IFRS expert David Cairns provides
a round-up of the key changes in international accounting standards
and developments at the IASB
Banking levies and put options
The International Financial Reporting Standards Interpretations
Committee (IFRIC) has issued exposure drafts of proposed interpretations
on accounting for levies charged by public authorities on entities
that operate in specific markets (for example, banking) and put options
over non-controlling interests.
While both the topics may appear narrow, the drafts are consistent
with existing requirements which is a timely reminder of the need
for preparers of IFRS financial statements to apply the IAS 8, Policies, Changes in Accounting Estimates and Errors, hierarchy when developing accounting policies for items that are
not specifically covered by IFRS.
