Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 22/12/2011

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.

Offsetting financial assets and financial liabilities (2011/40) 

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board have decided to maintain their current offsetting models, and have issued common disclosure requirements. The IASB has built these new requirements into IFRS 7.
In the Headlines cover
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In addition, the IASB has published the Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32). These Amendments clarify the offsetting criteria in IAS 32 to address inconsistencies in their application.
IFRS Briefing Sheets - International financial reporting updates