Investment in a Foreign Operation. The comment period ends March 2, 2009.
Trustees enhance public accountability through
new Monitoring Board, complete first part of Constitution Review
January 29, 2009 – The International Financial Reporting Interpretations Committee (IFRIC) issued an Interpretation that provides additional guidance on the accounting for transfers of assets from customers.
IFRIC clarifies the accounting for transfers of assets from customers
January 29, 2009 – The International Financial Reporting Interpretations Committee (IFRIC) issued an Interpretation that provides additional guidance on the accounting for transfers of assets from customers.
IASB, FASB Focus on Impairment, Other Issues Raised by G-20
January 21, 2009 - The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington.
IFRS Taxonomy 2009 Exposure Draft
January 12, 2009 - The International Accounting Standards Committee (IASC) Foundation released the near final version of the IFRS Taxonomy 2009 for public comment. The near final version is available free on the IASB Website. The final version is expected to be released in early April 2009, when it will also be available free. The exposure draft is open for public comment until March 12, 2009.
First meeting of the Financial Crisis Advisory Group to take place in London
January 9, 2009 – The International Accounting Standards Board announced that the first meeting of the Financial Crisis Advisory Group (FCAG) will take place in London January 20, 2009. The meeting is open to the public and will be audio Webcasted live.
IASB and FASB Announce Membership of Financial Crisis Advisory Group.
The Financial Crisis Advisory Group (FCAG) is the high-level advisory group set up by the boards to consider financial reporting issues arising from the global financial crisis.
IASB proposes additional disclosures for investments in debt instruments.
Accounting Standards Board published proposed amendments to IFRS 7 that would require additional disclosures on all investments in debt instruments, other than those classified in the fair value through profit or loss category. The proposals would require an entity to state in tabular form the fair value, amortized cost and amount at which the investments are actually carried in the financial statements. The IASB invites comments by January 15, 2009.
IASB publishes proposed new Consolidation standard
The International Accounting Standards Board published for public comment proposals to strengthen and improve requirements for identifying which entities a company controls. The IASB invites comments on the exposure draft by March 20, 2009.
IASB takes actions to addresses recommendations made by G20 leaders.
December 19, 2008 - The International Accounting Standards Board provides update on steps taken in response to the global financial crisis.
Revenue Recognition discussion paper issued
December 19, 2008 – The International Accounting Standards Board and the U.S. Financial Accounting Standards Board published a discussion paper setting out a joint approach to recognition of revenue. The discussion paper is open for comment until June 19, 2009.
IASB proposes amendments to clarify the accounting for embedded derivatives.
The IASB published for public comment proposals to clarify the accounting treatment for embedded derivatives.
IASC Foundation publishes update on responses to the G20 conclusions.
December 17, 2008 – The IASC Foundation has published a summary of actions and ongoing work by the IASB and IASC Foundation in response to conclusions reached by the G20 leaders in their Washington, DC summit on November 15, 2008.
Effective date of restructured IFRS 1 changed.
The effective date of revised IFRS 1 First-time Adoption of International Financial Reporting Standards (published in November 2008) has been changed from January 1, 2009 to July 1, 2009. The revised standard issued in November has an improved structure, but does not contain any technical changes. The amendment does not affect the application of IFRS 1 by first time adopters.
Trustees seek views on a broad range of constitutional issues.
December 8, 2008 – The Trustees of the International Accounting Standards Committee Foundation published for public comment a discussion document on the second part of the five-yearly review of the IASC Foundation's Constitution.
Paul Cherry has been appointed Chairman of the Standards Advisory Council.
December 3, 2008 – Effective January 1, 2009. The Standards Advisory Council (SAC) is a forum for the International Accounting Standards Board to consult a wide range of representatives from user groups, preparers, financial analysts, academics, auditors, regulators and professional accounting bodies that are affected by and interested in the IASB’s work. Mr. Cherry is Chair of the Canadian Accounting Standards Board (AcSB), from which he will step down at the end of March 2009.
IASB issues a revised version of IFRS 1.
November 27, 2008 – The International Accounting Standards Board issued a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards. The revised standard has an improved structure but does not contain any technical changes.
IFRIC issues guidance on distributions of non-cash assets to owners.
November 27, 2008 – The International Financial Reporting Interpretations Committee issued an Interpretation to standardize treatment of distribution of non-cash assets to owners. Under the Interpretation, an entity should measure the dividend payable at the fair value of the net assets to be distributed.
IASB updates reclassification amendment for financial instruments to clarify effective date.
November 27, 2008 – The IASB issued an updated version of the recent reclassification amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures.
IASC Foundation appoints two successors for retiring Trustees
November 24, 2008 – The IASC Foundation names one Trustee from Europe and one Trustee from Asia-Oceana. The selections maintain the geographical representation required by the organization’s constitution.
Hans Hoogervorst and Harvey Goldschmid to Co-Chair Advisory Group
November 14, 2008 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced that Hans Hoogervorst, Chairman of the Netherlands Authority for the Financial Markets (AFM), the Dutch securities regulator and Harvey Goldschmid, former Commissioner of the United States Securities and Exchange Commission (US SEC) have agreed to co-chair the high-level advisory group formed to consider financial reporting issues arising from the global economic crisis.
President Bush asked to support IASB independence.
November 11, 2008 - Trustees of the International Accounting Standards Committee Foundation ask President Bush and other international leaders to support independence of the International Accounting Standards Board. The Trustees believe that steps taken outside of the established accounting standards process would undermine confidence in financial markets.
Web presentation introducing the discussion paper on Financial Statement Presentation
November 4, 2008 - IASB announces web presentation to introduce discussion paper on Financial Statement Presentation. Two web presentations are scheduled on November 13, 2008. Registration is required to access the web events.
IASB and FASB Round Table Announced
November 3, 2008 - The International Accounting Standards Board and the Financial Accounting Standards Board will hold the first of three public round-table discussions on the global financial crisis in London on November 14, 2008.
IASB Issues Guidance on Fair Value Measurements
October 31, 2008 - The International Accounting Standards Board has issued educational guidance on fair value measurement when markets become inactive. The guidance takes the form of a summary document prepared by IASB staff and the final report of the expert advisory panel established to consider the issue.
IASB October Update
October 24, 2008 - The International Accounting Standards Committee Foundation publishes IASB Update after every International Accounting Board meeting. See the October update which covers matters discussed in the October IASB meeting in London and the joint meeting on October 20-21, 2008, with the Financial Accounting Standards Board.
IASB and FASB Announce Further Details on Effort to Enhance Market Confidence
October 20, 2008 – The International Accounting Standards Board and the Financial Accounting Standards Board will form a joint advisory group and conduct roundtable discussions to consider how improvements in financial reporting could help investor confidence in the markets. The accounting boards also emphasize their commitment to finding common long-term solutions to the reporting of financial instruments.
FASB and IASB to Create Advisory Group
October 16, 2008 - The Financial Accounting Standards Board and the International Accounting Standards Board will create a global advisory group to ensure that reporting issues arising from the global economic crisis are considered in an internationally coordinated manner.
IASB and FASB Launch Consultation on Proposed Enhancements to the Presentation of Financial Statements
October 16, 2008 – The two accounting boards issued for public comment a discussion paper on financial statement presentation and propose to introduce cohesiveness and disaggregation as the two main objectives of financial statement presentation.
IASB Proposes Improvements to Financial Instrument Disclosures
October 15, 2008 - The IASB published for public comment proposals to improve the information available to investors and others about fair value measurements of financial instruments and liquidity risk. The exposure draft is open for public comment until December 15, 2008.
IASB Provides Update on Applying Fair Value in Inactive Markets
October 14, 2005 – IASB expert advisory panel emphasizes that under current guidance distress sales should not be included in fair value measurement. The IASB also reaffirms its belief that fair value measurement guidance under IFRSs and US GAAP is consistent.
IASB Amendments Permit Reclassification of Financial Instruments
October 13, 2008 - In its latest step in response to the credit crisis, the IASB amends IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures. Sir David Tweedie, Chairman of the IASB, stated that the IASB is committed to taking urgent action to assure transparency and confidence are restored to financial markets.
Trustees Support IASB Accelerated Steps on the Credit Crisis
October 9, 2008 - The Trustees of the International Accounting Standards Committee Foundation announced unanimous support for the approach of the IASB to accelerate its response to the credit crisis, including suspension of normal due process.
IASB Announces Next Steps in Response to Credit Crisis
October 3, 2008 - IASB reports on status of its response to the credit crisis and outlines its next steps. Comments that IASB staff has reviewed clarification on fair value accounting issued by SEC and FASB staff and considers it consistent with IAS 39 Financial Instruments: Recognition and Measurement.
IASCF Issues IASB Governance Restructuring Proposal
The International Accounting Standards Committee Foundation, the governing body of the London-based International Accounting Standards Board, issued a proposal to broaden the board’s membership and establish a new international regulatory and institutional panel to monitor development of global accounting standards.
About the IASB
The International Accounting Standards Board (IASB) is an independent, privately-funded accounting standard-setter based in London, UK.
FAQs
International Financial Reporting Standards (IFRSs), International Accounting Standards (IASs) and Interpretations summaries
IASB Exposure Drafts
Comment on the latest IASB Exposure Drafts.
IASB Work Plan
The Work Plan below has been updated following the decisions made at the IASB meeting in September and reflects the objectives of the Memorandum of Understanding with the FASB which sets out a roadmap for convergence between IFRSs and US GAAP for the period 2006 - 2008.
IFRIC Work Plan
A list of items currently being considered by the IFRIC, including items recently removed from the IFRIC agenda.

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