Welcome to the March edition of “Beyond the GAAP” - Mazars’ newsletter on accounting standards
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Welcome to the March edition of “Beyond the GAAP”
In the January 2014 issue, Mazars highlighted the ongoing differences of opinion between the IASB and the FASB as they tried to finalise the standard on financial instruments. After years of work on the joint standard, they seem unable to reach a consensus on either phase 1 (classification and measurement) or phase 2 (impairment).
This month, yet another flagship project for IFRS/US GAAP convergence is seeing the prospect of a joint standard slipping away. At their joint meeting in March 2014, the FASB and IASB each opted for a different approach to lease accounting for lessees.
Many observers are hoping that these differences of opinion will lead the IASB to revise its approach, or indeed to abandon this widely unpopular project.
Contents:
- IFRS
- IFRS IC confirms that accounting treatment of joint arrangements should be based on legal and contractual analysis of the parties’ rights and obligations
- Recognition of “other net asset changes” in an associate or joint venture
- Bearer plants – amendment finalized
- IAS 12: recognition of deferred tax assets for unrealised losses
- IASB work plan
- Amendment to IAS 1 on rules for current or non-current classification of liabilities
- IASB publishes exposure draft of limited amendments to IAS 1
- European matters
- EC sets out accounting measures for long-term financing of the European economy
- A Closer Look
- IASB splits with FASB on Leases standard
- ESMA seeks to circumscribe use of financial indicators
- Events & FAQ
