IASB Completes Off-Balance-Sheet Activities and Joint Arrangements Accounting Improvements.
The IASB has announced the completion of its review of accounting treatment for off-balance-sheet activities. The IASB believes that this process broadly brings IFRSs and U.S. GAAP into alignment, and concludes an important element of the IASB’s comprehensive response to the financial crisis.
The IASB’s review resulted in the issuance of the following new and (or) amended standards:
The new and amended standards are effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. If early application is applied, an entity should disclose that fact and apply IFRS 10, IFRS 11, IFRS 12, IAS 27 (as amended in 2011), and IAS 28 (as amended in 2011) at the same time. An entity can, however, provide the information required by IFRS 12 early without complying with all of the requirements of IFRS 12 or applying IFRS 10, IFRS 11, IAS 27 (as amended in 2011), and IAS 28 (as amended in 2011) early.
The IFRS ESG Standards Impact on US Companiesread more >
E.U. Environmental, Social, and Governance Proposals under CSRD and their Impact on U.S. Companiesread more >
IFRS 16, Leases - Lessee Perspectiveread more >
IFRS Conversion Considerations: Revenue Recognitionread more >
IFRS Conversion Considerations: Provisions, Contingencies and Subsequent Eventsread more >
IFRS Conversion Considerations: Foreign Currencyread more >
IFRS Conversion Considerations: Financial Reportingread more >