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Accounting and corporate reporting

Standards

IASB postpones accounting changes for associates and joint ventures until completion of broader review

The IASB has postponed the date when entities must change some aspects of how they account for transactions between investors and associates or joint ventures. The postponement applies to changes introduced by the IASB in 2014 through narrow-scope amendments to IFRS 10, 'Consolidated financial statements',and IAS 28, 'Investments in associates and joint ventures'. Those changes affect how an entity should determine any gain or loss it recognises when assets are sold or contributed between the entity and an associate or joint venture in which it invests. The changes do not affect other aspects of how entities account for their investments in associates and joint ventures. The amendment is no longer applicable 1 January 2016. For further details see the press release.

PwC guidance

IFRS News - December 2015/January 2016

The December 2015/January 2016 issue covers:

• Revenue - TRG discusses optional purchases, licences and other topics.
• Financial instruments - News from the TRG for impairment.
• Definition of a business - FASB exposure draft.
• Update: IFRS in the US.
• Year-end reminders.
• Cannon Street Press:
  • Insurance contracts.
  • Classification and measurement of share-based payments.
• Santa and the leasing standard.
• The accounting horoscope 2016.
• IFRIC rejections - IAS 10.