IFRS quarterly updates

IFRS News is a quarterly publication produced by the Grant Thornton International Financial Reporting Standards team. It provides a global insight into developments in International Financial Reporting Standards (IFRS), which are consistent with New Zealand equivalents of IFRS (NZ IFRS). These developments have a direct impact on New Zealand since our standards mirror the international ones, albeit there are a few adapatations to address the needs of not-for-profit entities and public sector entities.

Financial Reporting Adviser is a regular publication produced by Grant Thornton New Zealand, addressing issues, changes and the implications for New Zealand businesses, Not-for-Profit and other Public entities. Click here to view the latest issue.

If you require any further information on any issues included in this newsletter or other aspects of financial reporting, please click here to contact Mark Hucklesby, National Technical Director.

July 2010 IFRS News Convergence Update (Special Edition)

The IASB and US Financial Accounting Standards Board (FASB) have announced a modified convergence strategy in response to widespread concern that they were taking on too much. Under their revised plans, a phased approach to the publication of Exposure Drafts will be adopted and the completion of lower priority projects will be delayed. Despite this announcement, the IASB’s printing presses will remain in overdrive. Seven Exposure Drafts are due to be published in the second half of 2010, and up to eighteen new IFRSs could potentially be issued before the end of 2011. Many of these projects are driven by the desire to achieve global convergence in accounting standards.

Quarter 3 2010 IFRS News

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.

April 2010

The latest edition of IFRS News looks ahead to some of the new Standards that will affect companies when preparing their financial statements for the year ending 30 June, and the challenges that those Standards will bring.

It then goes on to report on some recent developments around the world, as more and more countries move towards the adoption of IFRS. We then turn our attention 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.

January 2010

This issue concentrates on the effects of the credit crisis on financial reporting – both for the IASB and companies applying IFRSs. We look at the IASB’s amendment allowing the reclassification of financial instruments in certain circumstances. In addition we review the various other elements of the IASB’s response to the credit crisis before considering the more general changes and developments that have taken place in the last quarter and finally a round up of the proposals that the IASB currently has out for comment.

December 2009

The special edition of IFRS News looks at IFRS 9, the replacement standard for IAS39. We outline the reasons for the issuance of this new standard and identify the risks of early adoption.

October 2009

The final edition for 2009 leads with an article on the major new Standards that will affect December 2009 year ends. IFRS News considers the changes the IASB has made to its Standards in the last quarter together with some changes that are in the IASB’s ‘pipeline’. The IASB has been, and continues to be, busy as it responds to the credit crisis. We then look at some of the guides that Grant Thornton International has made available in the last quarter, and give a round up of activities affecting the IASB. We end with a summary of the proposals that the IASB currently has out for comment and the implementation dates of newer Standards and IFRIC Interpretations.

September 2009

Ahead of the Ministry of Economic Development (MED) and the Accounting Standards Review Board (ASRB) issuing documents on the future of financial reporting in New Zealand addressing who and what should be reported, you may be interested in reading our latest issue of IFRS News.

This special edition focuses on IFRS for Small and Medium-sized Entities and considers issues such as:

Who can use IFRS for SMEs?
About the new standard
Why should jurisdictions consider adopting the IFRS for SMEs?

July 2009

Leading the latest issue of IFRS News:

SMEs are offered relief with the IASB’s release of less complex version of IFRS just for them
We update you on the comprehensive review of the IAS 39 (recognition and measurement of financial instruments) in response to the global economic crisis.
Australia releases some interesting results from a survey about IFRS
We reveal what the IASB has covered in the draft guidance on fair value measurement
IASB seeks input on feasibility of an “expected loss” model for the impairment of financial assets
The Japanese Financial Services Agency approves a roadmap for adoption of IFRS in Japan, and
Accounting for prepayment of pension plans, a replacement of IAS 12 ‘Income taxes’, and a summary of effective dates of new standards and IFRIC interpretations.

April 2009

This edition of IFRS News is dominated by repercussions from the credit crisis and covers:

Calls for changes to the way loan loss provisions are determined in companies’ financial statements – including so-called “dynamic provisioning”.
The effects the credit crisis may have on the adoption of IFRS in the United States.
Changes made to standards in the last quarter as a result of the crisis as well as some more general developments that have taken place.
A round up of the proposals that the IASB currently has out for comment and the implementation dates of newer Standards that are about to come into effect.

January 2009

The contents of the January edition of the IFRS News not surprisingly is focused on the effect of the credit crisis on financial reporting, in particular:

Reclassification of certain financial instruments (IAS 39 / NZ IAS39)
Areas requiring more attention in the current economic climate
Proposed new consolidation standard (IAS 27 / NZ IAS 27)
Valuing financial instruments where an active market no longer exists (NZ IAS 39)
Additional IFRS 7 (NZ IFRS 7) disclosures around fair value
Clarification on accounting for embedded derivatives (IAS 39 / NZ IAS 39)
Use of fair value accounting