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EFRAG does not support interim standard on rate regulation

May 25, 2013

The European Financial Reporting Advisory Group Technical Expert Group (EFRAG TEG) has published a draft comment letter on the IASB's exposure draft ED/2013/5 'Regulatory Deferral Accounts'. In the proposed comment letter the EFRAG makes clear that it does not agree with the pursuance of this interim project.

May 2013 IASB meeting notes — Part 3

May 24, 2013

The IASB's meeting was held in London on 21-24 May 2013. We have posted Deloitte observer notes from Wednesday's session on novation of derivatives and continuation of hedge accounting (IAS 39); Thursday's sessions on macro hedge accounting and revenue recognition; and Friday's joint IASB/FASB session on revenue recognition.

EFRAG Rate Regulated Activities Working Group composition announced

May 24, 2013

The European Financial Reporting Advisory Group Technical Expert Group (EFRAG TEG) in its May meeting has approved the composition and chairman for the EFRAG Rate Regulated Activities Working Group. The working group was created to advise and provide input on rate-regulated activities and its application within Europe to the EFRAG TEG and the EFRAG Consultative Forum of Standard Setters.

Non-financial reporting will actively contribute to a new, more responsible corporate world, says Barnier

May 24, 2013

The European Commissioner for Internal Market and Services, Michel Barnier, spoke at the Global conference on sustainability and reporting in Amsterdam which also saw the launch of the new G4 guidelines developed by the Global Reporting Initiative (GRI). Barnier highlighted the measures taken by the Commission to promote long-termism in the corporate sector which also include a recent proposal on non-financial reporting.

GRI updates sustainability reporting guidance

May 24, 2013

The Global Reporting Initiative (GRI) has released the fourth major revision of its Sustainability Reporting Guidelines, dubbed 'G4'. The GRI's guidelines are widely used in preparing sustainability reports and are designed to provide a standardised approach to reporting on economic, environmental, social and governance (ESG) performance. The revised guidelines are intended to be easier to use, place a greater emphasis on materiality in sustainability reporting, and include new and updated disclosures in various areas, including governance, ethics and integrity, supply chain, anti-corruption and greenhouse gas (GHG) emissions.

May 2013 IASB meeting notes — Part 2

May 23, 2013

The IASB's meeting is being held in London on 21-24 May 2013. We have posted Deloitte observer notes from Wednesday's sessions on mandatory purchases of NCI (IFRS 3), interim financial report (IAS 34), contingent consideration (IFRS 3), valuation of biological assets (IAS 41/IFRS 13), equity method in separate financial statements (IAS 27), and conceptual framework.

IFRS Foundation Annual Report 2012

May 23, 2013

The IFRS Foundation (IFRSF) under which the IASB operates has published its Annual Report for 2012. The report is split into three sections: IFRS Foundation, Standard-setting activities, and Financials.

IASB Senior Director of Technical Activities appointed as Board member

May 23, 2013

The Trustees of the IFRS Foundation have announced the appointment of Sue Lloyd as IASB member beginning 1 January 2014. She replaces Prabhakar Kalavacherla (PK) who will retire from the IASB on 31 December 2013 after having served a full, five-year term.

Outcomes from United States review of business combination accounting

May 23, 2013

The United States Financial Accounting Foundation (FAF) has announced the completion of its post-implementation review of FASB Statement No. 141 (revised 2007), 'Business Combinations' (Statement 141R). The review found that Statement 141R resolved some of the issues associated with the purchase method of accounting for business combinations, that its principles and requirements generally are understandable and can be applied as intended, and that investors generally find the resulting information to be useful. However, the review also noted a number of other issues and makes a number of recommendations for improvements to FASB's standard-setting process.

New Zealand issues new standards based on IPSAS for public sector entities

May 23, 2013

The New Zealand External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have issued a package of new pronouncements that will apply to New Zealand public sector 'public benefit entities' (PBEs, essentially not for profit entities) from 1 July 2014. The new standards are largely based on International Public Sector Accounting Standards (IPSAS) published by the International Public Sector Accounting Standards Board (IPSASB).

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IFRS fokussiert — Die bilanzielle Abbildung von staatlich erhobenen Abgaben wird konkretisiert

published May 24, 2013

This German-language newsletter provides an overview of the recently issued Interpretation on accounting for levies (IFRIC 21).

Media & Entertainment Spotlight — Impairment of Unamortized Film Costs

published May 24, 2013

This Media & Entertainment Spotlight discusses the challenges film production entities face when performing an impairment analysis on unamortized film costs.

Biuletyn MSSF 3/2013

published May 23, 2013

Polish language newsletter on financial reporting standards. This edition discusses ED/2012/7 'Acquisition of an Interest in a Joint Operation', ED/2012/6 'Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture', ED/2013/1 'Recoverable Amount Disclosures for Non-Financial Assets' and ED/2013/2 'Novation of Derivatives and Continuation of Hedge Accounting'.

Accounting alert — May 2013

published May 22, 2013

This Accounting alert from Deloitte (New Zealand) discusses the International Accounting Standards Board (IASB) re-exposed proposals for the recognition and measurement of leases in Exposure Draft ED/2013/6 'Leases'.

Deloitte IFRS podcasts — Revised lease accounting proposals interviews

published May 21, 2013

Robert Bruce hosts a series of video podcast interviews on the latest exposure draft on leases.

Deloitte digest — April 2013

published May 20, 2013

From time to time, standard-setters and regulators issue new rules and standards that affect your financial reporting. This document from Deloitte (Canada) briefly describes these pronouncements and other regulatory and professional developments and indicates their effective date, transition application and entities affected.

IFRS industry insights: Energy and resources implications of the revised leasing exposure draft

published May 17, 2013

This publication highlights three issues from the revised exposure draft on leases that will be of interest to those within power and other utilities and major infrastructure projects.

IFRS industry insights: Consumer business implications of the revised leasing exposure draft

published May 17, 2013

This publication highlights three issues from the revised exposure draft on leases that will be of interest to those in the consumer business industry.

IFRS industry insights: Manufacturing implications of the revised leasing exposure draft

published May 17, 2013

This publication highlights three issues from the revised exposure draft on leases that will be of interest to those in the manufacturing industry.

IFRS industry insights: Real estate implications of the revised leasing exposure draft

published May 17, 2013

This publication highlights three issues from the revised exposure draft on leases that will be of interest to those in the real estate industry, both from a landlord's and a tenant's perspective.

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IASB meeting — 21-24 May 2013

Start: May 21, 2013 - End: May 24, 2013

The IASB will meet at its offices on 21-24 May 2013. Part of the meeting will include a joint meeting with the FASB.

IFRS Interpretations Committee meeting — 14-15 May 2013

Start: May 14, 2013 - End: May 15, 2013

The IFRS Interpretations Committee held its regular meeting in London on 14-15 May 2013. Discussions included the finalisation of tentative agenda decisions (IAS 10, IAS 28/IFRS 3, IAS 7, and IFRS 2), further analysis on IFRS 3, IAS 19, IAS 28, IFRS 10, and IFRS 5. Also discussed were annual improvements, limited scope amendments to IFRSs, IFRS 2, and new issues concerning IAS 32, IFRS 7, and IFRS 13.

IASB meeting — 23-25 April 2013

Start: Apr 23, 2013 - End: Apr 25, 2013

The IASB met in London on 23-25 April 2013. Discussions included the Conceptual Framework, comprehensive review of the IFRS for SMEs, narrow-scope amendments to IAS 36, annual improvements (2010-2012 cycle and 2012-2014 cycle), hedge accounting, post-implementation review of IFRS 8, the forthcoming Interpretation on levies, and current projects of the IFRS Interpretations Committee. Consistent with recent meetings, the focus of the meeting was the IASB comprehensive Conceptual Framework project, with more than half of the time devoted to this project.

IFRS Foundation Trustees meeting and the Monitoring Board meeting with the IFRS Foundation Trustees — April 2013

Start: Apr 11, 2013 - End: Apr 11, 2013

The IFRS Foundation Trustees and the Monitoring Board held meetings in London on 11 April 2013. The Monitoring Board meeting was with the Trustees consisted of a review of the Monitoring Board, an update from the IASB on recent developments, an update on ASAF, financials and funding, DPOC activities, profile projects and transparency. The Trustees meeting consisted of a reports from Mr Hoogervorst (IASB Chair), Mr. Prada (IFRS Foundation Chair), and the DPOC.

Accounting Standards Advisory Forum meeting — 8-9 April 2013

Start: Apr 08, 2013 - End: Apr 09, 2013

The inaugural meeting of the Accounting Standards Advisory Forum was held in London on 8-9 April. The meeting included the signing of the ASAF Memorandum of Understanding, discussions on conceptual framework, and a high-level summary of the IASB and FASB Impairment projects.

IASB meeting — 19-21 March 2013

Start: Mar 19, 2013 - End: Mar 21, 2013

The IASB met on 19-21 March 2013 at the IASB's offices. It was an IASB only meeting. Discussions will include IAS 41, the comprehensive review of the IFRS for SMEs, conceptual framework, fair value measurement (unit of account), IAS 19, IAS 1, annual improvements 2010-2012, put options on non-controlling interests, and revenue recognition.

IFRS Interpretations Committee meeting — 12-13 March 2013

Start: Mar 12, 2013 - End: Mar 13, 2013

The IFRS Interpretations Committee held its regular meeting in London on 12-13 March 2013. Discussions included a review of tentative agenda decisions, further analysis of IAS 7, active projects on IAS 36/IAS 38/IFRIC 12, due process documents, annual improvements, IFRS 3, IFRS 2, and discussions on work in progress concerning IAS 19 and new issues concerning IFRS 5 and IFRS 10.

IFRS Advisory Council meeting — 25-26 February 2013

Start: Feb 25, 2013 - End: Feb 26, 2013

The IFRS Advisory Council met in London on 25-26 February 2013. The meeting covered a broad range of topics, including the impact of the newly created Accounting Standards Advisory Forum (ASAF) on the IFRS Advisory Council, updates on the IASB's January 2013 Disclosure Forum and on the disclosure principles in the Conceptual Framework, a discussion of the limited amendments to IFRS 9 and other matters.

IASB meeting — 18-22 February 2013

Start: Feb 18, 2013 - End: Feb 22, 2013

The IASB met on 18-22 February 2013 at the IASB's offices. Education sessions were held on insurance contracts, revenue recognition, and leases. Substantive discussions were held on conceptual framework, fair value measurements, IFRIC update, annual improvements 2010-2012, novation of derivatives, leases, insurance contracts, revenue recognition, matters from IFRIC, bearer biological assets, micro entities guide, and rate-regulated activities. Joint sessions with the FASB were also held, discussing revenue recognition and leases.

IASB meeting — 29-31 January 2013

Start: Jan 29, 2013 - End: Jan 31, 2013

The IASB met on 29-31 January 2013 at the IASB's offices. Education sessions were held on insurance contracts, leases, revenue recognition, rate-regulation, integrated reporting and the Conceptual Framework. Substantive discussions were held on hedge accounting, insurance contracts, rate-regulation and the post-implementation review of IFRS 8. A joint session with the FASB was also held, discussing revenue recognition, insurance contacts and leases.

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Leases exposure draft

Rate regulation exposure draft

Integrated reporting framework consultation draft

IASB's new impairment model

Robert Bruce interviews on leases ED

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IFRS Specialist Spotlight

Eddy R. Termaten,

Leader of the Luxembourg IFRS Center of Excellence,

Luxembourg

Joel Osnoss,

Global IFRS Leader, Clients and Markets,

New York

Pierre Gatet,

Co-leader of the Accounting Advisory Services Team in France,

Paris

Andreas Barckow,

Leader of Deloitte Germany's IFRS Centre of Excellence,

Frankfurt