Issue 28

Notes on the consolidated financial statements includes:

  • Required disclosures in the notes on the legal status of IFRS
  • Effects of new or amended standards and interpretations (IAS 8.28)
  • New or amended standards and interpretations not applied (IAS 8.30).

IASB includes:

  • IASB publishes amendments to IFRS 9
  • IASB finalizes amendments to IAS 28
  • IASB publishes exposure draft on IAS 8 entitled “Accounting Policies and Accounting Estimates”
  • Published exposure draft on the definition of “material”
  • Practice statement “Making Materiality Judgements” issued
  • Update of the IFRS Taxonomy for the submission of electronic financial statements.

Other standard setters includes:

  • Q&A document on the introduction of IFRS for SMEs.

EU Endorsement includes:

  • EU Endorsement Status Report.

ESMA includes:

  • ESMA 2018 key audit areas
  • ESMA issues further Q & As on the Guidelines on Alternative Performance Measures
  • ESMA: Enforcement decisions published.

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Issue 27

IASB includes:

  • Revision of IFRS Framework completed
  • IFRS 17 “Insurance Contracts” published
  • IASB publishes exposure draft on Annual Improvements to IFRS Standards 2015-2017 Cycle
  • Exposure draft on IFRS 8 “Operating Segments” published
  • Published exposure draft on IFRS 9 “Financial Instruments”
  • IASB publishes exposure draft on IAS 16 “Property, plant and equipment”
  • IFRIC 23 “Uncertainty over Income Tax Treatments” published.

EU Endorsement includes:

  • EU Endorsement Status Report.

ESMA includes:

  • ESMA issues report on the application of IFRS 13 “Fair Value Measurement”
  • ESMA issues Q & A on the Guidelines on Alternative Performance Measures
  • ESMA – Enforcement decisions published.

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Issue 26

Notes on the consolidated financial statements

The notes to IFRS consolidated financial statements prepared in the EU must contain disclosures on newly adopted standards and interpretations (IAS 8.28) as well as on standards and interpretations that have been issued but not yet adopted (IAS 8.30). Read more… IASB The IASB published amendments to IFRS 2 “Sharebased payment” on 20 June 2016. These include clarifications
on individual questions concerning the accounting and measurement of cash-settled sharebased payment transactions. Read more… EU Endorsement On 25 November 2016, the EU Commission announced the adoption of IFRS 9 into EU law. The announcement in the Official Journal was made on 29 November 2016. Read more… ESMA The European Securities and Markets Authority (ESMA) has published its annual Public Statement on European Common Enforcement Priorities (the Statement) which identifies enforcement priorities for listed companies’ 2016 financial statements and highlights the need for transparency in disclosing the potential impact of Brexit on issuers’ financial statements.

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Issue 25

New standard on accounting for leases with IFRS 16 “Leases”, the IASB published a new standard on accounting for leases on 13 January 2016. The IASB and the US standard setter FASB initiated the joint project back in 2006 with the aim of introducing improved accounting for leases, in particular by the lessee. Differences of opinion in relation to a few key areas meant that they failed to arrive at a uniform standard. The IASB decided in favour of a single-model approach at the lessee, while the FASB implemented a dual model in its new standard on leases. Based on the single-model approach of the IASB, the lessee will have to recognise assets and liabilities for most leases in the statement of financial position. While the lessee no longer has to distinguish between operating leases and finance leases, this distinction will remain in place for lessors.
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Issue 24

Notes on the consolidated financial statements

  • Effects of new or amended standards and interpretations (IAS 8.28)
  • IFRIC 21 Levies
  • Annual Improvements to IFRSs (2011-2013 Cycle)
  • New or amended standards and interpretations not applied (IAS 8.30)
  • Annual Improvements to IFRSs (2010-2012 Cycle)
  • Amendments to IAS 19 “Defined Benefit Plans: Employee Contributions”
  • Amendments to IFRS 11 “Accounting for Acquisitions of Interests in Joint Operations”
  • Amendments to IAS 16 and IAS 38 “Clarification of Acceptable Methods of Depreciation and Amortisation”
  • Amendments to IAS 16 and IAS 41 “Agriculture: Bearer Plants”
  • Annual Improvements to IFRSs (2012-2014 Cycle)
  • Amendments to IAS 1 “Disclosure Initiative”
  • Amendments to IAS 27 “Equity Method in Separate Financial Statements”
  • Amendments to IFRS 10, IFRS 12 and IAS 28 “Investment Entities”
  • Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”
  • IFRS 14 “Regulatory Deferral Accounts”
  • IFRS 15 “Revenue from Contracts with Customers”
  • IFRS 16 “Leases”

IASB

  • Draft Interpretation DI/2015/1 on taking into account uncertainty over income tax treatments
  • Draft Interpretation DI/2015/2 on currency translation
  • Leases – current developments regarding the effective date
  • IASB issues Exposure Draft on Annual Improvements to IFRSs 2014-2016 Cycle
  • IASB issues draft on limited amendments to IAS 40
  • IASB proposes narrowly worded amendments to pension accounting
  • IASB issues Exposure Draft on Conceptual Framework
  • First-time application of the amendments to IFRS 10 and IAS 28 to be postponed indefinitely
  • Other Standard Setters
  • ESMA issues final Guidelines on Alternative Performance Measures

Adoption of IFRS standards by the EU

  • EU Endorsement
  • EU Endorsement Status Report
  • IFRS 9 – EU endorsement recommended
  • IFRS 14 will not be endorsed in the EU

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Issue 22

IASB publishes amendments to IFRS 10, IFRS 12 and IAS 28

  • IASB publishes amendments to IFRS 10, IFRS 12 and IAS 28
  • IASB publishes amendments to IAS 1 – Disclosure Initiative
  • Annual Improvements to IFRSs (2012-2014 Cycle)
  • Amendments to IFRS 10 and IAs 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
  • ED/2014/6 Disclosure Initiative – Amendments to IAS 7
  • ED/2014/5 Classification and Measurement of Share-based Payment transactions (IFRS 2)
  • ED/2014/4 Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value
  • ED/2014/3 Recognition of Deferred Tax Assets for Unrealised Losses (IAS 12)
  • Other Standard Setters
  • EFRAG – Draft endorsement advice on IFRS 15 (Revenue Recognition)
  • EFRAG – Adoption of IFRS 9 back on the agenda

Adoption of IFRS standards by the EU

  • EU Endorsement
  • EU Endorsement Status Report
  • New rules subject to mandatory adoption as of the 31 December 2014 reporting date
  • New rules subject to voluntary adoption as of the 31 December 2014 reporting date
  • Standards applicable after the reporting date – so far without EU endorsement

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Issue 21

IFRS 15 revenue from Contracts with Customers

  • IFRS 15 revenue from Contracts with Customers
  • IFRS 9 Financial Instruments – full version
  • Amendment to IAS 27 – Equity Method in separate Financial Statements
  • Changes to accounting for bearer plants
  • ED/2014/2 Investment Entities – Applying the Consolidation Exception
  • Other Standard Setters
  • Note on accounting for deferred tax assets
  • ESMA report on disclosures in the notes related to business combinations (IFRS3)
  • EFRAG and ASCG issue a statement on the proposed amendments to IAS 1

Adoption of IFRS standards by the EU

  • EU Endorsement

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Issue 20

Publications of IFRS rules by the IASB

  • Clarification of Acceptable Methods of Depreciation and Amortization (Amendments to IAS 16 and IAS 38)
  • Amendments concerning Acquisitions of Interests in Joint Operations (IFRS 11)
  • New standard for accounting for Regulatory Deferral Accounts (IFRS 14)
  • Exposure Draft on the Presentation of the Financial Statements (IAS 1)
  • IASB publishes discussion paper on macro hedging
  • Determining the effective date for IFRS 9
  • Consultation procedure as part of the post-implementation review of IFRS 3

Adoption of IFRS standards by the EU

  • Standards adopted
  • Update of standards not yet adopted

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Issue 19

Publications of IFRS Rules by the IASB

  • Annual Improvements to IFRSs 2010-2012 Cycle
  • Annual Improvements to IFRSs 2011-2013 Cycle
  • Exposure Draft on the Annual Improvements to IFRSs 2012-2014 Cycle
  • Standards amendment on hedge accounting (IFRS 9)
  • Standards amendment on accounting for Employee Benefits (IAS 19)
  • Exposure Draft on Permission to use the Equity Method in Separate Financial Statements (IAS 27)
  • Consultation procedure as part of the post-implementation review of IFRS 3

Adoption of IFRS standards by the EU

  • Standards adopted
  • Update of standards not yet adopted

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Issue 18

Publications of IFRS Rules by the IASB

  • Exposure Draft of an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)
  • Standards to be applied for the first time
  • Endorsement of IFRS standards by the EU

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