Beyond the GAAP - July-Aug. 2013 issue
The IASB and the FASB expect to publish their joint standard on revenue recognition by the end of this year. However, the mandatory effective date is not likely to be before 2017.
The two Boards have decided that in the post-implementation period they will form a working group to identify potential implementation difficulties, and discuss issues related to common transactions that could create diversity in practice.
This initiative is the first of its kind; does it reflect a new commitment by the Boards to facilitate the implementation of new standards? Does this mean that in the future we will see a longer period between the publication of new standards and their mandatory effective date, to be spent identifying and addressing difficulties in implementation? In any case, it looks as though this approach would have been very useful in the run-up to the mandatory effective date for the new consolidation standards.
Highlights
IFRS Standards
- IASB publishes Discussion Paper on the Conceptual Framework
- Mandatory effective date for IFRS 9 delayed again
- Transition resource group created to address difficulties in implementing future revenue recognition standard
- Launch of post-implementation review of IFRS 3
- Acquisition of an interest in a joint operation: IFRS Interpretations Committee looks at comment letters
- Presentation of OCI when using the equity method: IFRS Interpretations Committee recommends amendment to IAS 1
- Amendments to IFRS 7 on offsetting of financial assets and liabilities: not mandatory for condensed interim financial statements!
- Variable payments for the separate acquisition of PPE and intangible assets: IASB decides to wait for Leases redeliberations
- Recognition of other net asset changes for an equity-accounted entity: IFRS Interpretations Committee hands it back to the Board
- IFRS Interpretations Committee continues working on application of IAS 19
- Recognition of sale or contribution of assets between an entity and its associate or joint venture
A Closer Look
- Re-opening IFRS 9 phase 1, Classification and Measurement: update on the project and overview of key comments received by the IASB
- IASB publishes conclusions of post-implementation review of IFRS 8 - Operating Segments
