July

Heads Up on staff draft of proposed financial statement presentation standard

09 Jul 2010

On 1 July 2010, the IASB and the US FASB posted to their websites a staff draft of a proposed standard on their joint project to develop a standard on financial statement presentation.

Deloitte (United States) has issued a Heads Up Newsletter (PDF 106k) that provides an analysis of the key effects this joint proposal would have on financial statement presentation in the United States.
Click for staff draft (FASB website).

 

Deloitte IFRS newsletter in Japanese

09 Jul 2010

Deloitte's IFRS Centre of Excellence in Japan has published a Japanese translation of the following IFRS in Focus newsletter: IASB issues Exposure Draft on Fair Value Measurement Disclosures.

Here is the Japanese version (PDF 297k)
Here is the English Version (PDF 60k)
We have put permanent links to all Japanese translations of the IFRS in Focus newsletters Here. The Japan Center of Excellence IFRS web pages are Here.

 

Accounting in the Telecommunications industry

09 Jul 2010

Deloitte's IFRS Global Office has published Accounting in the Telecommunications industry: A new view of revenue emerges.

This publication highlights many of the key proposals in the recently issued Exposure Draft from the IASB and FASB on Revenue Recognition and considers 10 key areas which may result in changing accounting practice within the Telecommunications industry.

 

EFRAG-IASB outreach event on 28 September 2010

08 Jul 2010

In addition to its ongoing consultation process, the IASB is engaging in outreach activities in various places around the world. The European Financial Reporting Advisory Group (EFRAG) has offered to host one of these IASB outreach events in order to assist European stakeholders to better understand the IASB's proposals and have the opportunity to ask questions and provide comments to an IASB delegation of Board members and staff.

This represents an important opportunity for European constituents to influence IFRS being developed by the IASB. The meeting is scheduled to take place in Brussels on Tuesday 28 September 2010, 12:00 noon to 17:00.

In order to ensure that the agenda reflects, to the extent possible, European constituents' particular areas of interest, EFRAG invites the participants to rank the projects listed below in their registration form:

  • Revenue recognition
  • Leases
  • Consolidation
  • Off balance sheet disclosures
  • Financial instruments
    • Classification and measurement
    • Impairment
    • Hedge accounting
    • Derecognition
  • Financial Statements Presentation
  • Insurance contracts
  • Liabilities
Click for:

 

PCAOB to Consider Proposing Audit Standard on Confirmation

08 Jul 2010

The Public Company Accounting Oversight Board has scheduled an Open Meeting for Tuesday, July 13, at 9:30 a.m., to consider a proposed audit standard on confirmation, which would supersede the current PCAOB standard, AU sec. 330, The Confirmation Process.

 

Australia and New Zealand to harmonise Standards, more closely align with IFRSs

08 Jul 2010

The Australian Accounting Standards Board (AASB) and New Zealand Financial Reporting Standards Board (FRSB) have issued joint exposure drafts of proposals to harmonise Australian and New Zealand Standards in relation to entities applying IFRSs as adopted in Australia and New Zealand.

The exposure drafts propose to eliminate many of the IFRS-related differences between the two countries for for-profit entities and represent the first phase of a longer-term project to harmonise accounting requirements in Australia and New Zealand. For-profit entities applying Australian Accounting Standards or NZ IFRSs in full already make an explicit and unreserved statement of compliance with IFRSs, and the proposals would not impact this ability. Deloitte (Australia) has issued an Accounting alert explaining the proposals. The exposure drafts make the following observations:
Both Australia and New Zealand have adopted financial reporting standards based on IFRSs. However, on transition to IFRSs each jurisdiction independently modified the source IFRSs for reasons relevant to that jurisdiction. Certain aspects of IFRSs as adopted in Australia are not the same as IFRSs as adopted in New Zealand. Partly as a result of direct initiatives of the AASB and the FRSB and partly as a result of the Joint Prime Ministerial Statement of Intent and the Single Economic Market Outcome Proposals issued in August 2009, the Boards initiated this project aimed at achieving converged standards in respect of for-profit entities applying full Australian or New Zealand standards.
Click for:

 

Agenda for July 2010 IASB meeting

08 Jul 2010

The IASB will hold its monthly meeting for July 2010 at its offices in London from 19 to 23 July 2010. Portions of the meeting are joint meetings with FASB.

The meeting will be open to public observation and will be webcast. Presented below is the agenda for the meeting. All meeting times are British Summer Time (BST).

IASB Board Meeting Agenda19-23 July 2010, London

Monday 19 July 2010

IASB-FASB Joint Meeting (13:00-19:00)

Tuesday 20 July 2010

IASB Meeting (10:45-16:45)

Wednesday 21 July 2010

IASB Meeting (09:15-16:45)

Thursday 22 July 2010

IASB Meeting (10:00-11:30)

IASB-FASB Joint Meeting (12:00-17:15)

Friday 23 July 2010

IASB Meeting (09:00-13:15)

Newsletter on fair value measurement disclosure proposals

07 Jul 2010

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on Fair Value Measurement Disclosures.

On 29th June 2010, the International Accounting Standards Board (IASB) published ED/2010/7 Measurement Uncertainty Analysis Disclosure for Fair Value Measurements. This limited scope Exposure Draft forms part of the wider joint project to provide guidance on measuring fair value when required or permitted by IFRSs.
Click for:

 

Deloitte IFRS newsletters in Japanese

07 Jul 2010

Deloitte's IFRS Centre of Excellence in Japan has published Japanese translations of the following IFRS in Focus newsletters:

Here is the English Version (PDF 78k)
Here is the English Version (PDF 97k)
Click for other Japanese translations of IFRS newsletters.

The Japan Center of Excellence IFRS web pages are Here.

 

Accounting Roundup – second quarter 2010 review

07 Jul 2010

We have posted Accounting Roundup: Second Quarter in Review–2010 (PDF 1,582k, 46 pages), prepared by the Accounting Standards and Communications Group of Deloitte LLP (USA).

This newsletter provides brief descriptions of pronouncements affecting accounting, financial reporting, and corporate governance issued during 2Q-2010 by standard setters and regulators including FASB, EITF, AICPA, SEC, FASAB, PCAOB, GASB, IASB, IFRIC, and IAASB. This quarterly review consists of articles, adapted as necessary, from issues of Accounting Roundup published in April and May 2010, as well as new articles for the month of June. You will find past issues Here. International and IFRS-related developments covered in this edition of Accounting Roundup include:
  • An Update on the FASB's and IASB's Joint Project on Financial Instruments With Characteristics of Equity
  • IASB Issues Exposure Draft on Fair Value Option for Financial Liabilities
  • IASB Issues Exposure Draft on Improvements to Defined Benefit Accounting
  • IASB Publishes Discussion Paper on Extractive Activities
  • FASB and IASB Revise Convergence Work Plan
  • IVSC Publishes Exposure Draft on New International Valuation Standards
  • IASC Foundation Publishes 2009 Annual Report
  • IASB Issues Annual Improvements to IFRSs
  • IASC Foundation Announces Appointments to IFRS Interpretations Committee
  • IASC Foundation Releases IFRS Taxonomy 2010
  • Paul Pacter Appointed to the IASB

 

Correction list for hyphenation

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