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Important progress at June 2016 meeting: Income of NFP Entities – focus to be ‘resource inflows’, examples on perpetual endowments and a principle on capital grants; Service Concession Arrangements – financial liability model for ‘shadow’ user payments; Insurance – noted significant differences from existing GAAP, agreed more background needed on public sector insurer impacts, overall support for likely revised standard; RDR – agreed draft Australia-NZ Policy Statement for determining Tier 2 disclosures. Full text of Action Alert for this meeting now available on AASB website.
In this week’s international update: The IASB made its announcement of 2 new membership vacancies, as well as amendments for IFRS 2 Share-based payment transactions. The FASB issued a new guidance on accounting for credit losses.
In this week’s international update: IASB released a webinar on the Principles of Disclosure project, and agenda papers for the July ASAF meeting. EFRAG recommends endorsement of Recognition of Deferred Tax Assets for Unrealised Losses: Amendments to IAS 12.