The meeting is open to public observation and is being webcast. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the first day of the meeting. The Board will also meet with the Standards Advisory Council on 22-23 June 2009.

 

The DP was issued jointly by the IASB and the US FASB on 19 December 2008. The DP proposes a single, contract-based revenue recognition model. The model would apply broadly to contracts with customers, although contracts in the areas of financial instruments, insurance, and leasing may be excluded. Under the proposed model, revenue would be recognised when a contract asset increases or a contract liability decreases (or some combination of the two). That occurs when an entity performs by satisfying an obligation in the contract.

 

Click to download the Endorsement Status Report as of 12 June 2009 (PDF 130k). The following were endorsed for use in Europe on 12 June 2009:

• IFRS 3 Business Combinations (2008)
• IAS 27 Consolidated and Separate Financial Statements (2008)

The following 9 IASB pronouncements are awaiting European Commission endorsement for use in Europe:

Standards

• IFRS 1 First-time Adoption of IFRS – Restructured standard (2008)

Interpretations

• IFRIC 15 Agreements for the Construction of Real Estate
• IFRIC 17 Distributions of Non-cash Assets to Owners
• IFRIC 18 Transfers of Assets from Customers

Amendments

• IAS 39 Amendments for Eligible Hedged Items
• IAS 39 Amendments for Reclassification of Financial Assets
• IFRS 7 Amendment – Improving Disclosures About Financial Instruments
• IFRIC 9 and IAS 39 Amendment – Embedded Derivatives
• Improvements to IFRSs (Issued 16 April 2009)

The principles are referred to as the Lecce Framework. The Framework provides a direction to build on existing initiatives, to identify and fill regulatory gaps and to foster the broad international consensus needed for rapid implementation. Specific issues covered by the framework include executive compensation, regulation of systemically important institutions, credit rating agencies, accounting standards, the cross-border exchange of information, bribery, tax havens, non-cooperative jurisdictions, money laundering and the financing of terrorism, and the quality and dissemination of economic and financial data. The G8 countries are Canada, France, Germany, Italy, Japan, United Kingdom, United States, and Russia. Click for G8 Finance Ministers' Statement (PDF 33k).

 

The BAC is an advisory body on accounting matters to the Financial Services Agency of Japan. At the meeting, the BAC Committee approved a draft 'roadmap' toward IFRSs in Japan: Application of International Financial Reporting Standards (IFRS) in Japan (Interim Report) (PDF 78k). Key conclusions in the interim report are:

• It is appropriate that the optional use of IFRSs as issued by the IASB should be permitted starting in the fiscal year ending in March 2010, in the consolidated financial statements of listed companies whose financial or operational activities are conducted internationally.
• A decision regarding the mandatory use of IFRSs in consolidated financial statements of all listed companies should be made around 2012, though the timing may be moved back or forward depending on various factors. It is important to ensure a sufficient preparation period of at least three years before the mandatory use starts. Mandatory use would most likely start from 2015 or 2016 if the decision is made in 2012.

This Interim Report will be submitted to the plenary meeting of the BAC, expected to take place later this month. Here is the Japan Financial Services Agency Announcement of the BAC Interim Report (PDF 29k).

 

The newsletter discusses an Exposure Draft, published by the IASB on 28 May 2009, of proposed guidance on how fair value should be measured where it is required by existing standards. The ED does not propose to extend the use of fair value measurements in any way. It would add disclosure requirements about how fair values were determined. Comment deadline is 28 September 2009.

Click for: IAS Plus Update Newsletter – Exposure Draft Proposes Expanded Guidance on Fair Value Measurement (PDF 71k).

Past issues of all IAS Plus newsletters are Here.

 

This issue focuses on the estimate of insurance cash flows. The IASB plans to publish an exposure draft for comment in the second half of 2009 and a final standard in 2011. This newsletter provides an update on progress being made by the IASB and FASB in their joint project. Click to download Issue 4 of the Insurance Accounting Newsletter (PDF 117k). There are permanent links all issues of the newsletter on Our Insurance Project Page.

 

This guide is part of a series of publications on the preparation of financial statements in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and the applicable Listing Rules of the Stock Exchange of Hong Kong and the Growth Enterprise Market. Specifically, this guide addresses the content of an interim financial report and the recognition and measurement requirements for interim reporting purposes in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting (which is identical to IAS 34) and the relevant Listing Rules in Hong Kong. In addition, this guide contains illustrative interim financial reports (both half-year and quarterly) that take into account HKFRSs that are effective for periods beginning on or after 1 January 2009. Click to download Interim Financial Reporting in Hong Kong – A guide for the preparation of interim financial reports (PDF 4,367k).

 

Abordamos el mismo material que ha hecho de esta publicación un favorito mundial: información sobre los antecedentes de la estructura y trabajos de IASB; análisis del uso de los IFRS en el mundo; resúmenes de todos los Estándares e Interpretaciones actuales; y una actualización de los detalles de los proyectos de la agenda de IASB y de IFRIC. Es la guía ideal para las entidades que contemplan moverse hacia los IFRS, así como una actualización para los veteranos que ya reportan según la estructura de los IFRS.

Click to download Los IFRS en su Bolsillo 2009 (PDF 643k).

 

• IFRS para los fondos de inversión: Más que sólo contabilidad y presentación de reportes (PDF 279k) Spanish version of: IFRS for Investment Funds: More Than Just Accounting and Reporting (PDF 339k)
• Los IFRS en las ciencias de la vida: implicaciones amplias (PDF 199k) Spanish version of: IFRS in the Life Sciences: Broad implications (PDF 263k)
• Boletín Actualización IAS Plus Abril 2009 – Las Juntas emiten puntos de vista preliminares sobre la contabilidad de los arrendamientos (PDF 34k) Spanish Version of: IAS Plus Update April 2009 – Boards Issue Preliminary Views on Lease Accounting (PDF 129k)

We have many resources in Spanish Here.