2014年-德勤中国_IFRS掌中宝2014_120页_4mb

IFRS in Your Pocket - 2014 Summary

Core Content

The 2014 edition of IFRS in Your Pocket provides an overview of developments in the international financial reporting standards (IFRS) landscape up to July 2014. It serves as a comprehensive guide for professionals interested in or involved with IFRS reporting, covering the structure of the IASB, global use of IFRSs, summaries of current standards and interpretations, and details of ongoing projects and agenda items.

Main Points

• Convergence Achieved: The IASB and FASB issued IFRS 15, a fully converged revenue recognition standard, marking a significant milestone in their joint effort to harmonize financial reporting standards. This standard became effective for accounting periods beginning on or after 1 January 2017.

• Transition Support: To aid in the implementation of IFRS 15, a transition resource group was established, ensuring a smooth transition for entities affected by the new standard.

• Post-Crisis Reforms: IFRS 9, effective from 1 January 2018, was published as the final piece in the IASB’s response to the global financial crisis. It introduces an 'expected loss' model for financial instruments, aiming to improve the timeliness and accuracy of impairment recognition.

• Ongoing Projects: Work continued on challenging areas such as leases and insurance contracts. A further exposure draft on insurance contracts was released, with a focus on using current interest rates for liability measurement to enhance transparency and reliability for investors and policyholders.

• Conceptual Framework Development: The IASB continued its work on the conceptual framework, with an exposure draft expected later in the year. Efforts to simplify and improve financial disclosure also showed progress.

• Global Adoption: Over 100 countries had mandatory IFRS reporting, and around 130 countries were using IFRS as intended. However, the US remained outside the IFRS framework, with the SEC expressing continued interest in incorporating IFRS into its system.

• IFRS Foundation and IASB Structure: The IFRS Foundation has 22 trustees, with one as Chair and up to two as Vice-Chairs. The IASB has 16 members, including up to three part-time members. The structure emphasizes geographical and professional diversity.

• Due Process: The IASB follows a transparent and inclusive due process, which includes public consultations, exposure drafts, and stakeholder feedback. The process is overseen by the Due Process Oversight Committee to ensure best practices.

• Stakeholder Engagement: The IASB introduced the Accounting Standards Advisory Forum (ASAF) to enhance consultation and exchange of views with global standard-setters, contributing to a more inclusive and responsive standard-setting process.

• Deloitte's IAS Plus Website: This site is a central hub for IFRS-related news, resources, and publications. It includes summaries of standards, e-learning modules, and jurisdiction-specific information. The site is accessible via multiple platforms, including mobile and social media.

Key Information

• IFRS 15: Revenue from Contracts with Customers, issued in 2014, became effective in 2017. It aims to provide a consistent and transparent approach to revenue recognition across industries.

• IFRS 9: Financial Instruments, effective from 2018, introduced an 'expected loss' model to address concerns about the timing and accuracy of impairment recognition.

• Transition Period: For IFRS 15, a three-year transition period was provided to ease the implementation for entities affected.

• Geographical Balance: The IASB and IFRS Foundation ensure diversity in their membership by appointing members from different regions and professional backgrounds.

• Stakeholder Involvement: The IASB encourages input from a wide range of stakeholders through public consultations, exposure drafts, and advisory forums.

• Deloitte Resources: Deloitte provides extensive IFRS-related resources, including summaries, e-learning modules, and publications, which are available on the IAS Plus website.

Conclusion

The 2014 edition of IFRS in Your Pocket highlights the progress made by the IASB and FASB in converging standards, addressing post-crisis reforms, and improving global financial reporting practices. It also emphasizes the importance of transparency, stakeholder engagement, and the continued development of IFRSs to meet evolving needs. The IAS Plus website remains a vital resource for professionals seeking up-to-date information and guidance on IFRS.