New IASB pronouncements and amendments
The International Accounting Standards Board (IASB) has recently issued the following documents:
• Reclassification of Financial Assets-Effective Date and Transition (Amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures)
• a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards
• IFRIC Interpretation 17 Distributions of Non-cash Assets to Owners.
Potential use of financial statements prepared in accordance with IFRSs by US issuers
The Securities Exchange Commission (SEC) in United States has proposed a roadmap for the potential use of financial statements prepared in accordance with the International Financial Reporting Standards (IFRSs).
Into the Future - Reporting on Prospective Information
For members who are involved in reporting on prospective financial information included in disclosure documents, the APESB has just issued a new standard on the topic. Although effective for engagements commencing on or after 1 July 2009, early adoption is permitted.
Roundtables on global financial crisis
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have announced the roundtable discussions to identify the financial reporting issues highlighted by the current economic climate.
Latest updates from the IASB
The International Accounting Standards Board (IASB) has just issued a revised IASB work plan dated 31 October 2008. Details are available from the IASB’s website.