• Interim report, Regulatory Convergence in Financial Professions and Industries (PDF 545k, link to IFAC website)

• EFRAG finalised its draft endorsement advice and a draft effects study report on IAS 19 Employee Benefits, as revised in 2011, and on the Amendments to IAS 1 Presentation of Items of Comprehensive Income.
• EFRAG finalised its draft comment letter to the IASB on the Exposure Draft Improvements to IFRSs 2009-2011 (the ED). The draft comment letter supports the amendments proposed in the ED, however recommends bringing further clarifications to IAS 12 in respect of taxes on distribution to owners.

The new IVS update the previous version published in 2007, and cover valuation of a wide range of assets for financial reporting and other purposes.

The IVSC published an Exposure Draft of the proposed changes in June 2010. The new IVS:

• focus on principles rather than prescriptive requirements – 'Technical Information Papers' (TIPs) will provide detailed guidance in the future (draft TIPs have been released on real property and business valuations and depreciated replacement cost)
• remove the code of ethics, which are currently subject to a separate consultation
• introduce new requirements, including for financial instruments (see our earlier story) and investment property under construction
• streamline a number of requirements – merging or eliminating guidance notes on particular topics (particularly where existing IVSC projects are underway or planned), eliminating repetition, and removing the glossary in favour of definitions in individual standards where required.

The new IVS will be effective from January 2012 and can be ordered via the IVSC's website at www.ivsc.org. The individual standards are expected to be made electronically available on the IVSC website in due course.

Click for IVSC press release (link to the IVSC website).

Topics discussed were

• Report of the Due Process Oversight Committee
• IASB Chairman's report
• IFRS for SMEs
• Advisory Council Chairman's report
• Executive Committee

Please click for the preliminary and unofficial Notes taken by Deloitte observers at the meeting.

• EBA press release
• Summary report
• Methodological Note – Additional guidance

Global Publications

• IFRS on Point — IFRS Accounting Developments and Information: June 2011 (PDF 88k)

Deloitte (Canada)

• Publication par l'IASB de modifications de l'IAS 1 relativement à la présentation des autres éléments du résultat global (PDF 71k) — French translation of IFRS in Focus — IASB issues Amendments to IAS 1 on Presentation of Items of Other Comprehensive Income

Deloitte (Colombia)

• Los IFRS en su bolsillo 2011 (PDF 901k) — Spanish translation of IFRS in your Pocket 2011.

Deloitte (Japan)

• Japanese translation of Insurance Accounting Newsletter – Issue 21 Progress continues, divergence remains (PDF 443k).

Deloitte (Poland)

• Biuletyn MSSF 2011/05 (PDF 610k) – Polish language newsletter on IFRSs 10, 11 and 12. We now maintain an archive of past editions of Biuletyn MSSF on our Poland country page.

Deloitte (United Kingdom)

• iGAAP Newsletter June 2011 (PDF 185k)

• IFRS 9 Financial Instruments
• IFRS 10 Consolidated Financial Statements
• IFRS 11 Joint Arrangements
• IFRS 12 Disclosures of Interests in Other Entities
• IFRS 13 Fair Value Measurement
• IAS 27 Separate Financial Statements (2011)
• IAS 28 Investments in Associates and Joint Ventures (2011)
• 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
• Amendments to IAS 1 Presentation of Items of Other Comprehensive Income
• Amendments to IAS 19 Employee Benefits

You can always find the endorsement status report Here.

A revised summary of the agenda for the meeting can be found here.

• Elke König (IASB member) and David Humphreys (IASB staff) presented an update on the IASB's Leases project. To view the presentation click here (PDF 646k, link to IASB website).
• Steve Cooper (IASB member) and April Pitman (Technical Manager) presented an update on the IASB's project on Revenue Recognition in Contracts with Customers. To view the presentation click here (PDF 777k, link to IASB website).