May 2012
There are not very many new standards for mandatory application to the 2012 reporting period, which is welcome news at the time when half-yearly accounts are under preparation. Only the IFRS 7 amendment on disclosures on financial assets may prove complex to apply.
This is only a temporary respite, however, and now is the time to prepare for tomorrow‟s changes. The Accounting Regulatory Committee (ARC) has recently voted to endorse the new standards on consolidation. These will most probably come into force on 1 January 2014. As to the accounting for the subsequent liability recognised for NCI puts, the stranglehold is tightening with the publication of a draft interpretation proposing that all changes in the measurement of NCI puts must be recognised in profit or loss.
Highlights
IFRS Standards
- The IASB and the FASB analyse reactions to the second ED on revenue from contracts with customers SME Implementation
- IASB rules on transition requirements for IFRS 10
- Transition to IFRS 10, IFRS 11 and IFRS 12: the IASB proposes to simplify the required disclosures
- IASB to publish a limited exposure draft proposing amendments to IAS 8 on changes in accounting policies
- IASB public consultation on the work plan: feedback statement expected shortly
- Publication of the 2009-2011 Cycle of Annual improvements
- Impairment of financial assets (Phase II of IFRS 9/ Impairment) – on-going deliberations
- Reopening IFRS 9 phase 1, classification and measurement
- Publication of two draft interpretations for comments
European matters
- Endorsement of amendments to IAS 19 and IAS 1
- ARC supports the postponement of the mandatory application date of the consolidation package
A Closer Look
- Standards and interpretations applicable as of 30 June 2012
- IFRS7 amendments: disclosures on the transfer of financial assets
- The IFRS Interpretations Committee publishes a tentative decision on the recognition of the Greek debt restructuring plan (Private Sector Involvement)
