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IFRS News - IFRS 14 will reduce barriers to adoption

IFRS News provides a quarterly update from the Grant Thornton International Ltd IFRS team. IFRS News offers a summary of the more significant developments in International Financial Reporting Standards (IFRS) along with insights into topical issues and comments and views from the Grant Thornton International Ltd IFRS team.

Our second edition of 2014 starts with a summary of the IASB’s latest Standard IFRS 14 ‘Regulatory Deferral Accounts’. 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’.

IFRS News Quarter 2 2014 1 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 proposals that the IASB currently has out for comment, and the implementation dates of newer Standards that are not yet mandatory

IFRS 14 will reduce a significant barrier to the adoption of IFRS by entities with rate-regulated activities, and should improve comparability by reducing the number of different accounting frameworks being used.