News

IASB proposes amendments to IAS 37

The IASB has published for public comment the Exposure Draft “Onerous Contracts—Cost of Fulfilling a Contract”. The ED proposes amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to specify which costs a company should include when assessing whether a contract will be loss-making. The deadline for commenting on the proposals is 15 April 2019. For further information please...

OIC comments on EFRAG draft comment letter on IASB Discussion Paper Financial Instruments with Characteristics of Equity

The OIC comment letter on EFRAG draft comment letter on IASB Discussion Paper  Financial Instruments with Characteristics of Equity is now available. Please find the document herewith attached.

IFRS Foundation Trustees issue amendments to the Constitution

The Trustees of the IFRS Foundation have issued narrow-scope amendments to the IFRS Foundation’s Constitution, adjusting the appointment terms for the Trustee Chair and Vice-Chairs. The amendments to the Constitution and a summary of the responses from stakeholders to the public consultation are set out in a Feedback Statement. The amended Constitution is effective from 1 December...

EFRAG issues the Discussion Paper Non-exchange Transfers (‘NETs’): A role for societal benefit?

EFRAG has issued the Discussion Paper Non-exchange Transfers (‘NETs’): A role for societal benefit? that explores the accounting for transfers in which an entity received (or gives) value without directly giving (or receiving) approximately equal value in exchange. Comments on the DP are requested by 30 April 2019. For further information, please refer to the EFRAG...

OIC comments on IFRS Interpretations Committee tentative agenda decisions – September 2018

The OIC comment letter on IFRS Interpretation Committee tentative agenda decisions of September 2018 is now available. Please find the document herewith attached.

IASB proposes one-year deferral of insurance contracts Standard

The IASB has voted to propose a one-year deferral of the effective date for IFRS 17, the new insurance contracts Standard, to 2022. The IASB has also decided to propose extending to 2022 the temporary exemption for insurers to apply the financial instruments Standard, IFRS 9, so that both IFRS 9 and IFRS 17 can be applied at the same time. The proposed deferral is subject to public consultation, which is expected...

IASB issues Definition of Material (Amendments to IAS 1 and IAS 8)

The IASB has issued amendments to its definition of material to make it easier for companies to make materiality judgements. The changes are effective from 1 January 2020, but companies can decide to apply them earlier. For further information please refer to the IASB website.

IFRS Foundation Trustees announce ASAF membership 2018–2021

The Trustees of the IFRS Foundation have  announced the new composition of the Accounting Standards Advisory Forum (ASAF), a technical advisory body to the IASB, for the next three years. The OIC has been reappointed as its member. The first meeting of ASAF with its new composition will take place on 6 and 7 December 2018. For more information, please refer to the IASB...