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Latest news

  • Results of a limited survey on simplifications of the IASB proposals on leases

    Apr 15, 2014

    The European Financial Reporting Advisory Group (EFRAG) and the national standard-setters of France (ANC), Germany (ASCG), Italy (OIC) and the United Kingdom (FRC) have conducted a limited survey on the proposed simplifications to the accounting for lessees under IASB’s Exposure Draft ED/2013/6 'Leases'.

  • Latest edition of EFRAG Insider

    Apr 15, 2014

    The European Financial Reporting Advisory Group (EFRAG) has published a new edition of the publicly available newsletter 'EFRAG Insider'.

  • EFRAG draft comment letter on disclosure initiative

    Apr 11, 2014

    The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB’s Exposure Draft ED/2014/01 ‘Disclosure Initiative (Amendments to IAS 1)’ that was issued on 25 March 2014.

  • Agenda for April 2014 IASB meeting

    Apr 11, 2014

    The International Accounting Standards Board (IASB) will be meeting at its offices in London on 22–25 April 2014. Part of the meeting will be held jointly with the Financial Accounting Standards Board (FASB) to discuss the leases project. Additionally, the IASB will be discussing its research programme, bearer plants, issues from the Interpretations Committee, rate-regulated activities, the equity method in separate financial statements, the conceptual framework, insurance contracts, and the disclosure initiative.

  • FASB redefines discontinued operations

    Apr 10, 2014

    Today, the FASB issued Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under the ASU, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the ASU (1) expands the disclosure requirements for disposals that meet the definition of a discontinued operation, (2) requires entities to disclose information about disposals of individually significant components, and (3) defines “discontinued operations” similarly to how it is defined under IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations."

  • Accounting considerations in view of Venezuela's state as a highly inflationary economy

    Apr 10, 2014

    Since 2010, Venezuela has been considered a highly inflationary economy. In November 2013 the International Practices Task Force (IPTF) of the AICPA's Centre for Audit Quality reported that the three-year cumulative inflation rate for Venezuela was 95% for 2012 and the three-year cumulative inflation rate at the end of 2013 was projected to be 124%. The Venezuelan government has instituted several mechanisms for establishing exchange rates between Venezuelan bolivar fuertes (BsF) and U.S. dollar (USD). This has led to accounting questions in an environment with multiple exchange rates.