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June 2013 IASB meeting notes — Part 1

Jun 19, 2013

The IASB's meeting was held in London on 18-19 June 2013, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from Tuesday's joint session on classification and measurement.

G8 stress the need for transparency in the use of natural resources

Jun 19, 2013

Meeting in Lough Erne in Northern Ireland on 17-18 June 2013, the Group of Eight (G8) finance ministers discussed the themes of 'Tax, Trade and Transparency' and agreed to make sure the world’s poorest people benefit from the natural resources of their various countries by improving the transparency of their extractive industries and land rights.

"One size does NOT fit all"

Jun 18, 2013

On 13 June, the Accounting Standards Committee of Germany (ASCG) celebrated its 15th anniversary. It did so with a symposium entitled ‘National standard-setting in the national, European and international context’ which saw a presentation by Prof. Dr. Christian Leuz of the University of Chicago Booth School of Business, followed by a round of questions and answers and a panel discussion with IASB chairman Hans Hoogervorst and the chairmen of the national standard-setters of France, Italy and the United Kingdom: Jérôme Haas, Angelo Casò and Roger Marshall. The discussion was moderated by the president of the ASCG, Dr. Liesel Knorr.

Telcommunications sector survey on revenue recognition

Jun 18, 2013

A survey of telecommunications operators has shown a wide variation of readiness for the forthcoming standard on revenue, and revealed a number of concerns in relation to its adoption.

EFRAG field-test results on proposals to IFRS 9

Jun 17, 2013

The European Financial Reporting Group (EFRAG) has issued a report containing the results of the field test conducted by the EFRAG and National Standard Setters (NSS) ANC, ASCG, FRC and the OIC, on how the new requirements in IFRS 9, as amended by Exposure Draft (ED) ‘Classification and Measurement: Limited Amendments to IFRS 9’, would affect the current classification and measurement of financial assets.

Japan's Business Accounting Council continues discussions on IFRS

Jun 13, 2013

Japan’s Business Accounting Council (BAC) met on 12 June 2013 to continue its deliberations about the use of International Financial Reporting Standards (IFRSs) in Japan. Although it was previously suggested that this meeting would be the final one to conclude this round of debates, the BAC continued discussions around further details of three specific initiatives to further promote use of IFRSs in Japan. As such, no decisions as to its report were made during the meeting.

European Parliament approves new Accounting and Transparency Directives

Jun 13, 2013

The European Parliament has voted to approve the new Accounting and Transparency Directives. The reform of these Directives was predominently aimed at reducing the administrative burden on small companies, enhancing the transparency of payments to governments by the extractive industry and loggers of primary forest, and creating a mandatory country-by-country reporting requirement.

Notes from the IFRS Advisory Council meeting

Jun 12, 2013

The IFRS Advisory Council met in London on 10-11 June 2013. We have posted the Deloitte observer notes from the meeting. Topics discussed included the costs and benefits of IFRS adoption, project updates and discussion on various IASB projects, an evaluation of the post-implementation review process, the Accounting Standards Advisory Forum (ASAF), and the role and composition of the IFRS Advisory Council.

IASB XBRL team seeks participants for its 2013 XBRL Industry Practice Project

Jun 10, 2013

In the last three years, the IASB XBRL team has been interacting with companies from various countries and industries to identify and develop extra concepts to the IFRS taxonomy reflecting common practices. The IASB XBRL team is re-establishing the project to examine and develop common industry practice concepts for the IFRS Taxonomy, and is looking to work directly with stakeholders across different industries and regions in order to increase comparability, reduce the number of XBRL extensions, and lower the burden on preparers. The process will be conducted by a joint programme of empirical analysis and interaction with industry representatives.

Agenda for the June 2013 IASB meeting

Jun 09, 2013

The IASB is meeting at its offices on 18 and 19 June 2013. Topics to be discussed by the IASB include the comprehensive review of the IFRS for SMEs and the annual improvements (cycles 2010-2012 and 2011-2013). The meeting also includes a joint meeting with the FASB to discuss the IASB's feedback on its proposals for limited scope amendments to IFRS 9 (classification and measurement).

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IFRS in Focus — IASB proposes limited scope amendments to IAS 36

published Jun 19, 2013

Chinese translation from Deloitte (Taiwan).

Telecoms revenue recognition survey 2013

published Jun 18, 2013

Deloitte's Technology, Media and Telecommunications group has undertaken a survey of the telecommunications industry to gather the thoughts of over 40 operators in relation to key questions on the understanding of the proposals in the IASB-FASB joint project on revenue recognition, and their concerns from an operational, commercial and accounting methodology perspective.

Need to Know - New UK narrative reporting regulations

published Jun 14, 2013

This publication from Deloitte (UK) discusses the the long-awaited narrative reporting regulations issued by the United Kingdom Department for Business, Innovation and Skills (BIS). The regulations which have now been finalised and laid before parliament are the UK government’s response to a project that began in 2010 and are intended to make narrative reporting simpler, clearer and more focussed. The regulations will come into force for periods ending on or after 30 September 2013.

Financial reporting survey — Issue 9 — Perspectives on annual reporting - Surveying annual reports – 2012

published Jun 13, 2013

This annual financial reporting survey is conducted annual by Deloitte (New Zealand) and this year extends to include reporting practice across the entire annual report, incorporating management commentary and corporate governance disclosure practices.

Financial reporting survey — Issue 10 — Underlying profit 2012

published Jun 13, 2013

Deloitte (New Zealand) undertakes an annual survey of 'underlying profit' disclosures by New Zealand entities. The survey of 2012 annual reports noted little change in the results of the survey compared to prior years. Of the 100 companies surveyed, the survey identified 90 companies providing in total 253 alternative profit measures (2011: 89 companies provided 250 measures).

EITF Snapshot — June 2013

published Jun 12, 2013

This issue summarizes the topics discussed and conclusions reached at the June 11, 2013, meeting of the Emerging Issues Task Force.

IFRS model financial statements 2013

published Jun 12, 2013

These financial statements illustrate the presentation and disclosure requirements of IFRSs for the year ended 31 December 2013 by an entity that is not a first-time adopter of IFRSs.

Accounting Alert – Quarterly update – What’s new in financial reporting for June 2013? (for profit entities)

published Jun 12, 2013

Deloitte (New Zealand) has updated its "What's New" publication for entities with reporting periods ending on 30 June 2013. New Zealand for-profit entities can use the publication to identify areas which may need to be considered further as part of the 30 June 2013 year end (or interim period) close process.

Accounting Alert – Quarterly update – What’s new in financial reporting for June 2013? (public benefit entities)

published Jun 12, 2013

This publication from Deloitte (New Zealand) sets out the status of the New Framework and the interim NZ IFRS for Public Benefit Entities (PBEs) for annual reporting periods ending 30 June 2013.

Heads Up — COSO enhances its Internal Control — Integrated Framework

published Jun 10, 2013

This Heads Up discusses the enhancements made by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to its Internal Control — Integrated Framework. It also provides considerations for entities that use the original framework in complying with Section 404 of the Sarbanes-Oxley Act of 2002 and information about making the transition from the original to the updated framework.

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IASB meeting — 18-19 June 2013

Start: Jun 18, 2013 - End: Jun 19, 2013

The IASB held its meeting on 18 and 19 June 2013. Topics discussed by the IASB include the comprehensive review of the IFRS for SMEs and the annual improvements (cycles 2010-2012 and 2011-2013). The meeting also included a joint meeting with the FASB to discuss the IASB's feedback on its proposals for limited scope amendments to IFRS 9 (classification and measurement).

IFRS Advisory Council meeting — 10-11 June 2013

Start: Jun 10, 2013 - End: Jun 11, 2013

The IFRS Advisory Council met in London on 10-11 June 2013. Topics discussed included the costs and benefits of IFRS adoption, project updates and discussion on various IASB projects, an evaluation of the post-implementation review process, the Accounting Standards Advisory Forum (ASAF), and the role and composition of the IFRS Advisory Council.

IASB meeting — 21-24 May 2013

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

The IASB met at its offices on 21-24 May 2013. Topics discussed by the IASB included revenue recognition, macro hedging, the comprehensive review of the IFRS for SMEs, the conceptual framework, and progress in numerous narrow scope projects. The meeting included a joint meeting with the FASB to discuss revenue recognition and the IASB's feedback on its proposals for limited scope amendments to IFRS 9 (classification and measurement).

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.

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IFRS model financial statements 2013

What's new for June reporting?

Leases exposure draft

Rate regulation exposure draft

Integrated reporting framework consultation draft

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IFRS Specialist Spotlight

Cleber Custodio,

Leader of the Madrid IFRS Centre of Excellence,

Madrid

Stephen Taylor,

Leader, Deloitte Asia Pacific IFRS Centre of Excellence,

Hong Kong

Robert Uhl,

Head, Deloitte's IFRS Centre of Excellence for the United States,

Wilton, CT

Walter Müller,

IFRS Country Leader for Austria,

Vienna