The IASB has been working extensively over the past decade on the process of converging IFRS with US GAAP.
The IASB put some last-minute finishing touches to IFRS 9, with an amendment on debt instruments with symmetric prepayment options.
After a quiet summer on the accounting front, September started brightly with two exposure drafts and a Practice Statement from the IASB.
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.