October

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Deloitte IFRS for SMEs newsletter in Spanish

07 Oct 2009

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

We have now posted No 13:
  • Bulletin No 13 (6 October 2009) discusses Section 17 of the IFRS for SMEs, which deals with property, plant, and equipment. Click to Download Bulletin 13 (PDF 215k).
We have many resources in Spanish Here.

 

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IASB webcasts on financial instruments

07 Oct 2009

The IASB will hold webcasts on the project to replace IAS 39 Financial Instruments: Recognition and Measurement twice on 8 October 2009. Both presentations will be followed by a short Q&A session where registered participants can submit questions via the online facilities:
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SEC defers internal control reports for small public companies

06 Oct 2009

The US Securities and Exchange Commission has given non-accelerated filers (small public companies with a public float below $75 million) a further deferral from complying with the provisions of Section 404(b) of the Sarbanes-Oxley Act of 2002. Section 404 requires public companies and their independent auditors to report to the public on the effectiveness of a company's internal controls.

With the deferral, non-accelerated filers will now be required to provide the auditor attestation reports in their annual reports for fiscal years ending on or after 15 June 2010. The effective date previously had been for fiscal years ending on or after 15 December 2009. Click for SEC Press Release (PDF 29k).

 

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US CPA exam to include IFRSs starting 2011

06 Oct 2009

Beginning 1 January 2011, the United State Uniform CPA Examination will include, for the first time, testing on International Financial Reporting Standards.

Under the new Content and Skill Specifications for the Uniform CPA Examination (PDF 262k), CPA exam candidates will be expected to 'identify and understand the differences between financial statements prepared on the basis of accounting principles generally accepted in the United States of America (US GAAP) and International Financial Reporting Standards (IFRS)'. Candidates will also be required to demonstrate proficiency in first-time adoption of IFRSs.

 

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We comment on IFRIC D25

06 Oct 2009

Deloitte Touche Tohmatsu has submitted comments on IFRIC Draft Interpretation D25 Extinguishing Financial Liabilities with Equity Instruments, which was published 6 August 2009. IFRIC D25 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 – and in our letter of comment we agree – 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.
Click to download our letter on the ED Extinguishing Financial Liabilities with Equity Instruments (PDF 22k). All past letters comment are Here.

 

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Deloitte newsletter on fair value in Spanish

06 Oct 2009

Deloitte (Colombia) has published the Spanish translation of the following Heads Up newsletter from Deloitte (United States):

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IAASB guidance on implementation of ISAs

06 Oct 2009

The International Auditing and Assurance Standards Board (IAASB) has released a series of ISA Modules focusing on some of the new and more significantly revised International Standards on Auditing (ISAs).

Each module combines a short video presentation, a set of slides, and supporting notes that explain the key principles of, and major changes in, individual ISAs, including the implications for audits of small and medium-sized entities.

Click for IFAC Press Release (PDF 21k), which includes a hyperlink to download the guidance modules.

 

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Four issues relating to fair value measurement

05 Oct 2009

This issue of the Heads-Up Newsletter from Deloitte (United States) summarises the four topics discussed by FASB's Valuation Resource Group (VRG) at its meeting of 22 September 2009. The VRG provides the FASB staff with information about implementation issues regarding fair value measurements used in financial reporting:

  • VRG Issue No. 2009-5: IASB's May 2009 Exposure Draft Fair Value Measurement. Discussion of this issue includes a table summarising the more significant differences between the IASB ED and FASB ASC 820 [formerly SFAS 157 Fair Value Measurements].
  • VRG Issue No. 2009-6: Measurement of Core Deposits
  • VRG Issue No. 2009-7: Fair Value of Debt Versus Par Value of Debt When Estimating the Fair Value of an Entity's Equity
  • VRG Issue No. 2009-8: Proposed Accounting Standards Update (ASU) on Improving Disclosures About Fair Value Measurement
Click to view Heads Up Valuation Resource Group Discusses Four Topic at September 22 Meeting (PDF 96k).

 

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IFRS presentation and disclosure checklist for 2009

05 Oct 2009

We have posted Deloitte's IFRS Presentation and Disclosure Checklist for 2009 in both PDF and Microsoft Word formats.

The checklist is formatted to allow the recording of a review of financial statements, with a place to indicate yes/no/not-applicable for each presentation and disclosure item. Click to download: Our various IFRS model financial statements and related checklists, including translations, are always available Here.

 

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SIX Swiss Exchange IFRS areas of focus for 2009 financial statements

05 Oct 2009

SIX Exchange Regulation, an autonomous division within SIX Group overseeing the SIX Swiss Exchange, has released its Annual Communiqué identifying the areas on which it intends to focus in its regulatory review of 2009 annual financial statements of companies listed on the SIX Swiss Exchange.

The areas of focus will be:
  • Measurement and disclosure of financial instruments (IAS 39/IFRS 7)
  • Reporting on operating segments (IFRS 8/IAS 36)
Further, the SIX Exchange Regulation has updated its Circular No. 2 (PDF 74k), which identifies IFRS issues that have led to discussions with or measures against issuers in the past.
Click to view Annual Communiqué (PDF 59k).

 

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