August

Canada proposes delay in adoption of IFRSs by investment companies

09 Aug 2010

As part of its project on consolidated financial statements, the International Accounting Standards Board (IASB) has announced it will propose, subject to comments received on exposure, that investment companies should be exempted from consolidation and should account for controlling interests in other entities at fair value.

Various Canadian stakeholders, including regulators and those from the investment and insurance industries, have raised concerns about whether the revised standard, including the investment company exemption, will be issued in time for the mandatory adoption of IFRSs by Canadian publicly accountable enterprises for interim and annual financial statements relating to annual periods beginning on or after 1 January 2011.

The Canadian Accounting Standards Board (AcSB) is therefore proposing that investment companies can continue to apply the current accounting standards for an additional year. Adoption of IFRSs will be mandatory for interim and annual financial statements relating to annual periods beginning on or after 1 January 2012. The AcSB decided that the proposed deferral of the IFRS changeover date should be limited to those entities expected to qualify for the IASB's proposed exemption from consolidation.

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The AcSB has also proposed a two-year delay in the IFRS implementation for rate-regulated activities.

Japanese edition of iGAAP 2010

09 Aug 2010

Deloitte (Japan) has published a Japanese translation of the global edition of iGAAP 2010.

This three-volume set, in Japanese, includes all the content of the English edition of iGAAP 2010. The Japanese version covers the following topics:
  • Volume 1. Framework, financial statements, accounting policies, inventory, fixed assets, impairment of assets, leases, borrowing costs, provisions, revenue, construction contracts, share-based payments
  • Volume 2. Employee benefits, income taxes, consolidated and separate financial statements, business combinations, investments in associates, joint ventures, foreign currency, statement of cash flows, subsequent events, related party disclosures, operating segments, earnings per share, interim financial reporting, government grants, hyperinflation, agriculture, insurance, mineral exploration and evaluation, first-time adoption
  • Volume 3. Financial instruments - financial assets, financial liabilities and equity, derivatives, embedded derivatives, measurement, recognition and derecognition, hedge accounting, disclosure, first-time adoption

The publication can be purchased through LexisNexis online at http://lexisbookstore.jp/. Click to access all our Deloitte IFRS publications.

Japanese regulator proposes wider IFRS reporting, approves IASB amendments

09 Aug 2010

The Financial Services Agency (FSA) of Japan has proposed to extend IFRS reporting in Japan to optionally include consolidated financial statements of non-public subsidiaries of domestic IFRS issuers. The proposals were issued on 4 August 2010 and comments on the proposals close on 3 September 2010.

The FSA has also approved the following IFRSs and related Interpretation, issued by the IASB in the first half of 2010, for use in Japan:
  • Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters — amendment to IFRS 1 (Jan 2010)
  • Improvements to IFRSs (May 2010), including amendments to IFRIC 13

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Webcast to discuss ED Revenue from Contracts with Customers

09 Aug 2010

The staff of the IASB and FASB will hold a joint webcast on Thursday 12 August from 17:00 to 17:45 London time to discuss proposals in the Exposure Draft, Revenue from Contracts with Customers and their potential affect on the technology industry. The live webcast is free.

To register, go to the FASB website.

 

Irish edition of IFRS for SMEs in your pocket

06 Aug 2010

We've posted an Irish edition of IFRS for SMEs in your pocket, published by Deloitte (Ireland). This publication provides a section-by-section guide on the IFRS for SMEs, providing key comparisons with the full IFRS standards and highlighting particular conversion issues for entities moving from Irish GAAP.

Irish GAAP is developed by the Accounting Standards Board (ASB), which is currently considering proposals to replace Irish GAAP with the IFRS for SMEs for many non-publicly accountable entities. More information about financial reporting in Ireland can be found on our Ireland country page.

Click for Irish edition of IFRS for SMEs (PDF 276k).

 

Conclusions of the July 2010 meeting of the IFRS Foundation Trustees

06 Aug 2010

The Trustees of the IFRS Foundation, the body responsible for the promotion of International Financial Reporting Standards (IFRSs) and oversight of the International Accounting Standards Board (IASB), today announced the conclusions of their meeting in Washington, DC on 6 and 7 July 2010.

The Trustees received reports from the chairmen of the IASB, the IFRS Advisory Council and the Due Process Oversight Committee. They also discussed their strategic review:

Strategic Review:

After ten years of existence and with the number of countries adopting IFRSs growing, the Trustees agreed that it is an opportune moment to consider the organisation's strategy looking out over a ten-year time horizon. The Trustees' Executive Committee, led by the incoming Trustee Chair Tommaso Padoa-Schioppa, will lead the review on behalf of the Trustees. The review will consider the scope and mission of the IFRS Foundation, governance arrangements, the effectiveness of the standard-setting process and financing arrangements

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  • IFRS Foundation press release (PDF 18k) offering a summary of the conclusions reached at the meeting and providing links to the reports received

 

FASB podcast on loss contingencies proposals

06 Aug 2010

The FASB has released a podcast on its proposed accounting standards update (ASU) on the disclosure of certain loss contingencies. The disclosures that would be required under the proposed ASU are similar to those required under IAS 37 (currently the subject of an IASB project).

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'Blue Ribbon' Panel calls for submissions on US private company reporting

06 Aug 2010

The United States AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies (the Panel) is seeking input on the preparation of private company financial statements in the United States. The Panel is discussing how accounting standards can best meet the needs of US users of private company financial statements with the objective of making recommendations thereon to the FAF Board of Trustees.

The Panel is seeking comment on many matters, including:

  • How US-GAAP financial statements for private companies are currently used and the relevance of information contained in those financial statements
  • Issues with the application of US-GAAP in private company financial statements
  • The impact of any future SEC requirement for public companies to adopt IFRS on private company financial reporting.

Submissions close on 15 September 2010.

Deloitte webcast on global financial reporting

06 Aug 2010

The pace of standard-setting developments at the IASB is unprecedented, and it is creating challenging times for financial and tax professionals. What developments should you know about now?

In this webcast from Deloitte's IFRS Global Office, we will discuss:
  • Updates on the IASB's evolving agenda and standard-setting activities
  • The IASB's exposure draft on revenue recognition
  • The IASB's exposure draft on leases
Stay informed about the latest developments from the IASB and their potential effects on your financial reporting and tax accounting.
  • Topic: IFRS: Important Third Quarter Developments
  • Date and time: 8 September, 9:00-10:00am London time (GMT +1), which is 4:00-5:00pm HKT (GMT +8)
  • Host: Joel Osnoss
  • Presenters: Phil Barden, Veronica Poole and Randall Sogoloff
  • More Info and Registration: Click Here

 

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