A global panel of experts created by the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) has made a bunch of recommendations to avert the next financial crisis. The courses of action range from asking companies to take more responsibility for "effective price verification" when valuing financial instruments, to developing robust disclosures around structured financial products, to developing a permanent funding mechanism for the IASB as a way to protect its independence from "undue influence." What could these mean for Asia's CFOs? Read about it here. Download the full report here.
IASB to Consult on Temporary Measures Relating to Effective Dates for IFRS 9, New Insurance Contracts Standard
The Malaysian Accounting Standards Board (MASB) confirms that the effective date of MFRS 15 Revenue from Contracts with Customers will be deferred to annual periods beginning on or after 1 January 2018, following the recent announcement by the International Accounting Standards Board (IASB) confirming a one-year deferral of IFRS 15 Revenue from Contracts with Customers. However, early application of MFRS 15 is still permitted.