20. June 2017
Today, the IASB has published the Exposure Draft ED/2017/4 Property, Plant and Equipment- Proceeds before Intende Use use which proposes an amendment to IAS 16 Property, Plant and Equipment. As proposed, net proceeds from selling any items produced while bringing a PPE asset into location and condition of its intended use are no longer deductible from cost of testing (making part of directly attributable cost) of the PPE item. Read more
20. June 2017
Today, the ASCG issued for public consultation draft German Amendment Accounting Standard No 8 (E-GAAS 8) specifying certain non-financial reporting requirements. A particular challenge arose from the fact that the transposition of the EU’s CSR Directive into German law was only completed in April, yet entities have to already apply it as of January. Hence, there was limited time available for amending GAS 20 should entities be provided with helpful guidance. With the proposed amendment to GAS 20 the ASCG aims at specifying the legal text by taking into account all available supporting material to the Implementation Act, without going beyond the legal requirements. Read more
20. June 2017
On 19 June 2017, the ASCG's preparer forum on the implementation of IFRS 16 Leases met for the first time. During this one-day event, representatives from 30 ASCG member companies and organisations came together to discuss issues arising from the implementation of the new standard. Read more
7. June 2017
The IASB has finalised and today published the Interpretation IFRIC 23 regarding IAS 12. IFRIC 23 provides requirements that add to the requirements in IAS 12 by clarifying how to reflect the effects of uncertainty in accounting for income taxes. Read more
2. June 2017
On 1 June 2017, the IFRS Foundation, under which the IASB operates, announced the reappointment of four of its Trustees for another three year term. Amongst the four individuals is Dr Werner Brandt, former CFO of SAP. The terms of all four Trustees start on 1 January 2018 and end 31 December 2020. Read more
29. May 2017
The meeting papers of the meetings from 8 and 9 June 2017 are available for download. Read more
27. May 2017
On 25 May 2017, the IASB has issued the Request for Information (RfI) regarding IFRS 13 Fair Value Measurement. The RfI is part of the Post-implementation Review (PiR) of IFRS 13 with the objective to assess whether the Standard achieves its objectives, how the requirements of the Standard affect investors, companies and auditors and whether there are areas in which the Standard is applied inconsistently. Read more
22. May 2017
Today, the ASCG submitted its comment letter on the ED/2017/3 Prepayment Features with Negative Compensation (Proposed Amendments to IFRS 9) to the IASB. A similar comment letter has also been submitted to EFRAG. Read more
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