Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 16/05/2011

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.

May 2011 IASB meetings (2011/18) 

At the IASB’s May meetings and those held on 1 and 2 June 2011, the projects discussed included annual improvements, financial instruments: hedge accounting and impairment, insurance contracts, leases and revenue recognition. 
In the Headlines cover
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Key outcomes involved clarifying 'other than accidental offsetting' for hedging, agreeing to develop further variations of the impairment of financial instruments proposals, the FASB and IASB not agreeing on a lessor accounting model and revising the reinsurance recognition criteria.

 

Highlights

  • IASB tentatively agree to a 90-day comment period for the annual improvements exposure draft
  • Requirement to achieve 'other than accidental offsetting' in hedge accounting clarified
  • Boards agree to develop a variation of previous proposals for the financial instruments impairment project
  • Reinsurance recognition criteria revised
  • Boards split on lessor accounting model
  • Proposals for revenue disclosures and for assets arising from contract acquisition or fulfilment costs clarified.
IFRS Briefing Sheets - International financial reporting updates