August

Updated SEC Financial Reporting Manual

11 Aug 2009

The SEC Division of Corporation Finance has updated its Financial Reporting Manual.

This 323-page manual is an informal reference document for SEC staff and provides general guidance only. The SEC has made it available on its public website.

Topics covered in the Division of Corporation Finance Financial Reporting Manual include:

  • Registrant's financial statements
  • Other financial statements required
  • Pro forma financial information
  • Independent accountant's involvement
  • Smaller reporting companies
  • Foreign private issuers & foreign businesses
  • Related party matters
  • Non-GAAP measures of financial performance, liquidity and net worth
  • Management's discussion and analysis of financial position and results of operations (MD&A)
  • Reverse acquisitions and reverse recapitalizations
  • Effects of subsequent events on financial statements required in filings
  • Tender offers
  • Employee stock benefit plans
  • Multijurisdictional disclosure system
Click for:

 

IAS Plus Update newsletter on rate regulation ED

11 Aug 2009

On 22 July 2009, the IASB published an Exposure Draft on accounting for rate-regulated activities.

Comments are due 20 November 2009. The objective of the proposals is to establish whether and how assets and liabilities resulting from rate-regulated activities should be recognised and measured under IFRSs. If adopted, the proposed IFRS would:
  • define regulatory assets and regulatory liabilities.
  • set out criteria for their recognition.
  • specify how they should be measured.
  • require disclosures about their financial effects.
Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – IASB Proposes Guidance on Rate-regulated Activities (PDF 77k) explaining the proposed standard. Click to go to the Project Page on the IAS Plus Website. Past issues of all IAS Plus newsletters are Here.

 

IFRS para PYMEs (IFRS for SMEs)

10 Aug 2009

Deloitte (Colombia) is publishing a series of Spanish language bulletins about the new IFRS for SMEs.

We have now posted Nos 2 and 3 in the series:
  • Bulletin No. 2 (21 July 2009 focussses on eligibility to use the IFRS for SMEs and presentation of financial statements. Click to Download Bulletin 2 (PDF 169k).
  • Bulletin No. 3 (28 July 2009 focussses on the objectives, concepts, and fundamental principles in the IFRS for SMEs. Click to Download Bulletin 3 (PDF 207k).

 

Archive available for webcast debate on IAS 39

10 Aug 2009

On 6 August 2009 Deloitte hosted a live webcast with the IASB on their proposals to replace IAS 39 Financial Instruments: Recognition and Measurement.

The webcast included John Smith, IASB Board member; Gavin Francis, IASB Director of Capital Markets; Sue Lloyd, IASB Senior Technical Consultant; Jens Berger, IASB Practice Fellow; Veronica Poole, Deloitte, Head of UK IFRS Centre of Excellence; Andrew Spooner, Deloitte, Lead Financial Instrument Partner.

 

Agenda project pages updated

10 Aug 2009

We have updated the following pages on IAS Plus to reflect the discussions and decisions at the IASB's regular July 2009 meeting, the July 2009 Joint IASB-FASB meeting, and the special meeting on 4 August 2009:

Financial instruments classification and measurement newsletter

09 Aug 2009

Deloitte LLP (UK) has issued a Comprehensive Newsletter - Time for New Measures on the IASB's proposals to replace the financial instruments classification and measurement requirements in IAS 39.

The newsletter includes an illustrative statement of financial position for a corporate, bank, and insurer showing the potential impact of the proposals compared with the current classification and measurement requirements.

Click to view Comprehensive Newsletter - Time for New Measures (PDF 241k).

Vol. 3 of The Road to a Cost-Effective Conversion

09 Aug 2009

Canada will require IFRS financial statements for all listed companies starting in 2012, and permit IFRSs for others.

Deloitte Canada has been publishing a broad range of guidance materials to help companies address the transition. These include the Countdown to IFRS newsletter (monthly plus special issues, available on our Canada Page) and a series of booklets on The Road to Cost-Effective Conversion. The third volume in this conversion series – Maximising the Return on Your IFRS Investment – has just been published. It offers suggestions on how companies can reduce the costs of conversion by leveraging internal accounting resources, using external resources strategically, and establishing an IFRS-capable financial reporting function for the long term. The series is available in English and in French. Click to download:

English – The Road to Cost-Effective Conversion:

Français – Le Chemin vers une Conversion Efficiente:

 

IASCF-AICPA conference on IFRSs

08 Aug 2009

The IASC Foundation and the AICPA will jointly sponsor a conference on International Financial Reporting Standards (IFRS) in North America 2009: The US Perspective on 29-30 October 2009 in New York City.

Topics that will be covered include:
  • Update SEC's proposed roadmap for IFRS
  • When should IFRS adoption preparation begin
  • IFRS for Small and Medium-sized Entities (IFRS for SMEs)
  • Audit Implications of IFRS in US SEC Filings
  • Accounting implications due to the financial crisis
  • Impact of IFRS adoption in Global Capital Markets
There are also pre-conference workshops on 28 October 2009 on:
  • Learning to speak IFRS
  • IFRS for Insurance Contracts
  • IFRS for Leases
  • First-Time Adoption of IFRSs and the IFRS for Small and Medium-Sized Entities (IFRS for SMEs)
  • IFRS Teaching, Training and Research
The keynote address will be delivered by Paul A Volcker, former IASCF chairman. Featured speakers include Robert H Herz, chairman of the US Financial Accounting Standards Board and Sir David Tweedie, chairman of the International Accounting Standards Board.

 

IFRIC proposal on debt extinguishments

07 Aug 2009

The International Financial Reporting Interpretations Committee (IFRIC) has published a draft Interpretation, IFRIC D25 'Extinguishing Financial Liabilities with Equity Instruments'.

The proposal addresses the appropriate accounting under IFRSs when a creditor agrees to accept an entity's shares or other equity instruments to settle the financial liability fully or partially. IFRIC D25 proposes that:
  • an entity's equity instruments are part of any 'consideration paid' to extinguish a financial liability.
  • the equity instruments should be measured at either their fair value or the fair value of the financial liability extinguished, whichever is more reliably determinable.
  • any difference between the carrying amount of the financial liability extinguished and the initial measurement amount of those equity instruments should be included in the entity's profit or loss for the period.
Comments on the proposal are due by 5 October 2009. Click for Press Release (PDF 107k).

 

German language IAS Plus reaches 1,000,000 visitors

07 Aug 2009

iasplus.de On 4 August 2009, www.iasplus.de – Deloitte's German language website about IFRSs – reached 1,000,000 visitors.

The site was launched on 4 February 2005. The site has daily news about international accounting, details about IASB standards, interpretations, and projects, meeting notes, and more, in German.

 

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.