The goal of the exposure draft is to improve the disclosures on transfers of financial assets. The proposals incorporate new disclosure requirements that would help users of financial statements evaluate an entity's risk exposure arising from transfers of financial assets as well as any resulting impact on its financial position. The ASB has issued this exposure draft to keep FRS 29 aligned with the disclosure requirements in IFRS 7, which the IASB amended in October 2010.

Comments are due by 30 April 2011.

Click for:

• ASB press release (link to ASB website)
• Financial Reporting Exposure Draft: Proposed Amendments to FRS 29 (IFRS) 'Financial Instruments: Disclosures': Disclosures — Transfers of Financial Assets (PDF 198k)
• Our UK country page

 

Mr Ochi is currently Assistant General Manager, Financial Resources Management Group of Sumitomo Corporation. He is also a member of the IFRS Interpretations Committee, Secretary-General of the Nippon Keidanren (Japan Business Federation) Taskforce for early adoption of IFRS and an adviser to the Accounting Standards Board of Japan (ASBJ). Mr Ochi will relinquish existing roles upon joining the IASB.

Hans Hoogervorst, Chair-designate of the IASB, and Ian Mackintosh, Vice-Chair-designate of the IASB, will also begin their initial terms on 1 July 2011. The Trustees have also confirmed the reappointment of Philippe Danjou, to serve a second five-year term.

Click for IASB press release (PDF 35k).

The public roundtables are being held as follows:

• Asia: Tokyo, Japan (venue to be determined), late March
• Asia: Kuala Lumpur, Malaysia (Securities Commission Malaysia, 3 Persiaran Bukit Kiara, 50490 Kuala Lumpur), 22 March 2011
• Europe: Brussels, Belgium (Albert Borschette Conference Centre (CCAB), Rm AB-2A, 36, rue Froissart, 1000 Brussels), 3 March 2011
• The Americas: TBD

Please click for:

• IASB announcement (link to IASB website)
• Our earlier story about the IFRS Foundation Monitoring Board consultation process
• Consultative Report on the Review of the IFRS Foundation's Governance (PDF 344k, link to IOSCO website).

We express the view that both the IFRS Foundation and the Monitoring Board should make an explicit statement in their governing documents that the primary purpose of general purpose financial reporting is to provide financial information about the reporting entity that is useful to capital market participants (i.e., existing and potential investors, lenders and other creditors) in making decisions about providing resources to the entity. Other users, including prudential regulators, may use general purpose financial reports, but those reports are not directed primarily to address their needs.

With respect to the governance of the IFRS Foundation, we support the three tier structure that is currently in place, but we would wish to see changes to both the Monitoring Board and the IFRS Foundation Trustees.

Click to download our comment letter on the IFRS Foundation Trustees' Public Consultation: Status of Trustees' Strategy Review (PDF 80k). All of our past comment letters are here.

Click to download the Endorsement Status Report as of 22 February 2011 (PDF 125k). Currently, the following four IASB pronouncements await endorsement action:

• IFRS 9 Financial Instruments
• Amendments to IFRS 7 Financial Instruments: Disclosures
• Amendments to IAS 12 Deferred tax: Recovery of Underlying Assets
• Amendments to IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-Time Adopters

You can always find the endorsement status report Here.

• Comment letter on tentative agenda decision: IAS 37 Provisions, Contingent Liabilities and Contingent Assets – Inclusion of own credit risk in the discount rate (PDF 25k)
• Comment letter on tentative agenda decision: IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors – Application of the IAS 8 hierarchy (PDF 23k)

In both cases we agree with the decision not to add the issues to the agenda. Click here to view all of our past letters of comment.

The Executive Director will be responsible for the day-to-day management of ESMA and will serve a term of five years, renewable once.

You can access the agenda on our 1 to 2 March 2011 joint meeting page.  We will also post Deloitte observer notes on this page as they are available.

The following topics will be discussed:

• IASB work plan
• Post-implementation review
• IASB communications
• Hedge accounting
• Cross-cutting issues: Measuring uncertain future cash flows
• Revenue Recognition
• Lease accounting

Please go to the IASB's website for further information, access to the agenda papers and registration as an observer.

The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project. Currently another four IASB pronouncements await endorsement action.

Click for our 6 May 2010 story.