IFRS News

IFRS News offers a summary of the more significant developments in International Financial Reporting Standards (IFRS) along with insights into topical issues and comments and views from the Grant Thornton International IFRS team.

04/2012 IFRS Quarterly Update

Our second edition of 2012 starts by looking at the IASB’s revised work plan and the projected targets for the documents it expects to issue later this year. We go on to consider some issues arising from current economic conditions that may affect companies using IFRS.We then turn to IFRS-related news at Grant Thornton, including several new publications that we have issued. We end with a more general round-up of activities affecting the IASB, and the implementation dates of newer Standards that are not yet mandatory.

01/2012 IFRS Quarterly Update

Our first edition of 2012 focuses on the IASB’s and FASB’s latest revenue recognition proposals. We summarise the key changes made since the 2010 exposure draft and their likely impact. We also share the results of a global survey of businesses’ awareness of the proposals and their views on the need for improvements to the existing revenue recognition standards.

10/2011 IFRS Quarterly Update

Our last edition of 2011 is influenced by the recent change in the IASB Chairman, with articles looking at the IASB's public consultation on its future work programme and its plans to re-expose its proposals on both leasing and revenue.

07/2011 IFRS Quarterly Update

Our third edition of 2011 starts with a look at several important new Standards that have been issued since our last quarterly edition. These include IFRS 13 ‘Fair Value Measurement’, a revised version of IAS 19 ‘Employee Benefits’ and the new Standards on consolidations (which have already been featured in a special edition of IFRS News). We go on to consider other items in the IASB’s pipeline including the reopening of the debates on revenue recognition and the effective date of IFRS 9. We then turn to IFRS-related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

04/2011 IFRS Quarterly Update

Our second edition of 2011 starts with a look at several new Standards that are due to be published imminently - indeed, by the time this newsletter reaches you, they may well already have been published. We go on to consider other recent developments at the IASB, including the IASB's latest thinking on the impairment of financial assets. We then turn to IFRS-related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

01/2011 IFRS Quarterly Update

Our first edition of 2011 leads with an article on the IASB's first IFRS Practice Statement, which provides a broad, non-binding framework for the presentation of management commentary relating to IFRS financial statements. We go on to consider other recent developments at the IASB, including proposals which would fundamentally alter the current requirements for hedge accounting. We then turn to IFRS-related news at Grant Thornton, as well as a general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

10/2010 IFRS Quarterly Update

Our fourth and final edition of 2010 is dominated by the effects of the IASB's strategy for convergence with US GAAP. We lead with an analysis of the IASB Exposure Draft 'Leases'. The Exposure Draft proposes that all leases would be recognised on the lessee's balance sheet, a proposal that would radically alter the financial position of many companies. We then discuss the numerous other Exposure Drafts that have been issued in the last quarter as the IASB's convergence strategy gathers pace. We then move on to look at a round up of IFRS-related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

07/2010 IFRS Quarterly Update

Our third edition of 2010 leads with the announcement by the IASB that it will modify its convergence strategy in response to concern over the large number of major proposals previously scheduled for exposure in the second quarter of 2010. Despite the modification in strategy, the level of planned changes remains high. A special 'Convergence Update' edition of IFRS News, which sets out details of the projects planned and their commercial significance, is available separately.