Beyond the GAAP - December 2013 issue
Beyond the GAAP - December 2013 issue
In 2014, the IASB should also analyse the responses received regarding the Discussion Paper on the conceptual framework, for which the comments period will end shortly. With this document the IASB aims to lay the foundation of future IFRSs!
Highlights
IFRS Standards
- Classification of financial assets (Phase I of IFRS 9) – the IASB clarifies the use of the “fair value through profit or loss” option for debt instruments in the FV-OCI category
- Impairment of financial assets (Phase II of IFRS 9/ Impairment) – ongoing deliberations on loan commitments and financial guarantee contracts
- Impairment of financial assets (Phase II of IFRS 9 / Impairment) – the Board clarifies the transition requirements
A closer look
- IASB concludes 2010–2012 & 2011–2013 Annual Improvements Cycles