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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.

Also in London yesterday, 2nd August, 2017. NNPC group signed an agreement for the Alternative Financing of the NNPC/SPDC/TEPNG/NAOC JV. NNPCgroup/Chevron JV yesterday in London signed a deal on Alternative Financing of the Sonam Project (Project Falcon). The deal (Project Santolina) is for an accelerated upstream prodn comprising of 156 devt activities across 12 OMLs & 30 fields in d N'Delta. 3. GMD Dr. M. K Baru signed on behalf of NNPC group while Osagie Okunbor (MD SPDC) signed on behalf of Shell Nigeria. 

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...