Welcome to the IFRS Newsletter—a newsletter that offers a summary of some developments in International Financial Reporting Standards (IFRS) along with insights into topical issues and some comments.
Our first edition of 2011 leads with an article on the International Accounting Standards Board’s (IASB) first IFRS Practice Statement, which provides a broad, non-binding framework for the presentation of management commentary relating to IFRS financial statements. We go on to consider other recent developments at the IASB, including proposals which would fundamentally alter the current requirements for hedge accounting. We then turn to IFRS-related news at Grant Thornton, as well as a general round-up of activities affecting the IASB. We end with an overview of the proposals that the IASB currently has out for comment, and the implementation dates of newer standards that are not yet mandatory.