Question

Go to a website that discusses FASB, SEC, IFRS, and so forth. Describe and discuss the changes that have occurred within the prior 12 months in the standards and rulings issued by one of these standard setting bodies. You could also incorporate the standards that are being contemplated through pending discussion drafts and explore documents. Your paper should be a minimum of five to eight pages including a cover page and bibliography.

Answer 1

Solution

They following changes have taken place in the IFRS in the last 12 months:

1. IFRS 9 Financial Instruments

2. IFRS 15 Revenue from Contracts with Customers

3. IFRS 16 Leases

4. IFRS 17 Insurance Contracts

5. AS 7 Disclosure Initiatives - Amendments to IAS 7

6. IAS 1 2 Recognition of Deferred Tax Assets for Unrealized Losses- Amendments to IAS 12

7. AIP IFRS 12 Disclosure of Interests in Other Entities - Clarification of the scope of the disclosure requirements in IFRS 12

8. IFRS 15 Revenue from Contracts with Customers

9. IFRS 9 Financial Instruments

10. IFRS 2 Classifications and Measurement of Share based Payment Transactions - Amendments to IFRS 2