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Financial Reporting Matters – Global

International Accounting Standards Board

On January 19 the IASB issued amendments to IAS 12 Income Taxes. The amendments outline the requirements on recognition of deferred tax assets for unrealized losses, and are intended to address diversity in practice.

http://www.ifrs.org/Alerts/PressRelease/Pages/IASB-issues-narrow-scope-amendments-to-IAS-12.aspx

On January 13 the IASB issued a new accounting Standard, IFRS 16 Leases, jointly with the FASB. Hans Hoogervorst, IASB Chairman said “the new Standard will provide much-needed transparency on companies’ lease assets and liabilities, meaning that off balance sheet lease financing is no longer lurking in the shadows. It will also improve comparability between companies that lease and those that borrow to buy.”

http://www.ifrs.org/Alerts/PressRelease/Pages/IASB-shines-light-on-leases-by-bringing-them-onto-thebalance-sheet.aspx

On April 12 the IASB issued amendments to the Revenue Standard, IFRS 15 Revenue from Contracts with Customers, clarifying some requirements and providing additional transitional relief for companies that are implementing the new Standard.

http://www.ifrs.org/Alerts/PressRelease/Pages/The-International-Accounting-Standards-Board-has-todayissued-amendments-to-the-Revenue-Standard.aspx

United States

On November 11 FASB voted to proceed with a final accounting standards update that would require companies and other organizations to include lease obligations on their balance sheets. The new accounting standard, planned to be effective from 2019 for public companies and 2020 for private companies, is expected to be published in early 2016.

http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASB Content_C%2FNewsPage&cid=1176167530388

Saudi Arabia

On November 13 Saudi Arabia confirmed that it will require use of the IFRS Standards from 2017/18. From 2017 Saudi Arabia will adhere to the IFRS framework for listed company financial reporting, and IFRS for SMEs will be the required framework for all unlisted companies from 2018.

http://www.ifrs.org/Alerts/Publication/Pages/Saudi-Arabia-to-require-use-of-IFRSStandards-in-2017-and-IFRS-for-SMEs-in-2018.aspx

United Kingdom

On April 18 the UK FRC issued guidance for directors of companies which brings together the requirements of company law, accounting standards, auditing standards, other regulation and existing FRC guidance relating to the going concern basis of accounting.

https://www.frc.org.uk/News-and- Events/FRC-Press/Press/2016/April/Guidance-on-the-going-concernbasis-of-accounting.aspx