Ernst & Young Monthly News December 2009
E-News
(PDF, English, 543 kB)
G-20 and the principles for sound compensation — accounting implications for share-based payment transactions / Fair value measurement —
EY views / Preparing for 2009 year-end reporting under IFRS / Financial reporting developments / Resources
(PDF, English, 182 kB)
The IASB has issued a revised version of IAS 24 Related Party Disclosures that clarifies and simplifies the definition of a related
party. The revised standard also provides some relief for government-related entities (as defined in the amended standard) to disclose
details of all transactions with other government-related entities (as well as with the government itself). In this supplement, we
summarize the changes to IAS 24 and highlight the potential implications for businesses.
(PDF, English, 896 kB)
The IASB has just published phase 1 of IFRS 9 Financial Instruments, the accounting standard that will eventually replace IAS 39:
Financial Instruments: Recognition and Measurement. Phase 1 of the project establishes a new classification and measurement framework
for financial assets.
(PDF, English, 2.19 MB)
The IASB has reached another key milestone of its comprehensive project to replace IAS 39 Financial Instruments: Recognition and Measurement,
with the publication of a new Exposure Draft. The ED proposes a new impairment methodology, based on expected credit losses and expected cash
flows, for all financial assets measured at amortized cost. It also proposes new guidance on the use of the effective interest rate, which
would apply to both financial assets and financial liabilities. In this publication, we provide an overview of the proposals in the ED and
discuss the impact this is likely to have on businesses.
(PDF, English, 354 kB)
This publication explores the guidance in IFRS 3 around the definition of a business, and applies this to some common transactions in
the life sciences, real estate and extractive industries.
(PDF, English, 667 kB)
We are pleased to present a new series called Talking SMEs. The IASB's aim in developing IFRS for SMEs for small and medium-sized
entities was to create a standard that met the needs of entities that do not have public accountability. One in particular, was to lighten
the onerous burden of reporting under full IFRS. At the same time, the standard offers an internationally recognized common reporting
language for entities that meet the definition of an SME.