IFRS Outlook, March 2013
Our latest issue of IFRS Outlook includes the following articles:
- The latest on the IFRS 9 classification and measurement project
- Avoiding disclosure overload in financial statements — improving corporate communication through improved disclosures
- IFRS project update
Plus an up-to-date list of our recent publications.
Archive of previous issues
IASB issues three new standards
We've summarized the key points of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosures of Interests in Other Entities and included our perspectives on the new standards.
IASB completes Phase 1 of IFRS 9: Financial Instruments — Classification and Measurement
In November 2009, the IASB issued the first part of Phase 1 of IFRS 9 dealing with the classification and measurement of financial assets. On 28 October 2010, the IASB issued amendments to IFRS 9 to address financial liabilities. These amendments also incorporate in IFRS 9 the current derecognition principles of IAS 39.
Key IFRS accounting developments affecting banks
As result of global financial crisis the IASB has accelerated its project to replace IAS 39 Financial instruments: Recognition and Measurement and amended or replaced several other standards. Inevitably, banks will be significantly affected by the IAS 39 replacement project and a number of other accounting developments. This document provides an overview of certain recent IFRS accounting developments and their potential impact on banks.
IASB has published IFRS 9: Phase 1 of new standard to replace IAS 39
In this supplement to IFRS outlook, we highlight the main changes that come into effect with Phase 1 of IFRS 9 and provide a brief commentary on how they could impact your business.
Related Party Disclosures – Amendments to IAS 24
This publication provides information on the amendments to IAS 24 recently approved by the IASB concerning the definition of a related party and a partial exemption from disclosure requirements for transactions with related parties granted to state-related entities.
IFRS implementation in Russia: Questions and Answers
The previous brochure, published in November 2012, was updated to take into account Practice Statement on application of IFRS in Russia, ОП 2-2012, issued by the Interdepartmental Working Group for IFRS Implementation in December 2012. In particular, the following issues are considered in the brochure preparation of consolidated financial statements by the entities whose securities are allowed for trading but not included in quotation lists, presenting reconciliation of equity and total comprehensive income presented in the entity’s first IFRS consolidated financial statements with corresponding items reported in the entity’s aggregated accounting statements for the prior financial year, presentation currency.Fair value measurement guidance converges
We've summarized the key points of IFRS 13 Fair Value Measurement and included our perspectives on the new standards. IFRS practical matters for the C-suite - What do the proposed lease accounting changes mean for you?
This publication that provides a summary overview of the technical accounting requirements of the proposed changes to lease accounting as well as highlights the more pervasive effects the proposed changes will have on a reporting entity — effects that extend beyond the accounting itself, including areas such as financial metrics, systems and tax implications, and stakeholder communications. The publication also discusses ways that we can help entities better understand and approach the proposed changes to lease accounting.Other Publications
|Illustrative Financial Statements|
Good Insurance (International) Limited Illustrative consolidated financial statements (31 December 2011)
This publication contains an illustrative set of consolidated financial statements aт insurance company for the year ended 31 December 2011 and based on International Financial Reporting Standards in issue at 30 September 2011.
First-time adopters: Good First-time Adopter (International) Limited
This publication contains an illustrative set of consolidated financial statements of Good First-time Adopter (International) Limited, a large publicly listed manufacturing company and its subsidiaries (the Group), for the year ended 31 December 2011.
Good Bank (International) Limited (2010)
Illustrative set of financial statements for the year ended 31 December 2010. The illustrative financial statements were prepared in accordance with International Financial Reporting Standards issued as of 31 August 2010.
Good Petroleum (International) Limited (2010)
This publication contains an illustrative set of consolidated financial statements of fictitious group of oil and gas companies for the year ended 31 December 2010. These illustrative financial statements have been prepared in accordance with IFRS in issue at 31 May 2010.
Good Investment Fund Limited (Equities) (2009)
This publication contains the financial statements of a fictitious investment company, Good Investment Fund Limited, prepared in accordance with IFRS issued up to 30 September 2009. This publication contains the financial statements of an open-ended investment company whose puttable shares are classified as equity instruments under the amended IAS 32 Financial Instruments: Presentation.