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Commission Regulation (EU) No 2018/519 adopts IFRIC 22 Foreign Currency Transactions and Advance Consideration

The Commission Regulation (EU) No 2018/519 of 28 March 2018, published in the Official Journal of the European Union L 87 on 28 March 2018, adopts Interpretation IFRIC 22 Foreign Currency Transactions and Advance Consideration. The Interpretation clarifies the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. Each company shall apply the standard, at the...

IASB issues the new Conceptual Framework for Financial Reporting

IASB has issued a revised version of its Conceptual Framework for Financial Reporting. The revised Conceptual Framework includes: - a new chapter on measurement; guidance on reporting financial performance; - improved definitions and guidance—in particular the definition of a liability; - and clarifications in important areas, such as the roles of stewardship, prudence and measurement uncertainty in financial...

IASB issues ED Accounting policy changes (Proposed amendments to IAS 8)

The IASB has published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. IAS 8 sets out the criteria for selecting and changing accounting policies.  When a company changes an accounting policy, it is currently required to apply the new policy as if it had always applied this policy―unless this is not practicable. The Board is...

Commission Regulation (EU) No 2018/498 adopts Amendments to IFRS 9 Financial Instruments

The Commission Regulation (EU) No 2018/498 of 22 March 2018, published in the Official Journal of the European Union L 82 on 26 March 2018, adopts Amendments to IFRS 9 Financial Instruments Prepayment features with Negative Compensation. The amendments are intended to clarify the classification of particular prepayable financial assets when applying IFRS 9. Each company shall apply the standard, at the latest, as...

EFRAG issues two background briefing papers on IFRS 17

EFRAG issues the second and third of three background briefing papers on the requirements of IFRS 17. These papers consider the Release of the Contractual Service Margin and the Transition Requirements of IFRS 17. The aim of these documents is to provide simplified information on controversial areas of IFRS 17 to enable constituents to understand the issues and be in a position to comment on EFRAG’s draft...

OIC pubblica l’OIC 11 Finalità e postulati del bilancio d’esercizio

Si comunica che a seguito del completamento di tutte le fasi del due process, si pubblica l’OIC 11 Finalità e postulati del bilancio d’esercizio. Il documento si applica ai bilanci con esercizio avente inizio a partire dal 1° gennaio 2018 o da data successiva, tranne i paragrafi relativi alla “Prospettiva della continuità aziendale” che si applicano a partire dal 1° gennaio...

European Commission consults on EU framework for public reporting by companies

The European Commission (EC) has published a consultation document ‘Fitness Check on the EU Framework for Public Reporting by Companies‘ , with the aim to assess whether the EU reporting framework is still fit for purpose and for new challenges (such as sustainability and digitalisation). Comments are requested by 21 July 2018. For further information, please refer to the EC...

OIC pubblica la newsletter di febbraio

Si pubblica la Newsletter di febbraio che fornisce un’informativa sulle novità che attengono alla materia contabile. Nella presente Newsletter è contenuta una bozza di risposta ad una richiesta di chiarimento in merito a fatti successivi che devono essere recepiti in bilancio. Si prega di fornire eventuali osservazioni su tale bozza di risposta entro il 19 aprile 2018 al seguente indirizzo e-mail...
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