International update
IASB progress during October, November and December 2023
During October, November and December 2023, the IASB made progress on more than 14 different projects.
US
FASB accounting standards updates
The FASB has issued three sets of amendments to existing standards, which enhance existing requirements for segment reporting, provide guidance on accounting for and disclosure of cryptoassets, and improve disclosures about income tax.
A conversation with Pauline Wallace
The chair of the UK Endorsement Board provides an insight into the Board’s activities, including its research on contemporary accounting issues.
Amendments to the financial instruments standard
In recent meetings, the IASB has discussed amendments to the classification and measurement requirements of IFRS 9, Financial Instruments.
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Editorial
COP 28 was held in Dubai during November 2023. The main theme was how to achieve the transition to clean energy more quickly than is happening at present.
Review of the IFRS 9 impairment model
IFRS 9, Financial Instruments, included a radical new model for providing for losses on financial assets.
Power purchase agreements
The IASB is working on a project to clarify the accounting for power purchase agreements relating to renewable energy; it will result in limited amendments to IFRS 9, Financial Instruments. This article provides a brief overview of the issues involved.
Financial Reporting Council – Carillion investigation
In October 2023, the Financial Reporting Council sanctioned KPMG and two of its former partners for failures in the audits of Carillion.
UK audit inspections
The Financial Reporting Council has published its annual reports setting out the results of its audit quality inspections at the seven largest audit firms in the UK.
A conversation with Michael Izza
The outgoing chief executive officer of the Institute of Chartered Accountants in England and Wales speaks to WAR editor Dawn Robey about the Institute’s work, sustainability, audit and the future of the profession.
Connectivity in action
In 2023, the International Sustainability Standards Board embarked on its first agenda consultation, and in the last four months of the year, it began to consider the feedback.
International update: October 2023
In its September 2023 meeting, the IASB board took some key decisions on the direction of its new project on reporting climate-related risks in the financial statements.
UK update – October 2023
In recent months, the Financial Reporting Council has announced its new chief executive, and published its latest annual report, details of which are summarised in this article.
Editorial
Pauline Wallace’s name is well known in the world of accounting but for those that do not know her (and for those who do but know less about the role she is now performing) this issue provides the chance to find out more.