The Organisation for Economic Co-operation and Development (“OECD”) presented in a September 16, 2014 webcast its first set of deliverables following its Action Plan to address Base Erosion and Profit Shifting (“BEPS”). BEPS refers to the reduction in governments’ tax revenues resulting from the erosion of their tax base, particularly through the shifting of profits by multinational corporations to low-tax or no-tax jurisdictions. Two of these BEPS deliverables address transfer pricing, namely, the transfer pricing of intangibles, and transfer pricing documentation together with country by country reporting.

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In this August 2014 edition, we will cover new standards issued by the International Accounting Standards Board (IASB), Exposure Drafts issued, IFRS-related news at Grant Thornton and a general round-up of financial reporting developments.

You can find out about the implementation dates of newer standards, some of them being not yet mandatory towards the end of this document, as well as a list of IASB publications that are out for comment.

 

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Private Enterprises, NFPO and Pension Plans

Flash

Flash bulletins provide a summary of the most recent news and publications from standard setters on accounting standards for private enterprises (ASPE), not-for-profit organizations (NFPO) and pension plans. International Financial Reporting Standards (IFRS) are not covered by the Flash bulletins, but we issue IFRS Newsletters, dedicated exclusively to new IFRS developments, and Adviser Alerts on specific topics of importance.
This publication is intended to inform readers about recent changes in accounting; however, it cannot deal with all topics. Readers are always encouraged to refer to the original publications mentioned in the articles before making any decisions.

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Our second edition of 2014 starts with a summary of the International Accounting Standards Board (IASB)’s latest standards, IFRS 14 Regulatory Deferral Accounts and IFRS 15 Revenue from Contracts with Customers. We then consider a number of items in the IASB’s project pipeline including its post-implementation review of IFRS 3 Business Combinations, its proposals on macro hedging and some proposed amendments to IAS 1 Presentation of Financial Statements.

The newsletter then moves on to a round-up of IFRS-related news at Grant Thornton, and a more general round-up of activities affecting the IASB. We end with an overview of the implementation dates of newer standards, some of them being not yet effective, and the proposals that the IASB currently has out for comment.