International Accounting Standards Board: Developments in IFRS

Michael Stewart, Hannah King, Shandhir Lachman and Denise Durant give an overview of some of the issues discussed at the January 2015 IFRS Interpretations Committee meeting, including IAS 21 The Effects of Changes in Foreign Exchange Rates–Transactions denominated in a foreign currency that involve a prepayment: Identifying the applicable exchange rate, IFRS 13 Fair Value Measurement–the fair value hierarchy when third-party consensus prices are used, and IAS 40 Investment property–Should an investment property under construction be transferred from inventory to investment property when there is an evident change in use?

Leases, Disclosure Initiative, Insurance Contracts, Conceptual Framework, Comprehensive review of IFRS for SMEs, Emissions Trading Scheme.

Leases, Comprehensive review of IFRS for SMEs, Disclosure Initiative, and various IFRS Interpretations Committee issues

Insurance Contracts, Disclosure Initiative, Conceptual Framework, and Emission Trading Schemes

Michael Stewart, April Pitman, Hannah King and Koichiro Kuramochi give an overview of some of the issues discussed at the November 2014 IFRS Interpretations Committee meeting, including IAS 2 Inventories—Should interest be accreted on prepayments in long-term supply contracts? IAS 21 The Effects of Changes in Foreign Exchange Rates—Revenue transaction denominated in a foreign currency—What is the date of the transaction for the purpose of identifying the applicable exchange rate for revenue recognition? IAS 16 Property, Plant and Equipment—Accounting for net proceeds and costs of testing for property, plant and equipment.

Research Project, Disclosure Initiative, Leases, Conceptual Framework, and Insurance Contracts

Disclosure Initiative, Insurance Contracts, Conceptual Framework (Materiality, Long-term Investing, Equity and Liabilities), and Post-implementation Review IFRS 3: Business Combinations

Michael Stewart, Akemi Miura, Koichiro Kuramochi and Denise Durant give an overview of some of the issues discussed at the September 2014 IFRS Interpretations Committee meeting, including IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction—Availability of refunds from a defined benefit plan managed by an independent trustee, IAS 28 Investments in Associates and Joint Ventures—Fund manager’s significant influence over a fund and IFRS 12 Disclosure of Interests in Other Entities—Disclosures for a dubsidiary with a material non-controlling interest and for a material joint venture or associate.

Insurance Contracts, Disclosure Initiative, Leases, and Conceptual Framework

Michael Stewart, Won-Hee Han, Irina Makarova and Koichiro Kuramochi give an overview of some of the issues discussed at the July 2014 IFRS Interpretations Committee meeting, including IFRS 11 Joint Arrangements—Analysis of implementation issues, IAS 12 Income Taxes—Measurement of current income tax on uncertain tax position and IAS 16 Property, Plant and Equipment—Accounting for net proceeds and costs of testing for property, plant and equipment.

Leases, Conceptual Framework, and Insurance Contracts

Conceptual Framework, Leases, Insurance Contracts, Equity Method of Accounting, and Equity Method: Share of Other Net Asset Changes

Michael Stewart, Leo Piombino and Akemi Miura give an overview of some of the issues discussed at the May 2014 IFRS Interpretations Committee meeting, including IAS 12 Income Taxes—Threshold of recognition of an asset in the situation in which the tax position is uncertain, IAS 19 Employee Benefits—Remeasurement on a plan amendment, curtailment or settlement, IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction—Availability of refunds from a defined benefit plan managed by an independent trustee.

Conceptual Framework, Leases, Disclosure Initiative, Insurance Contracts, and Research Programme

Michael Stewart, Won-Hee Han, Irina Makarova, Koichiro Kuramochi and Denise Durant give an overview of some of the issues discussed at the March 2014 IFRS Interpretations Committee meeting, including IFRS 11 Joint Arrangements—Classification of joint arrangements, IAS 2 Inventories and IAS 16 Property, Plant and Equipment—Accounting for core inventories, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors—Distinction between a change in an accounting policy and a change in an accounting estimate and IAS 34 Interim Financial Reporting—Condensed statement of cash flows.

Insurance Contracts, Conceptual Framework, Leases, and Disclosure Initiative

Fair Value Measurement: Unit of Account, Financial Instruments: Impairment, and Financial Instruments: Classification and Measurement

Michael Stewart, Leo Piombino, Denise Durant, Won-Hee Han and Koichiro Kuramochi give an overview of some of the issues discussed at the January 2014 IFRS Interpretations Committee meeting, including IAS 12 Income Taxes—Threshold of recognition of an asset on uncertain tax position, IAS 1 Presentation of Financial Statements—Issues related to the application of IAS 1, IFRS 11 Joint Arrangements—Classification of joint arrangements, IFRS 10 Consolidated Financial Statements—An investment entity subsidiary that also provides investment-related services.

Financial Instruments : Classification and Measurement, Financial Instruments: Impairment, Insurance Contracts, Leases, and Agriculture: Bearer Plants

Equity Method: Share of Other Net Assets Changes (proposed amendment to IAS 28), Financial Instruments: Impairment, Financial Instruments: Classification and Measurement, and Fair Value Measurement: Unit of Account