IFRS News

IFRS News is a quarterly publication produced by the Grant Thornton International Financial Reporting Standards team. It provides a global insight into developments in International Financial Reporting Standards (IFRS), which are consistent with New Zealand equivalents of IFRS (NZ IFRS). These developments have a direct impact on New Zealand since our standards mirror the international ones, albeit there are a few adaptations to address the needs of not-for-profit entities and public sector entities.

Financial reporting adviser is a regular publication produced by Grant Thornton New Zealand, addressing issues, changes and the implications for New Zealand businesses, Not-for-Profit and other Public entities. Click here to view the latest issue.

If you require any further information on any issues included in this newsletter or other aspects of financial reporting, please click here to contact Mark Hucklesby, National Technical Director.

2013 IFRS news issues

2012 IFRS news issues

2011 IFRS news issues

2010 IFRS News issues

2009 IFRS News issues

2013 IFRS news issues

Quarter 3 2013 IFRS news

Our third edition of 2013 leads with an analysis of the IASB Exposure Draft ‘Leases’. We discuss several amendments that have been made to existing Standards and Exposure Drafts that have been issued in the last quarter. We also look at a round-up of IFRS-related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer standards that are not yet mandatory.

Quarter 2 2013 IFRS news

Our second edition of 2013 starts with a detailed look at the IASB’s new proposals on accounting for the impairment of financial instruments before considering other items in the IASB’s ‘pipeline’. We then go on to IFRS-related news at Grant Thornton before turning to a more general round-up of financial reporting developments relevant to IFRS preparers. We finish with the implementation dates of newer Standards that are not yet mandatory and a list of IASB publications that are out for comment.

Quarter 1 2013 IFRS news

Our first edition of 2013 starts with a look at the IASB’s recently published exception from consolidation for investment entities (itself the subject of a December 2012 special edition of IFRS News) before looking at a host of Exposure Drafts that have been issued. We go on to IFRS-related news at Grant Thornton before turning to a more general round up of financial reporting developments relevant to IFRS preparers. We finish with the implementation dates of newer Standards that are not yet mandatory and a list of IASB publications that are out for comment.

2012 IFRS news issues

Navigating the changes to International Financial Reporting Standards: a briefing for Chief Financial Officers

This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards that will affect companies' future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

This edition has been updated for changes to International Financial Reporting Standards that have been published between 1 December 2011 and 30 November 2012.The publication now covers 31 March 2012, 30 June 2012, 30 September 2012, 31 December 2012 and 31 March 2013 financial year ends.

December 2012 – special edition

The IASB has published ‘Investment Entities – Amendments to IFRS 10, IFRS 12 and IAS 27’.The amendments introduce an exception for investment entities to the well-established principle that a parent entity must consolidate all its subsidiaries. This special edition of IFRS News explains the key features of the amendments and provides practical insights into their application and impact.

Quarter 4 2012 IFRS news

Our final edition of 2012 starts with a look at the IASB’s review draft of a forthcoming new Standard on hedge accounting and its main implications. We then look at how the IASB’s other projects are progressing as well as considering some IFRS-related developments. We go on to IFRS-related news at Grant Thornton, including the publication of new guides on IFRS 10 ‘Consolidated Financial Statements’ and IAS 7 ‘Cash flow statements’.

Quarter 3 2012 IFRS news

Our third edition of 2012 starts with a look at how work is progressing on the main IFRS and US GAAP convergence projects, before focussing in detail on the new Standards that have been published in the last quarter and the documents the IASB has issued for public comment. We then turn to IFRS-related news at Grant Thornton, including the publication of our updated example interim IFRS financial statements and our updated US GAAP comparison guide. We end with a more general round-up of activities affecting the IASB, and the implementation dates of newer Standards that are not yet mandatory.

Quarter 2 2012 IFRS news

This edition looks at the IASB’s revised work plan and the projected targets for the documents it expects to issue later this year. We go on to consider some issues arising from current economic conditions that may affect companies using IFRS. We then turn to IFRS-related news at Grant Thornton, including several new publications that we have issued. We end with a more general round-up of activities affecting the IASB, and the implementation dates of newer Standards that are not yet mandatory.

Quarter 1 2012 IFRS news

Our first edition of 2012 focuses on the IASB’s and FASB’s latest revenue recognition proposals. We reveal the results of a global survey of businesses’ awareness of the proposals and their views on the need for improvements to the existing revenue recognition standards. We consider other recent developments at the IASB and we share IFRS-related news at Grant Thornton, as well as a general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

2011 IFRS News issues

October 2011 – special edition

The IASB has published IFRS 13 ‘Fair Value Measurement’. IFRS 13 applies to both financial and non-financial items but does not address or change the requirements on when fair value should be used. Click here to read more.

Quarter 3 2011 IFRS News

Our third edition of 2011 starts with a look at several important new Standards that have been issued since our last quarterly edition. We also consider other items in the IASB’s pipeline including the reopening of the debates on revenue recognition and the effective date of IFRS 9. We also cover IFRS-related news at Grant Thornton and a round-up of activities affecting the IASB. You’ll also find overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

June 2011 IFRS news - new consolidations standards (special edition)

The IASB has published five new standards dealing with group issues and off-balance sheet activity.  This special edition of IFRS News informs you about the new standards and the implications they may have.

Quarter 2 2011 IFRS News

Our second edition of 2011 starts with a look at several new Standards that are due to be published imminently – indeed, by the time this newsletter reaches you, they may well already have been published. We go on to consider other recent developments at the IASB, including the IASB’s latest thinking on the impairment of financial assets. We then turn to IFRS-related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

Quarter 1 2011 IFRS News

Our first edition of 2011 leads with an article on the IASB’s first IFRS Practice Statement, which provides a broad, non-binding framework for the presentation of management commentary relating to IFRS financial statements. We then turn to IFRS-related news at Grant Thornton, as well as a general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

2010 IFRS News issues

Quarter 4 2010 IFRS News

Our fourth and final edition of 2010 is dominated by the effects of the IASB’s strategy for convergence with US GAAP. We lead with an analysis of the IASB Exposure Draft ‘Leases’. We then move on to look at a round up of IFRS-related news at Grant Thornton, as well as a more general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

July 2010 IFRS News Convergence Update (Special Edition)

The IASB and US Financial Accounting Standards Board (FASB) have announced a modified convergence  strategy in response to widespread concern that they were taking on too much. Under their revised plans, a phased approach to the publication of Exposure Drafts will be adopted and the completion of lower priority projects will be delayed. Despite this announcement, the IASB’s printing presses will remain in overdrive. Seven Exposure Drafts are due to be published in the second half of 2010, and up to eighteen new IFRSs could potentially be issued before the end of 2011. Many of these projects are driven by the desire to achieve global convergence in accounting standards.

Quarter 3 2010 IFRS News

Our third edition of 2010 leads with the announcement by the IASB that it will modify its convergence strategy  in response to concern over the large number of major proposals previously scheduled for exposure in the second quarter of 2010. Despite the modification in strategy, the level of planned changes remains high. A special  Convergence Update’ edition of IFRS News, which sets out details of the projects planned and their commercial significance, is available separately.

April 2010

The latest edition of IFRS News looks ahead to some of the new Standards that will affect companies when preparing their financial statements for the year ending 30 June, and the challenges that those Standards will bring.

It then goes on to report on some recent developments around the world, as more and more countries move towards the adoption of IFRS. We then turn our attention to IFRS-related news at Grant Thornton, as well as a more general round up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory.

January 2010

This issue concentrates on the effects of the credit crisis on financial reporting – both for the IASB and companies applying IFRSs. We look at the IASB’s amendment allowing the reclassification of financial instruments in certain circumstances. In addition we review the various other elements of the IASB’s response to the credit crisis before considering the more general changes and developments that have taken place in the last quarter and finally a round up of the proposals that the IASB currently has out for comment.

2009 IFRS News issues

December 2009

The special edition of IFRS News looks at IFRS 9, the replacement standard for IAS39. We outline the reasons for the issuance of this new standard and identify the risks of early adoption.

October 2009

The final edition for 2009 leads with an article on the major new Standards that will affect December 2009 year ends. IFRS News considers the changes the IASB has made to its Standards in the last quarter together with some changes that are in the IASB’s ‘pipeline’. The IASB has been, and continues to be, busy as it responds to the credit crisis. We then look at some of the guides that Grant Thornton International has made available in the last quarter, and give a round up of activities affecting the IASB. We end with a summary of the proposals that the IASB currently has out for comment and the implementation dates of newer Standards and IFRIC Interpretations.

September 2009

Ahead of the Ministry of Economic Development (MED) and the Accounting Standards Review Board (ASRB) issuing documents on the future of financial reporting in New Zealand addressing who and what should be reported, you may be interested in reading our latest issue of IFRS News.

This special edition focuses on IFRS for Small and Medium-sized Entities and considers issues such as:

  • Who can use IFRS for SMEs?
  • About the new standard
  • Why should jurisdictions consider adopting the IFRS for SMEs?

July 2009

Leading the latest issue of IFRS News:

  • SMEs are offered relief with the IASB’s release of less complex version of IFRS just for them
  • We update you on the comprehensive review of the IAS 39 (recognition and measurement of financial instruments) in response to the global economic crisis.
  • Australia releases some interesting results from a survey about IFRS
  • We reveal what the IASB has covered in the draft guidance on fair value measurement
  • IASB seeks input on feasibility of an “expected loss” model for the impairment of financial assets
  • The Japanese Financial Services Agency approves a roadmap for adoption of IFRS in Japan, and
  • Accounting for prepayment of pension plans, a replacement of IAS 12 ‘Income taxes’, and a summary of effective dates of new standards and IFRIC interpretations.

April 2009

This edition of IFRS News is dominated by repercussions from the credit crisis and covers:

  • Calls for changes to the way loan loss provisions are determined in companies’ financial statements – including so-called “dynamic provisioning”.
  • The effects the credit crisis may have on the adoption of IFRS in the United States.
  • Changes made to standards in the last quarter as a result of the crisis as well as some more general developments that have taken place.
  • A round up of the proposals that the IASB currently has out for comment and the implementation dates of newer Standards that are about to come into effect.

January 2009

The contents of the January edition of the IFRS News not surprisingly is focused on the effect of the credit crisis on financial reporting, in particular:

  • Reclassification of certain financial instruments (IAS 39 / NZ IAS39)
  • Areas requiring more attention in the current economic climate
  • Proposed new consolidation standard (IAS 27 / NZ IAS 27)
  • Valuing financial instruments where an active market no longer exists (NZ IAS 39)
  • Additional IFRS 7 (NZ IFRS 7) disclosures around fair value
  • Clarification on accounting for embedded derivatives (IAS 39 / NZ IAS 39)
  • Use of fair value accounting