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Latest News

FAQS PUBLISHED ON DEVELOPMENT OF INTERNATIONAL PROFESSIONAL VALUATION STANDARDS 22 July 2014 As the project to develop International Professional Standards gets underway, the Professional Board has issued a set of FAQs discussing the reasons behind the project commenting on its scope.

AASB MEETING REPORT (JULY 2014) - INCLUDING TIER 2 DISCLOSURE REQUIREMENTS, STAPLING ARRANGEMENTS AND DISCLOSURE INITIATIVE 22 July 2014 The AASB’s meeting (M139) was a two day meeting held on 16-17 July 2014. At this meeting the AASB made key decisions in relation to: Revenue – Tier 2, Stapling Arrangements and the Disclosure Initiative.

IFRS FOUNDATION AND ESMA SIGN JOINT STATEMENT OF PROTOCOLS 22 July 2014 The IFRS Foundation and the European Securities and Markets Authority (ESMA) have announced the agreement of a joint Statement of Protocols to serve as the basis for future co-operation in areas of mutual interest.

AOSSG RELEASE ACCOUNTING REPORT ON NEPAL 22 July 2014 AOSSG has published a report on the accounting standard setting capacity in Nepal. It makes a number of specific recommendations for how Nepal can be assisted in developing its capacity in this area.

EFRAG RELEASE DISCUSSION PAPER ON CLASSIFICATION OF CLAIMS 22 July 2014 EFRAG has published a Discussion Paper “Classification of Claims” to assist in developing an informed and reasoned approach to the claims side of the balance sheet, including the equity/liability distinction.

ESMA ISSUE GUIDELINES ON ENFORCEMENT OF FINANCIAL INFORMATION 22 July 2014 The European Securities and Markets Authority (ESMA) has published its final Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The aim of the guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU accounting enforcers.

AASB NOTES RELEASE OF IFRS AU SBR TAXONOMY 2014 22 July 2014 The AASB notes that the IFRS AU Taxonomy 2014, which companies can choose to use for lodging financial statements with the ASIC, has been released and is available from the SBR website. This Taxonomy is relevant for reporting periods ending on or after 30 June 2014.

KEVIN STEVENSON RETIRES AS AASB CHAIR 22 July 2014 Kevin Stevenson’s five-year term as Chair of the Australian Accounting Standards Board (AASB) concluded on 30 June 2014, along with his concurrent terms as a member of New Zealand’s Accounting Standards Board and Australia’s Financial Reporting Council (FRC). During his time at the AASB, Mr Stevenson has mentored a new generation of standard-setters at the AASB, established a Research Centre within the AASB, was Chair of the Asian-Oceanian Standard-Setters Group (AOSSG) for a two-year term, and was a founding member of the Accounting Standards Advisory Forum of the International Accounting Standards Board (IASB).

THE USE OF DIRECT ASSISTANCE BY INTERNAL AUDIT TO AN EXTERNAL AUDITOR IN SOUTH AFRICA 22 July 2014 The Independent Regulatory Board of Auditors, in June 2014 reconsidered its earlier decision to prohibit the use of direct assistance taken at its meeting in February 2014. The Board has now determined that the use of "direct assistance" will be permitted in South Africa. External auditors who make use of "direct assistance" provided by internal auditors should be alert to the extensive Requirements and Application Material in the grey shaded paragraphs in ISA 610 (Revised 2013), Using the Work of Internal Auditors.

AOSSG REPORT ON MEETING WITH IASB IN TOKYO (JUNE 2014) - INCLUDING FINDINGS ON THEIR IMPLEMENTATION OF IFRS 3 BUSINESS COMBINATIONS 22 July 2014 A meeting between AOSSG members from Hong Kong, Japan, Korea, Malaysia, New Zealand and Singapore and IASB representatives was held on 5 June 2014 in Tokyo. AOSSG members provided input on their findings on the implementation of IFRS 3 Business Combinations.

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	Book of the Week
	The Effect of Defined Benefit Liability on Firms’ Valuations in Japan by Eriko Kasaoka, Kwansei Gakuin University

	Latest Job
	Analyst, Member Body Development 19 May 2014 International Federation of Accountants (IFAC), New York, NY, USA

	Latest event
	2014 7th Annual AAA Conference on Teaching and Learning in Accounting 02 August 2014 - 03 August 2014 Seventh Annual AAA Conferenceon Teaching and Learning in Accounting Part hands-on teaching clinic, part mentoring by master teachers,and part staying current on emerging topics in accounting! Submit your proposals by 11:59 pm EDT April 7, 2014 for the American Accounting Association's Seventh Annual Conference on Teaching and Learning in Accounting (CTLA) to be held August 2-3, as part of the AAA Annual Meeting (August 2-6) in Atlanta, GA.... Event added 24/03/14

	Latest Link
	IFRS Research Centre 03 May 2014 The IFRS Research Centre is an initiative of the IASB that is designed to support the establishment of a dedicated research capability that will draw upon a combination of internal and external intellectual resources, including the engagement of the academic community.