October 2011
No matter who you are, the sovereign debt crisis cannot have escaped your notice, having become a regular feature in the daily press and the focus of attention around the globe.
News from the accounting world does not always command the same interest! However, the IASB is making progress with its work,laying the groundwork today for the accounting standards of tomorrow.
One key outcome of October’s redeliberations on the impairment section of the Financial Instruments project is that the IASB announced another shift in the impairment of financial assets. The same goes for the lessor section of the Leases project, with this month’s redeliberations suggesting a new accounting model.
Highlights
- Revenue recognition: more disclosures required in interim financial statements
- Proposed amendments to IFRS 1: government loans with a below-market rate of interest
A Closer Look
- Impairment of financial assets (Phase II of IFRS 9) – latest deliberations
- Leases: continued redeliberations
