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ARTICLE · 04 FEBRUARY 2013

On The Horizon For IFRS - January 28, 2013

Grant Thornton LLP
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IASB issues December 2012 joint IASB / FASB meeting highlights.

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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IASB / FASB joint meeting December 2012

IASB issues December 2012 joint IASB / FASB meeting highlights

Key issues

At the December 2012 joint IASB / FASB meeting the following issues were discussed:

  • Accounting for macro hedging: The IASB continued their discussions on the proposed revaluation approach for macro hedging activity and its application to risks other than interest rate risk. No decisions were made.

  • Bearer biological assets: The IASB tentatively decided that the scope of the amendment to IAS 41, Agriculture would be restricted to bearer biological assets that are plants and that plants would be defined as bearer biological assets if they have no consumable attributes. In addition, the IASB decided to develop a cost-based model for bearer biological assets within the scope of this project.

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