Board Meeting Handout ACCOUNTING FOR CONTINGENCIES September 6, 2007

Size: px
Start display at page:

Download "Board Meeting Handout ACCOUNTING FOR CONTINGENCIES September 6, 2007"

Transcription

1 PURPOSE Board Meeting Handout ACCOUNTING FOR CONTINGENCIES September 6, 2007 At today s meeting, the Board will discuss whether to add to its technical agenda a project considering whether to revise the guidance on accounting for contingencies, as currently provided for in FASB Statement No. 5, Accounting for Contingencies (including gain contingencies). OBJECTIVE Statement 5 was issued by the FASB in March of Statement 5 continues to impact many areas of accounting. Users of financial statements have communicated concerns that, as a result of the Statement 5 recognition criteria, delayed recognition of assets and liabilities occurs in practice. Similarly, users of financial statements consider the disclosure criteria in Statement 5 to be inadequate or ineffective, as application in practice seems limited. In addition, the existing conceptual framework, including the definition of financial statement elements, was not in place when Statement 5 was issued, which results in inconsistency when comparing the definition of the elements and the items recognized under Statement 5. Consequently, the Board has been contemplating adding a project to reconsider the accounting for contingencies. In recent years, the Board has deviated from the Statement 5 recognition and measurement criteria in certain standards and implementation issues, including FASB Statement No. 143, Accounting for Asset Retirement Obligations, FASB Statement No. 146, Accounting for Costs Associated with Exit or Disposal Activities, FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, and, most recently, within proposed Statement No. 141(R), Business Combinations. In those cases, the Board decided that recognition and measurement under the new guidance is more appropriate than the Statement 5 approach. For example, in proposed Statement 141(R), contractual contingencies acquired in a business combination that would have otherwise been accounted for under Statement 5 would be measured at fair value both at and following the date of acquisition. Noncontractual contingencies that otherwise would have been within the scope of Statement 5 would be recognized and measured at fair value if it is more likely than not that these contingencies meet the definitions of the elements in FASB Concept Statement No. 6, Elements of Financial Statements. Statement 5 would continue to apply for contingencies not assumed as part of a business combination. The staff has been made aware that certain key constituents oppose the difference in measurement guidance for contingencies arising in the normal course of business and for the subsequent measurement of contingencies arising in business combinations. From an international perspective, the IASB is reconsidering its standard on contingencies, International Accounting Standard No. 37, Provisions, Contingent Liabilities and Contingent Assets, in a project that commenced in The IASB is currently redeliberating many issues in that project, including recognition and, more broadly, the definition of a liability. The FASB staff understands that the reconsideration of IAS 37 may not be finalized in the near-term. The staff prepares meeting handouts to facilitate the audience's understanding of the issues to be addressed at the Board meeting. This material is presented for discussion purposes only; it is not intended to reflect the views of the FASB or its staff. Official positions of the FASB are determined only after extensive due process and deliberations.

2 QUESTION FOR THE BOARD: Does the Board want to add a project on contingencies to its agenda? If so, the staff has identified two alternative approaches. Alternative A Add a short term project to the Board s agenda to address a narrow scope of contingencies that would reconsider recognition, measurement and disclosure with the goal of aligning the guidance reached with the guidance for contingencies in proposed Statement 141(R). Due to the short-term nature of this alternative, convergence would not be a goal. Alternative B Add a phased project to address the accounting for contingencies to the Board s agenda. Phase 1 Eliminate the inconsistencies for subsequent measurement of contingencies between proposed Statement 141(R) and Statement 5 by requiring contingencies to be subsequently measured at the higher of the Statement 5 amount and the acquisition date fair value for contingent liabilities and the lower of the acquisition date fair value and the best estimate of a future settlement amount for contingent assets. Phase 2 Develop enhanced disclosure requirements for contingencies in Statement 5. Phase 3 Add a long-term project to comprehensively reconsider all accounting models for contingencies. The scope, timing and potential for convergence would be explored by the staff and presented to the Board at a future date. 2

3 Useful Life and Amortization of Intangible Assets Board Meeting Handout September 6, 2007 BACKGROUND At the July 11, 2007 Board meeting, the Board agreed that the concept of material modification should be removed from subparagraph 11(d) of Statement 142. They also agreed that in situations where an intangible asset was originally measured using an income-based valuation technique, the undiscounted cash flows considered in the fair value measurement shall be utilized to assist in the determination of useful life (adjusted for certain entity specific factors, including an entity s historical experience with renewing or extending similar arrangements). Part of their rationale for accepting this alternative was that if the cash flows were reliably determinable for valuation and measurement purposes, then they should also be reliably determinable for amortization purposes. The Board agreed, however, that this decision could cause implementation questions around the method of amortization. At the July 11, 2007 Board meeting, the Board asked the staff to draft alternatives for the method of amortization, renewal costs, disclosures, and transition/effective date. PURPOSE At this meeting the staff intends to ask the Board: 1. If the Board wants to limit the scope of this project solely to the practice issue that was initially presented to the Board. That is, the scope of the project would be limited to providing guidance on the determination of the useful life of intangible assets. 2. If the Board does not want to limit the scope of this project to providing guidance on the determination of the useful life of intangible assets, then whether the Board would like to provide guidance on amortization and renewal costs. The staff prepares Board meeting handouts to facilitate the audience's understanding of the issues to be addressed at the Board meeting. This material is presented for discussion purposes only; it is not intended to reflect the views of the FASB or its staff. Official positions of the FASB are determined only after extensive due process and deliberations.

4 3. If the Board agrees with proposed additional disclosures to Statement If the Board agrees that a proposed FSP should be effective for fiscal years beginning after June 15, 2008 and applied prospectively to intangible assets acquired after the effective date of the proposed FSP. 5. If the Board wants the staff to proceed with a preballot draft of a proposed FSP that would have a 45-day comment period. ISSUE 1: SCOPE The staff has provided the Board with alternatives for addressing the method of amortization and the accounting for renewal costs. However, the staff would like the Board to reconsider its decision to expand the scope beyond the original issue that the Board was asked to address (that is, the determination of the useful life of intangible assets). The staff believes that neither amortization (a non-cash charge) nor renewal costs represent significant current practice issues and therefore should not be addressed in this project. In fact, the staff believes that raising issues related to the pattern of economic benefit will lead to additional questions with widely divergent alternatives. Providing guidance on these divergent alternatives would create unnecessary complexity, and would delay the resolution of a current practice issue. Therefore, the staff recommends that the proposed FSP address only the determination of the useful life of intangible assets. If the Board agrees with the staff s recommendation, then the staff proposes that paragraph 11 of Statement 142 be modified as follows: Determining the Useful Life of an Intangible Asset 11. The accounting for a recognized intangible asset is based on its useful life to the reporting entity. An intangible asset with a finite useful life is amortized; an intangible asset with an indefinite useful life is not amortized. The useful life of an intangible asset to an entity is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of that entity. The estimate of the useful life of an intangible asset to an entity shall be based on an analysis of all pertinent factors, in particular: a. The expected use of the asset by the entity b. The expected useful life of another asset or a group of assets to which the useful life of the intangible asset may relate 2

5 c. Any legal, regulatory, or contractual provisions that may limit the useful life d. Any legal, regulatory, or contractual provisions that enable renewal or extension of the asset s legal or contractual life without substantial cost (provided there is evidence to support renewal or extension and renewal or extension can be accomplished without material modifications of the existing terms and conditions) d. The entity s historical experience in renewing or extending similar arrangements, regardless of whether such arrangements have explicit renewal or extension provisions. If the entity has no historical experience in renewing or extending similar arrangements, the entity may use market participant assumptions about renewing or extending similar arrangements e. The effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels) f. The level of maintenance expenditures required to obtain the expected future cash flows from the asset (for example, a material level of required maintenance in relation to the carrying amount of the asset may suggest a very limited useful life). [Footnote references omitted.] It is common for an income-based valuation technique to be utilized in the determination of fair value for an intangible asset. In cases where this technique is used, the remaining useful life shall also consider the periods of undiscounted cash flows used in the fair value determination (adjusted downward as appropriate for the entity specific factors summarized above in subparagraphs 11(a) to 11(f)). If no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of an intangible asset to the reporting entity, the useful life of the asset shall be considered to be indefinite. The term indefinite does not mean infinite. Appendix A includes illustrative examples of different intangible assets and how they should be accounted for in accordance with this Statement, including determining whether the useful life of an intangible asset is indefinite. Question 1a for the Board: Does the Board agree with the staff s recommendation that a proposed FSP should only address the determination of the useful life of intangible assets? Question 1b for the Board: If the answer to 1a is yes, then does the Board agree with the proposed modifications to paragraph 11 of Statement 142 that are illustrated in the Board handout? If the answer to Question 1 is no, then the staff will ask questions relating to amortization and renewal costs (below). If the answer to Question 1a is yes, then proceed to Issue 4. 3

6 ISSUE 2: METHOD OF AMORTIZATION There are various amortization methods that are currently being used in practice, as well as methods that have been suggested as alternatives. These include: a. Straight-line. b. Modified straight-line. In this method, preparers will determine the period at which, say 80 or 90 percent of the cash flows have been realized, and then apply a straightline amortization over that period. c. Pattern of economic benefit. Negative amortization is allowed. The staff is not aware of this method being currently used in practice. d. Pattern of economic benefit. If undiscounted cash flows include periods of zero or negative cash flows, then amortization is based on a straight-line methodology (thus, the same as (a) above). e. Pattern of economic benefit. In periods where undiscounted cash flows are zero or negative, amortization is suspended. In periods with positive undiscounted cash flows, amortization is calculated based on the ratio of undiscounted positive cash flows in a reporting period to the total undiscounted positive cash flows over the useful life of the intangible asset. The staff recommends that the more theoretically sound pattern of economic benefit be utilized to amortize intangible assets. The staff acknowledges that while the straight-line and modified straight-line methods are significantly less complex than the pattern of economic benefit method, they still do not match the use/consumption of the asset with the amortization. The staff believes that the Board s intention was not to require a new pattern (which may require a new valuation) at each reporting period, but rather to only require an adjustment to the pattern when a change in events or circumstances would significantly change the pattern of economic benefit. The staff would propose including a modification to paragraph 14 of Statement 142 to include the use of the word significantly when describing the degree to which the pattern of economic benefit would need to be changed for a modification to the pattern of amortization to be required. The staff believes that this modification will reduce constituents concerns about the cost and complexity of adopting a pure pattern of economic benefit amortization method. Further, the staff recommends that during periods of negative or zero cash flows, amortization is suspended (including in interim periods). At the time in which the undiscounted cash flows become positive, then amortization will be based on the ratio of positive undiscounted cash flows 4

7 for a reporting period to the total positive undiscounted cash flows over the useful life of the intangible asset. Question 2a for the Board: Does the Board agree with the staff recommendation that during periods of negative or zero undiscounted cash flows, amortization would be suspended until positive undiscounted cash flows occur, at which time amortization will be calculated based on the ratio of positive undiscounted cash flows for the period divided by the total positive undiscounted cash flows over the useful life of the intangible asset? Question 2b for the Board: Does the Board agree to modify paragraph 14 to include the word significantly in a proposed FSP when describing the degree to which the pattern of economic benefit would need to be changed for a modification to the pattern of amortization to be required? ISSUE 3: RENEWAL COSTS The staff believes that the first question that should be addressed is whether or not the incremental and direct costs of renewal should be capitalized or expensed as incurred (see alternatives that follow). Should the Board decide that renewal costs should be capitalized, the staff believes that the Board must then address the period over which those costs should be amortized. (See discussion that follows.) Capitalize versus Expense The staff believes that the characterization of renewal costs will depend upon whether the costs maintained or extended the useful life of the intangible asset. Under this model, costs incurred to maintain the value and useful life of the intangible asset would be expensed as incurred in accordance with paragraph 10 of Statement 142. The staff believes that when the determination of the useful life includes renewal periods, then expending funds on renewal costs simply maintains the value and useful life originally ascribed to the intangible asset. Had the entity not expended funds to renew the agreement, then the value associated with the renewals would have to be written off. The staff acknowledges that the valuation of the intangible asset is reduced for the amount of the renewal costs (at initial measurement), but also notes that these costs are offset due to the inclusion of income associated with the renewal that would not have been included had the entity not incurred the renewal costs. 5

8 Costs incurred to extend the useful life of the intangible asset would be capitalized as incurred. The staff believes that when the determination of the useful life excludes renewal periods, then expending funds on renewal costs is an enhancement to the intangible asset because it extends the useful life of the intangible asset. Question 3a for the Board: Does the Board agree with the staff s recommendation that incremental and direct costs of renewal should be accounted for based on the nature of the cost? Question 3b for the Board: If the Board answers yes to Question 3a, does the Board agree with the staff s characterization of maintenance and enhancement costs and the proposed accounting for maintenance and enhancement costs? Amortization of Renewal Costs The staff believes that each renewal provides an economic benefit that is not limited to the new contractual period that is created by the exercise of the renewal right. The staff believes that the current exercise of a renewal right impacts the value of all future periods (that is, without the exercise of the renewal right, all future renewals inherently have zero value). Accordingly, the staff believes that all renewals have an economic benefit that extends through the remaining useful life of the asset and as such, it should be reflected in the amortization period. Additionally, the staff does not believe that a single asset should have multiple useful life determinations (that is, separate useful lives for the underlying asset and capitalized costs of renewal). The staff notes that limiting the amortization of the renewal costs to the contractual period created by the renewal is inconsistent with how the asset s initial value is recognized (that is, the initial value of the asset is amortized over the useful life of the asset and is not limited to the initial period of contractual use). Question 3c for the Board: Does the Board agree with the staff s recommendation that incremental and direct costs of renewal that are capitalized should be amortized over the remaining useful life of the intangible asset? 6

9 ISSUE 4: DISCLOSURES The staff believes that some additional disclosures on intangible assets with renewal or extension terms are necessary to provide users with insight into key event risks, such as the loss of customers or licenses, which may or may not result in future cash flows. Therefore, the staff is recommending that paragraphs 44 and 45 of Statement 142 be amended as follows: 44. For intangible assets acquired either individually or with a group of assets, the following information shall be disclosed in the notes to the financial statements in the period of acquisition: a. For intangible assets subject to amortization: (1) The total amount assigned and the amount assigned to any major intangible asset class (2) The amount of any significant residual value, in total and by major intangible asset class (3) The weighted-average amortization period, in total and by major intangible asset class (4) For intangible assets with renewal or extension terms (both explicit and implicit), the weighted-average initial contract period and the entity s history of renewal, by major intangible asset class b. For intangible assets not subject to amortization, the total amount assigned and the amount assigned to any major intangible asset class c. The amount of research and development assets acquired and written off in the period and the line item in the income statement in which the amounts written off are aggregated. 45. The following information shall be disclosed in the financial statements or the notes to the financial statements for each period for which a statement of financial position is presented: a. For intangible assets subject to amortization: (1) The gross carrying amount and accumulated amortization, in total and by major intangible asset class (2) The aggregate amortization expense for the period (3) The estimated aggregate amortization expense for each of the five succeeding fiscal years b. For intangible assets not subject to amortization, the total carrying amount and the carrying amount for each major intangible asset class c. For intangible assets with renewal or extension terms (both explicit and implicit): (1) The total amount expended for the period to renew or extend the contractual term of an intangible asset and the line item in either the balance sheet or income statement in which the amounts are aggregated 7

10 (2) A qualitative description of the likelihood of renewal for contracts with initial contractual periods or renewal periods ending within the next fiscal year, by major intangible asset class d. The changes in the carrying amount of goodwill during the period including: (1) The aggregate amount of goodwill acquired (2) The aggregate amount of impairment losses recognized (3) The amount of goodwill included in the gain or loss on disposal of all or a portion of a reporting unit. The staff believes that these additional disclosures, coupled with the existing requirement to disclose the amount assigned to major intangible asset classes and the weighted-average amortization period by major intangible asset class, will enable users to assess the value attributable to renewal periods without requiring disclosures that may be burdensome to preparers. Question 4 for the Board: Does the Board agree with the additional disclosures as described above? ISSUE 5: TRANSITION AND EFFECTIVE DATE The staff recommends an effective date for fiscal years beginning after June 15, 2008 with early adoption being prohibited. In accordance with the Board s effective date guidelines, the Notice for Recipients will indicate when the staff expects to finalize the proposed FSP and ask whether the proposed effective date provides sufficient time for affected entities to understand and apply the requirements of the FSP. The staff is recommending that the proposed FSP should be applied prospectively to intangible assets acquired after the effective date of the proposed FSP. The staff believes that retrospective application for intangible assets acquired or renewed prior to the effective date of the proposed FSP is impracticable because there would be substantial cost and effort associated with the recalculation of amortization for assets previously acquired. Question 5 for the Board: Does the Board agree with the staff s recommendation that the proposed FSP should be applied prospectively to intangible assets acquired after the effective date of the proposed FSP with an effective date for fiscal years beginning after June 15, 2008? 8

11 Question 6 for the Board: Does the Board want to proceed with a preballot draft of a proposed FSP that would have a comment period of 45 days? 9

ORIGINAL PRONOUNCEMENTS

ORIGINAL PRONOUNCEMENTS Financial Accounting Standards Board ORIGINAL PRONOUNCEMENTS AS AMENDED Statement of Financial Accounting Standards No. 142 Goodwill and Other Intangible Assets Copyright 2008 by Financial Accounting Standards

More information

ORIGINAL PRONOUNCEMENTS

ORIGINAL PRONOUNCEMENTS Financial Accounting Standards Board ORIGINAL PRONOUNCEMENTS AS AMENDED Statement of Financial Accounting Standards No. 142 Goodwill and Other Intangible Assets Copyright 2010 by Financial Accounting Foundation.

More information

Financial Accounting Series

Financial Accounting Series Financial Accounting Series NO. 221-C JUNE 2001 Statement of Financial Accounting Standards No. 142 Goodwill and Other Intangible Assets Financial Accounting Standards Board of the Financial Accounting

More information

FASB Emerging Issues Task Force

FASB Emerging Issues Task Force EITF Issue No. 09-4 FASB Emerging Issues Task Force Issue No. 09-4 Title: Seller Accounting for Contingent Consideration Document: Issue Summary No. 1, Supplement No. 1 Date prepared: August 21, 2009 FASB

More information

Business Combinations

Business Combinations International Financial Reporting Standard 3 Business Combinations This version was issued in January 2008. Its effective date is 1 July 2009. It includes amendments resulting from IFRSs issued up to 31

More information

EITF Issue No EITF Issue No Working Group Report No. 1, p. 1

EITF Issue No EITF Issue No Working Group Report No. 1, p. 1 EITF Issue No. 03-9 The views in this report are not Generally Accepted Accounting Principles until a consensus is reached and it is FASB Emerging Issues Task Force Issue No. 03-9 Title: Interaction of

More information

Investor Advisory Committee 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut Phone: Fax:

Investor Advisory Committee 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut Phone: Fax: 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116 Phone: 203 956-5207 Fax: 203 849-9714 Via Email November 5, 2014 Technical Director Financial Accounting Standards Board File Reference No.

More information

The joint leases project change is coming

The joint leases project change is coming No. 2010-4 18 June 2010 Technical Line Technical guidance on standards and practice issues The joint leases project change is coming What you need to know The proposed changes to the accounting for leases

More information

Defining Issues May 2013, No

Defining Issues May 2013, No Defining Issues May 2013, No. 13-24 FASB and IASB Issue Revised Exposure Drafts on Lease Accounting The FASB and IASB (the Boards) recently issued revised joint exposure drafts (EDs) on proposed changes

More information

EN Official Journal of the European Union L 320/373

EN Official Journal of the European Union L 320/373 29.11.2008 EN Official Journal of the European Union L 320/373 INTERNATIONAL FINANCIAL REPORTING STANDARD 3 Business combinations OBJECTIVE 1 The objective of this IFRS is to specify the financial reporting

More information

Proposed New Accounting Standards For Leases

Proposed New Accounting Standards For Leases Relationships backed by performance. Proposed New Accounting Standards For Leases Doug Richardson Live Seminar 9:00am 10:30am June 21 2012 Overview and Background Leases serve a vital role in many entities

More information

Intangibles Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958)

Intangibles Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958) Proposed Accounting Standards Update Issued: December 20, 2018 Comments Due: February 18, 2019 Intangibles Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities

More information

Summary of IFRS Exposure Draft Leases

Summary of IFRS Exposure Draft Leases The International Accounting Standards Board (IASB) recently issued a revised exposure draft (ED) relating to leases. Once these proposals are finalized the new guidance will replace the IAS 17 Leases.

More information

Something Borrowed, Something New Get Ready for the New Lease Accounting Standard

Something Borrowed, Something New Get Ready for the New Lease Accounting Standard April 2016 Something Borrowed, Something New Get Ready for the New Lease Accounting Standard By Scott G. Lehman, CPA, and David E. Wentzel, CPA Audit / Tax / Advisory / Risk / Performance Smart decisions.

More information

Notice for Recipients of This Proposed FASB Staff Position

Notice for Recipients of This Proposed FASB Staff Position Notice for Recipients of This Proposed FASB Staff Position This proposed FASB Staff Position (FSP) would delay the effective date of FASB Statement No. 157, Fair Value Measurements, for all nonfinancial

More information

Thank you for the opportunity to comment on the above referenced Exposure Draft.

Thank you for the opportunity to comment on the above referenced Exposure Draft. International Accounting Standards Board 1 st Floor 30 Cannon Street London, EC4M 6XH United Kingdom Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856 5116 United States

More information

Topic 842 Technical Corrections Summary of Comments Received

Topic 842 Technical Corrections Summary of Comments Received Contact(s) David Hoyer Co-Author Ext. 462 Andy Bologna Co-Author Ext. 356 Thomas Faineteau Co-Author Ext. 362 Chris Roberge Co-Author Ext. 274 Amy Park Co-Author Ext. 476 Shayne Kuhaneck Assistant Director

More information

Repsol is very pleased to provide comments on the Exposure Draft Leases (ED2013/6), issued by the IASB on 16 May 2013.

Repsol is very pleased to provide comments on the Exposure Draft Leases (ED2013/6), issued by the IASB on 16 May 2013. Madrid, 13 September, 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, Re: Leases Repsol is very pleased to provide comments on the Exposure

More information

Lease Accounting Standard Update ASU Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group

Lease Accounting Standard Update ASU Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group Lease Accounting Standard Update ASU 2016-02 Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group 1 Overview Introduction Background and current environment Effective dates and transition Key

More information

File Reference No : Leases (Topic 842): a Revision of the 2010 Proposed Accounting Standards Update, Leases (Topic 840)

File Reference No : Leases (Topic 842): a Revision of the 2010 Proposed Accounting Standards Update, Leases (Topic 840) September 13, 2013 Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, CT 06856-5116 Via email: director@fasb.org File Reference No. 2013-270: Leases (Topic 842):

More information

Implementing the New Lease Guidance

Implementing the New Lease Guidance Implementing the New Lease Guidance October 22, 2018 2018 Crowe LLP 2018 Crowe LLP Agenda Background Scope Effective dates & transition requirements Lessee accounting model Lessor accounting model Specialized

More information

Comment on the Exposure Draft Leases

Comment on the Exposure Draft Leases 15 December 2010 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk CT 06856-5116 United States

More information

ABRAHAM E. HASPEL CPA

ABRAHAM E. HASPEL CPA ABRAHAM E. HASPEL CPA Comments on the Financial Accounting Standard Board s: Proposed Accounting Standard Update Leases (Topic 840) (ED) I am pleased to submit the following comments in response to the

More information

Emerging Issues Task Force. EITF Agenda Committee Report Supplement. Mining Industry Issues November 5, 2003

Emerging Issues Task Force. EITF Agenda Committee Report Supplement. Mining Industry Issues November 5, 2003 1103RPTMNG Emerging Issues Task Force Agenda Committee Report Supplement Mining Industry Issues November 5, 2003 Potential New Issues Page(s) 1. Whether Mining Rights are Tangible or Intangible Assets

More information

31 July 2014 Japan s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications

31 July 2014 Japan s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications 31 July 2014 Japan s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications ASBJ Modification Accounting Standard Exposure Draft No. 1 Accounting for

More information

FASB/IASB Update Part II

FASB/IASB Update Part II American Accounting Association FASB/IASB Update Part II Tom Linsmeier FASB Member August 3, 2014 The views expressed in this presentation are those of the presenters. Official positions of the FASB/IASB

More information

Agreements for the Construction of Real Estate

Agreements for the Construction of Real Estate HK(IFRIC)-Int 15 Revised August 2010September 2018 Effective for annual periods beginning on or after 1 January 2009* HK(IFRIC) Interpretation 15 Agreements for the Construction of Real Estate * HK(IFRIC)-Int

More information

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects. IAS Standard 40 Investment Property In April 2001 the International Accounting Standards Board (the Board) adopted IAS 40 Investment Property, which had originally been issued by the International Accounting

More information

Comment Letter No December 15, Merritt 7 840). assess the. impact of. should be

Comment Letter No December 15, Merritt 7 840). assess the. impact of. should be December 15, 2010 Financial Accounting Standards Board Attn: Technical Director File Reference No. 1850-100 401 Merritt 7 P.O. Box 5116 Norwalk, CT 06856-5116 Via e-mail to director@fasb.org Re: File Reference

More information

IFRS Project Insights Leases

IFRS Project Insights Leases IFRS Project Insights Leases The IASB and FASB ( the Boards ) published a Discussion Paper (DP) setting out a proposed lessee accounting model in March 2009. The proposed accounting model has evolved since

More information

The IASB s Exposure Draft on Leases

The IASB s Exposure Draft on Leases The Chair Date: 9 September 2013 ESMA/2013/1245 Francoise Flores EFRAG Square de Meeus 35 1000 Brussels Belgium The IASB s Exposure Draft on Leases Dear Ms Flores, The European Securities and Markets Authority

More information

Proposed FASB Staff Position No. 142-d, Amortization and Impairment of Acquired Renewable Intangible Assets (FSP 142-d)

Proposed FASB Staff Position No. 142-d, Amortization and Impairment of Acquired Renewable Intangible Assets (FSP 142-d) Financial Reporting Advisors, LLC 100 North LaSalle Street, Suite 2215 Chicago, Illinois 60602 312.345.9101 www.finra.com Mr. Lawrence W. Smith Director - Technical Application and Implementation Activities

More information

These FAQs reflect current views and understanding of the IASB project.

These FAQs reflect current views and understanding of the IASB project. FAQ 14 SEPTEMBER 2010 IASB PROJECT ON LEASE ACCOUNTING These FAQs reflect current views and understanding of the IASB project. In August 2010, the International Accounting Standards Board (IASB) and the

More information

Defining Issues. FASB Completes Technical Redeliberations on Leases. October 2015, No Key Facts. Key Impacts

Defining Issues. FASB Completes Technical Redeliberations on Leases. October 2015, No Key Facts. Key Impacts Defining Issues October 2015, No. 15-47 FASB Completes Technical Redeliberations on Leases The FASB met on October 7 to discuss comments received and related follow-up issues on the external review of

More information

Restoring the Past U.E.P.C. Building the Future

Restoring the Past U.E.P.C. Building the Future Brussels, 14.12.2010 Dear Sirs, Madam, Re: Exposure Draft Leases On behalf of the European Union of Developers and House Builders (Union Europeénne des Promoteurs-Constructeurs - UEPC), I am writing to

More information

Current Developments. FASB, AICPA and SEC. Jim Brendel, CPA, CFE March 1, 2013

Current Developments. FASB, AICPA and SEC. Jim Brendel, CPA, CFE March 1, 2013 Current Developments FASB, AICPA and SEC Jim Brendel, CPA, CFE March 1, 2013 Agenda FASB Developments Selected Projects and Initiatives Revenue Recognition Leases Impairment of Intangible Assets Other

More information

(a) fulfillment of the contract depends on the use of an identified asset; and

(a) fulfillment of the contract depends on the use of an identified asset; and Exposure Draft Leases Comments to be received by 13 September 2013 Securities and Exchange Board of India (SEBI) welcomes the opportunity to respond to the above exposure draft. Question 1: identifying

More information

Executive Summary. New leases standard Lessees

Executive Summary. New leases standard Lessees Executive Summary December 2018 The new leases standard focuses on increased transparency and comparability providing financial statement users with more information about an entity s leasing activities.

More information

MONITORDAILY SPECIAL REPORT. Lease Accounting Project Update as of May 25, 2011 Prepared by Bill Bosco, Leasing 101

MONITORDAILY SPECIAL REPORT. Lease Accounting Project Update as of May 25, 2011 Prepared by Bill Bosco, Leasing 101 MONITORDAILY SPECIAL REPORT Lease Accounting Project Update as of May 25, 2011 Prepared by Bill Bosco, Leasing 101 The high volume of comment letters (780+) and numerous outreach meetings had common criticisms

More information

Business Combinations

Business Combinations Business Combinations Indian Accounting Standard (Ind AS) 103 Business Combinations Contents Paragraphs OBJECTIVE 1 SCOPE 2 IDENTIFYING A BUSINESS COMBINATION 3 THE ACQUISITION METHOD 4 53 Identifying

More information

roots The Substance of the Standard Contents Changes to the Accounting for Goodwill for Private Companies

roots The Substance of the Standard Contents Changes to the Accounting for Goodwill for Private Companies The Substance of the Standard MAYER HOFFMAN MCCANN P.C. AN INDEPENDENT CPA FIRM TM A publication of the Professional Standards Group February 2014 Changes to the Accounting for Goodwill for Private Companies

More information

AMERICAN INTERNATIONAL GROUP, INC.

AMERICAN INTERNATIONAL GROUP, INC. AMERICAN INTERNATIONAL GROUP, INC. Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, CT 06856-5116 Re: FASB File Reference No., Proposed Accounting Standards

More information

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects. IAS 40 Investment Property In April 2001 the International Accounting Standards Board (the Board) adopted IAS 40 Investment Property, which had originally been issued by the International Accounting Standards

More information

CFA UK response to the Exposure Draft on Leases

CFA UK response to the Exposure Draft on Leases David Humphreys Practice Fellow International Accounting Standards Board 30 Cannon Street London EC4M 6XH 20 th December 2010 Dear David, Thank you for the opportunity to respond to the IASB Exposure Draft

More information

Accounting Update. Anne Cloutier, CPA, FHFMA Principal March 27, 2015

Accounting Update. Anne Cloutier, CPA, FHFMA Principal March 27, 2015 Accounting Update Anne Cloutier, CPA, FHFMA Principal March 27, 2015 Current Accounting for Leases Capital leases - a lessee recognizes leased assets and liabilities on the balance sheet. Operating leases

More information

An intangible asset is an identifiable non-monetary asset without physical substance.

An intangible asset is an identifiable non-monetary asset without physical substance. Technical Summary This extract has been prepared by IASC Foundation staff and has not been approved by the IASB. For the requirements reference must be made to International Financial Reporting Standards.

More information

Notice to Readers of this Summary of FASB Tentative Decisions on Business Combinations as of July 27, 2004

Notice to Readers of this Summary of FASB Tentative Decisions on Business Combinations as of July 27, 2004 Notice to Readers of this Summary of FASB Tentative Decisions on Business Combinations as of July 27, 2004 The FASB and the IASB (the Boards ) plan to develop common Exposure Drafts of their proposed Statements

More information

IFRS Training. IAS 38 Intangible Assets. Professional Advisory Services

IFRS Training. IAS 38 Intangible Assets.  Professional Advisory Services IFRS Training IAS 38 Intangible Assets Table of Contents Section 1 Overview 2 Introduction to Intangible Assets 3 Recognition and Initial Measurement 4 Internally Generated Intangible Assets 5 Measurement

More information

The New Lease Accounting Standard. Hunter Mink, CPA, CCIFP Brian Rosenberg, CPA, MBA

The New Lease Accounting Standard. Hunter Mink, CPA, CCIFP Brian Rosenberg, CPA, MBA The New Lease Accounting Standard Hunter Mink, CPA, CCIFP Brian Rosenberg, CPA, MBA 1 Agenda Introduction Lease Identification and Classification Lessee Accounting Other Considerations Disclosures Impact

More information

In December 2003 the IASB issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the IASB issued a revised IAS 40 as part of its initial agenda of technical projects. International Accounting Standard 40 Investment Property In April 2001 the International Accounting Standards Board (IASB) adopted IAS 40 Investment Property, which had originally been issued by the International

More information

Technical Corrections and Improvements to Recently Issued Standards

Technical Corrections and Improvements to Recently Issued Standards Two Proposed Accounting Standards Updates Issued: September 27, 2017 Comments Due: November 13, 2017 Technical Corrections and Improvements to Recently Issued Standards I. Accounting Standards Update No.

More information

The new IFRS 16 Leases effective as of 1 January 2019

The new IFRS 16 Leases effective as of 1 January 2019 The new IFRS 16 Leases effective as of 1 January 2019 IFRS 16 was issued by IASB on 13 January 2016. The Standard is effective as of 1 January 2019. It has not yet been adopted by the EC. This is a Standard

More information

IASB Staff Paper March 2011

IASB Staff Paper March 2011 IASB Staff Paper March 2011 Effect of board redeliberations on Exposure Draft Leases About this staff paper This staff paper indicates how the proposals in the Exposure Draft Leases would change as a result

More information

CONTACT(S) Raghava Tirumala +44 (0) Woung Hee Lee +44 (0)

CONTACT(S) Raghava Tirumala +44 (0) Woung Hee Lee +44 (0) IASB Agenda ref 18A STAFF PAPER IASB Meeting Project Paper topic Goodwill and Impairment research project Summary of discussions to date CONTACT(S) Raghava Tirumala rtirumala@ifrs.org +44 (0)20 7246 6953

More information

Dear members of the International Accounting Standards Board,

Dear members of the International Accounting Standards Board, International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Our ref : IASB 442 D Direct dial : (+31) 20 301 0391 Date : Amsterdam, 10 September 2013 Re : Comment on Exposure

More information

Ref.: Exposure Draft ED/2010/9 Leases

Ref.: Exposure Draft ED/2010/9 Leases Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Milan, December 15, 2010 Ref.: Exposure Draft ED/2010/9 Leases Dear Sir David, we are

More information

CPE regulations require online participants to take part in online questions

CPE regulations require online participants to take part in online questions KPMG s CFO Financial Forum Webcast FASB/IASB Revised Lease Accounting Exposure Drafts A Detailed Look Part III: Lessor Accounting June 25, 2013 Administrative CPE regulations require online participants

More information

IFRS - 3. Business Combinations. By:

IFRS - 3. Business Combinations. By: IFRS - 3 Business Combinations Objective 1. The purpose of this IFRS is to specify to disclose financial information by an entity when carrying out a business combination. In particular, specifies that

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 38 Intangible Assets (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial

More information

FASB Emerging Issues Task Force. Issue No Title: Accounting by Lessees for Maintenance Deposits under Lease Agreements

FASB Emerging Issues Task Force. Issue No Title: Accounting by Lessees for Maintenance Deposits under Lease Agreements EITF Issue No. 08-3 FASB Emerging Issues Task Force Issue No. 08-3 Title: Accounting by Lessees for Maintenance Deposits under Lease Agreements Document: Issue Summary No. 1 Date prepared: February 28,

More information

On the Horizon: Leases and Fiduciary Responsibilities

On the Horizon: Leases and Fiduciary Responsibilities On the Horizon: Leases and Fiduciary Responsibilities Dean Michael Mead, Research Manager Florida School Finance Officers Association November 11, 2015 The views expressed in this presentation are those

More information

Exposure Draft ED/2010/9 - Leases

Exposure Draft ED/2010/9 - Leases December 15 th, 2010 International Accounting Standards Board 30 Cannon Street, London EC4M 6XH United Kingdom Dear Madam/Sir, Exposure Draft ED/2010/9 - Leases The Israel Accounting Standards Board is

More information

IASB Exposure Draft ED/2013/6 - Leases

IASB Exposure Draft ED/2013/6 - Leases ACAG AUSTRALASIAN COUNCIL OF AUDITORS GENERAL 13 September 2013 Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Mr Hoogervorst

More information

CPE ARTICLE. An Introduction to Lessee Accounting (Topic 842, Leases)

CPE ARTICLE. An Introduction to Lessee Accounting (Topic 842, Leases) CPE ARTICLE An Introduction to Lessee Accounting (Topic 842, Leases) 42 Today scpa Curriculum: Accounting and auditing Level: Basic Designed For: Public practitioners and business and industry Objectives:

More information

AAT Professional Diploma in Accounting

AAT Professional Diploma in Accounting Qualification Number: R486 04 Qualification Technical Information Version 1.1 published 13 June 2016 AAT Professional Diploma in Accounting Qualification Technical Information Units in this qualification

More information

Temporary exemption from IAS 8 paragraphs 11 and 12

Temporary exemption from IAS 8 paragraphs 11 and 12 International Financial Reporting Standard 6 Exploration for and Evaluation of Mineral Resources Objective 1 The objective of this IFRS is to specify the financial reporting for the exploration for and

More information

COMMITTEE OF EUROPEAN SECURITIES REGULATORS

COMMITTEE OF EUROPEAN SECURITIES REGULATORS COMMITTEE OF EUROPEAN SECURITIES REGULATORS IASB 30 Cannon Street LONDON EC4M 6XH United Kingdom Date: 29 November 2010 Ref.: CESR/10-1518 RE: the IASB s Exposure Draft Leases The Committee of European

More information

Preview of the New Exposure Draft of the Lease Accounting Project Key elements and commentary

Preview of the New Exposure Draft of the Lease Accounting Project Key elements and commentary Preview of the New Exposure Draft of the Lease Accounting Project Key elements and commentary Prepared by Bill Bosco, Leasing 101 www.leasing-101.com The Financial Accounting Standards Board (FASB) and

More information

Accounting Of Intangible Assets Indian as- 26

Accounting Of Intangible Assets Indian as- 26 IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 16, Issue 2. Ver. II (Feb. 2014), PP 40-45 Accounting Of Intangible Assets Indian as- 26 Manpreet Sharma,

More information

FASB and IASB Continue Making Decisions on Lease Accounting

FASB and IASB Continue Making Decisions on Lease Accounting Accounting Journal Entry FASB and IASB Continue Making Decisions on Lease Accounting March 28, 2011 At recent meetings, the FASB and IASB (the boards ) have continued to make progress on the leases project,

More information

Property, Plant and Equipment

Property, Plant and Equipment IAS 16 IASB documents published to accompany International Accounting Standard 16 Property, Plant and Equipment The text of the unaccompanied IAS 16 is contained in Part A of this edition. Its effective

More information

LEASES WHERE ARE WE? Steve Rathjen

LEASES WHERE ARE WE? Steve Rathjen LEASES WHERE ARE WE? Steve Rathjen 267 256-3110 srathjen@kpmg.com Agenda Project status Lease definition and classification Lessee accounting Lessor accounting Presentation, disclosures, and transition

More information

Defining Issues. FASB and IASB Take Divergent Paths on Key Aspects of Lease Accounting. March 2014, No Key Facts

Defining Issues. FASB and IASB Take Divergent Paths on Key Aspects of Lease Accounting. March 2014, No Key Facts Defining Issues March 2014, No. 14-17 FASB and IASB Take Divergent Paths on Key Aspects of Lease Accounting At their March 18-19 meeting to redeliberate the proposals in their 2013 exposure drafts (EDs)

More information

IFRS 16 LEASES. Page 1 of 21

IFRS 16 LEASES. Page 1 of 21 IFRS 16 LEASES OBJECTIVE The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. This information gives a basis for users

More information

Intangibles Goodwill and Other (Topic 350)

Intangibles Goodwill and Other (Topic 350) Proposed Accounting Standards Update Issued: October 6, 2010 Comments Due: November 5, 2010 Intangibles Goodwill and Other (Topic 350) How the Carrying Amount of a Reporting Unit Should Be Calculated When

More information

Leases. (a) the lease transfers ownership of the asset to the lessee by the end of the lease term.

Leases. (a) the lease transfers ownership of the asset to the lessee by the end of the lease term. Leases 1.1. Classification of leases A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease

More information

Edison Electric Institute and American Gas Association New Lease Standard

Edison Electric Institute and American Gas Association New Lease Standard Edison Electric Institute and American Gas Association New Lease Standard May 16, 2016 Disclaimer The information contained herein is of a general nature and is not intended to address the circumstances

More information

IASB Exposure Draft ED/2013/6 Leases

IASB Exposure Draft ED/2013/6 Leases Hans Hoogervorst Chairman IASB 30 Cannon Street London EC4M 6XH 8 October 2013 Dear Hans IASB Exposure Draft ED/2013/6 Leases I am writing on behalf of the Financial Reporting Council (FRC), in response

More information

In December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects.

In December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects. IFRS Standard 16 Leases In April 2001 the International Accounting Standards Board (IASB) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC)

More information

Sri Lanka Accounting Standard LKAS 40. Investment Property

Sri Lanka Accounting Standard LKAS 40. Investment Property Sri Lanka Accounting Standard LKAS 40 Investment Property LKAS 40 CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 40 INVESTMENT PROPERTY paragraphs OBJECTIVE 1 SCOPE 2 DEFINITIONS 5 CLASSIFICATION OF PROPERTY

More information

THE CHAIRPERSON. Hans Hoogervorst Chairman International Accounting Standard Board 30 Cannon Street London EC4M 6XH.

THE CHAIRPERSON. Hans Hoogervorst Chairman International Accounting Standard Board 30 Cannon Street London EC4M 6XH. Floor 18 Tower 42 25 Old Broad Street London EC2N 1HQ United Kingdom t +44 (0)20 7382 1770 f +44 (0)20 7382 1771 www.eba.europa.eu THE CHAIRPERSON +44(0)20 7382 1765 direct andrea.enria@eba.europa.eu Hans

More information

brief introduction to the research projects (paragraphs 5 7); and

brief introduction to the research projects (paragraphs 5 7); and STAFF PAPER FASB IASB Meeting Project Paper topic Goodwill and Impairment research project Cover paper June 2018 This paper has been prepared for discussion at a public educational meeting of the US Financial

More information

Private Company Council. PCC Issue No Title: Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements

Private Company Council. PCC Issue No Title: Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements PCC Issue No. 13-02 Private Company Council PCC Issue No. 13-02 Title: Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements Document: Issue Summary No. 1 (Revised) PCC Meeting

More information

FASB Emerging Issues Task Force. Issue No Title: Accounting by Lessees for Maintenance Deposits under Lease Arrangements

FASB Emerging Issues Task Force. Issue No Title: Accounting by Lessees for Maintenance Deposits under Lease Arrangements EITF Issue No. 08-3 FASB Emerging Issues Task Force Issue No. 08-3 Title: Accounting by Lessees for Maintenance Deposits under Lease Arrangements Document: Issue Summary No. 1, Supplement No. 1 Date prepared:

More information

FASB Leases Topic 842

FASB Leases Topic 842 FASB Leases Topic 842 Date of Entry: 9/3/2013 Respondent information Type of entity or individual: Preparer Contact information: Organization: Name: Hilltop Basic Resources, Inc. Paul J Hennekes Email

More information

UPDATE MATERIALS INTERMEDIATE ACCOUNTING, 10 TH EDITION

UPDATE MATERIALS INTERMEDIATE ACCOUNTING, 10 TH EDITION UPDATE MATERIALS INTERMEDIATE ACCOUNTING, 10 TH EDITION This document contains several discussions of the effects of new accounting standards as they relate to the materials in Intermediate Accounting,

More information

Re: File Reference No. No Proposed Accounting Standards Update (Revised) Leases (Topic 842), ED/2013/6

Re: File Reference No. No Proposed Accounting Standards Update (Revised) Leases (Topic 842), ED/2013/6 Michael Monahan Senior Director, Accounting Policy September 11, 2013 Hans Hoogervorst, Chair Russell G. Golden, Chair International Accounting Standards Board Financial Accounting Standards Board 30 Cannon

More information

Accounting and Auditing Update. Staci L. Brogan, CPA, Shareholder Patricia R. Giudici, CPA, Senior Manager Schneider Downs & Co. Inc.

Accounting and Auditing Update. Staci L. Brogan, CPA, Shareholder Patricia R. Giudici, CPA, Senior Manager Schneider Downs & Co. Inc. Accounting and Auditing Update Staci L. Brogan, CPA, Shareholder Patricia R. Giudici, CPA, Senior Manager Schneider Downs & Co. Inc. Agenda Overview of the standard setting agenda Revenue recognition Lease

More information

Heads Up. FASB Draws a Bright Line Through Operating Leases Proposed ASU Revamps Lease. Accounting. The ED, released by the FASB as a proposed

Heads Up. FASB Draws a Bright Line Through Operating Leases Proposed ASU Revamps Lease. Accounting. The ED, released by the FASB as a proposed August 17, 2010 Volume 17, Issue 27 Heads Up In This Issue: Background Effective Date In a Nutshell Scope Lessee Accounting Lessor Accounting Presentation and Disclosures Transition The ED, released by

More information

Deloitte & Touche LLP

Deloitte & Touche LLP 695 East Main Street Stamford, CT 06901-2141 Tel: + 1 203 708 4000 Fax: + 1 203 708 4797 www.deloitte.com Ms. Susan M. Cosper Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O.

More information

New leases standard ASC 842 Lessee - operating leases. Itai Gotlieb, Partner, Professional Practice July 2017

New leases standard ASC 842 Lessee - operating leases. Itai Gotlieb, Partner, Professional Practice July 2017 ASC 842 Lessee - operating leases Itai Gotlieb, Partner, Professional Practice July 2017 Overview Under Accounting Standards Codification (ASC) 842, Leases, lessees recognize assets and liabilities for

More information

Property, Plant and Equipment

Property, Plant and Equipment International Accounting Standard 16 Property, Plant and Equipment In April 2001 the International Accounting Standards Board (IASB) adopted IAS 16 Property, Plant and Equipment, which had originally been

More information

LETTER No. 020/2010. São Paulo, December 15 th, Chief Technical Officer. Financial Accounting Standards Board. Ref.: Exposure Draft ED/2010/9

LETTER No. 020/2010. São Paulo, December 15 th, Chief Technical Officer. Financial Accounting Standards Board. Ref.: Exposure Draft ED/2010/9 LETTER No. 020/2010 São Paulo, December 15 th, 2010. Chief Technical Officer Financial Accounting Standards Board Ref.: Exposure Draft ED/2010/9 ABEL Associação Brasileira das Empresas de Leasing (Brazilian

More information

July 17, Technical Director File Reference No Re:

July 17, Technical Director File Reference No Re: July 17, 2009 Technical Director File Reference No. 1680-100 Re: Financial Accounting Standards Board ( FASB ) and International Accounting Standards Board ( IASB ) Discussion Paper titled Leases: Preliminary

More information

GASB 69: Government Combinations

GASB 69: Government Combinations GASB 69: Government Combinations Table of Contents EXECUTIVE SUMMARY... 3 BACKGROUND... 3 KEY PROVISIONS... 3 OVERVIEW & SCOPE... 3 MERGER & TRANSFER OF OPERATIONS... 4 Mergers... 4 Transfers of Operations...

More information

Exposure Draft 64 January 2018 Comments due: June 30, Proposed International Public Sector Accounting Standard. Leases

Exposure Draft 64 January 2018 Comments due: June 30, Proposed International Public Sector Accounting Standard. Leases Exposure Draft 64 January 2018 Comments due: June 30, 2018 Proposed International Public Sector Accounting Standard Leases This document was developed and approved by the International Public Sector Accounting

More information

In December 2003 the Board issued a revised IAS 17 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 17 as part of its initial agenda of technical projects. IFRS 16 Leases In April 2001 the International Accounting Standards Board (the Board) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC)

More information

December 15, International Accounting Standards Board 30 Cannon Street, London EC4M 6XH United Kingdom. Dear Sirs,

December 15, International Accounting Standards Board 30 Cannon Street, London EC4M 6XH United Kingdom. Dear Sirs, December 15, 2010 30 Cannon Street, London EC4M 6XH United Kingdom Dear Sirs, This letter is the response of the Canadian Accounting Standards Board (AcSB) to the Exposure Draft, Leases issued jointly

More information

Proposed Statement of the Governmental Accounting Standards Board

Proposed Statement of the Governmental Accounting Standards Board NO. 30 JUNE 30, 2009 Governmental Accounting Standards Series EXPOSURE DRAFT Proposed Statement of the Governmental Accounting Standards Board Accounting and Financial Reporting for Service Concession

More information

Property, Plant and Equipment

Property, Plant and Equipment IAS 16 Property, Plant and Equipment In April 2001 the International Accounting Standards Board (the Board) adopted IAS 16 Property, Plant and Equipment, which had originally been issued by the International

More information