2009

Year-end Newsletter – Closing Out 2009

Dec 30, 2009

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – 'Closing Out 2009'.

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New and revised Standards for 2009

Dec 30, 2009

The following is a comprehensive list of new and revised IASB Standards and Interpretations that are effective for 31 December 2009 year ends and later periods.

New pronouncements effective for 31 December 2009 year ends
New Standards	Effective for annual periods beginning on or after	IAS Plus newsletter issued
IFRS 8	Operating segments	1 January 2009	December 2006
IFRS for SMEs	IFRS for Small and Medium-sized Entities	Available immediately	July 2009
Amendments to Standards
IFRS 1 and IAS 27	Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate	1 January 2009	May 2008
IFRS 2	Vesting Conditions and Cancellations	1 January 2009	January 2008
IFRS 7	Enhancing disclosures about fair value and liquidity risk	1 January 2009	March 2009
IAS 1	Presentation of Financial Statements	1 January 2009	September 2007
IAS 23	Borrowing cost	1 January 2009	April 2007
IAS 32 and IAS 1	Puttable Financial Instruments and Obligations Arising on Liquidation	1 January 2009	February 2008
IAS 39	Clarification regarding assessment of embedded derivatives	Annual periods ending on or after 30 June 2009	March 2009
IAS 39 and IFRS 7	Reclassification of financial assets	1 July 2008	October 2008
Various	Improvements to IFRSs	Various	May 2008
New Interpretations
IFRIC 13	Customer Loyalty Programmes	1 July 2008	June 2007
IFRIC 15	Agreements for the Construction of Real Estate	1 January 2009	July 2008
IFRIC 16	Hedges of a Net Investment in a Foreign Operation	1 October 2008	July 2008
IFRIC 18	Transfers of Assets from Customers	Transfers made after 1 July 2009	February 2009

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IAS 32 amendment endorsed for use in Europe

Dec 28, 2009

The European Commission has completed the process of endorsing, for use in Europe, the October 2009 amendment to IAS 32 Financial Instruments: Presentation – Classification of Rights Issues.

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IASB posts editorial corrections

Dec 27, 2009

The IASB has posted Editorial Corrections to the following pronouncements:

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Deadline reminder – ED on IFRS 1

Dec 26, 2009

We remind you that comments are due on 29 December 2009 on Exposure Draft (ED): Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (proposed amendment to IFRS 1).

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Downloadable podcast summaries of IASB meetings

Dec 24, 2009

The IASB has launched a three-month trial of downloadable podcast summaries of monthly IASB board meetings.

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Global IFRS and Offerings Services newsletter

Dec 24, 2009

We have posted Deloitte's US Reporting Newsletter for Non-US Based Companies August-November 2009 Edition – includes news through 15 November 2009.

The newsletter is developed by Deloitte's Global IFRS and Offerings Services (GIOS) team – Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US GAAP and IFRSs and in complying with the SEC's financial reporting rules. The GIOS Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. Past GIOS Newsletters are Here.

In this issue of the GIOS newsletter:
IFRS Matters IASB Issues IFRS on Classification and Measurement of Financial Assets IASB Amends IAS 32 to Clarify Rights Issues IASB Proposes Changes as Part of Its Annual Improvements Project Trustees of IASC Foundation Publish Proposals on Enhanced Accountability and Stakeholder Outreach IASC Foundation Exposes IFRS for SMEs Taxonomy for Public Comment An Update on the FASB's and IASB's Joint Project on Accounting for Income Taxes IASB issues Amendments to IAS 24 IASB Proposes New Approach to Accounting for Credit Losses IFRS Tools US GAAP Matters FASB Issues ASUs on Revenue Arrangements FASB Issues ASU on Accounting for Own-Share Lending Arrangements FASB Issues Proposed ASU on Embedded Credit Derivative Scope Exception FASB Provides Guidance on Accounting for Uncertainty in Income Taxes FASB Issues Proposed ASU on Research and Development Assets Acquired in an Asset Acquisition FASB Issues Proposal Regarding Ownership Provisions in the Consolidation Subtopic FASB Issues Guidance on Measuring Fair Value of Certain Alternative Investments FASB Issues ASU Regarding Measuring Liabilities at Fair Value FASB issues a proposed ASU on the EITF consensus-for-exposure on Issue 09-B FASB Proposes ASU on Oil and Gas Reserve Estimation and Disclosures FASB Issues Technical Corrections and Other Changes to the Codification AICPA Oil and Gas Guide Working Draft FASB Votes to Defer Statement 167 for Interests in Certain Entities Proposed ASU, Improving Disclosures About Fair Value Measurements: FASB Decides to Defer Sensitivity Analysis and to Issue Other Proposed Disclosures Financial Reporting Considerations for Pension and Other Postretirement Benefits First Steps Revisited: Additional Tax Relief for Business and Homebuyers FASB Proposes to Amend Subsequent Events Date Disclosure Requirement SEC Releases Staff Accounting Bulletin No. 113 Guidance on Material Modifications to Revenue Arrangements With Multiple Deliverables EITF Reaches Consensus on Accounting for Stock Dividends EITF Reaches Consensus-for-Exposure Regarding Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset EITF Reaches Consensus-for-Exposure Regarding Impact of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades EITF Reaches Consensus-for-Exposure on Casino Base Jackpot Liabilities EITF Reaches Consensus-for-Exposure on the Definition of Deferred Acquisition Costs of Insurance Entities Other Matters AICPA's ASB Proposes Various Statements on Auditing Standards SEC Proposes Rule to Provide Temporary Filing Accommodation for Static Pool Information GAO Issues Report on Troubled Asset Relief Program SEC Chairman Issues Letter to Broker-Dealer CEOs on Compensation Arrangements SEC Sends Sample Letter to Public Companies About MD&A Disclosure Regarding Provisions and Allowances for Loan Losses PCAOB Issues Staff Guidance SEC's Division of Corporation Finance Issues Compliance and Disclosure Interpretations SEC Announces New Division of Risk, Strategy, and Financial Innovation SEC Investor Advisory Committee Forms Subcommittees SEC Further Defers Section 404(b) Requirement for Non-accelerated Filers SEC Staff Releases Observations From Review of Interactive Data Financial Statements SEC Issues Draft Strategic Plan for 2010-2015 SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials COSO Releases Paper on the Role of the Board of Directors in Enterprise Risk Management SEC Observations and Expectations About Executive Compensation Disclosures SEC's Division of Corporation Finance Issues Compliance and Disclosure Interpretations on Oil and Gas Rules SEC Staff Issues Bulletin on Shareholder Proposals SEC Issues Final Rule Adopting Updated EDGAR Filer Manual SEC Releases PCAOB Proposal on Auditing Standard 7 Reports Released by the Institute of Internal Auditors Audit Executive Center Sample Forms Published by the PCAOB

In this issue of the GIOS newsletter:

IFRS Matters

IASB Issues IFRS on Classification and Measurement of Financial Assets
IASB Amends IAS 32 to Clarify Rights Issues
IASB Proposes Changes as Part of Its Annual Improvements Project
Trustees of IASC Foundation Publish Proposals on Enhanced Accountability and Stakeholder Outreach
IASC Foundation Exposes IFRS for SMEs Taxonomy for Public Comment
An Update on the FASB's and IASB's Joint Project on Accounting for Income Taxes
IASB issues Amendments to IAS 24
IASB Proposes New Approach to Accounting for Credit Losses
IFRS Tools

US GAAP Matters

FASB Issues ASUs on Revenue Arrangements
FASB Issues ASU on Accounting for Own-Share Lending Arrangements
FASB Issues Proposed ASU on Embedded Credit Derivative Scope Exception
FASB Provides Guidance on Accounting for Uncertainty in Income Taxes
FASB Issues Proposed ASU on Research and Development Assets Acquired in an Asset Acquisition
FASB Issues Proposal Regarding Ownership Provisions in the Consolidation Subtopic
FASB Issues Guidance on Measuring Fair Value of Certain Alternative Investments
FASB Issues ASU Regarding Measuring Liabilities at Fair Value
FASB issues a proposed ASU on the EITF consensus-for-exposure on Issue 09-B
FASB Proposes ASU on Oil and Gas Reserve Estimation and Disclosures
FASB Issues Technical Corrections and Other Changes to the Codification
AICPA Oil and Gas Guide Working Draft
FASB Votes to Defer Statement 167 for Interests in Certain Entities
Proposed ASU, Improving Disclosures About Fair Value Measurements: FASB Decides to Defer Sensitivity Analysis and to Issue Other Proposed Disclosures
Financial Reporting Considerations for Pension and Other Postretirement Benefits
First Steps Revisited: Additional Tax Relief for Business and Homebuyers
FASB Proposes to Amend Subsequent Events Date Disclosure Requirement
SEC Releases Staff Accounting Bulletin No. 113
Guidance on Material Modifications to Revenue Arrangements With Multiple Deliverables
EITF Reaches Consensus on Accounting for Stock Dividends
EITF Reaches Consensus-for-Exposure Regarding Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset
EITF Reaches Consensus-for-Exposure Regarding Impact of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades
EITF Reaches Consensus-for-Exposure on Casino Base Jackpot Liabilities
EITF Reaches Consensus-for-Exposure on the Definition of Deferred Acquisition Costs of Insurance Entities

Other Matters

AICPA's ASB Proposes Various Statements on Auditing Standards
SEC Proposes Rule to Provide Temporary Filing Accommodation for Static Pool Information
GAO Issues Report on Troubled Asset Relief Program
SEC Chairman Issues Letter to Broker-Dealer CEOs on Compensation Arrangements
SEC Sends Sample Letter to Public Companies About MD&A Disclosure Regarding Provisions and Allowances for Loan Losses
PCAOB Issues Staff Guidance
SEC's Division of Corporation Finance Issues Compliance and Disclosure Interpretations
SEC Announces New Division of Risk, Strategy, and Financial Innovation
SEC Investor Advisory Committee Forms Subcommittees
SEC Further Defers Section 404(b) Requirement for Non-accelerated Filers
SEC Staff Releases Observations From Review of Interactive Data Financial Statements
SEC Issues Draft Strategic Plan for 2010-2015
SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials
COSO Releases Paper on the Role of the Board of Directors in Enterprise Risk Management
SEC Observations and Expectations About Executive Compensation Disclosures
SEC's Division of Corporation Finance Issues Compliance and Disclosure Interpretations on Oil and Gas Rules
SEC Staff Issues Bulletin on Shareholder Proposals
SEC Issues Final Rule Adopting Updated EDGAR Filer Manual
SEC Releases PCAOB Proposal on Auditing Standard 7
Reports Released by the Institute of Internal Auditors Audit Executive Center
Sample Forms Published by the PCAOB

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IFRSs in your Pocket in Russian

Dec 23, 2009

Deloitte & Touche CIS (Russia) has published МСФО в кармане 2009 – a Russian translation of IFRSs in Your Pocket 2009.

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Top challenges for financial executives in 2010

Dec 23, 2009

FEI CEO and President Marie N Hollein has compiled a list of the Top Challenges for Financial Executives for 2010.

FEI CEO's Top Challenges for Financial Executives in 2010
Economic Recovery and the US Health-Care Reform Employee Benefits Financial Regulatory Reform Global Convergence of US GAAP and IFRS Financial Instruments Financial Statement Presentation Revenue Recognition Business Taxation

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Accounting Roundup – 2009 Year in Review

Dec 23, 2009

We have posted the 2009 Year in Review Special Edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

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IAS Plus

IAS plus

Deloitte User?

Year-end Newsletter – Closing Out 2009

New and revised Standards for 2009

IAS 32 amendment endorsed for use in Europe

IASB posts editorial corrections

Deadline reminder – ED on IFRS 1

Downloadable podcast summaries of IASB meetings

Global IFRS and Offerings Services newsletter

IFRSs in your Pocket in Russian

Top challenges for financial executives in 2010

Accounting Roundup – 2009 Year in Review