In The Headlines

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IASB/FASB update status of convergence projects (2012/06)

The IASB and FASB recently issued a joint progress report on the Boards’ convergence activities.

MG governance review and PIOB work programme (2012/05)

The MG is consulting on whether changes should be made to the governance arrangements of the PIACs. The MG believes that this consideration is needed in response to the financial crisis.

Government loans amendments to IFRS 1 (2012/03)

This In the Headlines summarises the recent amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards.

Reminder: Effective dates of IFRS (2012/04)

Serves as a reminder of newly effective standards and standards issued but not yet effective for interim and annual periods ending on 31 March 2012.

IASB governance reports (2012/02)

Tthe conclusions of independent but co-ordinated review of the IFRS Foundation’s governance and strategy.

ESMA consultation paper on Considerations of Materiality in Financial Reporting (2012/01)

It provides a summary of the ESMA consultation paper Considerations of Materiality in Financial Reporting.

Clarifying IFRS 10 transition (2011/41)

This issue discusses clarifying IFRS 10 transition.

Offsetting financial assets and financial liabilities (2011/40)

This issues of In the Headlines discusses the offsetting financial assets and financial liabilities.

Mandatory effective date of IFRS 9 deferred to January 2015 (2011/39)

In the Headlines - Mandatory effective date of IFRS 9 deferred to 1 January 2015.

Reminder: Effective dates of IFRS (2011/38)

This edition serves as a reminder of newly effective standards and standards issued but not yet effective for interim and annual periods ending on 31 December 2011.

November 2011 IASB meetings (2011/36)

This In the Headlines issue discusses the outcomes of the individual sessions from the IASB’s meetings held in November 2011. In some sessions the IASB held joint discussions with the FASB.

Further EC proposals for reform of the audit market (2011/37)

This issue of In the Headlines discusses the EC proposals for reform of the audit market.

Revenue from contracts with customers (2011/35)

A high level overview of the ED on revenue from contracts with customers. We highlight the business impacts and what companies could start doing now.

Proposed amendments to IFRS 1 on measurement of government loans (2011/34)

In response to constituent concerns, the IASB has proposed an exception to the retrospective fair value measurement of government loans with below-market rates of interest.

Changes in accounting for production stripping costs likely (2011/33)

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine was issued on 19 October 2011 and will be applicable for years ending on or after 1 January 2013, with early adoption permitted.

September 2011 IASB meetings (2011/32)

The summary combines the outcomes of the individual sessions from the IASB’s meetings held on 19–21 September 2011. In some sessions the IASB held joint discussions with the FASB.

Integrated reporting: a step towards Better Business Reporting (2011/31)

The IIRC recently published a discussion paper (DP) Towards Integrated Reporting – Communicating Value in the 21st Century.

Update on IASB’s work plan (2011/30)

This issue focuses on the IASB’s projected targets as at 14 September 2011. The IASB is in the process of obtaining input on the broad strategic direction it should follow in setting its work plan.

Reminder: Effective dates of IFRSs (2011/29)

This edition of In the Headlines serves as a reminder of newly effective standards and standards issued but not yet effective for interim and annual periods ending 30 September 2011.

Consolidation exception for qualifying investment entities (2011/28)

This issue of ITH focuses on the proposals in Exposure Draft Investment Entities issued by the IASB on 25 August 2011. The amendments propose that investment entities measure investments in controlled entities at fair value through profit or loss.

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

Should IFRS 9's effective date be pushed back? (2011/26)

ED/2011/3 Mandatory Effective Date of IFRS 9 proposes to push back the effective date of IFRS 9 Financial Instruments to annual periods beginning on or after 1 January 2015.

Public consultation on IASB agenda for next three years (2011/25)

First public consultation by IASB on its agenda, Sets out IASB’s views on its strategy for setting its agenda, Seeks views on this strategy and its future work programme.

Release of ninth edition of International Valuation Standards (2011/24)

IVSC, a global body that develops valuation standards, published the ninth edition of the International Valuation Standards.

June 2011 IASB meetings (2011/23)

Summary of the outcomes of individual sessions from the June IASB meetings.

New cycle of improvements to IFRSs (2011/22)

In June 2011 the IASB published ED/2011/2 Improvements to IFRSs as part of the annual improvements project cycle that began in 2009.

Reminder: Effective dates of IFRSs (2011/21)

This edition of In the Headlines serves as a reminder of newly effective standards and standards issued but not yet effective for interim and annual periods ending 30 June 2011.

Employee benefits accounting revised (2011/20)

This issue of ITH focuses on the the amended version of IAS 19 Employee Benefits issued by the IASB on 16 June 2011.

Presentation of other comprehensive income (2011/19)

This issue of ITH focuses on the Presentation of Items of Other Comprehensive Income (Amendments to IAS 1 Presentation of Financial Statements) issued by the IASB on 16 June 2011.

May 2011 IASB meetings (2011/18)

Summary of the outcomes of individual sessions from the May IASB meetings.

Unified fair value measurement and disclosure guidance for IFRS (2011/17)

IFRS 13 Fair Value Measurement that was issued on 12 May 2011 defines fair value, establishes a framework for measuring fair value and sets out disclosure requirements for fair value measurements.

Consolidation: a new single control model (2011/14)

IFRS 10 Consolidated Financial Statements introduces a new approach to determining which investees should be consolidated. It was issued by the IASB1 on 12 May 2011.

Extensive disclosures about interests in other entities (2011/16)

IFRS 12 combines, disclosure requirements for subsidiaries, associates and joint arrangements, as well as unconsolidated structured entities.

No more proportionate consolidation for joint ventures (2011/15)

IFRS 11 Joint Arrangements overhauls the accounting for joint ventures. It was issued by the IASB1 on 12 May 2011 as part of its new suite of consolidation and related standards, also replacing existing requirements for subsidiaries.

Second public consultation on Trustees’ strategy review (2011/13)

The Trustees of the IFRS Foundation issued an initial consultation paper in relation to their strategy review in November 2010. They now have issued a second consultation paper that sets out their preliminary conclusions.

April 2011 IASB meetings (2011/12)

Summary of the outcomes of individual sessions from the April IASB meetings.

IASB-FASB convergence update (2011/11)

This issue of In the Headlines summarises the IASB and the FASB's report on their progress in achieving the milestones set out in their Memorandum of Understanding on 21 April 2011.

Update on IASB’s work plan (2011/10)

This issue of In the Headlines summarises the status of the current projects of the IASB. It reflects significant discussions up to and including those that took place at the March 2011 meetings.

March 2011 IASB meetings (2011/09)

The March meetings of the IASB1 took place on 1 – 2, 14 – 18, 21 – 23 and 29 March 2011. The summary below combines the outcomes of the individual sessions from the March meetings.

Reminder: Effective dates of IFRSs (2011/08)

This edition of In the Headlines serves as a reminder of newly effective standards and standards issued but not yet effective for interim and annual periods ending 31 March 2011.

February 2011 IASB meetings (2011/07)

The February meetings of the IASB took place on 1, 2 and 15 – 18 February 2011. The summary below combines the outcomes of the individual sessions from the February meetings.

The challenges of the evolving nature of disclosures (2011/06)

In January 2011, the IAASB published Discussion Paper The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications. Comments on the discussion paper are due by 1 June 2011.

Consultative report on the IFRS Foundation's governance (2011/05)

The IFRS Monitoring Board (the Monitoring Board) published its Consultative Report on the Review of the IFRS Foundation’s Governance on 7 February 2011. Comments on the proposals are due by 8 April 2011.

Impairment of financial assets managed in an open portfolio (2011/04)

The IASB and the FASB published Supplement to ED/2009/12 Financial Instruments: Amortised Cost and Impairment (the supplement) on 31 January 2011.

January 2011 IASB meetings (2011/03)

The January meetings of the IASB took place on 17 – 21 January 2011. This summary combines the outcomes of the individual sessions from the January meetings.

Proposals for common approach to offsetting financial assets and liabilities (2011/02)

The IASB and the FASB engaged in a joint project on offsetting financial assets and financial liabilities.

December 2010 IASB meetings (2011/01)

The December meetings of the IASB took place on 1, 2, 8 and 13-17 December. This summary combines the outcomes of the individual sessions from the December meetings.

In the Headlines

In the headlines (our former Briefing sheets) provide information in relation to new exposure drafts and standards issued by the International Accounting Standards Board (IASB).

Kontakt

Carina Edlund

Head of Accounting Advisory Services

carina.edlund@kpmg.se

+46 (0)8 7239580

Göran Arnell

Partner FS GRC

goran.arnell@kpmg.se

+46 (0)8 7239651

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