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IASB Amends IFRS 2 on Share-Based Payments

AFFECTS: Entities reporting under IFRSs.

SUMMARY: On January 17, 2008, the IASB issued an amendment to IFRS 2 to do the following:

1. Clarify that “vesting conditions are service conditions and performance conditions” only and that “[o]ther features of a share-based payment are not vesting conditions.”

2. State that “all cancellations, whether by the entity or by other parties, should receive the same accounting treatment” under IFRSs.

NEXT STEPS: The amendment applies to accounting periods beginning on or after January 1, 2009, with early application permitted.

OTHER RESOURCES: http://www.iasb.org/News/Press+Releases/IASB+issues+amendment+to+IFRS+2+Share-based+Payment.htm

IASB issued Improvements to IFRSs — a collection of amendments to International Financial Reporting Standards (IFRSs).

The new standard reflects the results of the IASB’s project, beginning in 2007, to perform annual reviews of IFRSs and address standards that require non-urgent, minor amendments. The IASB selected standards that were not included in current projects and would not be reviewed otherwise. The following IFRSs were reviewed as part of the annual improvement project: IFRS 1, 5, and 7, and IAS 1, 16, 19, 20, 23, 27, 28, 29, 31, 32, 36, 38–40, and 41. The document is divided into two parts:

Part I — amendments that result in accounting changes for presentation, recognition, or measurement purposes.

Part II — amendments that are terminology or editorial changes only, which the IASB expects will have no or minimal effect on accounting.

Some of the amendments that are likely to significantly change current practice include the following:

Held-for-sale classification of the assets and liabilities of a subsidiary in which the parent is committed to a plan to sell its controlling interest but intends to retain a noncontrolling interest (IFRS 5).

NEXT STEPS: Most of the improvements are effective for annual periods beginning on or after January 1, 2009, with early adoption permitted. They should be applied retrospectively.

OTHER RESOURCES: http://www.iasb.org/News/Press+Releases/IASB+concludes+first+annual+improvements+project.htm


IASB and FASB Issue Two Conceptual Framework Documents

AFFECTS: All entities.

SUMMARY: The IASB and FASB recently published for public comment two consultative documents on their joint conceptual framework project. The Exposure Draft seeks views on (1) an improved objective of financial reporting, (2) the qualitative characteristics of information provided by financial reporting, and (3) constraints on the provision of that information. The Discussion Paper sets out the boards’ initial perspectives on the reporting entity concept and related issues. See the related article in the FASB Developments section.

NEXT STEPS: http://www.iasb.org/NR/rdonlyres/464C50D6-00FD-4BE7-A6FF-1BEAD353CD97/0/conceptual_framework_exposure_draft.pdf


IASB Issues Additional Guidance on Hedge Accounting

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