July/August was a busier period for Europe than for the International Accounting Standards Board (IASB).
June 2017 saw the publication of IFRIC 23 that clarifies the accounting for uncertainties in income taxes.
IFRS 17 – Insurance Contracts has been in the pipeline for more than ten years, and finally made its appearance during the night of 16 to 17 May 2017.
For the second time in its history, the IASB has launched a rapid-turnaround consultation with a comment period of just 30 days.
While they do not form an official part of the IASB’s Disclosure Initiative, the amendments proposed to IFRS 8 on operating segments are certainly in the same spirit.
IASB Vice-Chair Sue Lloyd has been appointed to head the IFRS Interpretations Committee, and four IASB members have been re-appointed for a second term.
After a pause of several months, the IASB has started the year by presenting its annual improvements in a short exposure draft, with the next consultations expected as of April.
Following a November issue that was packed with ‘A Closer Look’ features, this month’s Beyond the GAAP is unusual in not containing any at all. However, our monthly crossword will provide a useful reminder of key issues in IFRS over the 2016 reporting period.
The adoption of IFRS 9 by the European Union marks the end of the work carried out by EFRAG under the leadership of Françoise Flores, coincidentally falling at the same time as her appointment as a member of the IASB. This appointment will maintain a French presence on the Board, following the end of Philippe Danjou’s term last October.
Improving the effectiveness of financial reporting is one of the IASB’s key focal areas for the coming years. Four projects fall under the theme of “Better communication”, including the Disclosure Initiative and a research project on the format of primary financial statements.