neoaccounting

The objective of ASAF is to provide an advisory forum in which members can constructively contribute towards the achievement of the Board’s goal of developing globally accepted high-quality accounting standards. More particularly, the ASAF is established to: support the IFRS Foundation in its objectives, and contribute towards the development, in the public interest, of a single set of high quality understandable, enforceable and globally accepted financial reporting standards to serve investors and other market participants in making informed resource allocations and other economic decisions; formalise and streamline the Board’s collective engagement with the global community of national standard-setters and regional bodies in its standard-setting process to ensure that a broad range of national and regional input on major technical issues related to the Board’s standard-setting activities are discussed and considered; and facilitate effective technica...

The Trustees of the IFRS ®  Foundation, responsible for the governance and oversight of the International Accounting Standards Board (Board), today published the findings of independent research commissioned to better understand stakeholder attitudes towards the work of the IFRS Foundation and the Board. The research found that the IFRS Foundation is perceived as being successful in achieving its public interest mission, and is highly rated for transparency, independence and professionalism. The research also identifies areas for further development, mainly around the complexity of its Standards, the timeliness of its standard-setting process and the need to respond quickly in a changing world. The research was conducted between February and May 2017 by Ebiquity, an independent research agency. Ebiquity interviewed 50 senior stakeholders from around the world. That research was then supplemented with online surveys of members of the IFRS Foundation’s advisory bod...

The Capital Markets Advisory Committee (CMAC) is an independent advisory group that provides advice to the International Accounting Standards Board (the Board). The Board develops IFRS ®  Standards, which are required for use by companies in more than 100 countries, including two-thirds of the G20. The CMAC meets with Board representatives during its 1-day meetings that take place three times a year. Its membership comprises investors, financial analysts and other users of financial statements. The CMAC is currently seeking applications for membership for terms commencing 1 January 2018. Please indicate your interest by sending a cover letter and brief curriculum vitae by 01 September 2017 to: Peter Joos, CMAC Co-chair, at  peter.joos@insead.edu ; Marietta Miemietz, CMAC Co-chair, at  mm@primavenues.com ; and Fred Nieto, Principal, Head of Investor Engagement, at  fnieto@ifrs.org .  More information about the CMAC The CMAC consists of ...

IFRS Taxonomy 2017 now available in Spanish The files for the IFRS Taxonomy 2017 in Spanish are now available. To provide further support to Spanish-speaking users of the IFRS Taxonomy, the IFRS Taxonomy Illustrated (ITI) is available for viewing and use in Spanish. The ITI presents a simplified view of the IFRS Taxonomy in an easy-to-read, visual format that does not require knowledge of XBRL, with links to the electronic IFRS Standards (in eIFRS). View the ITI organised by IFRS Standards View the ITI organised according to order of financial statements View the ITI for the IFRS for Small and Medium-sized Entities In addition, IFRS Taxonomy versioning information is also available in Spanish. The Versioning information shows changes between two taxonomies. These changes are reflected by including change annotations and additional formatting in the IFRS Taxonomy Illustrated. View the documentation detailing the changes between the IFRS Taxonomy 2016 and the IFRS Taxonomy 2017 V...

The in­tro­duc­tion of new re­quire­ments for the accounting for expected credit losses in IFRS 9 'Financial In­stru­ments' will be a sig­nif­i­cant change to the financial reporting of banks when required in 2018. The Global Public Policy Committee (GPPC) 1  have issued a paper titled  The auditor’s response to the risks of material mis­state­ment posed by estimates of expected credit losses under IFRS 9 . The paper is addressed primarily to the audit com­mit­tees of sys­tem­i­cally-im­por­tant banks, although much of its content will be relevant to other banks and financial in­sti­tu­tions, and aims to promote the im­ple­men­ta­tion of accounting for expected credit losses to a high standard. The paper notes that in­tro­duc­tion of new re­quire­ments for the accounting of expected credit losses in  IFRS 9   Financial In­stru­ments  will be a sig­nif­i­cant change to the financial reporting of banks when required in 2018. Banks are expected to design and im...

The President of IFAC, Mrs. Olivia Kirtley, at a Breakfast Meeting in Abuja, with the President of ANAN, Anthony Nzom, and the Chairman of the Economic and Financial Crimes Commission ( EFCC ), Ibrahim Magu , among others, made the charge. She said that to grow the Nigerian economy, the roles of accountants are very important and remarkable, as Nigeria is one of the three countries that produce 75 per cent of accountants in Africa, making it a strong base for accounting profession. “ANAN should educate politicians and governments at all levels on the need to have stronger professional Accountants. As an organisation, it should be a champion in knowing things that work well and those that are not working well for the economy. “Accountants need to establish good relationship with government at all levels and the political class to have firm regulation of the profession,’’ Kirtley said. According to her, the capability of accountants to provide financial information to companies and ...

On 24 and 25 July 2017, the FASB and the Accounting Standards Board of Japan (ASBJ) met in Norwalk. The meeting was the 22nd in a series of biannual meetings between the two standard-setters. In addition to giving updates on their respective standard-setting activities at the meeting, the two boards exchanged views on technical topics in which they both have an interest, including the conceptual framework, performance reporting and disclosures, revenue recognition, the equity method of accounting, and reate-regulated activities. The next meeting between the FASB and ASBJ is expected to be held in January 2018 in Tokyo.

The IFRS Foundation has issued the 2017 IFRS Taxonomy Formula Linkbase. The Formula Linkbase is updated from the 2016 version; it is designed to help improve the data quality of IFRS Taxonomy filings and to provide additional guidance for both technical and financial reporting audiences so that they can better understand the IFRS concepts and their meanings.

The International Federation of Accountants ( IFAC ) and the Chartered Institute of Public Finance and Accountancy ( CIPFA ) have announced that they have begun building up an index that will reflect the extent of accrual accounting and adoption of International Public Sector Accounting Standards ( IPSASs ) around the world. The index will initially be populated with research data on individual countries and regions, collected by various international institutions. National standard-setters will be invited to review, comment upon, and supplement the information, after which the first set of data will be made available in November 2017.

The IFRS Foundation has announced a Middle East IFRS conference in Dubai on Wednesday 4 and Thursday 5 October 2017. In addition to updates on major IFRSs (IFRS 17, IFRS 9, IFRS 15, IFRS 16), better communication in finacial reporting, and materiality, the conference will also feature a panel discussion on Islamic accounting. Therefore, the list of speakers not only includes IASB Chair and Vice-Chair, IASB members and staff but also the Chair of the IASB Islamic Finance Consultative Group

This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board). The Board's final decisions on IFRS® Standards, Amendments and IFRIC® Interpretations are formally balloted as set forth in the IFRS Foundation and IFRS Interpretation Committee Due Process Handbook. The Board met in public on Tuesday 18 and Wednesday 19 July 2017 at the IFRS Foundation's offices in London, UK. The topics for discussion were: Insurance Contracts Implementation and maintenance of IFRS Standards Materiality Practice Statement Prepayment Features with Negative Compensation and Modifications of Financial Liabilities Rate-regulated Activities Goodwill and Impairment Insurance Contracts (Agenda Paper 2) On 18 July 2017, the Board received an update on the activities targeted at investors and analysts on supporting the implementation of IFRS 17 Insurance Contracts. The update included information about investor reactions to IFRS 17 from discussions co...

The International Accounting Standards Board (IASB) has appointed Nili Shah as Executive Technical Director. She follows Hugh Shields in the role of leading the IASB's technical staff and being responsible for the efficient delivery of all technical activities. Ms Shah, who will take office in October 2017, is currently Deputy Chief Accountant of the Division of Corporation Finance of the US Securities and Exchange Commission (SEC). In that capacity she has supported the SEC staff’s discussions on IFRSs within the International Organization of Securities Commission’s (IOSCO) accounting technical committee. 

The International Accounting Standards Board (IASB) will host its fourth Research Forum on 28 and 29 November 2017 in Brussels. The objective is to have 50 academic participants and 50 non-academic participants. The European Accounting Association (EAA), co-host of the forum, has issued invitations to academics and has issued a  call for papers . The IASB is now calling for people with backgrounds other than academia to express their interest in attending the event. Please click for  more information and registration  on the IASB website.

The European Securities and Markets Authority (ESMA) has published the results of a review of the supervision of the enforcement of financial information (IFRS) according to the ESMA Guidelines on enforcement of financial information in the EU member states. The report identifies that further improvements are needed in relation to: how issuers are selected to examine their financial information; the depth of inquiries into financial statements going beyond correcting disclosure; and the financial and human resources allocated to the enforcement of financial information. The report also notes that five of the jurisdictions – Malta, Portugal, Romania, Sweden, and UK – do not fully comply with the fifth of the final guidelines, which requires that use selection models in which all issuers are eligible to be selected for scrutiny.

The illustrative tagging shows how selected information from the Illustrative Examples accompanying IFRS 17 could be tagged using the IFRS Taxonomy Update that was proposed together with the issuance of IFRS 17 on 18 May 2017 and is currently expected to be published in the fourth quarter of 2017. The illustrative tagging is available through the IASB's supporting material section of the Taxonomy Update project page.