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Outcomes from Unites 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).

May 2013 IASB meeting notes — Part 1

May 22, 2013

The IASB's meeting is being held in London on 21-24 May 2013. We have posted Deloitte observer notes from Tuesday's sessions on fair value measurement and comprehensive review of the IFRS for SMEs.

IFRS Formula Linkbase 2013 is now available

May 22, 2013

The IFRS Foundation has issued the 2013 IFRS Taxonomy Formula Linkbase. The IFRS Taxonomy Formula Linkbase is designed to help improve the data quality of IFRS Taxonomy filings and to provide additional guidance for both technical and financial reporting audiences so that they can better understand the IFRS concepts and their meanings.

European field-test of the proposed accounting guidance for leases

May 22, 2013

The European Financial Reporting Advisory Group (EFRAG) and the national standard-setters of France (ANC), Germany (ASCG), Italy (OIC) and the United Kingdom (FRC) are performing a field-test in order to evaluate how the proposals contained in the IASB Exposure Draft ED/2013/6 'Leases' would affect European companies applying IFRS.

Agenda for the IASB Emerging Economies Group May 2013 meeting

May 21, 2013

The Emerging Economies Group (EEG) of the IASB will be holding its fifth meeting in Seoul, Korea on 30 and 31 May 2013. Topics to be discussed include rate regulated activities, goodwill accounting, IAS 19 (discount rate), IAS 28 (elimination of gains arising from a transaction between a joint venturer and its joint venture), and the Issues paper on the scope of IFRS 2.

Updated EFRAG endorsement status report

May 21, 2013

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. The latest report reflects the publication of IFRIC 21 'Levies' by the IASB.

Deloitte releases new and updated e-learning modules

May 21, 2013

Deloitte’s Global Audit Learning group has released new or revised e-learning modules on various standards: IFRS 3, IFRS 11, IFRS 13, IAS 1, IAS 16 and IAS 27 (2011). These modules are additions to the extensive catalogue of IFRS e-learning content made freely available by Deloitte.

IFRS Foundation Monitoring Board call for nominations

May 20, 2013

The Monitoring Board (MB) of the IFRS Foundation is seeking nominations for its expanded membership (up to four) to include authorities primarily from emerging markets. Candidates are expected to be a capital markets authority responsible for setting the form and content of financial reporting in its jurisdiction.

May IFRS Interpretations Committee meeting notes - Part 2 (concluded)

May 20, 2013

We've posted the remaining Deloitte observer notes from the IFRS Interpretations Committee meeting which was held on 14-15 May 2013.

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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.

IFRS industry insights: Telecommunications 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 telecommunications industry.

IFRS industry insights: Financial services 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 financial services industry.

Heads Up — Boards Issue Exposure Drafts on Leases

published May 17, 2013

This Heads Up discusses the revised exposure draft (ED), 'Leases', issued today by the FASB and IASB. The ED proposes a new accounting model under which off-balance-sheet financing arrangements would be eliminated for lessees. If finalized, the proposed ASU would converge most significant aspects of the FASB’s and IASB’s accounting for lease contracts.

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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

Important dates

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IFRS Specialist Spotlight

Walter Müller,

IFRS Country Leader for Austria,

Vienna

Veronica Poole,

Global IFRS Leader, Technical,

London

Denise Hodgkins,

Leader, New Zealand National Technical Group,

Auckland

Laurence Rivat,

Head of the Paris IFRS Centre of Excellence,

Paris