Beyond the GAAP no.58 - July August 2012

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.



  • US adoption of IFRS: Trustees deplore SEC’s silence
  • Recognition of employee benefit plans with a promised return on contributions:IFRS IC reconsiders draft interpretation
  • IFRS 8: IASB launches first postimplementation review
  • IFRS IC continues deliberations on accounting issues resulting from restructuring of Greek government bonds
  • The IASB updated its work plan
  • EFRAG and ASB recommend effect analysis to improve standards development process
  • EFRAG, ANC and FRC publish Discussion Paper on disclosures in the notes

A Closer Look

  • Recent progress on Financial Instruments project (IFRS 9)
  • Revenue recognition project: redeliberations have begun!
  • Leases: continued redeliberations
  • How should an investor account for contributing a subsidiary to a joint venture?


Beyond the GAAP n°58 - Juillet/Août 2012
Beyond the GAAP n°58 - Juillet/Août 2012