Updates

 

IASB

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.
Advertisement for Board Members
November 20, 2008 – The Trustees of the IASC Foundation invite applications for Board membership of the IAS
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.
The IASC Foundation Publishes IFRS Taxonomy Guide
August 28, 2008 – the International Accounting Standards Committee Foundation announced the publication of the IFRS Taxonomy Guide 1.00 - All you need to know about the IFRS Taxonomy as a preparer, supervisor, software developer…
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.
IFRS News

Top