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Accounting updates: October 2015

The major accounting developments from potential delays to the long-planned IFRS 9 banking standard as EFRAG gives luke warm approval, excessive company annual reports burying critical information about FTSE entities, tighter rules for charities likely to come into force with campaign expenditure exemption and US conflict minerals ruling

 

EFRAG sends qualified IFRS 9 approval to European parliament

The European Financial Reporting Advisory Group (EFRAG), responsible for reviewing new International Financial Reporting Standards (IFRS) for use across EU member states, has endorsed IFRS 9, Financial Instruments, the new standard set to replace IAS 39, Financial Instruments: Recognition and Measurement, and has sent a letter of recommendation to the European parliament.

The decision was taken at the September EFRAG board meeting in Brussels and despite earlier debate and a certain degree of dissent among board members, they agreed to recommend the standard for EU use.

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