2009

Role of the audit committee in IFRS conversion

01 Dec 2009

Deloitte (United States) has published an Audit Committee Brief newsletter on Making the Transition to IFRS: The Role of the Audit Committee. The newsletter identifies specific steps the audit committee can take, along with other board committees and management, to help develop the company's strategic plan on IFRSs.

The newsletter reviews examples of steps that companies in the United States are already taking in planning for an IFRS conversion, and identifies key questions for the audit committee to ask executive management. Click to download Making the Transition to IFRS: The Role of the Audit Committee (PDF 459k).

Considerations for the audit committee

  • What educational needs and goals does the audit committee have?
  • Has the audit committee considered the implications IFRS may have on the financial-expert designation?
  • Does the audit committee have an oversight plan for IFRS adoption, including the implementation process?
  • How will the audit committee remain informed about changes and the impacts of the company's IFRS transition?
  • How will IFRS adoption affect the duties and responsibilities of the audit committee for internal control and financial statement disclosures?
  • Is the audit committee aware of the accounting policy elections and various implications for the organisation?
  • What are the tax and systems implications of an IFRS implementation?
This page on IAS Plus has links to Many Other Publications about First-time Adoption of IFRSs.

 

Notes from Tokyo fair value roundtable

01 Dec 2009

On 27 November 2009, the IASB held a roundtable at the ASBJ offices in Tokyo, Japan, to discuss its Fair Value Measurements exposure draft (ED).

Roundtable participants consisted of a cross-section of representatives including auditors, financial statement preparers, valuation experts, and industry. We have posted Notes Taken by Observers at the Tokyo Roundtable (PDF 29k). Those notes represent the roundtable observers' interpretations of the discussions, focussing on those issues that were not discussed at the Norwalk Roundtable held on 2 November 2009. As with the Norwalk roundtable, the following issues were identified by the IASB staff for discussion during the roundtable:
  • Issue A – Fair value as an exit price
  • Issue B – Fair value of liabilities
  • Issue C – Fair value of non-financial assets and liabilities
  • Issue D – Fair value in inactive markets
  • Issue E – Fair value in emerging and transition economies
  • Issue F – Jurisdiction-specific issues
  • Issue G – US GAAP convergence
Participants raised points on several other topics, including disclosure requirements and valuation of non-quoted equities.

 

11 IFRSs await EU endorsement

30 Nov 2009

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 27 November 2009 (PDF 136k). The latest update reflects several events of last week – the endorsement of the revised IFRS 1 and IFRIC 17 by the European Commission and the publication of IFRIC 19 and the amendments to IFRIC 14 by the IASB. The following 11 IASB pronouncements are awaiting European Commission endorsement for use in Europe:

Standards

  • IFRS 9 Financial Instruments
Interpretations Amendments
You can always find the endorsement status report Here.

 

Michel Barnier to be new EU Internal Market Commissioner

29 Nov 2009

José Manuel Barroso, President of the European Commission, has announced that Michel Barnier of France will be the next European Commissioner for Internal Market and Services, succeeding Charlie McCreevy.

The Internal Market Commissioner has responsibility for policy and oversight of accounting and auditing matters within the European Union, including relations between the Commission and the IASB. The Commissioner is also responsible for supervising the market for financial services and regulation of banks. Mr Barnier, 58, is currently a member of the European Parliament and has served in various political positions in France, including Member of the French National Assembly, Minister of the Environment, Secretary of State for European Affairs, Foreign Minister, and Minister for Agriculture and Fisheries. From 1999 to 2004 he served as European Commissioner for Regional Policy in the Commission of Romano Prodi. The new Commission will have 27 members, including President Barroso, one from each Member State. It will take office early in 2010 (the Parliamentary confirmation vote is scheduled for 26 January) and will serve through 31 October 2014. Click for EC Press Release on the New Commission (PDF 134k).

Deloitte Canada IFRS transition newsletters

28 Nov 2009

Deloitte Canada has published the November 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:
  • The 'Tax'-ing Route to IFRS
  • 'The Real Deal' – real issues and solutions on IFRS transition relating to Stock Compensation
  • Performance Measurement Under IFRS
  • Public Sector Government Business Enterprises Required to use IFRSs
  • Deferral of the Consolidation Project
  • Deloitte Publications and Events and How to Access Them
  • An Update on Current IFRS events – including various important EDs or Discussion Papers
Click below for: Related items:

IFRS insurance accounting newsletter

27 Nov 2009

Deloitte (United Kingdom) has published the November 2009 issue of Insurance Accounting Newsletter.

This issue is titled Welcomed Convergence? and focuses on the renewed drive toward convergence of the US and international insurance accounting standards resulting from the October joint meeting of the FASB and the IASB. The newsletter includes computation examples illustrating how the decisions made at that meeting will affect a single premium insurance contract and a regular premium insurance contract. An appendix presents a summary of key decisions to date. Click to download Issue 9 of the Insurance Accounting Newsletter (PDF 267k).

 

New Deloitte Guide to IFRS 1

27 Nov 2009

Deloitte's IFRS Global Office has published a revised Guide to IFRS 1 First-time Adoption of International Financial Reporting Standards.

The guide was first published in 2004 with the aim of providing first-time adopters with helpful insights for the application of IFRS 1. This second edition has the same objective. We have updated the content to reflect the lessons learned from the first major wave of IFRS adoption in 2005, as well as for the changes to IFRS 1 since 2004. We have structured the guide to provide users with an accessible reference manual:
  • An executive summary explains the most important features of IFRS 1;
  • Section 2 provides an overview of the requirements of the Standard;
  • Sections 3 and 4 cover the specific exceptions and exemptions from IFRS 1's general principle of retrospective application of IFRSs, focusing on key implementation issues;
  • Section 5 addresses other components of financial statements where implementation issues frequently arise in practice;
  • Section 6 sets out Q&As dealing with specific fact patterns that users may encounter in practice; and
  • Section 7 discusses some of the practical implementation decisions faced by first-time adopters.
Click for:

 

Stay Tuned Online – IFRS and UK GAAP update

27 Nov 2009

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

Each update lasts no more than an hour, and sessions are normally held three times a year, approximately at the end of March, July and November. We intend to make a recording of each session available on IAS Plus for a period of at least four months from the date of the presentation. The topics covered in the 26 November 2009 Stay Tuned Online IFRS and UK GAAP Update:
  • IFRS 9 Financial Instruments
  • ED/2009/12 Financial Instruments: Amortised Cost and Impairment
  • Classification of Rights Issues: amendment to IAS 32
  • IAS 24 Related Party Disclosures (revised 2009)
  • A round up of other UK reporting matters
  • Other IFRS developments and summaries for December 2009
To access the recording Click Here. There's a permanent link on our UK Country Page.

 

IFRIC 17 endorsed for use in Europe

27 Nov 2009

The European Commission has completed the process of endorsing, for use in Europe, the November 2008 restructured version of IFRIC 17 Distributions of Non-cash Assets to Owners.

Click for the Commission Regulation (EC) No 1142 (PDF 836k), the endorsement Regulation published in the Official Journal of the European Union on 26 November 2009.

Three Deloitte IFRS newsletters in Chinese

27 Nov 2009

Deloitte China has published the Chinese translations of three IAS Plus Update IFRS newsletters:

The Chinese newsletters are permanently available at Deloitte's CAS Plus Website.
All past English versions are on our Newsletters Page.

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