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Insurance – continuing discussions on IFRS 17
For some time now, the question of whether the requirements of IFRS 17, Insurance Contracts, should be changed to address stakeholders’ concerns has been high on the Board’s agenda. While the effective date of the standard has been..
Online Published Date:
28 February 2019
Appeared in issue:
22.01 - 28 February 2019
FASB
In response to the financial crisis, the FASB developed its own standard on expected credit losses. This standard is back in the news. The FASB also announced the finalisation of two other documents.
Expected credit losses
While the IASB and..
Online Published Date:
28 February 2019
Appeared in issue:
22.01 - 28 February 2019
Consultation documents update
EFRAG’s ongoing work is to provide advice to the European Commission on whether standards meet the European criteria for adoption into law and to provide responses to IASB consultation documents. In each case, it seeks to consult widely and to..
Online Published Date:
28 February 2019
Appeared in issue:
22.01 - 28 February 2019
The Kingman review of the Financial Reporting Council
In April 2018, the UK Secretary of State for Business, Energy and Industrial Strategy (BEIS), the Rt Hon Greg Clark MP, requested that Sir John Kingman undertake a “root and branch” independent review of the FRC including proposals to..
Online Published Date:
28 February 2019
Appeared in issue:
22.01 - 28 February 2019
Accounting for long-term investments
The question of how best to account for long-term investments seems itself to have been going on forever. In the recent past, it attracted considerable debate in Europe before and during the endorsement of IFRS 9, Financial Instruments, and it has..
Online Published Date:
28 February 2019
Appeared in issue:
22.01 - 28 February 2019
Changes to leasing standard
The FASB has recently issued some narrow-scope amendments to its new leasing standard, ASU 2016-02, Leases (Topic 842) and a proposal for some further changes. The need for these changes was identified during the implementation of the standard and..
Online Published Date:
28 February 2019
Appeared in issue:
22.01 - 28 February 2019
Primary financial statements
On the Primary Financial Statements project, the Board agreed that it would not permit management performance measures (MPMs) to be presented in a columnar format on the face of the Income Statement. The reason for this is that it was felt that..
Online Published Date:
28 February 2019
Appeared in issue:
22.01 - 28 February 2019
Editorial
Rather like the brought-forward balances in general ledger accounts, there are a number of articles in this newsletter on topics that began running some time ago, certainly in 2018, if not earlier, but which are continuing into 2019 and possibly..
Online Published Date:
28 February 2019
Appeared in issue:
22.01 - 28 February 2019