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December IASB meeting papers and agenda available International Accounting Standards Board Financial Instruments with Characteristics of Equity 2019 Comprehensive Review of the IFRS for SMEs Standard Subsidiaries that are SMEs Accounting Policies and Accounting Estimates Amendments to IFRS 17 Insurance Contracts Onerous Contracts—Cost of Fulfilling a Contract Updating a Reference to the Conceptual Framework (Amendments to IFRS 3) IBOR 2 Business Combinations under Common Control

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IASB^® Update September 2019

The Board met on 25 September 2019 to discuss:

1. how to present the exposure draft that on 24 July 2019 the Board instructed the staff to prepare for balloting; and
2. the number of illustrative examples of statement(s) of financial performance that should be included in the exposure draft in order to illustrate the Board’s proposals.

The Board tentatively decided to:

1. present the exposure draft as a [draft] new IFRS Standard rather than as amendments to IAS 1 Presentation of Financial Statements. Twelve Board members agreed and two disagreed with this decision.
2. reduce to a handful the number of examples of the statement(s) of financial performance illustrating the Board’s proposals for subtotals. (This tentative decision supersedes the tentative decision made by the Board at its meeting in November 2018.) Twelve Board members agreed and two disagreed with this decision.

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Capital Markets Advisory Committee—October meeting agenda papers available

Capital Markets Advisory Committee Rate-regulated Activities 2020 Agenda Consultation

September 2019 IASB Update published

International Accounting Standards Board 2020 Agenda Consultation Research Programme Onerous Contracts—Cost of Fulfilling a Contract Classification of Liabilities Business Combinations under Common Control Financial Instruments with Characteristics of Equity IBOR Phase 1 Rate-regulated Activities Management Commentary Accounting Policies Primary Financial Statements 2019 Comprehensive Review of the IFRS for SMEs Standard Subsidiaries that are SMEs Extractive Activities PIR: IFRSs 10–12 IASB Updates

23 September 2019

GPF meeting: Tuesday 8 October—Agenda papers available

Global Preparers Forum IBOR 2 Primary Financial Statements Accounting Policies 2020 Agenda Consultation

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*New* The Annotated IFRS^® Standards (Green Book) July 2017—Now Available

We are delighted to announce the publication of our latest title, The Annotated IFRS^® Standards (Green Book) July 2017. It contains the latest issued IFRS Standards as at 1 July 2017 including IFRS 9, IFRS 15, IFRS 16 and IFRS 17, but not the Standards they will replace. The educational guidance makes this volume a particularly useful aid for those studying or applying the Standards.

What's Inside?
Extensive cross-references and explanatory notes have been added to guide readers through each Standard and:

• other related Standards;
• accompanying Illustrative Examples and Implementation Guidance; and its
• Basis for Conclusions.

What are the main changes since the July 2016 A Guide through IFRS^® Standards?

The following cross-referenced Standard, amendments to Standards, and IFRIC Interpretations have been incorporated:

• IFRS 17 Insurance Contracts;
• Transfers of Investment Property (Amendments to IAS 40);
• Annual Improvements to IFRS Standards 2014-2016 Cycle;
• IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration; and
• IFRIC Interpretation 23 Uncertainty over Income Tax Treatments.

In addition, IFRS Interpretations Committee agenda decisions issued up to 30 June 2017 have also been included as annotations.

Product Information:

• ISBN: 978-1-911040-59-0 SET(2 vols)
• Product Code 1962

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*Nuevo* Normas NIIF^® 2017—Próximamente

Se espera la última edición de las Normas (Normas NIIF 2017) en julio. 
Esta es la única edición impresa oficial del texto consolidado de los
 pronunciamientos normativos del Consejo de Normas Internacionales
 de Contabilidad emitidos a 1 de enero de 2017.

Novedades de esta edición:

• Aclaraciones a la NIIF 15 Ingresos de Actividades Ordinarias
•  procedentes de Contratos con Clientes;
• Aplicación de la NIIF 9 Instrumentos Financieros
•  con la NIIF 4 Contratos de Seguro;
• Mejoras Anuales a las Normas NIIF Ciclo 2014-2016 
• (que contenían modificaciones separadas a las NIIF 1, NIIF 7, NIIF 10, NIIF 12, NIC 19 y NIC 28);
• Modificaciones a las NIIF 2, NIC 7, NIC 12 y NIC 40; e
• Interpretación CINIIF 22 Transacciones en  
• Moneda Extranjera y Contraprestaciones Anticipadas.

Esta edición se publica en dos partes:

• La Parte A contiene las Normas NIIF^® consolidadas
•  incluyendo las Normas NIC y las Interpretaciones CINIIF y SIC.
• La Parte B contiene los documentos complementarios, 
• tales como Ejemplos Ilustrativos, Guías de Implementación, 
• Fundamentos de las Conclusiones y Opiniones en Contrario.

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*Nuevo* Las Normas NIIF^® Ilustradas Enero de 2017 (Libro Verde)—Próximamente

Esta edición, disponible en formato PDF, contiene las Normas NIIF emitidas por el Consejo de Normas Internacionales de Contabilidad a 1 de enero de 2017. Esta edición no incluye Normas que estén siendo reemplazadas o derogadas, que se mantienen aplicables si la entidad que informa decide no adoptar la versión más reciente de forma anticipada. Los materiales educativos que se incluyen en esta publicación son muy útiles para aquellos que estudian o aplican las Normas NIIF.

¿Cuál es el contenido?
Se ha añadido un amplio conjunto de referencias cruzadas para guiar al lector a través de cada Norma y de:

• otras Normas relacionadas;
• los Ejemplos Ilustrativos y Guías de Implementación complementarias; y
• los Fundamentos de las Conclusiones.

Principales cambios desde la edición de 2016

Se han incorporado las principales referencias cruzadas a modificaciones de Normas e Interpretaciones CINIIF:

• Aplicación de la NIIF 9 Instrumentos Financieros con la NIIF 4 Contratos de Seguro (Modificaciones a la NIIF 4);
• Transferencias de Propiedades de Inversión (Modificaciones a la NIC 40);
• Mejoras Anuales a las Normas NIIF Ciclo 2014-2016; e
• Interpretación CINIIF 22 Transacciones en Moneda Extranjera y Contraprestaciones Anticipadas.

Se han añadido las decisiones de agenda del Comité de Interpretaciones de las NIIF como notas educativas a las NIIF 10, NIIF 11, NIC 12, NIC 32 y CINIIF 12.

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IASB finalises fundamental overhaul of insurance accounting

 

The International Accounting Standards Board (the Board) has today issued IFRS 17 Insurance Contracts. This first truly international IFRS^® Standard for insurance contracts will help investors and others better understand insurers’ risk exposure, profitability and financial position.

IFRS 17 replaces IFRS 4, which was brought in as an interim Standard in 2004. IFRS 4 has given companies dispensation to carry on accounting for insurance contracts using national accounting standards, resulting in a multitude of different approaches. As a consequence, it is difficult for investors to compare and contrast the financial performance of otherwise similar companies.

The Financial Stability Board noted in September 2015 the importance of the Board completing the project to replace IFRS 4 with a new Standard ^[1].

IFRS 17 solves the comparison problems created by IFRS 4 by requiring all insurance contracts to be accounted for in a consistent manner, benefiting both investors and insurance companies. Insurance obligations will be accounted for using current values—instead of historical cost. The information will be updated regularly, providing more useful information to users of financial statements.

Hans Hoogervorst, IASB Chairman, said:

The insurance industry plays a vital role in the global economy; high-quality information to market participants on how insurers perform financially is therefore extremely important. IFRS 17 replaces the current myriad of accounting approaches with a single approach that will provide investors and others with comparable and updated information.

Due to the range of accounting methods in use today, some countries will see more significant changes than others with the introduction of the new Standard.
IFRS 17 has an effective date of 1 January 2021 but companies can apply it earlier.

The Board will support those implementing the Standard, including by establishing a Transition Resource Group, for which the Board is now calling for members.

IFRS 17 is published together with illustrative examples and an explanation of the Board’s basis for conclusions ^[2].
Other materials accompanying the Standard:

• Effects Analysis—which outlines in detail the expected costs and benefits of the new Standard;
• Project Summary—providing an overview of the project to develop the new insurance contracts Standard; and
• Feedback Statement—summarising the feedback received to the different consultations undertaken as part of the project.

All these materials can be accessed via the IFRS 17 project page on the IFRS Foundation’s website.
The Board has also today published for public consultation the proposed IFRS Taxonomy Update for IFRS 17. The comment deadline is 18 September 2017.

---

^[1] The Financial Stability Board’s meeting summary from 2015, referring to the importance of the Board completing IFRS 17, can be found here.

^[2] IFRS 17 is available to professional and comprehensive subscribers.

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The 2017 IFRS^®Standards (Red Book) will be published in March 2017. This is the only official printed edition of the consolidated text of the International Accounting Standards Board's authoritative pronouncements as issued at 1 January 2017.

What's New in this edition?

• Clarifications to IFRS 15 Revenue from Contracts with Customers;
• Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts;
• Annual Improvements to IFRS Standards 2014–2016 Cycle (which contains amendments to IFRS 1, IFRS 7, IFRS 10, IFRS 12, IAS 19, IAS 28);
• Amendments to IFRS 2, IAS 7, IAS 12 and IAS 40; and
• IFRIC® Interpretation 22 Foreign Currency Transactions and Advance Consideration.

Register your interest. now and find out more information on our IFRS Shop. The 2017 IFRS Standards (Red Book) will also be available as a PDF download or as a Bundled product including the download and the printed copy.

eIFRS Comprehensive Subscribers will automatically be sent a copy in March. If you would like to purchase an eIFRS Comprehensive or eIFRS Professional Subscription, please visit our IFRS Shop where you can place your order.