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ARTICLE · 21 MARCH 2013

On The Horizon For IFRS - March 12, 2013

Grant Thornton LLP
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At the February 2013 joint IASB / FASB meeting the following issues were discussed:

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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IASB / FASB JOINT MEETING FEBRUARY 2013

IASB issues February 2013 joint IASB / FASB meeting highlights

Key issues

At the February 2013 joint IASB / FASB meeting the following issues were discussed:

  • Annual Improvements 2010-2012: The IASB discussed the proposed Improvements to IFRSs from the Exposure Draft published in May 2012 and tentatively decided to finalize four of the proposed amendments.
  • Conceptual Framework: The IASB discussed an early draft of the Discussion Paper on the Conceptual Framework and reached certain tentative decisions on the following issues:
    • Purpose of the Conceptual Framework
    • Definitions of the elements of financial statements: asset, liability, equity, income, and expense

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