The IASB spares the Ibex an 8.5 billion euros hit to its annual profits

The IASB board, in a close vote and against the opinion of the Spanish government, has rejected the implementation at international level of the straight-line goodwill amortisation method. The rules for the preparation of financial statements do not seem to be the most likely subject to generate major disputes, but the International Accounting Standards Board (IASB) yesterday experienced the closest thing to a drama, according to Expansión newspaper. In a…

accountability 2

The Use Of “Prudence” In Accounting Standards

Leandro Cañibano and Felipe Herranz | The International Accounting Standards Board (IASB) has reintroduced the concept of prudence to its draft revised Conceptual Framework approved in 2015. But the scope is different from that contained in the 1989 Framework and, of course, very different from what it normally is.

Bank of Spain

Bank Of Spain To Calculate Provisions On Expected Rather Than Incurred Losses

The Bank of Spain plans to change the method for calculating provisions in H1 2016, in advance of the European Commission’s new accounting regulations due to be implemented in 2018. Under the new rules elaborated by the International Accounting Standards Board (IASB), provisions will be calculated based on the expected loss in credit operations and not on the loss already incurred, as has been the case up to now.