Articles in this issue include:

• IFRS Predictions for 2010
• iGAAP: IFRSs for Canada – the 2nd edition is now available
• The Real Deal – a focus this month on dual reporting issues and maintaining and a shadow reporting calendar in 2010
• It's official – IFRSs are now in the handbook
• An update on International standard setting activities

Click below for:

• January 2010 Edition Countdown Newsletter – English (PDF 1,421k)
• January 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,423k)

Related items:

• You will find more information about financial reporting in Canada on our Canada Page.
• We have a special page on First-time Adoption of IFRSs
• We've recently published a new Guide to IFRS 1 (PDF 370k)

 

The relevant rules cover a company's risk factors, business description, legal proceedings, and management discussion and analysis. The SEC's interpretative guidance highlights the following areas as examples of where climate change may trigger disclosure requirements:

• Impact of legislation and regulation
• Impact of international accords
• Indirect consequences of regulation or business trends
• Physical impacts of climate change

Click for SEC Press Release (PDF 34k). Click for the SEC's Interpretive Release on Climate Change Disclosures (PDF 139k).

 

IPSAS 31 covers the accounting for and disclosure of intangible assets. It is primarily drawn from IAS 38 Intangible Assets. It also contains extracts from the SIC 32 Intangible Assets-Web Site Costs, adding application guidance and illustrations that have not yet been incorporated into the IAS. At this point, IPSAS 31 does not deal with uniquely public sector issues, such as powers and rights conferred by legislation, a constitution, or by equivalent means; the IPSASB will reconsider the applicability of the standard to these powers and rights in the context of its conceptual framework project, which is currently in progress. The IPSASB has also published Improvements to IPSASs, to conform with minor changes to IFRSs made by the IASB since the related IPSASs were originally released. These are part of a series of annual improvements that is modeled on a successful IASB annual update program. Click for Press Release (PDF 22k).

 

This proposal is an extension of the Ordinances that FSA adopted on 11 December 2009 (see IAS Plus News Story). Those Ordinances allow Japanese listed companies that meet certain requirements to apply voluntarily, starting in financial years ending on or after 31 March 2010, IFRSs designated by the Commissioner of the FSA through public notice. On 11 December 2009, the Commissioner of the FSA designated the entire IFRSs including IFRIC Interpretations issued by the IASB on or before 30 June 2009. This new proposal would add the following IFRSs and IFRIC interpretations released between 1 July and 31 December 2009 to the list of 'designated IFRSs':

• IFRS 1 First-time Adoption of International Financial Reporting Standards (amendment)
• IAS 32 Financial Instruments: Presentation (amendment)
• IAS 24 Related Party Disclosures (amendment)
• IFRS 9 Financial Instruments
• IFRIC 14 IAS 19–The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (amendment)
• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

Click to Download the Proposal (English version) (PDF 29k). Comments on the proposal should be sent to FSA by 22 February 2010.

 

The two Brazilian organisations are:

• Conseho Federal de Contabilidade (CFC, the Brazilian Federal Council of Accounting), and
• Comitê de Pronunciamentos Contábieis (CPC, the Brazilian Accounting Pronouncements Committee – the standard-setter).

Click to download the IASB-Brazil Memorandum of Understanding (Bilingual) (PDF 2,429k).

 

The amendment gives first-time adopters the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers. The amendment is effective on 1 July 2010, with earlier application permitted. Click for IASB Press Release (PDF 100k).

 

CEBS'S framework for supervisory disclosure has been implemented at both EU and national levels since early 2007. This revision is the result of a public consultation in September 2009.

• CEBS Revised Disclosure Guidelines (PDF 219k)
• CEBS Press Release (PDF 156k)

 

The two workshops were organised by the Confederation of Asian and Pacific Accountants (CAPA) and funded, in part, by the Asian Development Bank. They took place on 20-22 January 2010 in Kuala Lumpur, Malaysia, and on 25-27 January 2010 in Hyderabad, India (the latter at a new residential training facility provided by the Institute of Chartered Accountants of India). Instructors were Paul Pacter, the IASB's Director of Standards for SMEs, and Michael Wells, Director of the IASCF's IFRS Education Initiative. There were 85 participants from 15 jurisdictions: Bangladesh, Cambodia, Hong Kong, India, Indonesia, Malaysia, Mongolia, Nepal, North Korea, Papua New Guinea, Philippines, Samoa, Singapore, Sri Lanka, and Vietnam. All participants have committed to organise similar IFRS for SMEs training workshops in their own country. The IASB will provide the training materials and PowerPoint presentations for those workshops. For more information contact Michael Wells at mwells@iasb.org.

 

Both are effective for engagement quality reviews of audits and interim reviews for financial years beginning on or after 15 December 2009:

• Auditing Standard 7 (PDF 78k)
• PCAOB Bylaws and Rules Including Conforming Amendment (PDF 1,655k)

 

The IASB intends to publish the traditional BV (the "Red Book") in the next two months or so (it will be printed in two books because of the amount of content). The Blue Book and the Red Book set will each sell for £60 plus shipping (academic, developing country, and volume discounts apply). You will find more information and ordering details in this Bound Volume Brochure for 2010 (PDF 801k).