Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 4/02/2011

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Impairment of financial assets supplement (2011/04) 

This issue of In the Headlines announces the release of the Supplement to ED/2009/12 Financial Instruments - Amortised Cost and Impairment (the supplement) which was released on 31 January 2011.
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Highlights

  • Proposed common solution for impairment accounting for open portfolios of financial assets.
  • Immediate provision for losses expected to occur in foreseeable future.
  • Separate allowance accounts mandatory.
  • Calculation of allowance account for 'good book' and 'bad book' categories.
  • Boards still need to deliberate on a number of impairment issues.
IFRS Briefing Sheets - International financial reporting updates