IAS Plus

IFRS Foundation translation update

May 15, 2012

The IFRS Foundation has announced the publication of the following translation:

Deloitte comment letters on two IFRS Interpretations Committee tentative agenda decisions

May 15, 2012

Deloitte's IFRS Global Office has submitted two letter of comment to the IFRS Interpretations Committee on (1) Tentative agenda decision: IAS 1 Presentation of Financial Statements and IAS 12 Income Taxes – Presentation of payments of non-income taxes and (2) Tentative agenda decision: IAS 12 Income Taxes – Accounting for market value uplifts introduced by a new tax regime.

Agenda for May 2012 IASB meeting

May 15, 2012

The IASB will be holding its May 2012 meeting on 21-24 May 2012 in Norwalk, CT, USA, part of it a joint meeting with the FASB.

Agenda for May 2012 IASB 'education session'

May 15, 2012

The IASB has released the agenda for its meeting to be held on Thursday 17 May 2012. Most of the meeting will be an education session, however the IASB will also consider the next process step in the macro hedge accounting project (i.e. whether to issue a Discussion Paper or Exposure Draft).

Two new members of the IFRS Interpretations Committee, two members reappointed

May 14, 2012

The Trustees of the IFRS Foundation have announced today the appointments of Sandra Peters and John O’Grady as new members of the IFRS Interpretations Committee and the reappointments of Laurence Rivat and Kazuo Yuasa.

Reports on the European outreach events on the discussion papers 'Business Combinations Under Common Control' and 'Improving Financial Reporting of Income Tax'

May 14, 2012

The European Financial Reporting Advisory Group (EFRAG) has posted to its website a feedback statement reflecting input received in the EFRAG - UK ASB - OIC event on the discussion papers 'Business Combinations Under Common Control' and 'Improving Financial Reporting of Income Tax' held on 16 April 2012 in London.

Japan finalises 'designation' of IFRSs issued by the IASB in 2011

May 14, 2012

On 11 May 2012, the Financial Services Agency (FSA) of Japan completed its public comment process and announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan.

FSB creates 'Enhanced Disclosure Task Force'

May 14, 2012

The Financial Stability Board (FSB) has announced the formation of a private sector 'Enhanced Disclosure Task Force' (EDTF) to develop principles for enhanced disclosures by financial institutions, based on current market conditions and risks, including ways to enhance the comparability of disclosures.

ESMA Chairman Steven Maijoor urges US to decide on IFRS adoption soon

May 11, 2012

In a keynote speech delivered to the 35th Annual Congress of the European Accounting Association in Ljubljana on 9 May, Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA) urged his counterparts at the US Securities and Exchange Commission (SEC) to send a clear message about the adoption of IFRS in the US soon.

United States and China reaffirm commitment to global standards

May 11, 2012

U.S. Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan held a meeting of the Economic Track of the Fourth U.S.-China Strategic and Economic Dialogue in Beijing on 4 May 2012. The Fact Sheet issued as a result of the meeting reaffirms a commitment to global accounting standards.

IASB meeting — 21-24 May 2012, Norwalk, CT, USA

Start: May 21, 2012 - End: May 24, 2012

The IASB's regular monthly meeting will be held on 21-24 May 2012 in Norwalk, CT, USA, part of it a joint meeting with the FASB.

IASB meeting — 17 May 2012 (education session)

Start: May 17, 2012 - End: May 17, 2012

The IASB is holding an additional meeting on Thursday 17 May 2012. Most of the meeting will be an education session on a number of topics including: investment entities, possible limited scope amendments to IFRS 9, and insurance contracts. The IASB will also consider the next process step in the macro hedge accounting project (DP or ED).

IFRS Interpretations Committee meeting — 15-16 May 2012

Start: May 15, 2012 - End: May 16, 2012

The IFRS Interpretations Committee is holding its regular meeting in London on 15-16 May 2012. The agenda was publicly released on 4 May 2012 and updated on 16 May 2012.

IASB meeting — 16-19 April 2012, London

Start: Apr 16, 2012 - End: Apr 19, 2012

The IASB's regular monthly meeting was held on 16-19 April 2012 in London, part of it a joint meeting with the FASB. The discussions included education and deliberative sessions on the classification and measurement of financial instruments; consideration of the definition of the term 'non-monetary asset' (as part of the annual improvements 2011-2013 cycle); an IFRIC update; initial redeliberations on the investment entities proposals; continued debate on the 'three bucket' approach to the impairment of financial assets; and insurance contracts.

IFRS Foundation Trustees meeting — 13 April 2012

Start: Apr 13, 2012 - End: Apr 13, 2012

The IFRS Foundation Trustees will meet at the Crowne Plaza in London on 13 April 2012. The agenda was publicly released on 2 April 2012.

IASB meeting — 20-21 March 2012, London

Start: Mar 20, 2012 - End: Mar 21, 2012

The IASB's regular monthly meeting was held on 20-21 March 2012 in London, part of it a joint meeting with the FASB. The IASB discussed post-implementation reviews, effective dates, macro hedge accounting, insurance contracts, and a review of the efficiency and effectiveness of the IFRS Interpretations Committee. The half-day joint session with the FASB discussed insurance contracts.

IFRS Interpretations Committee meeting – 13-14 March 2012

Start: Mar 13, 2012 - End: Mar 14, 2012

The IFRS Interpretations Committee met at the IASB's offices in London on Tuesday and Wednesday 13 and 14 March 2012. The Committee continued its discussion on accounting for levies charged for participation in a specific market, continued debate on a number of items which may give rise to amendments to standards, and considered a swathe of new items, many of which the Committee tentatively decided not to take onto its agenda.

IASB-EFRAG meeting — 9 March 2012, London

Start: Mar 09, 2012 - End: Mar 09, 2012

The IASB and European Financial Reporting Advisory Group (EFRAG) are holding a joint meeting on Friday 9 March 2012 in London.

IASB meeting — 27 February – 2 March 2012, London

Start: Feb 27, 2012 - End: Mar 02, 2012

The IASB's regular monthly meeting was held on 27 February - 2 March 2012 in London, part of it a joint meeting with the FASB. The IASB only sessions saw a continuation of discussions on insurance contracts and macro hedge accounting, consideration of a number of matters related to the IFRS Interpretations Committee (including the status and due process for agenda decisions) and various annual improvements matters. The joint sessions with the FASB continued debate on financial instruments impairment, classification and measurement (bringing IFRS and US-GAAP requirements closer together) and leases (where the boards disagreed on the amortisation profile for the right-of-use asset).

IFRS Advisory Council meeting — 20-21 February 2012, London

Start: Feb 20, 2012 - End: Feb 21, 2012

The IFRS Advisory Council is meeting in London on 20-21 February 2012. The agenda for the meeting was made available on 19 January 2012.