Le Magazine du Trésorier - n°65 - 1er trimestre 2009 - (Page 6)

FINANCIAL HIGHLIGHTS Luxembourg News IFRS NEWS Revenue recognition - a new approach In December, the IASB and the FASB issued a Discussion Paper "Preliminary Views on Revenue Recognition in Contracts with Customers", as part of their joint project to develop a single model for revenue recognition.While a final standard is not expected until 2011, it will replace the existing IFRS on revenue recognition, as well as the myriad of US GAAP sources that deal with the subject (often on an industry basis). The aim is to create a consistent basis of recognition, eliminating existing weaknesses in both frameworks. Ernst & Young will continue to explore the potential impact of this Paper on various industries.Visit our IFRS website www.ey.com/IFRS for details on our planned webcast in February and future publications. Consolidated financial statements The IASB recently issued an Exposure Draft on consolidated financial statements that would replace IAS 27 and SIC-12. The proposals contained in this draft will require entities holding investments to exercise greater judgment imposed by a new definition of control of an entity and to introduce additional procedures to make the necessary assessments, respond to changes in circumstances and to make the additional disclosures - particularly for involvement with "Structured Entities". Financial Instruments: Disclosures that would require further disclosures for investments in debt instruments that are not accounted for as at fair value through profit or loss.As the proposal requires adoption for 2008 year-ends, entities will face the challenge of having only a very short period of time to gather the necessary additional information. For further information, visit our website: www.ey.com/IFRS TAX NEWS Exposure Draft - Embedded derivatives proposed amendments to IFRIC 9 and IAS 39 The IASB has issued a draft proposing changes to IFRIC 9 and IAS 39 to clarify some aspects of the previous set of amendments that it issued in October entitled Reclassification of financial assets (Amendments to IAS 39 and IFRS 7). The proposed changes would impact businesses that have already reclassified hybrid financial instruments, or will do so, in accordance with IAS 39. It is proposed that these amendments will be effective for 2008 year ends, hence companies need to consider the impact now ! On 19 December 2008, the Luxembourg Chamber of Representatives voted a series of tax measures aimed at improving the competitiveness and attractiveness of Luxembourg's tax environment G Exposure Draft - Related party disclosures - proposed amendments to IAS 24 Relationships with the state Under the current requirements of IAS 24 Related party disclosures, state-controlled entities may find it difficult and costly to provide all required disclosures of transactions with other state-contolled entities. The IASB recently proposed a modification to the exemption to IAS 24, which would no longer require full disclosure of transactions with the state or state-controlled entities. Rather, it proposes general disclosure about significant transactions. G Exposure Draft - Investments in debt instruments - proposed amendments to IFRS 7 The IASB has published a draft proposing amendments to IFRS 7 The dividend withholding tax exemption set in Article 147 of the corporate income tax law is extended to qualifying entities resident in a State which has a double tax treaty with Luxembourg and to Luxembourg permanent establishments of such entities. Luxembourg has currently 52 tax treaties in force and about 22 in various stages of negotiation. As from tax year 2009 onwards, the statutory Luxembourg corporate income tax rate has been reduced to 21%. This has brought the aggregate income tax rate (including municipal business tax unemployment surcharge) down from the current 6 http://www.ey.com/IFRS http://www.ey.com/IFRS

Table des matières de la publication Le Magazine du Trésorier - n°65 - 1er trimestre 2009

Couverture
EDITORIAL
FINANCIAL HIGHLIGHTS
INTERVIEW
FOCUS
FORUM OF ADVERTISERS
TREASURERS’ ASSOCIATIONS
NEWS

Le Magazine du Trésorier - n°65 - 1er trimestre 2009

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