ARTICLE
11 July 2013

Financial Reporting Round-Up - An Overview Of The Reporting Landscape

The revised exposure draft on revenue recognition issued in 2011 was discussed in the Spring 2012 edition of Financial Reporting.
United Kingdom Accounting and Audit

Exposure draft on revenue recognition

The revised exposure draft on revenue recognition issued in 2011 was discussed in the Spring 2012 edition of Financial Reporting. The IASB has indicated that it expects to issue the final standard in the third quarter of 2013. In the revised exposure draft it was anticipated that the standard would be issued in the second half of 2012 with an effective date no earlier than 1 January 2015, to allow companies providing two years of comparative data adequate time to prepare. If a similar timetable is now followed, it would indicate a standard with an effective date of 1 January 2016 at the earliest, although this could be even later.

IFRS annual improvements

The IASB uses the annual improvements process to make necessary, but non-urgent, amendments to IFRSs. The latest improvements:

  • permit repeated application of IFRS 1 First-time Adoption of International Financial Reporting Standards
  • amend the treatment of borrowing costs relating to qualifying assets where the commencement date for capitalisation is before the date of transition to IFRS
  • clarify the requirements for comparative information
  • set out the classification of servicing equipment under IAS 16 Property, Plant and Equipment
  • clarify that the tax effect of distributions to holders of equity instruments should be accounted for under IAS 12 Income Taxes
  • clarify the interim reporting of segment information for total assets and liabilities.

The amendments are effective for annual periods beginning on or after 1 January 2013, although entities are permitted to apply them earlier.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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