Während viele auf die (vorläufige) Entscheidung des IASB über die Wiedereinführung der Abschreibung des Goodwills warteten, hielt sich das Board auf seiner Septembersitzung zurück und beauftragte die IASB-Experten, weitere Untersuchungen über die Bilanzierung des Goodwills durchzuführen.
Mitte Juli kam der europäische Adoptionsprozess für IFRS 17 einen großen Schritt voran, als der Regelungsausschuss für Rechnungslegung für die Übernahme des neuen Standards stimmte. Die Übernahme durch die EU wird nun für das vierte Quartal 2021 erwartet.
Ende Juni ist Hans Hoogervorst, Vorsitzender des International Accounting Standards Board, nach 10-jähriger Amtszeit zurückgetreten. Andreas Barckow, der zuvor in mehreren Beratungsgremien der IFRS Foundation tätig war, hat zum 1. Juli für ein erstes Mandat die Leitung des IASB übernommen.
In einem Abschlussbericht nach dem 2018 initiierten "Fitness-Check" des europäischen Rahmenwerks für die Unternehmensberichterstattung ist die Europäische Kommission jetzt zu dem Schluss gekommen, dass die IFRS eine hohe Qualität der Finanzberichterstattung bieten und die Vergleichbarkeit der Abschlüsse gewährleisten.
Hier sind wir wieder im März mit einem gewissen Déjà-vu-Gefühl, und es ist leider immer noch schwierig, das volle Ausmass der Auswirkungen der Pandemie auf die Jahresabschlüsse der Unternehmen abzuschätzen.
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Beyond the GAAP no.59 - September 2012
Following the summer break, it’s back to school for the IASB, with even more new projects. Its work plan now includes three new limited amendments projects and three new research projects. Notably, the Board has decided to publish a revised exposure draft on phase II of IFRS 4: Insurance contracts. Another significant event this autumn is the publication of a review draft on the general hedge accounting model (micro-hedging), after four years of work by the IASB. The review makes some big changes from the current IAS 39, in line with the amount of time taken to get there!
Despite the uncertainty over whether the US will eventually adopt IFRS, the IASB is continuing to make progress on its current major projects. Deliberations are ongoing and the IASB is planning to publish exposure drafts on leases, impairment of financial assets (phase 2 of the Financial Instruments project) and limited amendments to the rules on classification and measurement (phase 1 of the Financial Instruments project) by the end of the year. The new standard on revenue recognition is set for publication at the start of 2013 and the standard on hedge accounting is expected at the end of 2012. Finally, the IASB has launched its first post-implementation review of a standard, namely IFRS 8 – Operating segments.
For some months, the Leases project seemed to have reached deadlock, largely due to the difficulties encountered by the two Boards in deciding how to account for the result. Some observers were wondering whether it would ever see the light of day. Regardless of whether they will be pleased or upset, the two Boards have not thrown in the towel. They have just reached agreement on the profit or loss pattern in lessee accounting, and confirm that a new exposure draft will be published in 2012 (Q4), but remain guarded on the publication date for the final standard. This prudence is necessary given what is at stake, especially in view of the number of topics still to be addressed in the revenue recognition project in the light of the comments letters received.
There are not very many new standards for mandatory application to the 2012 reporting period, which is welcome news at the time when half-yearly accounts are under preparation. Only the IFRS 7 amendment on disclosures on financial assets may prove complex to apply.
This is only a temporary respite, however, and now is the time to prepare for tomorrow’s changes. The Accounting Regulatory Committee (ARC) has recently voted to endorse the new standards on consolidation. These will most probably come into force on 1 January 2014. As to the accounting for the subsequent liability recognised for NCI puts, the stranglehold is tightening with the publication of a draft interpretation proposing that all changes in the measurement of NCI puts must be recognised in profit or loss.
Financial instruments were in the spotlight in April! The two Boards continued their progress on the proposed “expected loss” impairment model for financial assets (Phase II of IFRS 9/Impairment), and in particular clarified how the expected loss estimate should be determined. The Boards also reached an agreement on the definition of a business model which would permit measuring financial assets at amortised cost, and on bifurcation of embedded derivatives (Reopening of Phase I of IFRS 9/ Classification and measurement).
At the beginning of May, the IASB published an exposure draft of proposed amendments to eleven IFRSs under its Annual Improvements project (cycle 2010-2012). The comment period is open until 5 September 2012.
At the end of March, the IASB updated its work plan, once again postponing the publication of documents relating to the joint projects on Financial Instruments and Leases.
In the case of Financial Instruments, publication of the Review Draft on hedge accounting and the Discussion Paper (or exposure draft, depending on the IASB's final decision) on macro-hedging have been put back to the second quarter and second half of 2012, respectively.
More surprisingly, the publication of the second exposure draft on Leases has also been postponed to the second half of 2012. This new delay has led some observers to question the IASB's ability to win acceptance for its new model and to lead this project to a conclusion within a reasonable time.
At the time of writing this editorial, the IASB Update - the official publication reporting on Board meetings - had not yet been published, as the IASB's last meeting spanned the end of February and the beginning of March. As a result, it is difficult for us to report on the Board's provisional decisions, given that the subjects discussed were particularly complex and open to interpretation.
We have decided to use this limbo period as an ideal opportunity to re-examine one of the IASB's major projects, namely the Insurance Contracts project. A lot of water has passed under the bridge since the project was launched in 2002.
It is already clear that 2012 will be a crucial year for the IASB. During the course of this year, the final texts of the joint projects on financial instruments, revenue recognition, leases and insurance contracts should all be published. Much is thus expected of the IASB.
Nevertheless, the new year has not started in top gear. January has been relatively quiet, and few important decisions have been taken at the Board