August

Nigeria to adopt IFRS from 2012

06 Aug 2010

The Nigerian Federal Executive Council has approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS). The Central Bank of Nigeria (CBN) and the Nigerian Securities and Exchange Commission (SEC) support the migration to IFRS. The Council has directed the Nigerian Accounting Standards Board (NASB), under the supervision of the Nigerian Federal Ministry of Commerce and Industry, to take further necessary actions to give effect to Councils' approval.

Prof. Dora Akunyili, Honourable Minister of Information and Communications for Nigeria, said:

The intensification of globalization and the consequential loss of national identity in financial reporting standards leaves Nigeria with no choice, but to key into the International Financial Reporting Standards. Investors now request financial statements prepared using these global financial reporting benchmarks.

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IFRS Taxonomy 2010 updated for latest annual Improvements to IFRSs

05 Aug 2010

The IFRS Foundation today released the first interim release for the International Financial Reporting Standards (IFRS) Taxonomy 2010, which is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language).

This IFRS Taxonomy interim release reflects Improvements to IFRSs for the 2008-2010 project cycle, which was published in May 2010 as part of the IASB's annual improvements process.

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IFRS insurance accounting newsletter

05 Aug 2010

Deloitte (United Kingdom) has published the August 2010 issue of Insurance Accounting Newsletter. This issue is titled 'The start of a new accounting era' and provides a detailed analysis of the main provisions in the Exposure Draft issued on 30 July by the IASB to revise substantially IFRS 4 Insurance Contracts.

PCAOB adopts new auditing standards on risk assessment

05 Aug 2010

The Public Company Accounting Oversight Board (PCAOB) today adopted eight auditing standards related to an auditor's assessment of and response to audit risk.

The eight standards are:
  • Auditing Standard 8 (AS No. 8) - Audit Risk
  • Auditing Standard 9 (AS No. 9) - Audit Planning
  • Auditing Standard 10 (AS No. 10) - Supervision of the Audit Engagement
  • Auditing Standard 11 (AS No. 11) - Consideration of Materiality in Planning and Performing an Audit
  • Auditing Standard 12 (AS No. 12) - Identifying and Assessing Risks of Material Misstatement
  • Auditing Standard 13 (AS No. 13) - The Auditor's Responses to the Risks of Material Misstatement
  • Auditing Standard 14 (AS No. 14) - Evaluating Audit Results
  • Auditing Standard 15 (AS No. 15) - Audit Evidence
The standards, if approved by the Securities and Exchange Commission, will become effective for audits of fiscal periods beginning on or after December 15, 2010. Click here for more details and to view this and other news releases on the PCAOB website.

 

IFRS Foundation appoints members of the SME Implementation Group

05 Aug 2010

The IFRS Foundation today announced the membership of the newly created SME Implementation Group.

The mission of the Group is to support the international adoption of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and to monitor its implementation.
The Group has two main responsibilities:
  • to develop non-mandatory guidance for implementing the IFRS for SMEs in the form of questions and answers that will be made publicly available on a timely basis; and
  • to make recommendations to the IASB if and when needed regarding amendments to the IFRS for SMEs.

Although members of the group do not act as country representatives, the Trustees of the IFRS Foundation have sought to ensure a balanced geographical distribution in selecting its members. The members of the Group will serve a renewable term of two years from July 2010; the chairman is the IASB member Paul Pacter.

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Accounting and audit reforms in Turkmenistan

05 Aug 2010

According to a press release of the state news agency of Turkmenistan (THD) the President of Turkmenistan issued a Decree approving the programme for reforming the national accounting and audit system during a meeting of the Cabinet of Ministers of Turkmenistan, which was held on 9 July 2010.

The document was issued to facilitate implementing the 2011-2030 National Social and Economic Development Programme of Turkmenistan and bring the national accounting and audit system in compliance with international standards and requirements of market economy. According to the programme, national accounting and auditing standards will be developed in compliance with international standards (IFRSs, ISAs) as well as the specifics of the economic system of Turkmenistan.

In accordance with the Decree:

  • all enterprises, institutions and organisations irrespective of the form of ownership (except for banks) from January 1, 2013 are to ensure phased transition and from 1 January 2014 full transition of the national accounting and audit system to international financial reporting standards (IFRS);
  • from January 1, 2011 the banking institutions in the country are to ensure transition to international financial reporting standards (IFRS), prepare the financial reports for 2011 in compliance with international standards and ensure conducting financial statement audit on a yearly basis in compliance with international standards starting from the financial reports prepared for 2011.

The measures to be taken to implement the accounting and audit reform programme include updating and developing the relevant regulatory framework, training and advanced training specialists and introducing best international practice through cooperation with leading financial institutions of the world.

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IASB/EFRAG convergence meeting

04 Aug 2010

On 26 August 2010 the International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) will meet in London.

These meetings take place twice a year and are used to discuss European ideas and input into projects on the IASB's agenda. The meeting will be open to public observation.
You can access the agenda on our August 2010 IASB/EFRAG meeting page.  We will also post Deloitte observer notes on this page as they are available

IFRS publication in Spanish

03 Aug 2010

We have posted the following Spanish language IFRS in Focus publication from Deloitte (Colombia).

Accounting Roundup – July 2010

03 Aug 2010

We have posted the July 2010 Edition of Accounting Roundup (published by Deloitte & Touche LLP (United States). The newsletter covers United States and international accounting and auditing matters, including IASB-FASB convergence.

Topics covered in this issue include:

Contingencies

  • FASB Proposes Guidance on Expanded Disclosures for Certain Loss Contingencies
Foreign Currency Matters
  • Foreign Currency Exchange Accounting Implications of Recent Government Actions in Venezuela
  • EITF Deliberates the Accounting for Multiple Foreign Currency Exchange Rates (Issue 10-B)
Intangibles — Goodwill and Other
  • EITF Deliberates How the Carrying Amount of a Reporting Unit Should Be Calculated When Performing Step 1 of the Goodwill Impairment Test (Issue 10-A)
Plan Accounting — Defined Benefit Pension Plans
  • FASB Ratifies Consensus-for-Exposure on Accounting for Participant Loans in Employee Benefit Plan Financial Statements (Issue 10-C)
Presentation of Financial Statements
  • FASB and IASB Propose Sweeping Changes to Financial Statement Presentation
Receivables
  • FASB Enhances Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses
Industry Accounting
  • EITF Reaches Final Consensus on Accounting for Costs Associated With Acquiring or Renewing Insurance Contracts (Issue 09-G)
  • EITF Deliberates Revenue Recognition for Health Care Entities (Issue 09-H)
  • EITF Reaches Final Consensus on Presentation of Insurance Claims and Related Insurance Recoveries for Health Care Entities (Issue 09-K)
  • EITF Reaches Final Consensus on Measuring Charity Care for Disclosure for Health Care Entities (Issue 09-L)
  • EITF Reaches Consensus-for-Exposure on Accounting for Certain Fees Associated With Recently Enacted Health Care Legislation (Issue 10-D)
Other Accounting
  • FASB Issues "Pre-Release" of 2011 U.S. GAAP Reporting Taxonomy for Public View
  • AICPA Issues Various Technical Practice Aids
  • Dodd-Frank Wall Street Reform and Consumer Protection Act Signed Into Law
Other SEC Matters
  • SEC Issues Proposed Rule on Mutual Fund Distribution Fees
  • SEC Issues C&DIs on Use of Credit Ratings
  • SEC Updates Financial Reporting Manual
  • SEC Publishes Concept Release on the U.S. Proxy System
  • CAQ Releases Highlights of SEC Regulations Committee's April 6 Meeting
Other Auditing
  • ASB Issues Interpretation 8 of AT Section 101
  • ASB Issues Proposed SAS to Revise Applicability of SAS 116
  • ASB Issues Proposed SAS on Letters for Underwriters and Certain Other Requesting Parties
  • ASB Issues Proposed SAS on Interim Financial Information
  • ASB Issues Proposed SSARS on the Applicability of SSARSs
  • PCAOB Issues Proposed Standard on Audit Confirmations
  • PCAOB Issues Staff Practice Alert on Using the Work of Other Auditors and Engaging Assistants From Outside the Firm
GASB Matters
  • GASB Issues Guidelines for Reporting of SEA Performance Information
Click for July 2010 Accounting Roundup (PDF 379k). You will find past issues of Accounting Roundup Here.

 

Notes from special August IASB meeting

03 Aug 2010

The IASB met in London on 3 August 2010 for a special meeting related to the Financial Instruments project.

The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

The IASB has tentatively scheduled a further special meeting on Tuesday 24 August 2010 to continue discussions on the Financial Instruments project.

Correction list for hyphenation

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