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On 5 September 2017, the Hong Kong Institute of CPAs and the IASB will host a joint outreach event in Hong Kong on the IASB dis­cus­sion paper DP/2017/1 'Dis­clo­sure Ini­tia­tive — Prin­ci­ples of Dis­clo­sure'. The event will cover main elements of the  dis­cus­sion paper , including: “what con­sti­tutes effective com­mu­ni­ca­tion in the financial reports;” “what con­sti­tutes fair pre­sen­ta­tion of per­for­mance measures such as EBITDA;” “when, where and how financial in­for­ma­tion should be disclosed.” For more in­for­ma­tion, see the  press release  on the IASB’s website.

The International Federation of Accountants (IFAC) and the International Integrated Reporting Council (IIRC) have jointly published Creating Value for SMEs through Integrated Thinking: The Benefits of Integrated Reporting highlighting how SMEs can benefit from integrated thinking and reporting and noting that the IIRC’s principles-based framework is deliberately flexible so that SMEs can apply it to their own specific circumstances. Access to the publication is available through the press release on the IFAC website. The IIRC has also published its own integrated report pointing to how integrated reporting is becoming more widespread around the world. The 22 page report also demonstrates the organisation’s own learning journey as it has been streamlined and made more concise than last year’s report (50 pages). Please click for access to the report on the IIRC website. The American Institute of Certified Public Accountants (AICPA) has issued Attestation Engagements o...

The Institute of Chartered Accountants in England and Wales (ICAEW) has released a report 'Disclosure quality and international comparability under IFRS: evidence from pension discount rates, impairment and capitalisation of development costs' that argues that non-comparable disclosure under IFRS is a problem. The report is addressed to practitioners such as financial analysts, finance directors, audit partners and IFRS technical departments in audit firms to alert them to the findings of an investigation into international differences in IFRS practice. Data was collected from over 500 firms in 15 countries. Of the three areas investigated (pension discount rates, impairment charges and capitalisation of development costs), the topic with the largest amount of non-comparable disclosure was pension discount rates: only 67% of financial statements examined were found to be comparable for analysis. The authors note that pension discount rates were often not distinguished by...

The ITCG discussed the following: Update on recent activities related to better communication in financial reporting. Updates by the ESMA and the SEC on the use of the IFRS Taxonomy. Content and structure of a draft of Using the IFRS Taxonomy — a preparer’s guide. Proposed IFRS Taxonomy content changes. IFRS Taxonomy tables. Update by XBRL International on entity-specific disclosures. Views on proposals for introducing IFRS Taxonomy implementation notes. Development of an IFRS Taxonomy commenting platform. For more information, see the summary on the IASB's website.

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 ...

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...