Beyond the GAAP - November 2013 issue

The 2013 annual statements are drawing near! As every year, we present the list of IFRS standards and interpretations applicable to this reporting date. We also invite you to take a close look at the AMF’s Recommendations and ESMA’s Enforcement priorities for 2013.

During this period, the IASB and the FASB have been continuing their work plan.

The IFRS Interpretations Committee has completed its reflections on discount rates in IAS 19, and has begun to address the application difficulties of IFRS 11.
We may legitimately wonder about the timing of this work, given that the question of discount rates was particularly pressing at the end of 2012, and that European entities are preparing to apply IFRS 11 in 2014 while Canada, South Africa and other countries are already applying it.
Even if they come a little late, it is important to follow these debates and to comment where necessary on the directions they take.

Highlights

IFRS Standards

Narrow-scope amendment to IAS 19 – Defined Benefit Plans: Employee Contributions
Narrow-scope amendment to IAS 27 - Equity method
Discount rates in IAS 19: Interpretations Committee discussions end with a “wording for rejection”
IFRS 2 Measurement of cash-settled plans including a performance condition
IAS 12: Recognition and measurement of deferred tax assets when an entity is loss making
IFRS Interpretations Committee addresses the application difficulties of IFRS 11 - at last
The IASB decides to proceed with the revised amendments to IAS 16 and IAS 38 regarding acceptable depreciation methods
IASB postpones the mandatory application of IFRS 9
Early application of IFRS 9
Publication of amendment to IFRS 9 incorporating the final provisions of the new general model for hedge accounting
Impairment of financial assets (Phase II of IFRS 9/ Impairment) –the future impairment model based on expected losses is being finalized
Classification of financial assets (IFRS 9 Phase 1) – IASB confirms the new asset categories and clarifies the business models criterions
Accounting for financial instruments – IFRS IC clarifies the application of paragraph IG B.6 of IAS 39
ANC updates its recommendations on the presentation of the IFRS consolidated financial statements
Improvements to IFRSs: the IASB issued two cycles
Improvements to IFRSs – 2012-2014 Cycle