Service concession arrangements – often called Private-Public Partnerships or PPPs – involve an operator providing services to the public on behalf of a grantor, which is usually the government or another public sector entity. For many countries, such arrangements are a means to ensure large-scale infrastructure projects, such as the building of roads and airports, can be developed and provided to the public for use. However, in some cases, they are not recognized in the financial statements, effectively concealing the financial position of the grantor. IPSASB has proposed guidance on how grantors should recognise, account for, and disclose assets in service concession arrangements. Currently, there is no international standard to address the accounting for such arrangements from the grantor's perspective. IFRIC 12 Service Concession Arrangements applies only to the operators of these arrangements. Click for IPSASB Press Release (PDF 35k).

 

The working draft is based on proposals published for comment in 2005, amended for decisions the IASB has taken in the light of comments it received. In particular, the Board has decided to provide more guidance on applying the proposed measurement requirements. On 5 January 2010 it published for public comment a Re-exposure Draft of the proposed new guidance. Comments are requested by 12 April 2010. The Working Draft of the final IFRS is on the IASB's public website Project Page.

 

AS 7 provides a framework for the engagement quality reviewer to objectively evaluate the significant judgments made and related conclusions reached by the engagement team in forming an overall conclusion about the engagement.

Click for:

• Staff Question and Answer on Auditing Standard No 7 Engagement Quality Review (PDF 90k)
• Information About AS 7 on IAS Plus.

 

Those summaries are intended as general information and are not a substitute for reading the entire Standard. Click to download Deloitte's IPSAS Summary Booklet (PDF 414k).

 

This statement is not expected to include a decision on adoption of IFRSs in the United States. Click for SEC Meeting Notice (PDF 28k).

 

A separate taxonomy for the IFRS for SMEs will not be issued. The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). Comments on the proposed IFRS Taxonomy 2010 are invited by 22 April 2010. The proposed taxonomy and related material can be accessed Here. The final version is expected to be released at the end of April 2010.

 

Members are expected to attend about six two-day meetings each year held in London. Membership is unpaid, but the IASC Foundation meets members' expenses of travel on IFRIC business. Click for More Information on IASB's website.

 

• Consolidation
• Derecognition
• Fair Value Measurement
• Financial Instruments: Hedge Accounting
• Financial Instruments: Classification and Measurement
• Financial Instruments with the Characteristics of Equity
• Financial Statement Presentation
• Insurance Contracts
• Joint Ventures
• Leases
• Post-employment Benefits
• Rate Regulation
• Revenue Recognition

 

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

• One of the Letters (PDF 114k) addresses the effective dates and transition methodology in the major convergence standards. CCR states that the current proposed dates present challenges to realising a high quality implementation. They recommend that the Boards deliberate the effective dates and transition of the major convergence standards as a package, rather than on a standard-by-standard basis, because those standards are interdependent and will have a significant impact on companies. CCR cites Financial Statement Presentation, Leases, Pensions, and reporting cash flow from operations by the direct method as having the greatest impact on accounting information systems. CCR recommends:
  • Adopt a common effective date for the final converged standards that provides a three-year implementation period, allowing for early adoption.
  • Permit preparers as much flexibility as possible in choosing the manner of initial adoption (retroactive restatement, cumulative effect, or prospective).
• In the Other Letter (PDF 85k), CCR offers to assist the IASB and FASB with the ongoing MoU projects. CCR notes that these projects pose a 'multitude of potential challenges' including the reliability of information requested, the collection of such data in a global organisation, implementation and costs of systems changes in the disparate systems environment that exists in most companies. CCR proposes that FEI member companies provide corporate representatives to work as part of smaller resource groups with FASB and IASB project managers as convergence projects continue to evolve.

Click for FEI Press Release (PDF 14k)