Iasb

Running head: IASB DELIBERATIONS

IASB Deliberations

IASB

The International Accounting Standards Board, better known as IASB is the independent standard setting body of the IASC. The organization is based in London and is held accountable for the development and publication of IFRSs and for approving interpretations. The IASB strives to set as well as enforce accounting standards and procedures. More than 100 countries currently participate and comply with IASB.

Active agenda projects

The consolidation project was added in June 2003. The main objective of the consolidation project is to publish a single IFRS on consolidation for the information users. Such publications would therefore replace the IAS 27 Consolidated and Separate Financial Statements and the interpretation SIC-12 Consolidation- Special Purpose Entities. Key items of discussion in the consolidation project are: the enhanced disclosures regarding consolidated and unconsolidated entities and the definition and application of the term, control (both the definition and application of the term have since then been revised).

The exposure draft of the consolidation project was published back in December of 2008. The exposure comment period came to an end in March of 2009 just before the round table discussion in June of 2009. In February 2010 the IASB came to a decision in which certain disclosure requirements would be combined. As it stands since March and April of the current year deliberations still continue.

Derecognition deals with how to remove a financial asset or financial liability from an entity’s financial statements. The derecognition project has tree primary objectives:

1. Improve derecognition requirements for financial assets in IAS 39 (current requirements are far too complex to understand and apply in practice).

2. Provide information users with more adequate information regarding an entity’s exposure to risks of transferred financial assets.

3. Help in...