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24/07/2014 | EFRAG's Final Endorsement Advice and Effects Study Report on Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations

EFRAG has completed its due process regarding Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations and has submitted its Endorsement Advice Letter and Effects Study Report to the European Commission.

24/07/2014 | EFRAG's Final Endorsement Advice and Effects Study Report on the IASB’s Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38

EFRAG has completed its due process regarding the IASB’s Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38 and has submitted its Endorsement Advice Letter and Effects Study Report to the European Commission.

23/07/2014 | EFRAG endorsement status report

EFRAG has issued its draft endorsement advice letter on Bearer Plants - Amendments to IAS 16 and IAS 41. Therefore, EFRAG has updated the EFRAG Endorsement Status Report, which can be downloaded below and under the menu point 'Endorsement Status'.

23/07/2014 | EFRAG requests comments on its draft endorsement advice and effects study report on Bearer Plants - amendments to IAS 16 and IAS 41

EFRAG has issued an invitation to comment relating to the endorsement for use in the EU of Bearer Plants - amendments to IAS 16 and IAS 41 (the Amendments). It is consulting both on its assessment of the Amendments against the technical criteria for the endorsement in the EU and on its initial assessment of the costs and benefits that would arise from their implementation and application in the EU. Comments are requested by 5 September 2014.

22/07/2014 | A Research Group of the ASBJ, EFRAG and OIC publishes a Discussion Paper on accounting treatment for goodwill.

A Research Group of ASBJ, EFRAG and OIC publishes the Discussion Paper 'Should Goodwill still not be Amortised? - Accounting and Disclosure for Goodwill' to contribute to the global discussion on how goodwill should be accounted for and disclosed.

22/07/2014 | EFRAG Update June/July 2014

The June/July 2014 edition of EFRAG Update, summarising the discussions held at the EFRAG TEG conference calls of 24 June and 3 July 2014 and at the EFRAG TEG meeting of 14-16 July 2014, has been published and can be downloaded here.

22/07/2014 | EFRAG's final comment letter on the IASB's ED/2014/1 Disclosure Initiative (Proposed amendments to IAS 1)

EFRAG has issued its comment letter to the IASB on its Exposure Draft Disclosure Initiative (Proposed amendments to IAS 1). The letter can be downloaded here.

21/07/2014 | EFRAG’s draft comment letter on the IASB Exposure Draft ED/2014/2 Investment Entities: Applying the Consolidation Exception

EFRAG has published its draft comment letter in response to the proposed amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures, Exposure Draft Investment Entities: Applying the Consolidation Exception (ED/2014/2). Responses to the draft comment letter are requested by 5 September 2014.

17/07/2014 | EFRAG INSIDER - Second quarter 2014

EFRAG Insider was created in the course of 2010 to inform founding and funding members about current developments in all EFRAG activities. EFRAG Insider is now available to a wider audience and is published every quarter on average.

15/07/2014 | Additional Public Consultation for Users - EFRAG invites users of financial statements and users’ organisations to participate in a public consultation on lessee accounting

Leases are an important class of transactions widely used in many industries. Under the current Standard IAS 17, for some leases a lessee recognises assets and liabilities on its balance sheet, while for other leases a lessee only recognises an operating expense in its income statement. The IASB and the FASB (the Boards) are working on a new Standard that requires recognition of all leases on the balance sheet and published a joint Exposure Draft (ED) in 2013. The Boards have now started their re-deliberation process; in March 2014, the two Boards confirmed that all leases should be recognised, but tentatively decided to support two different approaches for subsequent measurement of leases. EFRAG is performing this additional public consultation for Users to acquire their views on the two alternative approaches for lessees. EFRAG is also interested in examples of contracts or transactions that would qualify as leases under the proposals but in users’ views are in substance services.

09/07/2014 | EFRAG Discussion Paper Classification of Claims

EFRAG has published a Discussion Paper “Classification of Claims” to assist in developing an informed and reasoned approach to the claims side of the balance sheet, including the equity/liability distinction.

01/07/2014 | EFRAG’s draft comment letter on the IASB Discussion Paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging

EFRAG has published its draft comment letter in response to the IASB Discussion Paper. Responses to the draft comment letter are requested by 10 October 2014. Given the groundbreaking thinking in the Discussion Paper, EFRAG would welcome additional contact with constituents in advance of receiving formal responses to the draft comment letter.

30/06/2014 | EFRAG endorsement status report

On 30 June 2014, the IASB issued Amendments to IAS 16 and IAS 41: Agriculture: Bearer Plants. Therefore, EFRAG has updated the EFRAG Endorsement Status Report, which can be downloaded below and under the menu point 'Endorsement Status'.

19/06/2014 | EFRAG Update May/June 2014

The May/June 2014 edition of EFRAG Update, summarising the discussions held at the EFRAG CFSS meeting of 27 May 2014, the EFRAG TEG conference calls of 28 May and 4 June 2014 and at the EFRAG TEG meeting of 11-13 June 2014, has been published and can be downloaded here.

19/06/2014 | Reform of EFRAG Governance close to completion: General Assembly approves revised EFRAG Statutes and Internal Rules and welcomes eight new members!

EFRAG announces a major step forward in the implementation of the governance reform following the recommendations of Philippe Maystadt. On 16 June 2014, in an EFRAG General Assembly meeting, EFRAG’s existing 7 Member Organisations (BUSINESSEUROPE, EACB, EBF, EFAA, ESBG, FEE and Insurance Europe) have approved the revised EFRAG Statutes and Internal Rules and admitted 8 new members.

06/06/2014 | EFRAG invites comments on proposal to enhance IFRS quality control

EFRAG is publishing a draft letter to seek views of our constituents on proposal to enhance the IASB quality control procedures at the stage of finalising a standard. The comment deadline is 15 August 2014.

16/05/2014 | EFRAG Annual Review 2013

The EFRAG Annual Review 2013 has been published and is available for download.

EFRAG Focus

Call for EFRAG TEG Applicants
EFRAG is calling for candidates for its Technical Expert Group partially in view of the current preparer vacancies, the regular rotation scheme under which the present mandate period of three EFRAG TEG members expires on 31 March 2015 and further for vacancies which will be governed by the new EFRAG governance structure. It is expected that some reappointments will take place. We urge all candidates to submit their candidatures at the very latest by 1 October 2014.

NEXT STEP IN THE EFRAG REFORM: THE EFRAG Board. EFRAG calls on European Stakeholder Organisations and National Standard Setters to nominate candidates for the new EFRAG Board!
European Stakeholder Organisations and National Standard Setters are invited to nominate candidates for the EFRAG Board under the new governance structure. EFRAG hopes to welcome further members to its enlarged membership. Having all European Stakeholder Organisations with an interest in financial reporting and a wide coverage of the EEA countries in the membership of EFRAG will help Europe speaking with one voice on the international accounting scene.

EFRAG and the National Standard Setters ANC, ASCG, FRC and OIC invite companies to participate in an additional public consultation on lessee accounting
On 16 May 2013, the IASB issued the revised Exposure Draft Leases (the ED). After the comment period ended in September 2013, the IASB and the FASB (the Boards) started the re-deliberation process. In March 2014, the two Boards tentatively decided to support two different approaches for lessees. The IASB proposed a single model based on Type-A lease accounting. The FASB proposed a model that, based on IAS 17 criteria, distinguishes leases that are in effect purchases and other leases; these are accounted for using a straight line cost recognition pattern. EFRAG and the National Standard Setters are performing this additional public consultation to acquire constituents’ views on the two alternative approaches for lessees. EFRAG and the National Standard Setters are also interested in examples of contracts or transactions that would qualify as leases under the proposals, but in constituents’ view are in substance services.

DO NOT MISS YOUR NEXT JOB OPPORTUNITY: JOIN EFRAG!
EFRAG is seeking financial reporting professionals with IFRS expertise to join its technical staff!


Projects: Invitation to Comment

Enhancement of IASB quality control procedures | Draft Comment Letter
Comments no later than : 15/08/2014

Amendments to IFRS 10 and IAS 28 - Investment Entities: Applying the Consolidation Exception | Draft Comment Letter
Comments no later than : 05/09/2014

Amendments to IAS 16 and IAS 41 - Agriculture: Bearer Plants | Draft Endorsement Advice
Comments no later than : 05/09/2014

Proactive - Goodwill impairment and amortisation | Discussion Paper
Comments no later than : 26/09/2014

Accounting for macro hedging | Draft Comment Letter
Comments no later than : 10/10/2014

EFRAG Discussion Paper - Classification of Claims | Discussion Paper
Comments no later than : 31/10/2014

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