IFRS quarterly newsletter

IFRS News is a quarterly publication by the Grant Thornton International Financial Reporting Standards team and it provides a global insight into developments in International Financial Reporting Standards. These developments have a direct impact on Australia since our standards mirror the international ones, albeit with a slightly different numbering system. 

IFRS News (April 2013)
Our second edition of 2013 starts with a detailed look at the IASB’s new proposals on accounting for the impairment of financial instruments before considering other items in the IASB’s ‘pipeline’. We then go on to IFRS-related news at Grant Thornton before turning to a more general round-up of financial reporting developments relevant to IFRS preparers. We finish with the implementation dates of newer Standards that are not yet mandatory and a list of IASB publications that are out for comment.

IFRS News (January 2013)
Our first edition of 2013 starts with a look at the IASB’s recently published exception from consolidation for investment entities (itself the subject of a December 2012 special edition of IFRS News) before looking at a host of Exposure Drafts that have been issued. We go on to IFRS-related news at Grant Thornton before turning to a more general round-up of financial reporting developments relevant to IFRS preparers. We finish with the implementation dates of newer Standards that are not yet mandatory and a list of IASB publications that are out for comment.

IFR New Special Edition (December 2012)

This edition is a special edition, which focuses solely on IASB 'Investment Entitites - Amendments to IFRS 10, IFRS 12 and IAS 27 (Amendments).

IFRS News (October 2012)
Our final edition of 2012 starts with a look at the IASB’s review draft of a forthcoming new Standard on hedge accounting and its main implications. We then look at how the IASB’s other projects are progressing as well as
considering some IFRS-related developments.

We go on to IFRS-related news at Grant Thornton, including the publication of new guides on IFRS 10 ‘Consolidated Financial Statements’ and IAS 7 ‘Cash flow statements’. 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.

IFRS News (August 2012)
 
Our third edition of 2012 starts with a look at how work is progressing on the main IFRS and US GAAP convergence projects, before focussing in detail on the new Standards that have been published in the last quarter and the documents the IASB has issued for public comment.

We then turn to IFRS-related news at Grant Thornton, including the publication of our updated example interim IFRS financial statements and our updated US GAAP comparison guide. 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.

IFRS News (April 2012)

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.


IFRS News (February 2012)

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.

We go on to consider other recent developments at the IASB, including several amendments to IFRSs published in the last quarter and various proposed amendments that have been issued for public comment.

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.

IFRS News (October 2011) 
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.

The last quarter has seen our working group of financial instruments experts considering the effects of the proposed restructuring of Greek Government debt. We report on this and other Grant Thornton IFRS related news in this publication, before turning to a more general round-up of activities affecting the IASB. We conclude 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.

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News Special Edition - Fair Value Measurement (October 2011) 
The IASB has published IFRS 13 ‘Fair Value Measurement’.

The Standard:

• explains how to measure fair value by providing a clear
• definition and introducing a single set of requirements for (almost) all fair value measurements
• clarifies how to measure fair value when a market becomes less active
• improves transparency through additional disclosures.

IFRS 13 applies to both financial and non-financial items but does not address or change the requirements on when fair value should be used.

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (July 2011)
The July 2011 edition of Grant Thornton International's IFRS News looks at several important new Standards that have been issued since our last quarterly edition. These include:

• IFRS 13 (AASB 13) ‘Fair Value Measurement’
• a revised version of IAS 19 (AASB 119) ‘Employee Benefits’; and
• the new Standards on consolidations (which have already been featured in a special edition of IFRS News).

We also discuss revenue recognition in detail and the proposals to change the effective date of IFRS 9 to 1 January 2015 (December 2015 or June 2016 in Australia).

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News Special Edition - New consolidations standards (June 2011)
This special edition of Grant Thornton International's IFRS News provides information about the following new Standards and the implications they may have.

• IFRS 10 'Consolidated Financial Statements'
• IFRS 11 'Joint Arrangements'
• IFRS 12 'Disclosure of Interests in Other Entities'
• IFRS 27 (Revised) 'Separate Financial Statements'
• IFRS 28 (Revised) 'Investments in Associates and Joint Ventures'

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (April 2011)
The April 2011 edition of Grant Thornton International's IFRS News provides a quick snapshot of a number of accounting standards to be issued in April that are subject to minor amendments (Consolidations, Joint Arrangements, Separate Financial Statements and Joint Ventures) and draws our attention to a new UK firm guide for Non-Executive Directors on potential problem areas with IFRS (i.e. AASB accounting standards). In addition there is a new set of model financial statements that has been prepared for reporting under IFRS for SMEs which is around a third the size of the comparison IFRS model set of financial statements. Grant Thornton continues to work with Government to allow the optional adoption of IFRS for SMEs in Australia so that Australian businesses can reduce un-necessary compliance costs.

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (January 2011)
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 move on to look at IFRS-related news at Grant Thornton, as well as a more general round-up of activities at the IASB.

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com 

IFRS News (October 2010)
Our fourth and final edition of Grant Thornton International's IFRS News for 2010 is dominated by the effects of the IASB's strategy for convergence with US GAAP. We look at topics including the IASB's Exposure Draft on "Leases" and the numerous other Exposure Draft's released by the IASB as their convergence strategy gathers pace.

We then move on to look at IFRS-related news at Grant Thornton, as well as a more general round-up of activities at the IASB.

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (July 2010)
The July 2010 edition of Grant Thornton International's IFRS News looks ahead to the impact that the IASB and the US Standards setter’s convergence program will have on global IFRS standards. A separate publication has also been prepared to cover with convergence issues in more depth (see below).

In addition there is the usual IFRS update of amended accounting standards, including the 2010 annual improvements amendments which Australia will adopt for periods beginning 1 January 2011. Early adoption of all the improvements is allowable.

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com 

IFRS News Special Edition – Convergence Update (July 2010)
Given the impact that convergence will have on IFRS and AASB accounting standards, this publication sets out the background to convergence. It takes an in depth look at the current situation and provides a summary of key convergence topics, including the controversial requirement to capitalise all leases. The IASB allows IFRS for SMEs as an option for the non-listed market – an approach Australia has yet take. Convergence may drive the Australian government down this path.

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (April 2010)
The April 2010 edition of Grant Thornton International's IFRS News looks ahead to some of the new Standards in effect for the year ending 30 June, and the challenges that those Standards will bring. We then go on to report on some recent developments in the move towards adoption of IFRS around the world.

We then turn our attention to IFRS-related news at Grant Thornton, and a general round up of activities affecting the International Accounting Standards Board (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.

If you require any further information on any of the issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly
National Head of Professional Standards
E  keith.reilly@au.gt.com

IFRS News (January 2010)
Grant Thornton International’s first edition of IFRS News for 2010 offers a summary of the more significant developments in IFRS and considers some of the immediate challenges that will be faced by companies preparing their financial statements for the year ended 31 December 2009, including a reminder of new standards effective for the first time.

In this edition, we also provide a general round up of IASB and IFRIC activity, including 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.

If you require any further information on any issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (December 2009)
This 'special edition' of IFRS News on IFRS 9 Financial Instruments discusses the provisions of the new standard, including its effective date and the advantages and disadvantages of adopting it early. If you require any further information on any issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (October 2009)
Grant Thornton International’s October 2009 edition of IFRS News provides a global insight into developments in International Financial Reporting Standards. As our standards mirror the international ones these developments have a direct impact on Australia.

This edition looks at the major new Standards that will affect December 2009 and June 2010 year ends. In addition, we look at other changes that are in the pipeline from the IASB including the issue of simplifying financial instruments requirements.

If you require any further information on any issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards
E  keith.reilly@au.gt.com

IFRS News (September 2009)
This 'special edition' of IFRS News provides further details on the release of a simplified international accounting standard that can be used instead of full IFRS for non-listed companies. A number of countries have adopted, or are in the process of adopting, IFRS for SMEs instead of the existing full IFRS standards.

Grant Thornton Australia believes that the IFRS for SMEs standard should be immediately released in Australia as an option for those non-listed reporting entities (Tier 2) that are currently producing full IFRS financial statements. The cost savings are obvious and a more efficient and relevant international accounting standard would be in the best interests of the Australian economy. Grant Thornton's June 2009 IFRS Survey showed that 83% of respondents supported the IFRS for SMEs accounting standard for other than non-listed entities. We expect the AASB to release a discussion paper for public comment in October 2009.

If you require any further information on IFRS for SMEs please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (July 2009)
Grant Thornton Australia has provided advice to the Australian Government and the Financial Reporting Council on how to best implement IFRS for SMEs in Australia. Reporting entities currently using full IFRS may be able to benefit from an accounting standard that is more relevant to their needs from as early as 30 June 2010. This will be for businesses with financial statements that choose to use the early adoption option, and we expect it will be mandatory for 30 June 2012.

Other areas of interest in the newsletter include:

• The IASB proposal for derecognition requirements for financial instruments
• Draft guidance on fair value measurement
• The feasibility of an expected loss model for the impairment of financial assets
• The project to replace IAS 12 'Income Taxes'
• A proposal by the IASB to provide guidance for the preparation and presentation of management commentary
• Ability to be able to access the unaccompanied text of IFRS  
• The results of the Grant Thornton Australia IFRS survey

If you require any further information on any issues or articles included in this newsletter or other aspect of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (April 2009)
Grant Thornton’s International Financial Reporting Standards team’s April 2009 edition of IFRS News which provides a global insight into developments in International Financial Reporting Standards. These developments have a direct impact on Australia since our standards mirror the international ones, albeit with a slightly different numbering system:

• The second edition of IFRS News for 2009 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.

If you require any further information on any issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (January 2009)
Grant Thornton’s International Financial Reporting Standard team have published their January 2009 edition of IFRS News which provides a global insight into developments in International Financial Reporting Standards. These developments have a direct impact on Australia since our standards mirror the international ones, albeit with a slightly different numbering system.

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

• Reclassification of certain financial instruments (IAS 39 / AASB 139)
• Areas requiring more attention in the current economic climate
• Proposed new consolidation standard (IAS 27 / AASB 127)
• Valuing financial instruments where an active market no longer exists (IAS 39 / AASB139)
• Additional IFRS 7 (AASB 7) disclosures around fair value
• Clarification on accounting for embedded derivatives (IAS 39 / AASB 139)
• Use of fair value accounting

If you require any further information on any issues included in this newsletter or other aspects of financial reporting, please contact:

Keith Reilly
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (October 2008)
Welcome to the Grant Thornton International IFRS Team's (of which Grant Thornton Australia is a member) October Quarterly Bulletin on developments in the International Financial Reporting Standards (IFRS) arena. Given that Australia now automatically adopts IFRS, this technical resource is designed to assist you in coming to grips with new and amended Accounting Standards and Interpretations, as well as pointing out what lies ahead, including the 'breaking news' on the fair value accounting debate in the US. On 9 October (London time) the IASB announced that it is working with the US Standards setter (FASB) and expects to have amendments to both standards to eliminate any differences between how the standards address the issue of reclassification of financial instruments.

Note that the Australian Accounting Standards Board (AASB) uses a slightly different numbering system to the International Accounting Standards Board (IASB) for the older pre IFRS Standards. However the text of both Standards is identical apart from some local regulatory references in the AASB's.

Please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (July 2008)
Welcome to the Grant Thornton International IFRS Team's (of which Grant Thornton Australia is a member) July Quarterly Bulletin on developments in the International Financial Reporting Standards (IFRS) arena. Given that Australia now automatically adopts IFRS, this technical resource is designed to assist you in coming to grips with new and amended Accounting Standards, as well as pointing out what lies ahead. Unfortunately the Australian Accounting Standards Board (AASB) uses a slightly different numbering system to the International Accounting Standards Board (IASB) for the older pre IFRS Standards. However the text of both Standards is identical apart from some local regulatory references in the AASB's (e.g. IAS 18 Revenue is AASB 118 Revenue).

Please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com

IFRS News (April 2008)
Welcome to the Grant Thornton International IFRS Team's (of which Grant Thornton Australia is a member) first Quarterly Bulletin on developments in the International Financial Reporting Standards (IFRS) arena. Given that Australia now automatically adopts IFRS, this technical resource is designed to assist you in coming to grips with new and amended Accounting Standards, as well as pointing out what lies ahead. Unfortunately the Australian Accounting Standards Board (AASB) uses a slightly different numbering system to the International Accounting Standards Board (IASB) for the older pre IFRS Standards. However the text of both Standards is identical apart from some local regulatory references in the AASB's. The AASB's amended Business Combinations Standard AASB 3 is IFRS 3, IAS 27 is AASB 127, IFRS 2 is AASB 2, IAS 32 is AASB 132, IAS 19 is AASB 119 and IFRS 1 is AASB 1.

Please contact:

Keith Reilly 
National Head of Professional Standards 
E  keith.reilly@au.gt.com