Global

Details

  • Service: Audit, IFRS
  • Type: Business and industry issue
  • Date: 1/31/2014

Interim relief for first-time adopters with rate-regulated activities 

The first specific guidance on accounting for the effects of rate regulation under IFRS has been issued, with the publication of an interim standard – IFRS 14 Regulatory Deferral Accounts.

First-time adopters of IFRS will be able to continue using previous GAAP to account for regulatory deferral account balances while the IASB completes its comprehensive project in this area.


For rate-regulated entities that have deferred transition to IFRS, particularly in Canada, the interim standard will come as welcome news. Elsewhere, however, all eyes will be on the comprehensive project.

Accounting for rate-regulated activities (2014/01)

Feature image
This In the Headlines looks at IFRS 14 – the IASB's interim guidance on accounting for regulatory deferral accounts by first-time adopters of IFRS.

© 2014 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 8 Salisbury Square, London, EC4Y 8BB

 

Share this

Share this

IFRS Hot Topics

IFRS topics
Learn about the latest IFRS developments in insurance, leases, revenue, financial instruments and banking.