Ifrs 10 provides a single model for assessing whether an investor controls an investee and provides more extensive guidance on applying this model. Insurance team efrag teg 25 meeting july 2018 paper 0502, page 1 of 35 this paper has been prepared by the efrag secretariat for discussion at a public meeting of efrag teg. Ifrs 10 consolidated financial statements and ifrs 12 disclosure of interests in other entities and ifrs 12 disclosure of in effect analysisated technical report pdf available october 2011. In1 ifrs 10 consolidated financial statements establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. In addition, the staff noted that the need for additional disclosures as a consequence of all amendments to ifrs 17 will be addressed by the board at a later stage.
Iasbs discussion on the issues mentioned below may have implications for ipsas 15. The paper was prepared by a project team of staff from four national standardsetters and sets out the teams findings and recommendations. A listing of new accounting standards, interpretations, exposure drafts, discussion papers and. The paper forms part of an early stage of the development of a potential efrag position. Leases agenda paper 3 ifrs for smes december 2014 welcome to the iasb update the iasb met in public on 16 december 2014 at the iasb offices in london, uk. The paper has been organised into two main sections, covering.
Amendments to nz ifrs 10 consolidated financial statements and nz ias 28 investments in associates and joint ventures. The iasb has nearly finalized ifrs 7, financial instruments. International financial reporting standards ifrs are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. Ifrs in your pocket 2019 3 our ias plus website deloittes ias plus. Pdf international financial reporting standards require entities to primarily. Ifrs development ifrs 14 regulatory deferral accounts final.
Highlights on 30 january 2014, the international accounting standards board iasb or the board issued ifrs 14 regulatory deferral accounts to ease the adoption of international financial reporting standards ifrs for rateregulated entities. They are a consequence of growing international shareholding. On this page, you will find the latest news and related information about discussion papers and similar documents issued by the iasb, ifrs foundation and their related bodies. We assess effectiveness by reference to the principal purpose. Ifrs pocket guide 20 2 accounting rules and principles 1 introduction there have been major changes in financial reporting in recent years. Discussion accounting implementation of ifrs 17 insurance. The iasb received 6 comment letters in response to that discussion paper. Search and sort the table below to find out if the ifrs discussion group has discussed a topic that you need information about see archived meeting reports and audio webcasts for specific ifrs discussion group meetings. Welcome to the iasb update the iasb met in public on 16 december 2014 at the iasb offices in london, uk. Ifrs 10 or ifrs 15 revenue from contracts with customers in accounting for the. Can be answered by applying only the wording in ifrs 17 or did not meet the submission criteria or are being considered in a process other than a trg discussion such as a proposed annual improvement the 10 issues discussed in detail by the trg the iasb staff prepared papers on each of the submissions which. Comments on the contents of the discussion paper should be submitted in. The ipsasbs work plan includes a discussion of the strategy related to financial instruments in 2007. Ifrs standards discussion paper june 2018 snapshot.
Ifrs 9 retains, largely unchanged, the requirements of ias 39 relating to scope and the recognition and derecognition of financial instruments. Pdf consolidation exemptions under ifrs researchgate. Gaap, on the other hand, is only used in the united states. Third technical discussion of the iasbs ifrs 17 transition. Discussion paper on brightline tests for acquisition of. In may 2011 the iasb issued ifrs 10 consolidated financial statements, ifrs 11 joint. Although the focus of the dp is banks, the approach is not restricted to their activities and risks. The accounting standards board acsb established the ifrs discussion group to implement and maintain a regular public forum in which to discuss issues that arise in canada when applying international financial reporting standards ifrs. Agenda ref 18c goodwill and impairment research project discussion paper outline page 4 of section 1background and objectives of the project background 1. The iasb has now made available the first webcast in a series of web presentations to help stakeholders as they prepare to submit their comments on the discussion paper.
Ifrs 14, the iasb is not anticipating the outcome of the comprehensive project. We are now publishing this discussion paper dp and a consultation paper cp to progress this aim. Iasb continues its discussion on ifrs 17 and addressed. Hans also provides an update on the latest developments in the project on goodwill accounting, including the further work the technical staff will undertake before. October 2017 discussion paper 12017 frp 6 reduced disclosure. Ifrs is used in more than 110 countries around the world, including the eu and many asian and south american countries. Ifrs 10 was issued in may 2011 and applies to annual periods beginning on or after 1 january 20. Iasb update from the international accounting standards board july 2014 welcome to the iasb update the iasb met in public from 2224 july 2014 at the iasb offices in london, uk. Ifrs 10 consolidated financial statements 2 ifrs 10 effective date ifrs 10 shall be applied for annual periods beginning on or after 1 january 20.
A practical guide to implementing ifrs 10 consolidated financial statements 3. Australian version aasb 127 consistently throughout this paper. A separate podcast summarising that debate is available here. Ifrs 3 business combinations agenda papers 12a 12b. Activity timing phase i of the pir july 20november 20. Welcome to the iasb update contact us international accounting. Financial instruments with characteristics of equity this snapshot provides an overview of the discussion paper financial instruments with characteristics of equity published by the international accounting standards board board. The iasb has issued a discussion paper dp outlining a new approach to the accounting for dynamic risk management. Issues raised by the insurance industry ifrs 17 insurance. Comments on the application of ifrs standards do not purport to set out acceptable or unacceptable application of ifrs standards. Most obvious is the continuing adoption of ifrs worldwide. The paper is preceded by an almost 10 page executive summary containing the scope, the purpose, and the main contents of the document. Efrag has not included a preliminary view on the issues explored in this dp but will consider the feedback from constituents in developing its technical advice to the ec.
Many territories have been using ifrs for some years, and more are planning to come on stream from 2012. Efrag discussed ifrs 10, ifrs 11 and ifrs 12 with its insurance accounting. Iasb issues a discussion paper on accounting for macro. This discussion paper seeks comments of the public for certain proposals related to.
In that discussion paper, the iasb used sfas 157 as a basis for its preliminary views beca use of the consistency of sfas 157 with the existing fair value measurement guidance in ifrss and the need for increased convergence of ifrss and us gaap. The aim of this paper is to analyze each of the possible consolidation exemptions. Ifrs 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Pdf an overview of international financial reporting. This discussion paper does not address the question of auditing or reporting on combined financial statements. Pdf ifrs 10 consolidated financial statements and ifrs 12. This paper represents an overview of international financial reporting standards ifrs. On 28 june, the iasb published a comprehensive discussion paper dp20181 financial instruments with characteristics of equity.
The discussion paper did not cover all aspects, as some chapters had just been published or consulted on1. Ifrs 10 consolidated financial statements and ifrs 11 joint. In this case, there is no difference between current standard ifrs 10 and its ancestor. In2 the ifrs supersedes ias 27 consolidated and separate financial statements and. Page 1 discussion paper on brightline tests for acquisition of control under sebi takeover regulations objective 1. References to the conceptual framework in ifrs standards. Clearly ifrs ifrs 10 consolidated financial statements. The report and feedback statement pdf of ifrs 8 concludes the benefits of. It is anticipated that the ifrs will be published in july 2005. Jul 18, 20 the discussion paper contains almost 240 pages and is divided into nine chapters, which are accompanied by eight appendices. Publications the board published the following proposals over the course of the project. The effective date of the amendments in sale or contribution of assets between an investor and its associate or joint venture amendments to nz ifrs 10 and nz ias 28 is deferred to annual periods beginning on or after 1. Iasb publishes discussion paper for a new conceptual framework.
An entity shall apply those amendments made to ifrs 10 with regards to investment entities for annual periods beginning on or after 1 january 2014. The exposure draft that the iasb published in 2015 included all chapters that a revised version of the conceptual framework would contain. It depicts the importance of international financial reporting standards in accounting and its. This discussion paper extractive activities is published by the international accounting standards board iasb for comment only. This paper has been prepared for discussion at a public meeting of the ifrs. October 2017 discussion paper 12017 frp 6 reduced disclosure framework. The boards have not yet published discussion papers for.
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