July

IASB-FASB meeting – Agenda changes

22 Jul 2010

The agenda for the July 2010 IASB meeting has been changed again.

We have updated our page with the Next Meeting Agenda accordingly. Hedge Accounting was not discussed yesterday but moved to today. Also, there will be a short session on Rate-regulated Activities to discuss the way forward. On Tuesday the IASB hat concluded that it seems unlikely for the Board to reach a decision that would allow for a solution to be found in time for the adoption of IFRSs by Canada.

 

Reserve Bank of India to address IFRS implementation issues in banking sector

22 Jul 2010

The Reserve Bank of India has set up a working group to address "...implementation issues and facilitate formulation of operational guidelines in the context of International Financial Reporting Standards (IFRSs) convergence for the Indian banking system."

The group will address the following issues:

  • Classification and measurement of financial assets
  • Classification and measurement of financial liabilities and hedge accounting, including balance sheet issues of corporates and their implications.
  • Amortised cost and impairment
  • Fair value measurement
  • Presentation, disclosures and balance sheet formats
  • Derecognition, consolidation and residuary issues
Click here to view the press release.

 

Notes from day 4 of July 2010 IASB meeting

21 Jul 2010

The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB.

The topics discussed on day 4 were as follows (click through to detailed Deloitte observer notes for that topic):

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

 

Heads Up on FASB proposed ASU on contingencies

21 Jul 2010

As noted in our earlier story, the FASB has issued a proposed accounting standards update (ASU) on the disclosure of certain loss contingencies. Deloitte (United States) has issued a Heads Up Newsletter providing a summary of the proposals.

On convergence with IFRSs, the newsletter notes:

The proposed ASU is not part of the FASB's and IASB's current efforts to converge U.S. GAAP and IFRSs, as outlined in the boards' Memorandum of Understanding. However, the disclosures that would be required under the proposed ASU are similar to those required under IAS 37. The IASB is currently deliberating amendments to IAS 37 that would, among other things, improve the guidance on identifying, recognizing, and measuring liabilities. While such amendments would reduce the differences between IAS 37 and U.S. GAAP, they are significantly broader in scope than those in the FASB's proposed ASU.

Click for:

 

Audit firms from 86 countries are registered with PCAOB

21 Jul 2010

The 2009 Annual Report of the US Public Company Accounting Oversight Board (PCAOB) reports that over 930 non-US auditing firms in 87 countries were registered with the PCAOB by year-end 2009. Also, during 2009, the PCAOB conducted 82 non-US inspections of firms located in 26 countries.

You can find our PCAOB page Here.
Click for: 2009 Annual Report

 

The Future of UK GAAP

21 Jul 2010

In August 2009 the Accounting Standards Board (ASB) had issued a consultation paper Policy Proposal: the Future of UK GAAP, which set out proposals for the future reporting requirements for UK and Irish entities.

The deadline for comments on the proposal ended 1 February 2010. The ASB's next steps include developing and drafting a Financial Reporting Exposure Draft (FRED) for consultation. The FRED will include an impact assessment. The ASB has now issued a request for responses to aid the development of that impact assessment. The request for responses Assessing the impact of the Accounting Standards Board proposals for the future of UK and Irish Financial Reporting can be downloaded here (PDF 75k). The deadline for responses is 20 August 2010.
Click for earlier story: Proposal to adopt IFRS for SMEs in place of UK/Irish FRSs

 

Additional Board meeting on 24 August

21 Jul 2010

The IASB will hold an additional Board meeting on 24 August 2010 from 11:00 to 15:00 to discuss the Financial Instruments project.

The IASB accelerates its work on this issue in order to meet the Q2 2011 deadline for replacing IAS 39 with a new standard. Together with the additional Board meeting on 3 August 2010, the extra meeting will enable the staff to make faster progress on this project.

Notes from day 1 of July 2010 IASB-FASB meeting

20 Jul 2010

The IASB and FASB are holding a joint meeting on 19-23 July 2010 at the IASB's office in London.

The topics discussed on the first day of the meeting were as follows (click through to detailed Deloitte observer notes for that topic): Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the meeting.

 

Notes from day 2 of July 2010 IASB meeting

20 Jul 2010

The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB.

The topics discussed on day 2 were as follows (click through to detailed Deloitte observer notes for that topic): Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the meeting.

 

IASB meeting scheduled for 3 August

20 Jul 2010

The IASB has scheduled a meeting on 3 August from 11:00 to 14:00 to discuss the Financial Instruments project.

 

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