Regulatory and Standard Setting 2018

IPSASB Proposes Public Sector Lease Accounting Model 

The International Public Sector Accounting Standards Board® (IPSASB®) has released its Exposure Draft (ED) 64, Leases. The comment deadline is 30 June 2018.

FASB Simplifies Adoption of New Leases Standard for Certain Land Easements 

The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that is intended to help organisations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (the Act). Comments on the proposed ASU are due by 2 February 2018.

ESMA Publishes Guidance on IFRS Accounting for Effects of New US Tax 

The European Securities and Markets Authority (ESMA) has released the public statement, Accounting for Income Tax consequences of the United States Tax Cuts and Jobs Act under IFRS (Public Statement).

FASB Issues Proposed Guidance on the Tax Cuts and Jobs Act

The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that is intended to help organisations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (the Act). Comments on the proposed ASU are due by 2 February 2018.

IOSCO Raises Concerns about Cryptocurrency Offerings

The International Organization of Securities Commissions (IOSCO) has issued a communiqué discussing potential issues related to initial coin offerings (ICOs). IOSCO met in October 2017 and discussed the growing usage of ICOs. IOSCO then issued a statement to its members and noted the various approaches to ICOs taken by members.

IFAC Releases Publication on Agreed-Upon Procedures Engagements 

The International Accounting and Assurance Standards Board (IAASB) is currently working on a standard setting project proposal to revise the International Standard on Related Services (ISRS) 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information, following the issuance of a Discussion Paper and review of feedback on the Discussion Paper. ISRS 4400 in its current form will be effective until adoption of a revised standard. 

IASB Issues IFRS Taxonomy Update for IFRS 17 

The International Accounting Standards Board (IASB) has updated the IFRS Taxonomy 2017 for changes to International Financial Reporting Standards (IFRS) resulting from IFRS 17, Insurance Contracts, adopted by the IASB in May 2017.