• This IFRS insight is designed for information of users on recent accounting issues tackled by International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).

    The trend toward collaboration between IASB and FASB in US has continued to progress. However the process is subject to much debate and delays, as the US SEC deferred its decision at the end of 2011 on whether the US should adopt the IFRS and disagreement between the boards became apparent at a public meeting on lease accounting.

    In this issue you will find among others:

    -IASB issues amendments to IFRS 1 ‘First-time adoption of IFRS-s’;

    -IASB and FASB issues amendments to disclosure requirements for the offsetting of financial instruments under IFRS 7 ‘Financial Instruments – Disclosure’;

    -IASB issues amendment to clarify requirements for offsetting financial assets and financial liabilities (IAS 32);

    -Exposure drafts on revised revenue recognition proposals, IFRS 10 ‘Consolidated Financial Statements’, and IFRS 9 ‘Financial Instruments’ mandatory effective date.

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