Feedback Statement on the Consultation Paper on the Regulatory Technical Standard on the European Single Electronic Format (ESEF)lun, 09/01/2017
20th Extract from the EECS’s Database of Enforcementlun, 09/01/2017
To further enhance governance and funding arrangements of the IFRS Foundation
- enhanced transparency: the Trustees received broad support for the existing three-tier governance structure, but will take steps to enhance visibility of Trustee oversight of the Board, including making meetings of the Due Process Oversight Committee public;
- geographical balance: change the geographical distribution of both the Trustees and the Board by combining the North American and South American allocations into a single ‘Americas’ category, to allow for even distribution and better representation across the entire region;
- size of the Board: reduce the size of the Board from 16 to 13 members, with the flexibility to appoint a 14th (at-large) member if appropriate; and
- funding: the Trustees received broad support to maintain the current ‘three-pillar’ funding model until the funding regime based on publicly supported financing is fully achieved.
To strengthen the relevance of IFRS Standards
- technology and financial reporting: accelerate work to address barriers to high-quality digital reporting by collaborating with investors, securities regulators and others to ensure the IFRS Taxonomy remains fit for purpose. At the same time, the Foundation will establish a network of experts to provide advice on technological innovation and its impact and relevance to IFRS Standards; and
- remit: retain the existing focus of the Board on for-profit entities, with no expansion at this time to cover either the public sector or the private not-for-profit sector. While the focus of the Board will remain on financial reporting, further work will be done to consider the Board’s future role and work plan within the context of developments in wider corporate reporting.
To support consistent application of IFRS Standards
- resources: while the Board’s focus remains on producing high-quality Standards based on clear principles, there will be an increased emphasis on activities to support the consistent application of IFRS Standards. This includes the realignment of education, implementation support and interpretation activities into a single team;
- programmes: continue to develop additional resources and materials to assist the consistent implementation of major new Standards, including the provision of online resources; and
- enhanced cooperation: continue to develop relationships with securities regulators (for example IOSCO, through the recently updated joint Statement of Protocols) and others to support implementation of IFRS Standards around the world.
International Accounting Standards Board proposes narrow-scope amendments to IFRS 3 and IFRS 11
The International Accounting Standards Board (the Board) today published for public consultation proposed amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements. It clarifies both the definition of a business and how to account for previously held interests.
The proposed amendments provide:
- clearer application guidance to help distinguish between a business and a group of assets when applying IFRS 3; and
- clarification on how a company should account for previously held interest in a business, if acquiring control, or joint control, of that business.
The proposed amended application guidance on the definition of a business in IFRS 3 arises from the Board’s Post-implementation Review (PIR) process, which is conducted on each Standard and major amendment approximately two years after their effective dates. The IFRS 3 PIR shows general support for the accounting requirements in the Standard but identifies some areas where further research will be undertaken.
The proposed amendment to accounting for previously held interests was developed through the IFRS Interpretations Committee.jeu, 30/06/2016
Nous nous félicitons pour la nomination de Bertand Perrin, membre actif d'Acteo, comme membre du Comité IFRIC;lun, 23/05/2016