News

IASB issues ED Fair Value Option for Financial Liabilities

The IASB today published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments). The exposure draft Fair Value Option for Financial Liabilities is open for comment until 16 July 2010. The document is available on the IASB website. Please find the press...

OIC’s comment on amended draft comment letter EFRAG on ED Measurement of Liabilities in IAS 37

The OIC’s comment letter on IASB ED Measurement of Liabilities in IAS 37, in reply to EFRAG’s amended draft comment letter is now available. Please find the document herewith attached.

IASB publishes “Improvements to IFRSs”

The IASB issued Improvements to IFRSs – a collection of amendments to seven International Financial Reporting Standards (IFRSs) – as its latest set of annual improvements. Unless otherwise specified, the amendments are effective for annual periods beginning on or after 1 January 2011, with earlier application permitted. Please find the press release herewith...

IASB issues ED Defined Benefit Plans – Proposed amendments to IAS 19

The IASB published for public comment an exposure draft of proposed amendments to IAS 19 Employee Benefits. The proposals would amend the accounting for defined benefit plans through which some employers provide long-term employee benefits, such as pensions and post-employment medical care. In defined benefit plans, employers bear the risk of increases in costs and of possible poor investment performance. The...

ED of the national accounting standard “Ristrutturazione del debito e informativa di bilancio” published for public comment

The Executive Board of OIC published for public comment an exposure draft of the national accounting standard “Ristrutturazione del debito e informativa di bilancio”. The document is open for comment until 25 May 2010. The objective is to define thea accounting treatment and the disclosure for a restructuring of debt on the financial statement of the debtor. It is intended for the Italian companies...

OIC’s comment on compatibility IFRS for SMEs and UE directives

The OIC’s comment letter on the compatibility beetween IFRS for SMEs and UE directives, in reply to EFRAG’s draft advice is now available. Please find the document herewith attached.

OIC will be a non-voting member of EFRAG TEG

The EFRAG Supervisory Board agreed that the Italian National Standard Setter (OIC) will be a non-voting member of EFRAG TEG with speaking rights. With this decision of the Supervisory Board the OIC, therefore, joins in this important and delicate role the French, English and German standard setters, already participating in TEG meetings as a non-voting member. The result follows the OIC efforts in participating in...

IASB publishes DP Extractive Activities

The IASB published the results of an international research project on a possible future International Financial Reporting Standard (IFRS) for extractive activities in the form of a discussion paper – Extractive Activities. A research team comprising members of the Australian, Canadian, Norwegian and South African accounting standard-setters analysed and discussed accounting for extractive activities with a wide...