International Accounting Standards Board: Developments in IFRS

Michael Stewart, Leo Piombino and Akemi Miura give an overview of some of the issues discussed at the May 2014 IFRS Interpretations Committee meeting, including IAS 12 Income Taxes—Threshold of recognition of an asset in the situation in which the tax position is uncertain, IAS 19 Employee Benefits—Remeasurement on a plan amendment, curtailment or settlement, IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction—Availability of refunds from a defined benefit plan managed by an independent trustee.

Conceptual Framework, Leases, Disclosure Initiative, Insurance Contracts, and Research Programme

Michael Stewart, Won-Hee Han, Irina Makarova, Koichiro Kuramochi and Denise Durant give an overview of some of the issues discussed at the March 2014 IFRS Interpretations Committee meeting, including IFRS 11 Joint Arrangements—Classification of joint arrangements, IAS 2 Inventories and IAS 16 Property, Plant and Equipment—Accounting for core inventories, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors—Distinction between a change in an accounting policy and a change in an accounting estimate and IAS 34 Interim Financial Reporting—Condensed statement of cash flows.

Insurance Contracts, Conceptual Framework, Leases, and Disclosure Initiative

Fair Value Measurement: Unit of Account, Financial Instruments: Impairment, and Financial Instruments: Classification and Measurement

Michael Stewart, Leo Piombino, Denise Durant, Won-Hee Han and Koichiro Kuramochi give an overview of some of the issues discussed at the January 2014 IFRS Interpretations Committee meeting, including IAS 12 Income Taxes—Threshold of recognition of an asset on uncertain tax position, IAS 1 Presentation of Financial Statements—Issues related to the application of IAS 1, IFRS 11 Joint Arrangements—Classification of joint arrangements, IFRS 10 Consolidated Financial Statements—An investment entity subsidiary that also provides investment-related services.

Financial Instruments : Classification and Measurement, Financial Instruments: Impairment, Insurance Contracts, Leases, and Agriculture: Bearer Plants

Equity Method: Share of Other Net Assets Changes (proposed amendment to IAS 28), Financial Instruments: Impairment, Financial Instruments: Classification and Measurement, and Fair Value Measurement: Unit of Account

Revenue Recognition, Hedge Accounting, Impairment, Classification and Measurement, Leases, and Rate-regulated Activities

Michael Stewart, Koichiro Kuramochi, Anna Heining and Won-Hee Han give an overview of some of the issues discussed at the November 2013 IFRS Interpretations Committee meeting, including IFRS 10 Consolidated Financial Statements: Investment Entities amendments—Definition of investment-related services or activities, IAS 17 Leases—Meaning of ‘incremental costs’, IAS 39 Financial Instruments: Recognition and Measurement—Accounting for a term-structure repo transaction and IFRS 11 Joint Arrangements—Summary of outreach on implementation issues.

Impairment, Hedge Accounting, Revenue Recognition, and Disclosure Initiative

Financial Instruments: Classification and Measurement, Financial Instruments : Impairment, Revenue Recognition, IAS 1 Presentation of Financial Statements amendments

Michael Stewart, Kazu Sakaguchi, Denise Durant and Won-Hee Han give an overview of some of the issues discussed at the September 2013 IFRS Interpretations Committee meeting, including IAS 19 Employee Benefits—Exposure Draft Defined Benefit Plans: Employee Contributions, IFRS 2 Share-based Payment—Measurement of cash-settled share-based payment transactions that include a performance condition, IFRS 2—Price difference between the institutional offer price and the retail offer price for shares in an initial public offering and IFRS 5 Non-current Assets Held for Sale and Discontinued Operations—Write-down of a disposal group and reversal of impairment losses relating to goodwill recognised for a disposal group.

Revenue Recognition, Financial Instruments: Classification and Measurement, Financial Instruments: Impairment, Post-implementation Reviews, and Accounting for Macro Hedging

Michael Stewart, Liz Figgie, Leo Piombino and Patrick Le Flao give an overview of some of the issues discussed at the July 2013 IFRS Interpretations Committee meeting, including IAS 32 Financial Instruments: Presentation—Classification of a financial instrument that is mandatorily convertible into a variable number of shares (subject to a cap and a floor) but gives the issuer the option to settle by delivering the maximum (fixed) number of shares, IAS 32 Financial Instruments: Presentation—Classification of a financial instrument that is mandatorily convertible into a variable number of shares upon a contingent ‘non-viability’ event, IAS 19 Employee Benefits—Actuarial assumptions—Discount rate, IFRS 7 Financial Instruments: Disclosures—Applicability of the amendments to IFRS 7 to condensed interim financial statements and IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements—Transitional provisions in respect of impairment, foreign exchange and borrowing costs.

Financial Instruments: Classification and Measurement, Comprehensive review of the IFRS for SMEs, Annual Improvements to IFRSs 2011-2013 Cycle, and Annual Improvements to IFRSs 2010-2012 Cycle

Comprehensive review of the IFRS for SMEs, IFRS 3 Business Combinations: Mandatory Purchases of Non-controlling Interests, IAS 39 Financial Instruments: Recognition and Measurement: Novation of Derivatives and Continuation of Hedge Accounting, Conceptual Framework, Accounting for Macro Hedging, Revenue Recognition, and Financial Instruments: Classification and Measurement

Michael Stewart, Thomas Harzheim, Denise Durant and Leonardo Piombino give an overview of some of the issues discussed at the May 2013 IFRS Interpretations Committee meeting, including IAS 12 Income Taxes—Recognition of deferred tax assets for unrealised losses, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations—Classification in conjunction with a planned IPO, but where the prospectus has not been approved by the securities regulator, IFRS 5 Non-current Assets held for Sale and Discontinued Operations—Change in Methods of Disposal and IAS 19 Employee Benefits—Actuarial assumptions—Discount rate.

Comprehensive review of the IFRS for SMEs, Conceptual Framework, Financial Instruments: Hedge Accounting, and Post-implementation Review of IFRS 8 Operating Segments

Agriculture: Bearer Biological Assets, IFRS for SMEs: Comprehensive Review 2012–2014, Conceptual Framework, Fair Value Measurement, Annual Improvements 2010–2012, proposed narrow-focus amendment to IAS 1 Presentation of Financial Statements, Revenue Recognition, and put options written on non-controlling-interests