At the service meeting of the Joint Transition Resource New for Revenue Contabilidade, members discussed five implementation issues service expressed diverse views about two: In this publication, we outline the key considerations and actions for oilfield services entities in determining when and how to apply IFRS 15, the new revenue new standard that was jointly issued by the IASB and the FASB, new service contabilidade.
This publication provides an service of the key highlights of the discussion paper published by the IASB on reporting the financial effects of rate regulation. Audit committees have an important role to play overseeing the implementation of the new standard in their organisations. The document sets out five amendments to four standards that are effective on new after 1 January The IASB has proposed clarifications of: The Contabilidade issued the final version of IFRS 9 Financial Instruments, bringing together the classification contabilidade measurement, impairment expected credit losses and hedge accounting requirements, effective from 1 January This publication summarises the new expected credit losses requirements.
This publication summarises the classification and measurement requirements. The inaugural meeting of the Joint Transition Resource Group discussed implementation issues including: In Issue 84 of IFRS Developments, we look at the changes to the accounting requirements for biological assets that are bearer plants. Read a summary of the ED and some of the potential implications.
This publication covers the outcome of those discussions and highlights other areas where clarity is still needed. The IASB has published for comment a new approach to the accounting for dynamic risk management: The discussion paper explores how to provide useful information on entities' dynamic risk management activities in their financial statements.
The IASB completes its redeliberations on the proposed expected credit loss model and plans to issue the completed version of IFRS 9 Financial Instruments, including the impairment requirements, in the second quarter of with an effective date from 1 January This request for information is intended to formally gather feedback from constituents on a broad range of implementation issues for IFRS 3. This interim standard provides first-time adopters of IFRS with relief from derecognising rate-regulated assets and liabilities until a comprehensive project on accounting for such assets and liabilities is completed by the IASB.
The IASB issued two cycles of the annual improvements containing 11 changes to nine standards. The amendments are effective on or before 1 July On 19 November the IASB issued a new version of IFRS 9 Financial Instruments that includes the new hedge accounting requirements, a 'fast-track' to applying the requirements of IFRS 9 for the presentation of own credit risk-related fair value gains and losses and removes the effective date.
In this issue we summarise the contabilidade decisions made and provide some service on the underlying considerations that led to them. Proposed changes to the accounting requirements new biological assets that are bearer plants were issued in June Bearer plants would be treated as property, plant and equipment, separate from their agricultural produce. In Junenew service contabilidade, the IASB amended IAS 39 to provide relief from discontinuing hedge contabilidade when novation of a derivative designated as a hedging instrument meets certain criteria.
Novation indicates that parties to a contract agree to replace new original counterparty service a new one. In Aprilthe IASB issued an exposure draft ED proposing an interim standard to encourage adoption of IFRS in jurisdictions that currently allow, or require, the recognition of rate-regulated assets and liabilities. The scope of the interpretation is broad and covers all levies, except outflows that are in the scope of IAS 12 Income Taxes and penalties for breaches of legislation.
The Boards have re-exposed the accounting treatment of leases for both lessees and lessors, including the recognition of most leases on the balance sheets of lessees. In Aprilthe IASB concluded its re-deliberations on the hedge accounting project, which is the third phase of the overall project to replace IAS The final issue that the IASB discussed was the interaction between macro cash flow hedge accounting and the new hedge accounting model.
In Marchthe IASB tentatively decided to clarify the unit of account for investments in subsidiaries, associates and joint ventures, and to clarify the interaction between that unit of account and the fair value measurement requirements in IFRS Expected Credit Losses on 7 Marchthat proposes entities to recognise and measure a credit loss allowance based on an expected credit loss model. The IASB made some important changes to the hedge accounting standard at its January meeting to address constituents' concerns.
It also plans further limited outreach to understand constituents concerns about the application of macro cash flow hedging strategies under IFRS 9.
This publication summarises the main amendments proposed in the ED. The exception to consolidation requires investment entities to account for subsidiaries at fair value through profit or loss in accordance with IFRS 9 Financial Instruments.
The IFRS Interpretations Committee recently issued a draft interpretation giving guidance on how a parent entity should account for a put option written on the shares of a subsidiary that is held by non-controlling interest shareholders. We outline our views about the proposals, as set out in our comment letter to the Committee.
We summarise the main changes. The Commission still needs to decide on the threshold question — whether and, if so, service and when IFRS should be incorporated into the New financial reporting system. The Board also decided to decouple the macro hedge accounting project from the IFRS 9 Financial Instruments project and to continue permitting current macro hedge accounting guidance until the project is finalised.
Here we provide an overview of the contabilidade changes. The IFRS Foundation published two reports on 9 February that include key decisions on the organisation's governance and new. Of service are the recommendations to limit the membership of the Monitoring Board to only those jurisdictions that commit to domestic use of IFRS in the jurisdiction's capital market and participate in the funding of the IFRS Foundation.
The reports also include the decision not to open contabilidade of the Monitoring Board to stakeholders outside of capital market new. The clarifying amendments to IAS 32 are effective for contabilidade annual periods beginning on or after 1 January The new disclosures in IFRS 7 are required for annual periods beginning on or service 1 January and interim periods within those annual periods, contabilidade. Both require retrospective application for comparative periods.
As part of its work plan to consider whether and if so, when and how IFRS should be incorporated into the US financial reporting system, the SEC staff has released two papers: The amendments to IAS 1 Presentation of Financial Statements require companies preparing financial statements in accordance with IFRS to group together items within OCI that may be reclassified to the profit or loss section of the income statement.
The amendments also reaffirm existing requirements that items in OCI contabilidade profit or loss should be presented as either a single contabilidade or two consecutive statements. The amendments are effective for annual periods beginning on or after 1 July Those remaining below are still relevant.
Recovery of Underlying Assets amendments to IAS 12 concerning the determination of deferred tax on investment property measured at fair value.
The amendments introduce a rebuttable presumption that deferred tax in relation to such property should be measured on the basis that the carrying amount will be recovered through sale as well, they also incorporate SIC Income Taxes - Recovery of Revalued Non-Depreciable Assets into IAS The amendments are mandatory for annual periods beginning on or after 1 January The project's objective is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged.
The first phase includes Chapter 1 The objective of general purpose financial statements and Chapter 3 Qualitative characteristics of useful financial information. The requirements of IFRIC 14 meant that some entities that were subject to minimum funding requirements could not treat any surplus in a defined benefit pension plan as an economic benefit.
This amendment will allow these entities to recognise a prepayment of pension contributions as an asset rather than an expense. The table below contains other EY IFRS publications that offer practical guidance in addition to our publication series: Tecnologia Telecomunicações Brasil setores Atacado e varejo Industria quimica.
Revenue earned before an asset is ready for its intended use The IASB has issued proposed amendments to IAS 16 Property, new service, Plant and Equipment to prohibit revenue generated before an asset is available for its intended use from being deducted from the cost of the related property, plant and equipment. Are you ready to quantify the effect of adopting IFRS 15? Disclosure Initiative — Principles of Disclosure As part of the Disclosure Initiative project the IASB published a Discussion Paper to gather feedback by 2 October on the disclosure problem and its preliminary views on how to address it.
Brexit and the implications for tax accounting On 29 Marchthe UK Government gave notice of its intention to withdraw from the European Union Brexit. IASB issues clarifications to IFRS 15 The IASB has issued amendments to its new revenue standard to address implementation questions on identifying performance obligations, principal versus agent considerations, licences of intellectual property and transition.
Basel Committee proposes guidance on accounting for expected credit losses On 2 Februarythe Basel Committee on Banking Supervision issued a consultative document outlining expectations for sound credit risk practices associated with implementing an expected credit loss accounting framework. Joint Transition Resource Group tackles new revenue topics At the second meeting of the Joint Transition Resource Group for Revenue Recognition, members discussed five implementation issues and expressed diverse views about two: The new revenue recognition standard - oil and gas We outline the key considerations and actions for oil and gas entities in determining when and how to apply IFRS 15, the new revenue recognition standard that was jointly issued by the IASB and the FASB.
The new revenue recognition standard - oilfield services In this publication, we outline the key considerations and actions for oilfield services entities in determining when and how to apply IFRS 15, the new revenue recognition standard that was jointly issued by the IASB and the FASB. IASB issues a discussion paper on reporting the financial effects of rate regulation This publication provides an overview of the key highlights of the discussion paper published by the IASB on reporting the financial effects of rate regulation.
Audit contabilidade considerations for the new revenue standard Audit committees have an important role to play overseeing the implementation of the contabilidade standard in their contabilidade. Proposed clarifications of unit of account and fair value measurement requirements The IASB has proposed service of: New Transition Resource Group for Revenue Recognition debates implementation issues The inaugural meeting of the Joint Transition Resource Group new implementation issues including: New plants — service new requirements In Service 84 of IFRS Developments, we look at the changes to the accounting requirements for biological assets that are bearer plants.
The IASB proposes additional guidance on the investment entity exception. IASB issues a discussion paper on accounting for macro hedging The IASB has published for comment a new approach to the accounting for dynamic risk management: IASB completes redeliberations on expected credit loss model; sets effective date The IASB completes its redeliberations on the proposed expected credit loss model and plans to issue the completed version of IFRS 9 Financial Instruments, including the impairment requirements, in the second quarter of with an effective date from 1 January Changes proposed to the requirements for bearer plants Proposed changes to the accounting requirements for biological assets that are bearer plants were issued in June Amendments to IAS 39 - continuing hedge accounting after novation In Junethe IASB amended IAS 39 to provide relief from discontinuing hedge accounting when novation of a derivative designated as a hedging instrument meets certain criteria.
IASB proposes an interim standard on regulatory deferral accounts In Aprilthe IASB issued an exposure draft ED proposing an interim standard to encourage adoption of IFRS in jurisdictions that currently allow, or require, the recognition of rate-regulated assets and liabilities.
IASB concludes its re-deliberations on hedge accounting project In Aprilthe IASB concluded its re-deliberations on the hedge accounting project, which contabilidade the third phase of the overall project to replace IAS IASB to clarify interaction between unit of account and fair value measurement requirements In Marchthe IASB tentatively decided to clarify the unit of account new investments in subsidiaries, associates and joint ventures, and to clarify the interaction new that unit of account and the fair value measurement requirements in IFRS Important changes to service accounting — but also a further delay January The IASB made some important changes to the hedge accounting standard at its January meeting service address constituents' concerns.
Investment entities final amendment - exception to contabilidade November The IASB has issued an amendment to IFRS 10 Consolidated Financial Statements to provide an exception to the consolidation requirement for entities that meet the definition of an investment entity, new service contabilidade.
Offsetting of financial instruments December The December amendments to IAS 32 and IFRS 7 on offsetting of financial instruments are intended to clarify existing application issues relating to the offsetting rules, reduce the level of diversity in current practice and to overcome the differences in the offsetting requirements under IFRS and US GAAP. The new revenue recognition standard - retail and consumer products Retail and Consumer Products May Financial Instruments: IFRS 12 - Structured entities - considerations for fund managers.
All May Leases Leases make their way onto the balance sheet: Siga-nos nas redes sociais. A closer look at the new revenue recognition standard Updated July New IASB leases standard - engineering and construction. Working in the public interest Contact us. Why global accounting standards? Work plan Current areas of focus Interpretations Committee open items. Research Programme Open for comment documents Completed projects.
Better Communication in Financial Reporting. Meetings and events calendar. Our mission is to develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth and long-term financial stability in the global economy. IFRS Standards, long-term investing and financial stability. Business Combinations under Common Control—Scope of the project.
Documents Open for comment Tentative Agenda Decision and comment letters—Revenue recognition in a real estate contract that includes the transfer of land Comments due by 29 January