International Financial Reporting Standards (IFRSs)

WHAT'S NEW

AcSB Response – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
March 1, 2016. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in December 2015.

AcSB Response – Annual Improvements to IFRSs 2014 – 2016 Cycle
February 26, 2016. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in November 2015.

IFRS Discussion Group – Report on December 3, 2015 Meeting
February 23, 2016. Read the report for details about the Group’s discussions. Listen to the audio recordings to hear the Group’s full discussion.

Volunteer Opportunity – User Advisory Council
February 4, 2016.  The Council acts in an advisory role to assist the AcSB in understanding how users use financial information. If you are interested, please submit a resumé by February 25, 2016.

Final Amendments – Disclosure Initiative (Amendments to IAS 7)
February 2, 2016.  The IASB has issued narrow-scope amendments to IAS 7 Statement of Cash Flows to require companies to disclose information about changes in their financing liabilities. The amendments are effective for annual periods beginning on or after January 1, 2017 with earlier application permitted.

AcSB Response – Foreign Currency Transactions and Advance Consideration
February 2, 2016. The AcSB has submitted a comment letter responding to the IFRS Interpretations Committee’s Draft Interpretation issued in October 2015.

AcSB Response – IFRS Foundation Trustees’ Review of Structure and Effectiveness: Issues for the Review
January 29, 2016.  The AcSB has submitted a comment letter responding to the IFRS Foundation’s Request for Views issued in July 2015.

AcSB Response – Uncertainty over Income Tax Treatments
January 29, 2016. The AcSB has submitted a comment letter responding to the IFRS Interpretations Committee’s Draft Interpretation issued in October 2015.

Final Amendments – Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)
January 22, 2016.  The IASB has issued narrow-scope amendments to IAS 12 Income Taxes to clarify how to account for deferred tax assets related to debt instruments measured at fair value. The amendments are effective for annual periods beginning on or after January 1, 2017 with earlier application permitted.

AcSB Response – 2015 Agenda Consultation
January 20, 2016.  The AcSB has submitted a comment letter responding to the IASB’s Request for Views issued in August 2015.

Final Standard – Leases
January 19, 2016.  The IASB has issued IFRS 16 Leases, which requires lessees to recognize all leases on the balance sheet.  IFRS 16 is effective for annual periods beginning on or after January 1, 2019 with earlier application permitted for companies that also apply IFRS 15 Revenue from Contracts with Customers.

FYI Article – Mind the (New) GAAP: Remember These Effective Dates
January 14, 2016. Has a new annual reporting period begun for your organization? Make sure you know the effective dates of accounting standards issued recently.

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