Additionally, the Jordanian Securities Commission requires all public companies to follow full IFRSs. Consequently, all companies in Jordan (listed and unlisted) follow IFRSs. As the IFRS for SMEs is an IFRS, the IFRS for SMEs may be used by all companies other than those regulated by the Jordanian Securities Commission. No special adoption of the IFRS for SMEs is needed yet in Jordan.

This issue is titled Standard-Setting Crunch Time. It focuses on the meetings in March 2010 between the IASB and the FASB to discuss the insurance contracts project. The newsletter summarises the matters discussed, decisions reached, and disagreements between the two boards, and notes: "After an intense schedule of joint meetings discussing insurance in March, it now appears unlikely that the exposure draft (ED) on insurance accounting will be published in May as planned." Click to download Issue 13 of the Insurance Accounting Newsletter (PDF 115k). There are permanent links all issues of the newsletter on IAS Plus Insurance Project Page.

 

This work will assist IFAC member bodies, regulators, employers, academics, and students by prescribing principles for the learning and development of a professional accountant. The focus of IAESB activities will be on the following:

• Revising the IESs in consideration of the IAESB's drafting conventions project, which compiled stakeholder feedback on improving the clarity of the standards;
• Developing implementation guidance for the measurable implementation of the IESs, competency frameworks, and quality control measures for education providers; and
• Promoting greater awareness among academics, regulators, and others of the IAESB's pronouncements and its role in advancing international debate on emerging issues relating to the development and assessment of professional accountants.

Click to view Strategy and Work Plan for 2010-2012 (PDF 136k, download from IFAC website).

 

This 45-page guide to the IFRS for SMEs is similar to Deloitte's very popular IFRSs in Your Pocket guide to full IFRSs. IFRS for SMEs in Your Pocket takes each section of the IFRS for SMEs, summarises its requirements, and highlights differences with full IFRS requirements. There is also a chronology of the development of the IFRS for SMEs and a discussion of how the IFRS for SMEs differs from full IFRSs. Click to download IFRS for SMEs in Your Pocket (Global Edition) (PDF 406k).

Topics include:

• risks associated with IFRSs and your information system
• key questions to ask your CIO
• tips on handling multiple reporting requirements
• short vs long term conversion solutions and the impact on your organisation
• resource requirements to effectively manage the IT implications of IFRSs

Webcast Topic: A Systems Perspective on IFRSs Date and Time: 27 April 2010, 2:00 to 3:30 pm EDT Speakers: Steve McCaughey, Partner, Consulting, and Hitesh Peshavaria, Senior Manager, Consulting

 

The considerations outlined in the report are intended to assist public entities in preparing their financial statements and Management's Discussion and Analysis, and in initiating dialogue with their advisors on the impact of the new legislation. While many of the accounting and disclosure considerations will apply directly to specific industries only, others will have broader applicability. Public entities should therefore consider the provisions of the Act that may directly or indirectly affect administrative or other costs (such as human resources or health care premiums).

Click to download Heads Up Newsletter (PDF 482k).

The paper explains:

• How the recognition criteria in the working draft IFRS differ from those in the existing IAS 37
• How the new criteria would apply to liabilities arising from lawsuits
• Why the IASB is changing the criteria.

The paper is intended to help people understand the recognition criteria before they comment on the revised measurement proposals in the Exposure Draft Measurement of Liabilities in IAS 37.

• Download the Staff Paper from the IASB Website
• More information on the Liabilities Project Page on the IASB Website
• More information on the Liabilities Project Page on IAS Plus

 

No specific regulation was required because IFRSs are permitted in Panama and the IFRS for SMEs is an IFRS. Many Panamanian companies have already adopted the IFRS for SMEs.

 

The FASB joined the IASB for a education discussion of the derecognition project. Several IASB members, FASB members, and FASB staff joined the meeting via video link or teleconference. Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.