The report issued by this authority provides the procedure for application of the fair value measurement in regard to IFRS 13. The review had given stress on various areas such as disclosures at the fair value, account units, market activity levels, adjustment in regard to valuation of the derivatives. (Deloitte, 2017)
As per this amendment, the amount that is received by way of selling items which are being produced by way of bringing asset to particular location will be prohibited for any kind of deduction from the value and cost of plant, equipment and property. (Deloitte, 2017)
As per this interpretation, entity will be eligible to recognize the Current Tax Asset, Current Tax Liability, Deferred Tax Asset or the Deferred Tax Liability in relation to requirements of AASB 112 for the uncertain tax treatments and this interpretation will be applied in regard to annual periods of reporting that will start on or after 1 January 2019. (AASB, 2017)
The accounting standard board had issued updates in regard to topic 260 that is earning per share, topic 480 which provides in regard to the liabilities from equity and topic 815 that is derivatives and hedging. (FASB, 2017)
This IFRS 17 requires that insurance liabilities in the business will be measured at current value of fulfillment. This will help in making uniform presentation of the insurance contracts. The IFRS 17 will be applicable on the reporting periods that will begin from January 1, 2021. (Deloitte, 2017)
Financial reporting council had given a decision that FRS 102 will be used with IFRS 9, 15 and IFRS 16. (Deloitte, 2017)
The Updation had been done in regard to Guidance note 15 in regard to calculation of the initial listing fee in relation to entities that are engaged in demerger or the spinning off. Thus it will help in providing the first entry list for ASX. (ASX, 2017)
The IASB and FASB are working continuously towards their work in relation to their joint work in regard to improvement in the International Financial reporting standards and US generally accepted accounting principles hence they are working towards their convergence program. (FASB, 2011)
The surveillance program had been made in order to improve the quality and productivity of financial reporting. The program requires that the entire annual and the interim reports are being made in accordance with the respective accounting standards that apply on various companies. The accounts are randomly selected for the purpose of review. The Company’s accounts are being reviewed in order to determine that they are in compliance with the corporation act. Thus remedial action is also taken by ASIC where the actions undertaken by the company are not appropriate. (ASIC, 2017)
References:
Deloitte, 2017, “ESMA Issues Report on the Application of IFRS 13”; Available at: https://www.iasplus.com/en/news/2017/07/esma-ifrs-13-report
Deloitte, 2017, “IASB Publishes proposed amendments to IAS 16 regarding proceeds before intended use”; Available at: https://www.iasplus.com/en/news/2017/06/ias-16-proceeds
Australian Accounting Standards Board, 2017, “Uncertainty over Income Tax Treatment”; Available at: https://www.aasb.gov.au/admin/file/content105/c9/INT23_07-17.pdf
Financial Accounting Standards Board, 2017, “Accounting Standards Updates – Effective Dates”; Available at: https://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137102
Deloitte, 2017, “New and Revised Pronouncements as at 31st March, 2017”; Available at: https://www.iasplus.com/en/othernews/new-and-revised/march-2017
Deloitte, 2017, “FRC Defers decision on keeping FRS 102 aligned with IFRSs”; Available at: https://www.iasplus.com/en/news/2017/06/uk-frs-102
ASX, 2017, “Listed @ASX, Compliance updates 18 July, 2017, Update no. 06/17”; Available at: https://www.asx.com.au/resources/newsletters/listed_at_asx/listed-at-asx-20170718_0617.html
Financial Accounting Standards Board, 2011, “IASB and FASB Report Substantial Progress towards completion of convergence program”; Available at: https://fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB/FASBContent_C/NewsPage&cid=1176158460171
Australian Securities & Investments Commission, 2017, “ASICs Financial Reporting Surveillance Program”; Available at: https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/directors-and-financial-reporting/asics-financial-reporting-surveillance-program/
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