Welcome to IFRS News. IFRS News offers a summary of the more significant developments in International Financial Reporting Standards (IFRS) along with insights into topical issues and comments and views.
IFRS News Quarter 2 2012
Our second edition of 2012 starts by looking at the IASB's revised work plan and the projected targets for the documents it expects to issue later this year. We go on to consider some issues arising from current economic conditions that may affect companies using IFRS. We then turn to IFRS-related news at Grant Thornton, including several new publications that we have issued.
We end with a more general round-up of activities affecting the IASB, and the implementation dates of newer Standards that are not yet mandatory. Download publication
IFRS News Quarter 1 2012
Our first edition of 2012 focuses on the IASB's and FASB's latest revenue recognition proposals. We summarise the key changes made since the 2010 exposure draft and their likely impact. We also share the results of a global survey of businesses' awareness of the proposals and their views on the need for improvements to the existing revenue recognition standards. We go on to consider other recent developments at the IASB, including several amendments to IFRSs published in the last quarter and various proposed amendments that have been issued for public comment. We then turn to IFRS-related news at Grant Thornton, as well as a general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory. Download publication
IFRS News Quarter 4 2011
Our last edition of 2011 is influenced by the recent change in the IASB Chairman, with articles looking at the IASB's public consultation on its future work programme and its plans to re-expose its proposals on both leasing and revenue. Internally the last quarter has seen our working group of financial instruments experts considering the effects of the proposed restructuring of Greek Government debt. We report on this and other Grant Thornton IFRS related news in the publication, before turning to a more general round-up of activities affecting the IASB. We conclude with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory. Download publication
Special Edition - IFRS 13
The IASB has published IFRS 13 ‘Fair Value Measurement’. The Standard a) explains how to measure fair value by providing a clear definition and introducing a single set of requirements for (almost) all fair value measurements, b) clarifies how to measure fair value when a market becomes less active, and c) improves transparency through additional disclosures. IFRS 13 applies to both financial and non-financial items but does not address or change the requirements on when fair value should be used. Download publication
IFRS News Quarter 3 2011
Our third edition of 2011 starts with a look at several important new Standards that have been issued since our last quarterly edition. These include IFRS 13 'Fair Value Measurement', a revised version of IAS 19 'Employee Benefits' and the new Standards on consolidations (which have already been featured in a special edition of IFRS News). We go on to consider other items in the IASB's pipeline including the reopening of the debates on revenue recognition and the effective date of IFRS 9. We then turn to IFRS-related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory. Download publication
IFRS News Quarter 2 2011
Our second edition of 2011 starts with a look at several new Standards that are due to be published imminently indeed, by the time this newsletter reaches you, they may well already have been published. We go on to consider other recent developments at the IASB, including the IASB's latest thinking on the impairment of financial assets. We then turn to IFRS-related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory. Download publication
IFRS News Quarter 1 2011
Our first edition of 2011 leads with an article on the IASB's first IFRS Practice Statement, which provides a broad, non-binding framework for the presentation of management commentary relating to IFRS financial statements. We go on to consider other recent developments at the IASB, including proposals which would fundamentally alter the current requirements for hedge accounting. We then turn to IFRS-related news at Grant Thornton, as well as a general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory. Download publication
IFRS News Quarter 4 2010
Our fourth and final edition of 2010 is dominated by the effects of the IASB's strategy for convergence with US GAAP. We lead with an analysis of the IASB Exposure Draft 'Leases'. The Exposure Draft proposes that all leases would be recognised on the lessee's balance sheet, a proposal that would radically alter the financial position of many companies. We then discuss the numerous other Exposure Drafts that have been issued in the last quarter as the IASB's convergence strategy gathers pace. We then move on to look at a round-up of IFRS related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory. Download publication
IFRS News Quarter 3 2010
Our third edition of 2010 leads with the announcement by the IASB that it will modify its convergence strategy in response to concern over the large number of major proposals previously scheduled for exposure in the second quarter of 2010. Despite the modification in strategy, the level of planned changes remains high. A special 'Convergence Update' edition of IFRS News, which sets out details of the projects planned and their commercial significance, is available separately. We continue with a report on new Standards that have been issued before turning our attention to IFRS-related news at Grant Thornton, and a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory. Download publication
IFRS News April 2010
Our second edition of 2010 looks ahead to some of the new Standards that will affect companies when preparing their financial statements for the year ending 30 June, and the challenges that those Standards will bring. It then goes on to report on some recent developments around the world, as more and more countries move towards the adoption of IFRS. We then turn our attention to IFRS-related news at Grant Thornton, as well as a more general round up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory. Download publication
IFRS News January 2010
Our first edition of 2010 considers some immediate challenges that will be faced by companies preparing their financial statements for the year ended 31 December 2009. It then goes on to look at the publication of IFRS 9 and the continuing development of the IASB's project to replace IAS 39, as well as other new pronouncements. We then turn our attention to IFRS related news at Grant Thornton, as well as a more general round up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment and the implementation dates of newer Standards that are not yet mandatory. Download publication
Special Edition – IFRS 9
IFRS 9 Financial Instruments (IFRS 9) addresses the classification and measurement of financial assets. It represents the completion of the first phase of the IASB's project to replace IAS 39, its current Standard on financial instruments. IFRS 9 aims to reduce the complexity in accounting for financial instruments by having fewer categories of financial assets and a principle-based approach to their classification. The IASB's overhaul of its Standard on financial instruments has been the subject of much attention and scrutiny. The IASB has felt compelled to respond quickly to widespread criticism of IAS 39 and its alleged role in contributing to the financial crisis. By publishing IFRS 9 on 12 November 2009, the IASB has made a considerable effort to make the new Standard available to companies for early adoption in their December 2009 year ends. Companies not wishing to adopt it early, however, are only required to apply it from 1 January
2013. This special edition of IFRS News informs you about the new Standard, and the benefits and challenges that adopting it will bring.
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IFRS News October 2009
Our final edition of 2009 leads with an article on the major new Standards that will affect December 2009 year ends. We go on to consider the changes the IASB has made to its Standards in the last quarter together with some changes that are in the IASB's 'pipeline'. The IASB has been, and continues to be, busy as it responds to the credit crisis. We then look at some of the guides that Grant Thornton International has made available in the last quarter, and give a round up of activities affecting the IASB. We end with a summary of the proposals that the IASB currently has out for comment and the implementation dates of newer Standards and IFRIC Interpretations. Download publication
Special Edition – IFRS for SMEs
The International Financial Reporting Standard for Small and Medium-Sized Entities ("IFRS for SMEs") is a simplified version of full IFRS aimed at the needs of private companies. Published by the International Accounting Standards Board (IASB) on 9 July 2009, the IFRS for SMEs has the potential to revolutionise and harmonise financial reporting by private companies across the world. Why has the IASB issued this Standard? In short, the answer is to respond to a demand. Full IFRS is developed primarily for publicly-traded entities. Right now over 100 countries require or permit the use of IFRS-based standards for such companies. However, there are far more privately held companies than publicly-traded ones. Many private companies prepare financial statements but, in much of the world, these statements are based on local requirements.
Now, for the first time, there is an internationally recognised reporting framework for private companies intended to assist those involved in their financing, to assess performance and make decisions on a like-for-like basis. Furthermore a cost-benefit approach has been taken in developing the IFRS for SMEs, with the emphasis being on easing the financial reporting burden on private companies. This special edition of IFRS News tells you more about the new Standard.
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IFRS News July 2009
Our third edition of 2009 leads with the publication of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). It then looks at the IASB's plans to develop a replacement for IAS 39, its current standard dealing with the recognition and measurement of financial instruments. The IASB's ultimate aim is to replace all of the requirements of IAS 39 during 2010, so there have been a number of developments in the last quarter. We then go on to consider changes made to Standards in the last quarter as a result of the crisis as well as some more general developments that have taken place. We end with a round up of the proposals that the IASB currently has out for comment and the implementation dates of newer Standards that are about to come into effect.
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IFRS News April 2009
Our second edition of the year is dominated by repercussions from the credit crisis. We start with an article looking at the calls for changes to the way loan loss provisions are determined in companies' financial statements – including so-called "dynamic provisioning". We also consider the effects the credit crisis may have on the adoption of IFRS in the United States. We then go on to consider changes made to Standards in the last quarter as a result of the crisis as well as some more general developments that have taken place. We end with a round up of the proposals that the IASB currently has out for comment and the implementation dates of newer Standards that are about to come into effect. Download publication
IFRS News January 2009
Our first edition of the year concentrates on the effects of the credit crisis on financial reporting – both for the IASB and companies applying IFRSs. In our lead article we look at the IASB’s amendment allowing the reclassification of financial instruments in certain circumstances. This amendment was unprecedented in terms of the speed of its development, with the IASB waiving its usual due process to rush the publication out. We then go on to look at the various other elements of the IASB’s response to the credit crisis before considering the more general changes and developments that have taken place in the last quarter. We end with a round up of the proposals that the IASB currently has out for comment and the implementation dates of Standards that are about to come into effect. Download publication
IFRS News October 2008
Our October edition leads with an article on the announcement by the United States Securities and Exchange Commission of a roadmap which sets out the milestones to the possible adoption of IFRS by U.S. companies. This is an exciting development which reflects the growing acceptance of IFRS around the world. We then look at some other recent changes that have taken place and some that are expected in the near future before finishing with a round up of the proposals the IASB currently has out for comment and the implementation dates of Standards that are about to come into effect. Download publication
IFRS News July 2008
The second edition leads with an article on the International Accounting Standards Board’s (IASB) latest plans for convergence with its counterpart in the United States, the Financial Accounting Standards Board (FASB).We then look at some recent changes that have taken place and some that are expected to occur in the near future as well as commenting on the effect the credit crisis may have on the future reporting of financial instruments. Download publication
IFRS News April 2008
This first edition leads with the International Accounting Standards Board's (IASB) revised standards on business combinations which will make major changes to the reporting of merger and acquisition activity around the world. We then look at some other recent changes that have taken place and some that are expected to occur in the near future. Download publication
