Alerts and Publications
Alerts and Publications
July 2008 IFRS News
The July edition leads with an article on the International Accounting Standards Board’s (IASB) latest plans for convergence with its counterpart in the United States, the Financial Accounting Standards Board (FASB). It also includes recent changes that have taken place and some that are expected to occur in the near future as well as commenting on the effect the credit crisis may have on the future reporting of financial instruments.
IASB issues amendments
The International Accounting Standards Board (IASB) recently issued amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures that would permit the reclassification of some financial instruments in rare circumstances.
Intangible Assets Guide
'Intangible Assets in a Business Combination - Identifying and valuing intangibles under IFRS 3' is a publication by the IFRS team at Grant Thornton International Ltd. The revised version of IFRS 3 Business Combinations, published by the International Accounting Standards Board in January 2008, has drawn renewed attention to a complex and developing area of financial reporting - the recognition and measurement of intangible assets. Acquirers in business combinations can expect reported amounts of intangible assets and goodwill to be closely scrutinized by investors, analysts and regulators. The Intangible Assets Guide includes practical guidance on the detection of intangible assets in a business combination and explains how they might be valued. An overview of IFRS 3 summarizes the main aspects of accounting for business combinations and draws out a number of practical points to consider.
IFRS Top 20 Tracker
The 'IFRS Top 20 Tracker' is a publication by the IFRS team at Grant Thornton International Ltd (Grant Thornton International).
IFRS 5 Guide
'Non-current Assets Held For Sale and Discontinued Operations - Challenges in Applying IFRS 5' is a publication by the IFRS team at Grant Thornton International Ltd. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) is not a new standard but experience has shown that implementing it can be a complex and time-consuming exercise. Significant judgment is required in some areas. Management and auditors should therefore assess the impact of IFRS 5 as soon as they become aware that it may be relevant. This publication explains IFRS 5's key implementation issues, common approaches to practical application and also includes several examples illustrating the Standard's disclosure and presentation requirements.