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ARTICLE · 04 DECEMBER 2012

On The Horizon For IFRS - November 20, 2012

Grant Thornton LLP
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At the October 2012 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 OCTOBER 2012

IASB issues October 2012 joint IASB / FASB meeting highlights

Key issues

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

  • Due process papers: The IASB discussed the following forthcoming Exposure Drafts and agreed that they complied with the due process requirements to date:
    • Equity method of accounting: accounting for the share of other net asset changes (proposed amendments to IAS 28)
    • Annual Improvements to IFRSs 2011-2013 cycle
  • The IASB decided that the proposed amendments to IAS 16, Property, Plant and Equipment and IAS 38, Intangible Assets relating to revenue-based depreciation would be removed from the Annual Improvements project and be published in a separate Exposure Draft with a comment period of 120 days. The remainder of the Annual Improvements will continue to a comment period of 90 days.

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