2014-10-03-德勤-IFRS掌中宝2014_120页_1mb

IFRS in Your Pocket - Summary

This document summarizes the 2014 edition of IFRS in Your Pocket, providing an update on developments up to July 2014.

Background and Progress in 2014

• The year marked optimism and progress in standard-setting.
• A fully converged IFRS 15: Revenue from Contracts with Customers was issued, resolving long-standing differences with US GAAP.
• A transition resource group (TRG) was created to assist entities during implementation (effective for periods beginning on or after Jan 1, 2017).
• IFRS 9: Financial Instruments was finalized, adopting an expected loss model for impairment.
• Progress continued on extremely difficult technical projects, such as leases and insurance contracts.

Key Standards and Updates

New or Amended Standards:

• IFRS 15 Revenue from Contracts with Customers: Fully converged with US GAAP, effective Jan 1, 2017 (early adoption permitted).
• IFRS 9 Financial Instruments: Effective Jan 1, 2018 (early adoption permitted), introduces expected loss model for impairment.
• IFRS 10 Consolidated Financial Statements: Effective Jan 1, 2013, redefines control.
• IFRS 11 Joint Arrangements: Updated effective Jan 1, 2013.
• IFRS 1 Closing amendments: Various standards received minor updates throughout 2014.

Exemptions and Transition Periods:

• Insurance Contract standard (IFRS 4) received extensions, with full implementation likely delayed.
• Other standards (like IFRS 14) granted three-year transition leeway with simplified initial adoption requirements.

Global Use of IFRS

• IFRS was mandatory in over 100 countries and widely used elsewhere.
• Europe continued its move toward mandatory IFRS for listed companies, with varying stages of adoption.
• In the US, regulators expressed continued interest but adoption has not been mandated.
• Canada and several Latin American countries have completed IFRS adoption.
• Asia-Pacific jurisdictions showed mixed approaches, some adopting fully, others converging selectively.

IASB Structure and Activities

• The IASB maintained its "conceptual framework" project to improve the foundations of accounting standards.
• The IFRS Foundation governance was reinforced through its monitoring board.
• Significant relationships with standard-setters in regional and national markets were developed through advisory forums.

Summary of Pronouncements (Effective and New)

• From July 2013 to July 2014, the IASB issued numerous standards, exposure drafts, discussion papers, and interpretations.
• Time-stamped updates are provided for key standards like Revenue, Financial Instruments, Leases, Property, Plant and Equipment, etc.

Frequently Used Abbreviations

• Key terms and acronyms (IASB, IFRS, GAAP, IFRIC, IFRSIFRS, IFRS Foundation, etc.)
• Common abbreviations used throughout the document are listed.

Key Contacts

• Web addresses for IFRS resources, Deloitte publications, and national standard-setting bodies are provided.
• Contact information for Deloitte Global and local offices is available.

Key Conclusions

2014 represented significant progress, particularly with the convergence of IFRS 15. However, technical challenges remain, and ongoing projects aim to further harmonize and improve global financial reporting standards.