IASB
- IASB Update
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This IASB Update is a staff summary of the tentative decisions reached by the Board in its public meetings. (IFRS.org)
- IFRS Interpretations Committee January 2012
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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)
- Summary of the conclusions of the January 2012 Trustees' Due Process Oversight Committee (DPOC) meeting
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The Trustees' Due Process Oversight Committee (DPOC) is responsible for approving due process and overseeing the IASB's compliance with due process, and reviewing the Trustees' fulfilment of their oversight function in accordance with the Constitution of the IFRS Foundation. (IFRS.org)
- IFRIC Update January 2012
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The January 2012 IFRS Interpretations Committee Update has been published. IFRIC Update is the newsletter of the IFRS Interpretations Committee and is published as a convenience to the IASB's constituents. (IFRS.org)
- Trustees reappoint three members of the IASB
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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
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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)
- Speech by Hans Hoogervorst at Ernst & Young IFRS seminar in Moscow, Russia
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On 23 January 2012, Hans Hoogervorst, Chairman of the IASB, addressed the Ernst & Young IFRS seminar in Moscow, Russia. On his first visit to Russia, the Chairman discussed three main topics: the status of current progress on the "IFRS Roadmap;" the prospects for global accounting standards; and "…what is being done to support Russia and other emerging economies that have adopted IFRSs." (IFRS.org)
- Yael Almog appointed as Executive Director of the IFRS Foundation
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The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, today announced the appointment of Yael Almog as Executive Director of the IFRS Foundation. Ms. Almog will be responsible for the management of the day-to-day operations of the organisation and provide executive leadership in support of the work of the Trustees. (IFRS.org)
- IASB Meeting January 2012
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The International Accounting Standards Board (IASB) is meeting at the IASB office in London UK from 25 to 27 January 2012. Agenda papers for this meeting are now available.
- Trustees announce revised membership of IFRS Advisory Council
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The Trustees of the International Financial Reporting Standards (IFRS) Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), have announced today the appointments and reappointments to the IFRS Advisory Council following the expiration of membership periods at the end of 2011. (IFRS.org)
- A New System for Recognizing Revenue
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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)
- IASB December 2011 Joint Board Meeting
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The IASB met on 13 to 16 December 2011 in a public meeting. Some sessions were held jointly with the FASB Board members. This was the last public meeting for 2011. A significant portion of the meeting focused on the impairment model for financial instruments, with the boards reaching tentative conclusions on measuring the allowances in the category into which financials assets are recognised initially. (IFRS.org)
- IFRS 9 Financial Instruments Amendments, Issued by IASB, Defer Mandatory Effective Date to January 1, 2015
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Change provides for uniform effective mandatory dates for the project, as well as relief from having to restate comparative financial statements. (inAudit)
- IASB proposes to clarify the transition guidance in IFRS 10
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December 20, 2011 - The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 10 Consolidated Financial Statements. (IFRS.org)
- FASB, IASB Announce New Disclosure Requirements on Offsetting
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December 16, 2011 - FASB and the IASB today issued investor-focused common disclosure requirements on the effect or potential effect of offsetting arrangements on a company's financial position. (Journal of Accountancy)
- IASB defers IFRS 9 mandatory effective date to 2015
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December 16, 2011 - The International Accounting Standards Board (IASB) issued today amendments to IFRS 9 Financial Instruments that defer the mandatory effective date from 1 January 2013 to 1 January 2015. The deferral will make it possible for all phases of the project to have the same mandatory effective date. (IFRS.org)
- The IFRS Taxonomy Annual Convention 2012
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December 16, 2011 - We wanted to make sure that you save the date for the XBRL's IFRS Taxonomy Annual Convention (ITAC) next year, which is being held on Wednesday 25 April at the Hilton London Tower Bridge Hotel. (IFRS.org)
- English-language version of IFRS for SMEs training Module 33 Related Party Disclosures available
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December 15, 2011 - The English-language version of IFRS for SMEs training Module 33 Related Party Disclosures has been posted. Module 33 focuses on the presentation of related party disclosures in the financial statements in accordance with Section 33 Related Party Disclosures of the IFRS for SMEs. (IFRS.org)
- Michel Prada appointed as Chairman of the IFRS Foundation Trustees
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December 12, 2011 - The Trustees of the IFRS Foundation announced today the appointment of Michel Prada as Chairman of the Trustees. (IFRS.org)
- SME Implementation Group publishes two final Q&As
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December 7, 2011 - The SME Implementation Group (SMEIG) today published two question and answer documents (Q&As) on the IFRS for SMEs. (IFRS.org)
- IASB December 2011 Joint Board Meeting
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The IASB met on 13 to 16 December 2011 in a public meeting. Some sessions were held jointly with the FASB Board members. This was the last public meeting for 2011. A significant portion of the meeting focused on the impairment model for financial instruments, with the boards reaching tentative conclusions on measuring the allowances in the category into which financials assets are recognised initially. (IFRS.org)
- November 2011 IFRS for SMEs Update
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The November 2011 IFRS for SMEs Update has been published. (IFRS.org)
- IASB and IFAC to enhance co-operation in developing private and public sector accounting standards
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November 22, 2011 - The International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) announced today an agreement to strengthen their co-operation in developing private and public sector accounting standards. (IFRS.org)
- Comments invited on two draft Q&As for the IFRS for SMEs
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November 21, 2011 - The SME Implementation Group (SMEIG) today published two draft Questions & Answers (Q&As) on the IFRS for Small and Medium sized Entities (SMEs). The draft Q&As are open for comment until 31 January 2012. (IFRS.org)
- IASB and FASB publish revised proposal for revenue recognition
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November 14, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers. (IFRS.org)
- Summary of the October 2011 Trustees' meeting, Paris
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November 10, 2011 - The Trustees of the IFRS Foundation have announced the conclusions of their meeting in Paris, France on 13 October 2011. (IFRS.org)
- IASB Proposes an Amendment to the Accounting for Government Loans in IFRS 1
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October 21, 2011 - The International Accounting Standards Board (IASB) today published for public comment a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IFRS.org)
- IASB clarifies accounting for costs associated with waste removal in surface mining
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October 19, 2011 - The IASB issued today an Interpretation clarifying the requirements for accounting for stripping costs in the production phase of a surface mine. (IFRS.org)
- IASB Chair address AICPA / IFRS Foundation conference
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October 5, 2011 - Hans Hoogervorst, Chairman of the IASB, addressed the American Institute of CPAs (AICPA) / IFRS Foundation conference, held in Boston, USA. His prepared remarks are available to download by clicking here. (IFRS.org)
- IASB proposes to exempt investment entities from consolidation requirements
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August 25, 2011 - The International Accounting Standards Board (IASB) published proposals to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements. (IFRS.org)
- Trustees announce plans regarding IFRS Advisory Council membership
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June 24, 2011 - The terms of all existing members of the IFRS Advisory Council expire at the end of December 2011. This will conclude the third iteration of the IFRS Advisory Council, which was the first one where individuals served as representatives of organisations that have an interest in standard-setting. (IFRS.org)
- IASB and FASB align presentation requirements for other comprehensive income
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June 16, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), the US national standard-setter, issued today amendments that will improve and align the presentation of items of other comprehensive income (OCI) in financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) and those prepared in accordance with US generally accepted accounting principles (GAAP). (IFRS.org)
- IASB introduces improvements to the accounting for post-employment benefits
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June 16, 2011 - The International Accounting Standards Board (IASB) announced today the completion of its project to improve the accounting for pensions and other post-employment benefits by issuing an amended version of IAS 19 Employee Benefits. (IFRS.org)
- IASB and FASB to re-expose revenue recognition proposals
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June 15, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) agreed today to re-expose their revised proposals for a common revenue recognition standard. (IFRS.org)
- IASB and ASBJ announce their achievements under the Tokyo Agreement and their plans for closer co-operation
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June 10, 2011 - The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) have announced their achievements under their August 2007 Memorandum of Understanding (MoU), known as the Tokyo Agreement, to improve International Financial Reporting Standards (IFRSs) and Japanese generally accepted accounting principles (GAAP) and to bring about their convergence. (IFRS.org)
- IFRS Foundation publishes proposed IFRS Taxonomy enhancements for reporting common-practice
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June 2, 2011 - The IFRS Foundation today published for public comment an exposure draft of the IFRS Taxonomy 2011 interim release: common-practice concepts. (IFRS.org)
- Live webcast on Financial Instruments
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On Tuesday 24 May 2011 there will be two webcasts by the IASB staff at 10am and 4pm to provide updates on the statuses of both the impairment and the hedge accounting projects. (IFRS.org)
- Live webcast sessions introducing the recently issued standards
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The first set of webcasts, which takes place on 23 May, introduces IFRS 13 Fair Value Measurement and the second, taking place on 25 May, introduces IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. (IFRS.org)
- IASB completes improvements to accounting requirements for off balance sheet activities and joint arrangements
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May 12, 2011 - The International Accounting Standards Board (IASB) today completed its improvements to the accounting requirements for off balance sheet activities and joint arrangements by issuing IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.
- IASB and FASB issue common fair value measurement and disclosure requirements
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May 12, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued new guidance on fair value measurement and disclosure requirements for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP). (IFRS.org)
- Trustees publish preliminary conclusions of strategy review for public comment
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April 28, 2011 - The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), have published for public comment the preliminary conclusions of their strategy review.
- Conclusions of the March 2011 Trustees' meeting, London
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April 28, 2011 - The IFRS Foundation Trustees, responsible for the governance and oversight of the International Accounting Standards Board (IASB), held their quarterly meeting in London on 30 and 31 March 2011.
- Joint Statement by the Monitoring Board and the Trustees of the IFRS Foundation
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April 27, 2011 - The Monitoring Board and the Trustees of the IFRS Foundation, following discussion at their fifth joint meeting on 1 April 2011 in London, reaffirmed their commitment to seeking close co-ordination in taking forward their respective efforts in reviewing the Foundation's governance and strategy.
- IASB and FASB report substantial progress towards completion of convergence programme
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April 21, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) today published a progress report on their joint work to improve International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices, and to bring about their convergence. (IFRS.org)
- New Due Process Oversight Committee (DPOC) section of IFRS Foundation website
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April 21, 2011 - The Trustees' Due Process Oversight Committee (DPOC), which is responsible for approving due process and overseeing the IASB’s compliance with due process, has introduced a new section of the IFRS Foundation website dedicated to its activities. (IFRS Foundation)
- Funding update of the IFRS Foundation
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April 2011 - The IFRS Foundation's Financial Position: 2010 Results and 2011 Budget. (IFRS.org)
- IFRS Foundation to enhance IFRS Taxonomy to reflect common reporting practice
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April 8, 2011 - The IFRS Foundation today announced that it will publish supplementary tags for the IFRS (International Financial Reporting Standards) Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. (IFRS.org)
- Financial Asset and Financial Liability round-table meetings
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The IASB and FASB plan to hold several public round-table meetings in May 2011 for the Financial Asset and Financial Liability Offsetting project. (IFRS.org)
- 'The Future of Financial Reporting: Convergence or Not?'
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March 11, 2011 - Read a speech given on 10 March 2011 by Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) to the US Chamber of Commerce Event, 'The Future of Financial Reporting: Convergence or Not?' in Washington, DC, USA. (IFRS.org) (Accounting Today article)
- Conclusions of the February 2011 Trustees' meeting
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March 3, 2011 - A summary of the February 2011 IFRS Foundation Trustees' meeting, held on 10 and 11 February in Tokyo, Japan, is available at IFRS.org.
- Takatsugu (Tak) Ochi appointed as member of the IASB
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February 25, 2011 - The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced the appointment of Takatsugu (Tak) Ochi as a member of the IASB for an initial five-year term from 1 July 2011 and renewable for a further three-year term. (IFRS.org)
- Monitoring Board to hold round-table meetings on governance review
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February 23, 2011 - The Monitoring Board has announced that public round-table meetings will be held on the governance review of the IFRS Foundation. (IFRS.org)
- Dick Sluimers, CEO of major asset management firm, joins IFRS Foundation Trustees
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The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced the appointment of Dick Sluimers as a Trustee of the IFRS Foundation for an initial term beginning immediately and expiring on 31 December 2013. (IFRS.org)
- IASB and FASB propose common solution for impairment accounting
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January 31, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have today published for public comment proposals for accounting for impairment of financial assets such as loans managed in an open portfolio. (IFRS.org)
- IASB and FASB propose to align balance sheet netting requirements
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January 28, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have published a proposal to establish a common approach to offsetting financial assets and financial liabilities on the statement of financial position (balance sheet). (IFRS.org)
- IFRS Foundation publishes proposed IFRS Taxonomy 2011
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January 18, 2011 - The IFRS Foundation today published for public comment an exposure draft of the IFRS Taxonomy 2011. (IFRS.org)
- Trustees set out next steps on Trustee Chair and their Strategy Review
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January 7, 2011 - The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced steps to be taken following the tragic and untimely death of Tommaso Padoa-Schioppa (IFRS.org)
- Trustees update timetable for Strategy Review
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The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), have updated the timetable for completing the ongoing Strategy Review. (IFRS.org)
- IASB issues narrow amendments to IFRS1
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December 21, 2010 - The International Accounting Standards Board (IASB) today issued two narrow amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRSs). (IFRS.org)
- IASB issues amendments to IAS 12 Income Taxes
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December 21, 2010 - The International Accounting Standards Board (IASB) has today issued amendments to IAS 12 Income Taxes. (IFRS.org)
- IASB proposes improvements to hedge accounting
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December 9, 2010 - The International Accounting Standards Board (IASB) today published for public comment an exposure draft on the accounting for hedging activities. (IFRS.org)
- IASB publishes IFRS Practice Statement on Management Commentary
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December 8, 2010 - The International Accounting Standards Board (IASB) has today published an International Financial Reporting Standard (IFRS) Practice Statement Management Commentary, a broad, non-binding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs. (IFRS.org)
- Trustees extend comment period for strategy review
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November 26, 2010 - The IFRS Foundation Trustees today extended the deadline for comments on their public consultation paper on the strategy review they are undertaking. The new deadline is 24 February 2011. (IFRS.org)
- Live webcast on Framework-based teaching of principle-based standards
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November 19, 2010 - On Tuesday 7 December the IFRS Foundation will hold a webcast from 10:00 to 11:30 London time (GMT) (repeated from 15:00 to 16:30 London time (GMT).) The session is designed for those teaching IFRSs and will focus on Framework-based teaching of principle-based accounting standards. (IFRS.org)
- IASB and EFRAG meet to discuss work plan
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November 15, 2010 - The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met today to review the IASB's ongoing work. (IFRS.org)
- Trustees seek public comment on the future strategy of the IFRS Foundation
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November 5, 2010 - The Trustees of the IFRS Foundation have published a first-stage consultation document designed to solicit input on the strategy of the IFRS Foundation as it enters its second decade. (IFRS.org)
- IFRS Foundation Trustees' Due Process Oversight Committee to carry out a review of the Interpretations Committee
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Oversight Committee to carry out a review of the Interpretations Committee
November 2, 2010 - The IFRS Foundation Trustees' Due Process Oversight Committee is carrying out a review of the Interpretations Committee (formerly known as IFRIC) in order to assess its effectiveness. (IFRS.org) - IASB issues additions to IFRS 9 for financial liability accounting
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October 28, 2010 - The International Accounting Standards Board (IASB) has today issued requirements on the accounting for financial liabilities. These requirements will be added to IFRS 9 Financial Instruments and complete the classification and measurement phase of the IASB's project to replace IAS 39 Financial Instruments: Recognition and Measurement. (IFRS.org)
- Trustees appoint Hans Hoogervorst to succeed Sir David Tweedie
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October 12, 2010 - The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced the appointment of Hans Hoogervorst as chairman and Ian Mackintosh as vice-chairman of the IASB. (IFRS.org)
- Duck-Koo Chung to serve as Trustee of the IFRS Foundation
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October 12, 2010 - The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today confirmed the appointment of Duck-Koo Chung to serve as a Trustee of the IFRS Foundation for an initial three-year term, with effect from 1 January 2011. (IFRS.org)
- IASB finalises enhanced derecognition disclosure requirements for transfer transactions of financial assets
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October 7, 2010 - The International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation, today issued amendments to IFRS 7 Financial Instruments: Disclosures as part of its comprehensive review of off balance sheet activities. (IFRS.org)
- IASB proposes Severe Hyperinflation amendment to IFRS 1
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The International Accounting Standards Board (IASB) today published for public comment an exposure draft Severe Hyperinflation, a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IFRS.org)
- Staff draft of a forthcoming IFRS on consolidation
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On 29 September 2010 the IASB posted to its website a staff draft of a forthcoming IFRS on consolidation that reflects the tentative decisions made to date by the IASB. (IFRS.org)
- IASB and US FASB complete first stage of conceptual framework
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September 28, 2010 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today announced the completion of the first phase of their joint project to develop an improved conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices (GAAP).
- Live webcast on first phase of Conceptual Framework
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On Wednesday 29 September IASB staff will present a live webcast introducing the first phase of Conceptual Framework. This will follow the publication of the first phase of the Conceptual Framework on Tuesday 28 September. (IFRS.org)
- IASB proposes to amend one aspect of accounting for deferred tax
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September 10, 2010 - The International Accounting Standards Board (IASB) today published for public comment an exposure draft Deferred Tax: Recovery of Underlying Assets. (IFRS.org)
- Library of high level summary 'Snapshot' documents now available
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An online library of 'Snapshot' documents has been made available on the IFRS Foundation website. (IFRS.org)
- IASB proposes amendments to IFRS 1
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August 26, 2010 - The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IFRS.org)
- IFRS Interpretations Committee publishes proposed guidance on surface mining
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August 26, 2010 - The IFRS Interpretations Committee published for public comment proposed guidance on the accounting for stripping costs in the production phase of a surface mine. (IFRS.org)
- Staff draft of a forthcoming IFRS on fair value measurement
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On 19 August 2010 the IASB posted to its website a staff draft of a forthcoming IFRS on fair value measurement that reflects the tentative decisions made to date by the IASB and the US Financial Accounting Standards Board (FASB). (IFRS.org)
- IASB and U.S. FASB publish proposals to improve the financial reporting of leases
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August 17, 2010 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment joint proposals to improve the financial reporting of lease contracts. (IFRS.org)
- Fair value measurement comprehensive project summary published
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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”
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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The meeting will take place in London at 8:00 AM London time.
- Live Web Presentation Introducing the Discussion Paper on Lease Accounting
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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
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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
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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
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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
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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
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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.
