July

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Updated EFRAG 'endorsement status report'

20 Jul 2010

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 20 July 2010 (PDF 124k). Currently, the following three IASB pronouncements await endorsement action:
  • IFRS 9 Financial Instruments
  • IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
  • Improvements to IFRSs
You can always find the endorsement status report Here.

 

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FASB issues proposed ASU on contingencies

20 Jul 2010

The FASB has issued a proposed accounting standards update (ASU) Contingencies (Topic 450): Disclosure of Certain Loss Contingencies.

Paragraphs BC47 and BC48 discuss the similarities and differences with IFRSs (IAS 37).
Click for: Proposed ASU, Contingencies (Topic 450): Disclosure of Certain Loss Contingencies

 

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Deloitte virtual symposium – A Deeper Dive into IFRS

20 Jul 2010

On 23 July from 13:00 to 15:00 EDT, Deloitte's IFRS University Consortium will host a webcast for professors and academics in the university community.

The following topics will be covered:
  • Employee Benefits
  • Share-based Payments
  • Provisions
  • Income Taxes
This webcast is open to academics who are Consortium members. Click here for more information about Deloitte's IFRS University Consortium. Members may register for the webcast (registration closes Thursday, 22 July).

 

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IASB-FASB meeting – Agenda changes

20 Jul 2010

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

There have been changes to the agenda and running order for Wednesday 21 and Thursday 22 July:
  • An additional Leases joint meeting has been scheduled for Wednesday
  • The Insurance Contracts joint meeting scheduled for Thursday has been cancelled
  • IAS 29 has moved to Thursday
  • The afternoon sessions on Thursday may be brought forward if the tentative Thursday Leases session is cancelled
  • An IFRS Advisory Council update has been added to the agenda for Wednesday
We have updated our page with the Next Meeting Agenda accordingly.

 

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IVSC Issues two documents for consultation

20 Jul 2010

The International Valuation Professional Board (IVPB) of the International Valuation Standards Council (IVSC) has released two documents for consultation, dealing with the definition of, and the code of ethics for, professional valuers.

The Consultation documents are:

Comments will be accepted until 30 September 2010.

 

WCOA (World Congress of Accountants) (lt green) Image

18th World Congress of Accountants to be held 8-11 November 2010

20 Jul 2010

The 18th World Congress of Accountants is being held in Kuala Lumpur, Malaysia, on 8-11 November 2010. World Congress is the flagship event of the International Federation of Accountants (IFAC) and the 2010 event is expected to attract more than 6,000 delegates from 157 members and associates of IFAC in 123 countries and jurisdictions, representing over 2.5 million accountants.

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.

European Union (old) Image

EU formally adopts revised IAS 24/amendment to IFRS 8 and amendments to IFRIC 14

20 Jul 2010

The European Union has published the Commission Regulation (EC) No 632/2010 (Revised IAS 24 Related Party Disclosure and Amendment to IFRS 8 Operating Segments) and the Commission Regulation (EC) No 633/2010 (Amendments to IFRIC 14 Prepayments of a Minimum Funding Requirement) endorsing the amendments adopted by the IASB in November 2009. Thus currently only three IASB pronouncements await endorsement action.

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Deloitte comment letter on the fair value option for financial liabilities

17 Jul 2010

Deloittes' IFRS Global Office has submitted a letter of comment to the IASB on Exposure Draft 2010/4 Fair Value Option for Financial Liabilities.

Below is an excerpt from the letter:

We agree with the Board's objective to address the issue of own credit risk in the measurement of financial liabilities and further agree with the Board's decision to retain the basic model contained in IAS 39 Financial Instruments: Recognition and Measurement for classifying and measuring financial liabilities. However, we disagree with the Board's conclusion that credit risk can be identified following the approach set out in IFRS 7 Financial Instruments: Disclosures. The Board needs to articulate clearly the principle that underlies the mechanics of identification of credit risk and we believe that it is only the changes in fair value due to changes in one's own credit risk that should be identified separately and reported in other comprehensive income (OCI). In our view, own credit risk represents the risk that a reporting entity will not perform its financial obligations under a contract.
All of our past letters of comment to the IASB are Here.
Click for: ED 2010/14, Fair Value Option for Financial Liabilities (IASB website).

 

European Union (old) Image

CESR members elect new Chair and Vice Chair

17 Jul 2010

On 16 July 2010, the members of the Committee of European Securities Regulators (CESR) elected Carlos Tavares, Chairman of the Comissão do Mercado de Valores Mobiliários at the CMVM, as Chair of CESR and Jean Guill, Director General of the Commission de surveillance du secteur financier (CSSF), as Vice Chair of CESR.

Click for: CESR Press Release (PDF 137k) (ESMA website).
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Canadian Securities Administrators publishes results of its continuous disclosure review program

17 Jul 2010

On 7 July 2010, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-3324 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2010.

The Notice summarizes the results of the CSA's continuous disclosure (CD) review program, which included the following issue-oriented reviews:
  • Certification
  • IFRS Transition Disclosure
  • Executive Compensation
  • Mining Technical Disclosure
  • Oil and Gas Technical Disclosure
  • Going Concern
  • Asset Impairment
  • Forward-Looking Information
  • Press Releases
  • Defined Benefit Pension Plans
  • Complaints
You will find more information about financial reporting in Canada on our Canada Page.
Click for: CSA Staff Notice 51-3324 Continuous Disclosure Review Program Activities for the fiscal year ended March 31.

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