The topics discussed on day 3 were as follows (click through to detailed Deloitte observer notes for that topic):

• IFRS Interpretations Committee (IFRIC) Update
• Amendments to IFRS 1 - Fixed dates
• Annual Improvements
• Conceptual Framework - Measurement
• IFRS Advisory Council Update
• Leases (joint meeting with FASB, continued from Monday 19 July)
• Leases (IASB only)
• Financial Instruments with Characteristics of Equity

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

 

The effective date differs for public and nonpublic companies:

• For public companies, the amendments that require disclosures as of the end of a reporting period are effective for periods ending on or after 15 December 2010. The amendments that require disclosures about activity that occurs during a reporting period are effective for periods beginning on or after 15 December 2010.
• For nonpublic companies, the amendments are effective for annual reporting periods ending on or after 15 December 2011.

On convergence with IFRSs, the ASU notes:

How Do the Provisions Compare with International Financial Reporting Standards (IFRS)? The disclosures required by the amendments in this Update are similar, but not identical, to those required by IFRS 7 Financial Instruments: Disclosures. However, the scope of IFRS 7 includes all financial instruments, not just financing receivables and the allowance for credit losses. The FASB decided to limit the scope of this Update because it does not want to delay the improved transparency in an entity's financial statements about the allowance for credit losses and the credit quality of financing receivables. The FASB and the International Accounting Standards Board (IASB) currently have a joint project on accounting for financial instruments, including disclosures.

Click for:

• ASU Update 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (link to FASB website)
• FASB press release (link to FASB website)
• FASB webinar on the proposals (link to FASB website)
• Our project page on the joint Financial Instruments project
• Our summary of IFRS 7 Financial Instruments: Disclosures

 

The FASB intends to discuss application guidance on when to apply which accounting model and accounting for sale and leasebacks. This meeting will precede the joint meeting with the IASB later in the day. If necessary, the Board will also discuss minor issues on technical projects, agenda decision announcements, or administrative matters. Click here for the Notice of Meeting (link to FASB website).

 

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

 

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.

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:

• Heads Up Newsletter Raising the Volume on the Remote - FASB Proposes Guidance on Expanded Disclosures for Certain Loss Contingencies (PDF 156k)
• Heads Up archive
• IAS Plus Update Newsletter on the IASB's liability proposals (PDF 88k)
• Our project page on the IASB's liabilities project
• Earlier story: FASB issues proposed ASU on contingencies

 

You can find our PCAOB page Here.

Click for: 2009 Annual Report

 

The Consultation documents are:

• Proposed Code of Ethics for Professional Valuers (511k)
• Definition of a Professional Valuer (545k)

Comments will be accepted until 30 September 2010.

 

Since its inception in 1904, the World Congress has been held every five years since 1977 and every four years since 2002.

The theme for the 2010 Congress is "Sustaining Value Creation". Speakers are drawn from international and national standard setters, accounting organisations, accounting firms, regulators, commerce and other groups. Topics to be covered include:

• Accountants — Sustaining Value Creation in the Borderless Economy
• IFRS Convergence: The Way Forward
• Convergence: The Regulators' Perspective
• Function of National Standard Setters in an International Environment — Is Relevance Lost?
• IFRS for SMEs: Becoming a World Class Player
• Fair Value Accounting - Valuation Specialists in the Corporate Reporting Chain
• The Effect of Shariah Principles on Accounting Methods for Islamic Banks
• International Auditing and Assurance Standards Board (IAASB) Agenda
• Public Sector Accounting: Overcoming the Issues and Challenges
• International Ethics Standards Board (IESBA) — Adopting the New Code of Ethics
• eXtensible Business Reporting Language (XBRL)

More information (including the full programme) is available from the World Congress of Accountants 2010 website. You can find our IFAC page Here.