Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 5/07/2011

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.

June 2011 IASB meetings (2011/23) 

This issue of In the Headlines summarises the outcomes of the IASB’s 13-15 June 2011 meetings.
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Highlights

  • IASB and FASB support different approaches for offsetting financial assets and financial liabilities; agree to work on converging disclosure requirements.
  • 'Three-bucket' approach on the basis of credit risk deterioration for impairment of financial assets.
  • Accounting for subleases and short-term leases clarified.
  • Boards agree to re-expose revised proposals for revenue recognition.
  • 120-day comment period for the annual improvements exposure draft.
IFRS Briefing Sheets - International financial reporting updates