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Deloitte Canada IFRS transition newsletters

31 Oct 2009

Deloitte Canada has published the October 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events.

Articles in this issue include:
  • Time sensitive considerations before your opening balance sheet date – the IFRS transition date
  • 'The Real Deal' – privately held companies
  • Omnibus Exposure Draft III – exposing existing IFRSs for incorporation into Canadian GAAP.
  • Canadian Securities Administrators Accounting Alerts
  • Deloitte Publications and Events
  • International Round-up
Click below for: You will find more information about financial reporting in Canada on our Canada Page.

Three IFRS Webinars from SAP and Deloitte

31 Oct 2009

Deloitte (United States) and SAP have teamed up to offer a series of three Webinars designed to:

  • Help companies assess their IFRS readiness
  • Discuss the potential impact of IFRS conversion on financial consolidation and reporting
  • Explore typical challenges faced by organisations when adopting IFRS and ways to address them
The details:

IFRS Consolidations and Financial Reporting

  • Date and time: 4 November 2009, 8 a.m. PT/11 a.m. ET
  • Presenters: Philip Mugglestone, Director of Solution Marketing, EPM, SAP; Ian Wright, Principal, Deloitte Consulting LLP; Deirdre Ryan, Principal, Deloitte Consulting LLP
  • Registration: Click Here
IFRS Adoption Challenges
  • Date and time: 11 November 2009, 8 a.m. PT/11 a.m. ET
  • Presenters: Tom Yoder, National Practice Lead, IFRS/ERP General Ledger, SAP; Nick Difazio, National Leadership Partner – IFRS, Deloitte & Touche LLP; Ian Wright, Principal, Deloitte Consulting LLP
  • Registration: Click Here
IFRS Assessment
  • Date and time: October 22, 2009, 8 a.m. PT/11 a.m. ET (This playback is available for 90 days after live broadcast)
  • Presenters: Pete Graham, Director, Solution Management, ERP Financials, SAP; Nick Difazio, National Leadership Partner – IFRS, Deloitte & Touche LLP; Glen Feinberg, Principal, Deloitte Consulting LLP
  • Registration: Click Here


IASB and FASB will meet monthly on convergence

30 Oct 2009

At an IFRS conference sponsored by the IASC Foundation and the AICPA in New York this week, IASB Chairman Sir David Tweedie and FASB Chairman Robert H Herz announced that the IASB and the FASB have agreed to meet monthly, for at least two days a month, starting in January 2010, to achieve the goal of converging IFRSs and US GAAP to the greatest extent possible by June 2011.

The joint meetings are expected to alternate between a video meeting in one month and a face-to-face meeting in the next month.

Agenda project pages updated

30 Oct 2009

We have updated the following pages on IAS Plus to reflect the discussions and decisions at the IASB's joint meeting with the FASB on 26-28 October 2009:

Review of narrative reporting in the UK

29 Oct 2009

The United Kingdom Accounting Standards Board (ASB) has published Rising to the Challenge, the report of its review of the narrative reporting of 50 UK listed companies in 2008 and 2009.

The review focused on:
  • how companies are complying with the enhanced business review content requirements from the Companies Act 2006 (CA);
  • effective communication and presentation of the required content; and
  • areas that are leading to clutter in narrative reporting.
The review found that most companies are providing a good standard of information in their financial reviews, the description of objectives and strategies, and the provision of financial key performance indicators (KPIs). However, there are significant opportunities for improvement in the reporting of principal risks, trends and factors, contractual and other arrangements, and non-financial KPIs. Click to download:


Responses to EC review of accounting directives

29 Oct 2009

The European Commission has published a report on the approximately 100 responses received to the Commission's consultation paper on review of the Accounting Directives: Cutting Accounting Burden for Small Business–Review of the Accounting Directives.

Click to Download the Report (PDF 309k).

For the modernisation and streamlining proposal there was wide support. Creating a separate section of the directive outlining core accounting principles was also supported. Respondents were in favour of retaining prescriptive layouts as a way of increasing comparability and transparency, however a reduction in the detail and number of layouts was commonly suggested, as was a simplification of disclosures in the notes to the accounts. A modernisation of valuation rules was widely supported.

Considerable support was expressed for the idea of following a 'bottom-up' approach to the revised Accounting Directives. This would involve separately setting out all the accounting requirements for small companies first, and adding further separate requirements for both medium and large companies. There was also support for the preparation of cash flow statements by medium and large companies. Respondents also welcomed the ideas of electronic publication and the creation of a common accounting taxonomy.

Respondents had mixed views on the current Member State options allowing preparation of abridged accounts for small and medium-sized companies. Similarly, there was no clear position on whether the separate line items for 'extraordinary items' should be removed from the face of the profit and loss account.

There was little support for reducing the number of company categories or for a possible publication exemption for small companies. However, there was general satisfaction with current size criteria and threshold levels. A radical simplification proposal to require only key accounting figures from small companies was also met with scepticism.

In response to an open-ended invitation to comment on the long-term role of the Directives, commentators made the following comments about IFRSs:

There were 29 suggestions for closer alignment with IFRSs whilst 9 respondents were against such an approach.

On the question of IFRS for SMEs 20 respondents expressed support for it, commenting that as European medium-sized and large companies expand their cross-border activity there is an increasing need for a standardised financial reporting language. They argued that comparability is not possible under the current Accounting Directives due to Member State options and 'gold-plating'. Others (12 responses) saw the IFRS for SMEs as burdensome and inappropriate for EU SMEs. They questioned its usefulness in calculating tax liabilities and distributable profits.

Some said that the Accounting Directives should be a real alternative to IFRS and should therefore be more prescriptive and detailed. They thought that creditor protection should remain the fundamental principle and the Accounting Directives should focus on private companies' user needs. They were also in favour of increased harmonisation within the Directive, which they argued, could be achieved by eliminating the numerous current options.

Notes from joint IASB-FASB meeting day 3

29 Oct 2009

The IASB and the US Financial Accounting Standards Board are holding a joint meeting at the FASB's offices in Norwalk, Connecticut USA, Monday to Wednesday 26-28 October 2009.

Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

Investment property under construction

28 Oct 2009

Deloitte China has published Accounting for Investment Properties Under Construction – A Practical Guide.

This 16-page guide explains the May 2008 amendment to IAS 40 that brings property under construction or development for future use as an investment property within the scope of IAS 40. The amendment is effective 1 January 2009. While the guide is written in terms of Hong Kong Accounting Standard 40 (HKAS 40), that standard is identical to IAS 40 Investment Property.
Click to view Accounting for Investment Properties Under Construction – A Practical Guide (PDF 219k).


Model IFRS financial statements for 2009

28 Oct 2009

We have posted Deloitte's final model IFRS financial statements for the year ended 31 December 2009. (Several weeks ago we had posted a preliminary, unformatted MS Word version.) These statements illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs.

They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard. You can always find links on our Model Financial Statements Page.


Deloitte IFRS newsletter in Spanish

28 Oct 2009

Deloitte (Colombia) has published the Spanish translation of the following IFRS publication:

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.