In this issue:

• More work needed on revenue recognition
• IFRS in Brazil: Spotlight on Brazil's IFRS adoption
• IFRS project update

IFRS financial reporting

Applying IFRS 10

Challenges in adopting and applying IFRS 10

Applying IFRS 11

Challenges in adopting and applying IFRS 11

Applying IFRS: Mining & Metals

Applying IFRS: Mining & Metals Impact of the new joint arrangements and consolidation standards.

Applying IFRS: Oil & Gas

Applying IFRS: Oil & Gas Impact of the new joint arrangements and consolidation standards.

Refining IFRS: Mining & Metals

Refining IFRS: Mining & Metals Managing the risk: Joint venturing.

Good Bank (International) Limited

International GAAP Illustrative financial statements for the year ended 31 December 2012.

Good Construction Group (International) Limited

International GAAP Illustrative financial statements for the year ended 31 December 2012.

Good First-time Adpoter (International) Limited

Internatioanl GAAP Illustrative financial statements of a first-time adopter for the year ended 31 December 2012.

Good Petroleum (International) Limited

International GAAP Illustrative financial statements for the year ended 31 December 2012.

Good Real Estate Group (International) Limited

International GAAP Illustrative financial statemements for the year ended 31 December 2012.

Good Mining (International) Limited

International GAAP Illustrative financial statements for the year ended 31 December 2012.

Applying IFRS: Fair Value Measurement

The IASB has established a new set of requirements for measuring fair value under IFRS that aligns with US GAAP. These apply from 1 January 2013. What do the changes involve? How will you be affected? This publication outlines the requirements of IFRS 13, its definitions, measurement framework and disclosure requirements. It also addresses some of the key questions that are being asked about how to apply IFRS 13.

Applying IFRS: Consolidation for fund managers

This issue explores the impact of the IASB’s newly applicable standard, IFRS 10 Consolidated Financial Statements on fund managers and their funds, and consider some typical examples that might apply in the industry. Whereas previous standards on consolidation did not specifically address the unique relationship between fund managers and funds, IFRS 10 now contemplates them. It establishes a single control model that applies to all entities, replacing guidance previously contained in IAS 27 and SIC 12.

Applying IFRS in Real Estate

Fair value implications for the real estate sector and example disclosures for real estate entities. Read more.

IFRS Practical Matters - New accounting standard for lessees: Are we there yet?

The IASB and FASB (collectively, the Boards) have been working on their joint lease project for over six years, and recently completed their re-deliberations. While the Boards have taken numerous twists and turns on the road to completing the project, their intended destination has always remained the same — they are committed to putting leases on the balance sheet. Read more.

IFRS Practical Matters - Boards re-examine lessor accounting

While most of the attention of the IASB and FASB’s (collectively, the Boards) joint project on leases has been aimed at lessees, the project would also propose new accounting for lessors. The Boards’ original joint Exposure Draft (ED) in August 2010 proposed two accounting approaches for lessors, each to be used depending on whether or not the lessor retained exposure to significant risks or benefits of the underlying asset — a determination that could be subjective. Consequently, many respondents to the original ED questioned why two approaches were needed. Read more.

Perspectives

IFRS insights for asset managers

IFRS insights for asset managers The changing shape of financial reporting.

The new consolidation and joint arrangements standards

Accounting support for the implementation of IFRS 10, 11 and 12 Financial Accoutning and Advisory services.

Consolidated Financial Statements, Joint arrangements, and Disclosure of Interests in Other Entities

A summary of the requirements of IFRS 10, 11 and 12.

IFRS Developments Issue 51

Boards address various application issues in the revenue proposal.

IFRS Developments Issue 49

Boards progress further on revenue re-deliberations.

IFRS Developments Issue 46

The Boards progress on revenue recognition re-deliberations

IFRS Developments Issue 44

Investment entities final amendment – exception to consolidation

Joint Project Watch – December 2012

The standard-setting activities of the IASB and the FASB continue to move forward. We highlight key developments from an IFRS perspective, with implications for companies.

Implementing IFRS 4 Phase ll in combination with IFRS 9 and Solvency II

Do you have the latest information on recent updates to financial instruments standards, including the status of IFRS 9 development?

On-demand Webcasts:

• Webcast: Q1 2012 financial reporting update
• Webast: IFRS 9 Financial Instruments - status and what lies ahead?
• All IFRS webcasts

 

IFRS for Industries

Exploring IFRS: Oil & Gas

Exploring IFRS: Oil & Gas Managing the risk: Joint venturing.

Insurance Accounting Alert: November 2012

Insurance Accounting Alert During their September 2012 joint meeting, the International Accounting Standards Board and the Financial Accounting Standards Board (respectively, the IASB and the FASB, and collectively, The Boards) re-deliberated the decisions in the IASB’s Exposure Draft Insurance Contracts (ED) and in the FASB’s Discussion Paper, Preliminary Views on Insurance Contracts (DP).

Implications of IFRS 4, 9 and Solvency II for insurers

We focus on business implementation and project management considerations, analyzing the main areas that will be impacted by IFRS 4 Phase II and IFRS 9.