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IFRS Outlook: 'Reporting entity' proposal analyzed

Also: EDs address financial liabilities and insurance contracts

As part of a joint project to improve their conceptual frameworks for financial reporting, the IASB and the US FASB have published an Exposure Draft (ED) on the Reporting Entity project. Learn about our views on the proposed description of reporting entity and the ability to apply the description in the preparation of consolidated financial statements, combined financial statements and parent-only financial statements.

In other articles, we express concerns about the IASB's proposal on the classificationand measurement of financial liabilities, and we summarize the Board's ED on IFRS 4 Insurance Contracts.

Transition relief proposed for first-time adopters

The IASB issued an exposure draft, proposing to remove the fixed dates relating to the derecognition and day one gain or loss provisions in IFRS 1 and replace them with a relative date, the date of transition to IFRSs. Our supplement summarises the EDs proposals and highlights its impact on first-time adopters.

Changes in leases accounting

IFRS practical matters for the c-suite summarises the technical accounting requirements of the lease accounting proposal. It highlights the more pervasive effects the proposal would have on an entity--- effects that extend beyond just accounting, including in areas such as financial metrics, systems, tax, and stakeholder communications.

For more, see our supplement on the Leasing exposure draft.

IASB staff paper on fair value measurment

Our supplement announces the IASB's staff draft paper which includes the tentative decisions to date of the FASB and IASB regarding how to measure fair value.

IASB issues ED for accounting for insurance contracts

This special edition of the IFRS Insurance Accounting Alert provides a high-level overview of the Exposure Draft (ED) on IFRS 4 Insurance Contracts.

Impairment accounting: the basics

This publication highlights key requirements of IAS 36 and acts as an introduction for those who have not yet performed an impairment test in accordance with IAS 36 and a refresher for existing IFRS preparers. We also highlight practical considerations for first-time adopters of IFRS. 

Local GAAP vs. IFRS comparison guides

Worldwide, Ernst & Young is helping companies address the challenges and opportunities represented by the shift to IFRS. Resources available include several IFRS vs local GAAP comparisons and the web enabled IFRS vs US GAAP guide which includes standards issued as of February 2010. For more local developments, see IFRS around the world on this page. For in-depth guidance, see GAAIT.

IFRS around the world

IFRS Thought Center Webcasts

• IFRS 2010 Update: Implications for real estate
  12 October
• The proposed new financial statement presentation model: changing the way companies report
  Postponed: Date TBA
• All upcoming IFRS webcasts

Archived IFRS webcasts

• A new accounting model for insurers
  1 September
• Revenue recognition under IFRS and US GAAP: the proposed single model
  27 July
• All archived IFRS webcasts

Negotiation series: Controlling the effects of a non-controlling interest

In our fourth publication in the Negotiation Series, we take a closer look at the effects of a non-controlling interest on financial statements and the impact of management's choice of how to measure NCI at the acquisition date.

Previous issues

• Earn-out arrangements in a business combination - impact of the revised IFRS 3
• Definition of ‘business’ under IFRS 3
• Acquiring a subsidiary in stages: The hidden consequences of the revised accounting model

Accounting for surface mine stripping costs

The Interpretations Committee reached a consensus that the costs of a stripping campaign should form a component of the underlying asset to which the benefits of the campaign relate. Our supplement provides a high-level summary of the draft interpretation.

Refining IFRS: key implications of extractive activities DP

This edition of Refining IFRS outlines some of the key practical implications we raised in our comment letter to the IASB on the extractive activities project team’s working draft of the discussion paper on extractive activities.

Good Petroleum illustrative financial statements

This publication contains an illustrative set of consolidated financial statements of Good Petroleum, a fictitious group of oil and gas companies for the year ended 31 December 2010. These illustrative financial statements havebeen prepared in accordance with IFRS in issue at 31 May 2010.

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