Beyond the GAAP no. 74 - January 2014
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Beyond the GAAP no. 74 - January 2014
This issue of Beyond the GAAP explains in full detail the final standard on hedge accounting that constitutes phase 3 of IFRS 9. This standard represents a significant new direction for IFRSs, with a greater focus on entities’ operational risk management policy.
In addition, the IASB launched a Post-Implementation Review to gather information on the relevance and usefulness of the financial information resulting from application of IFRS 3 - Business Combinations. Stakeholders are asked for their opinion on separate recognition of intangible assets at fair value, recognition of non-controlling interests, step acquisitions and partial disposals, among other things. However, it is not yet known how the information gathered will be used, as IFRS 3 is a US GAAP converged standard.
