At-A-Glance

International

IASB – International Accounting Standards Board (www.ifrs.org)

• Exposure Draft - Business Combinations—Disclosures, Goodwill and Impairment, published March 14, 2024. “The Exposure Draft contains proposed amendments to IFRS 3 Business Combinations and IAS 36 Impairment of Assets…The proposals to amend IFRS 3 are intended, in particular, to improve the information companies disclose about the performance of business combinations. The proposed amendments to IAS 36 are intended to improve the application of the impairment test of cash-generating units containing goodwill.” Comment period ends July 15, 2024. 

• Exposure Draft - Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard, published March 28, 2024, “to align the IFRS for SMEs Accounting Standard with the requirements in full IFRS Accounting Standards for supplier finance arrangements and lack of exchangeability.” Comment period ends July 31, 2024. 
  

IFAC – International Federation of Accountants (www.ifac.org)

• International Ethics Standards Board for Accountants {IESBA) - Summary of Prohibitions in the IESBA Code Applicable to Audits of Public Interest Entities, published March 18, 2024, “contains requirements and application material that apply when a firm audits a public interest entity (PIE).”

• International Public Sector Accounting Standards Board (IPSASB) - Exposure Draft (ED) 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48), issued March 28, 2024. “The proposed amendments to IPSAS 47, Revenue are consistent with the principles already exposed in ED 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23), published in January 2023, that were strongly supported by stakeholders. Additionally, ED 88 proposes illustrative examples to accompany IPSAS 47 and IPSAS 48, Transfer Expenses on other types of arrangements conveying rights over assets that are common in the public sector. Comment period ends May 31, 2024.
  

IFR4NPO - International Financial Reporting for Non-Profit Organisations (www.ifr4npo.org)

• No new developments.

IOSCO – International Organization of Securities Commissions (www.iosco.org)

• No new developments.

ACCA – Association of Chartered Certified Accountants (www.accaglobal.com)

• No new developments.

Africa, Europe, India and the Middle East (AEIME)

FRC – Financial Reporting Council of the UK (www.frc.org.uk)

• Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs Periodic Review 2024, issued March 27, 2024, “designed to enhance the quality of UK financial reporting and help support the access to capital and growth of the businesses applying them…The most significant changes apply to leases and revenue recognition to align with recent changes to international financial reporting standards…The amendments to the standards will in most cases be effective for accounting periods beginning on or after 1 January 2026.” 

ICAEW - Institute of Chartered Accountants in England and Wales (https://www.icaew.com/)

• No new developments.

EC – European Commission (https://ec.europa.eu/)

• No new developments.

EFRAG – European Financial Reporting Advisory Group (www.efrag.org)

• No new developments.

Americas, Asia, Australia and New Zealand (AAANZ)

AICPA & CIMA – American Institute of Certified Public Accountants (www.aicpa.org)

• No new developments

FASB – Financial Accounting Standards Board (www.aicpa.org)

• ASU 2024-01 - Compensation—Stock Compensation - Scope Application of Profits Interest and Similar Awards, issued March 21, 2024, “that improves generally accepted accounting principles (GAAP) by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation.“ For public companies, effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. Early adoption is permitted.

• ASU 2024-02 - Codification Improvements—Amendments to Remove References to the Concepts Statements, issued March 29, 2024, “facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements.” Effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early application is permitted.

GASB – Governmental Accounting Standards Board (www.gasb.org)

• No new developments.
  

COSO - The Committee of Sponsoring Organizations of the Treadway Commission (www.coso.org)

• Alternate Data: The COSO Perspective, issued March 27, 2024, “explores how COSO’s Enterprise Risk Management (ERM) Framework can be applied to the challenge and opportunity of the growing proliferation of alternative data (“altdata”). While it has no standard definition, altdata generally is understood to include information about an organization that is available outside of traditional financial and regulatory reporting channels, press releases, or other authorized materials. It includes data about an organization and its operations that the organization makes public or otherwise discloses to third parties knowingly or unknowingly.”

PCAOB – Public Company Accounting Oversight Board (www.pcaob.org)

• No new developments

SASB – Sustainability Accounting Standards Board (www.sasb.org)

• No new developments

SEC – Securities and Exchange Commission (www.sec.gov)

• No new developments