• 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)

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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.

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