Beyond the GAAP no.37 (English) - September 2010

On 17 August, the IASB brought the summer break to a premature halt with the publication of the long-awaited exposure draft on leases. If the Board’s proposals are finalised, all leases will have to be recognised in the lessee’s statement of financial position, regardless of whether it is an operating or a finance lease. The accounting treatment of leases is also drastically changed for lessors, whereas the discussion paper published in March 2009 only addressed the question of lessee accounting.

Beyond the GAAP brings you a two-part update on the main measures which should replace IAS 17 by the end of 2011. The date of mandatory application of the new standard remains uncertain.

News

  • IASB completes the first phase of its Conceptual Framework project
  • IFRS 1 Amendment: removal of fixed application dates
  • The annual improvements process: proposals to amend the Due Process Handbook for the IASB
  • Mining extraction: an interpretation on the recognition of stripping costs in the production phase of a surface mine expected soon
  • Management commentary: IASB’s guidance to appear shortly
  • Rate Regulated Activities – a dead end?
  • Emissions trading schemes: premises for a future standard
  • Severe hyperinflation: IASB publishes a limited exposure draft
  • IASB publishes a staff draft of the future standard on Consolidation
  • Financial liabilities: redeliberations on the treatment of the credit risk component
  • Impairment of financial instruments: still a lot to discuss!
  • Hedge accounting: IASB states its intentions

A closer look

  • The Income Tax project is back... but in a slimmed-down version!
  • Exposure draft on leases: part one
  • Puts on non-controlling interests: the IFRS Interpretations Committee moves towards a wording for rejection
  • IAS 37 revision: the IASB confirms its intention to go ahead

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