Beyond the GAAP no.62 - December 2012

Over the course of the year, the IASB has redoubled its efforts on the financial instruments, revenue recognition, leases and insurance contracts projects – but has not yet published final standards for any of them. December 2012 saw nothing more significant than the publication of the proposed limited amendments to IFRS 10 and IAS 28, and to IFRS 11.

The former aim to clarify the accounting treatment of sales between an investor and its associates or joint ventures, while the latter are intended to clarify the accounting treatment of interests in joint operations.

The last hurrah of 2012 in Europe has been the adoption of a slew of standards, amendments to standards and an interpretation, including the new consolidation package (IFRS 10, IFRS 11, IFRS 12, IAS 27, IAS 28).

Highlights

  • IFRS standards
  • European matters

A Closer Look

  • Publication of proposed amendments to IFRS 10 and IAS 28
  • Revenue recognition project: IASB and FASB still discussing but close to agreement
  • IASB publishes the outcomes from the IASB’s Agenda Consultation 2011

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