June 2012
For some months, the Leases project seemed to have reached deadlock, largely due to the difficulties encountered by the two Boards in deciding how to account for the result. Some observers were wondering whether it would ever see the light of day.
Regardless of whether they will be pleased or upset, the two Boards have not thrown in the towel. They have just reached agreement on the profit or loss pattern in lessee accounting, and confirm that a new exposure draft will be published in 2012 (Q4), but remain guarded on the publication date for the final standard.
This prudence is necessary given what is at stake, especially in view of the number of topics still to be addressed in the revenue recognition project in the light of the comments letters received.
Highlights
IFRS Standards
- The IASB updates its work plan
- Consolidation exemption for investment entities
- IFRS for SMEs: the IASB launches a comprehensive review
- Transition to IFRS 10, IFRS 11 and IFRS 12: IASB publishes the final amendments
A Closer Look
- Improvements to IFRSs - 2010-2012 Cycle
- Levies charged by public authorities on entities that operate in a specific market - Draft interpretation from the IFRS Interpretations Committee
- Puts on non-controlling interests - Draft interpretation from the IFRS Interpretations Committee
- Leases: the profit or loss recognition pattern emerges!
- Revenue Recognition: how have stakeholders responded to the IASB‟s new proposals?
