The letter notes that the majority of preparers and auditors have a good understanding of materiality and that existing standards provide an appropriate framework for understanding and applying materiality. The letter also outlines concerns about non-global standard setters providing 'elaboration or interpretation' of existing accounting standards.

Click for a full summary and our comment letter on materiality.

Click through for direct access to the notes:

Tuesday, 20 March 2012 (earlier sessions)

• Insurance contracts (IASB)
  • Education session — Potential use of other comprehensive income (OCI) for presenting certain changes in an insurance liability
  • Loss recognition test

Wednesday, 21 March 2012 (earlier sessions)

• Insurance contracts (IASB-FASB)
  • Separation of investment components from insurance contracts
  • Unit of account

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

The revised ISA 610 Using the Work of Internal Auditors is the result of an exposure draft issued in July 2010 and is designed to enhance the performance of external auditors by enabling better consideration and leveraging, as appropriate, of the knowledge and findings of the internal audit function in making risk assessments, and strengthening the framework for the evaluation and, where appropriate, use of the work of internal auditors in obtaining audit evidence.

The revised pronouncement is effective for audits of financial statements for periods ending on or after 15 December 2013. Click for IAASB press release (link to IFAC website).

Click through for direct access to the notes:

Tuesday, 20 March 2012

• Post-implementation reviews (IASB)
• Effective dates (IASB)
  • Disclosures when an IFRS has been issued but is not yet mandatory
  • Disclosure requirement on transitional provisions when there is a mandatory change in accounting policy
• Financial instruments — Macro hedge accounting (IASB)
  • Information regarding the valuation of the risk position
  • Application of valuation approach to core demand deposits
• Insurance contracts (IASB) *

Wednesday, 21 March 2012

• Review of efficiency and effectiveness of the IFRS Interpretations Committee (IASB)
• Financial instruments — Macro hedge accounting (IASB)
  • Setting transfer prices
• Insurance contracts (IASB-FASB) *

* Notes from the insurance sessions held on Tuesday and Wednesday will be posted soon.

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

The Amsterdam meeting (discussing only the discussion paper related to income tax) will be hosted by EFRAG and the UK and Dutch Accounting Standards Boards. The Vienna meeting will be hosted by EFRAG, the UK Accounting Standard Board, the Austrian Accounting Standard Board and the Italian standard setter (Organismo Italiano di Contabilità, OIC).

As noted in our earlier story, the meetings are designed to gather feedback from users on the topics developed in the discussion papers. The feedback will then be used by the EFRAG, and the accounting standard setters in future work with the IASB that relates to income taxes and business combinations under common control. Registration is requested by 23 March 2012 for the Amsterdam meeting and 29 March 2012 for the Vienna meeting.

Click for:

• EFRAG press release for Amsterdam meeting (link to EFRAG website)
• EFRAG press release for Vienna meeting (link to EFRAG website)

In the comment letter, we express our agreement with most of the proposed amendments to IFRS 10 Consolidated Financial Statements, but also note that further guidance would be beneficial for certain aspects of the adjustments required by paragraphs C4 and C4A.

Click for a full summary and our comment letter on the amendments to IFRS 10 exposure draft.

In the comment letter, we express our agreement with most of the proposed amendments to IFRS 10 Consolidated Financial Statements, but also note that further guidance would be beneficial for certain aspects of the adjustments required by paragraphs C4 and C4A.

Click for a full summary and our comment letter on the amendments to IFRS 10 exposure draft.

This study will be included in the impact analysis of the EU Commission to IFRS 10 – regardless of the endorsement advice from EFRAG. It will illustrate the impact of IFRS 10 Consolidated Financial Statements on the scope of the consolidation of SPEs. EFRAG will carry out this study in close cooperation with European national standard setters.

Click for EFRAG press release (link to EFRAG website) for more information, including how to participate in the supplementary study.

The final dates and times for the meeting at not known as this stage. The meeting precedes the regular April meeting which is scheduled for 16-20 April 2012.

We will post the agenda for the education session meeting, and any other information about the meeting, as it becomes available.