Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 15/08/2011

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.

July 2011 IASB meetings (2011/27) 

The summary combines the outcomes of the individual sessions from the IASB’s meetings held on 20–22 and 28 July 2011.
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Highlights

  • Existing offsetting requirements in IAS 32 to be retained
  • Revised joint disclosure requirements for offsetting financial assets and financial liabilities
  • 'Relative' credit risk model based on credit risk management system for the impairment of financial assets
  • Boards agree to re-expose proposals for lease accounting
  • Lessors to apply to single 'receivable and residual' model
  • Effective date of IFRS 9 to be delayed to 1 January 2015.
IFRS Briefing Sheets - International financial reporting updates