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October

Deloitte Canada IFRS transition newsletters

30 Oct 2010

Deloitte Canada has published the October 2010 issue of their Countdown IFRS transition newsletter.

This discusses practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:

  • Principles-based accounting: The application of judgement in the application of IFRS principles
  • The Real Deal — the focus this month is on Events after the Reporting Period
  • An update on Canadian and international standard setting activities

Click for:

Proposals for a three-tier reporting framework in the UK

29 Oct 2010

The UK Accounting Standards Board (ASB) has published its proposals for the future of financial reporting in the UK and Republic of Ireland.

The Exposure Drafts set out proposals for a three-tier reporting framework, which aims to balance the needs of preparers and users of accounts.

The proposed three-tier approach, which has been developed and consulted on over the past six years, builds on the existing system:

  • Tier 1 – Quoted groups will continue to report under international financial reporting standards (IFRS), as adopted by the EU. They would be joined in Tier 1 by other companies that are publicly accountable. This would apply if their debt is traded on public markets, or if they hold deposits or manage other people's money. (Some very small financial institutions would be exempt.)
  • Tier 2 – All other UK entities, except those that apply the Financial Reporting Standard for Smaller Entities (FRSSE), would report under a new standard based on the IFRS for SMEs, which is considerably shorter and less complicated than current UK standards. The FRSME, as it would be called, would be modified to comply with UK and EU law and to ease tax reporting.
  • Tier 3 – The smallest companies will continue to use the simplified version of UK standards, the FRSSE.

The consultation period will run until 30 April 2011. It is proposed that the new framework would be effective from 1 July 2013.

The document published today includes an explanation of the proposals, a draft Impact Assessment and the two new proposed standards. Click for:

New editorial corrections to IFRSs

29 Oct 2010

The IASB has posted to its website a new batch of Editorial Corrections to IFRSs.

This batch includes editorial corrections and changes to IFRS for SMEs (issued July 2009), IFRS 9 Financial Instruments (issued November 2009), Bound Volume (Red Book) 2010, Bound Volume (Blue Book) 2010, Improvements to IFRSs (issued May 2010) and IFRS 7 Financial Instruments: Disclosures – Transfers of Financial Assets (issued October 2010).
Click for Editorial Corrections to IFRSs.

 

Proposed international standard on compilation engagements

29 Oct 2010

The International Auditing and Assurance Standards Board (IAASB) has proposed a new proposed pronouncement – International Standard on Related Services (ISRS) 4410 Compilation Engagements.

The proposed standard is the first step in the IAASB'S work to create robust standards for services that can be used by entities that are either not required or do not elect to be audited to meet their business reporting needs.

Click here for IAASB Press Release (IFAC website), which includes a link to download the proposal. Comments are due by 31 March 2011.

Deloitte newsletter on IFRSs in Canada

29 Oct 2010

The October edition of Deloitte Canada's IFRS newsletter Countdown has been issued.

This edition focuses on:
  • Principles-based accounting: The application of judgement in the application of IFRS principles
  • Events after the reporting period
  • An update on Canadian and international standard setting activities
Click here to download the October 2010 edition of Countdown (PDF 808k). A French translation is also available (PDF 694k). Click here to visit our Canada country page.

 

SEC staff publishes progress report on work plan for global accounting standards

29 Oct 2010

The SEC has published its first progress report on the Work Plan related to global accounting standards.

The purpose of the Work Plan is to consider specific areas and factors relevant to a Commission determination in 2011 as to whether, when, and how the current financial reporting system for U.S. issuers should be transitioned to a system incorporating IFRS. The SEC expects to continue to report periodically on the status of the Work Plan in 2011.
Click to view SEC's progress report.

 

IASB issues additions to IFRS 9 for financial liability accounting

28 Oct 2010

The International Accounting Standards Board (IASB) has today issued requirements on the accounting for financial liabilities.

These requirements will be added to IFRS 9 Financial Instruments and complete the classification and measurement phase of the IASB's project to replace IAS 39. They follow the IASB's November 2009 issue of IFRS 9, which prescribed the classification and measurement of financial assets.

The new requirements address the problem of volatility in profit or loss arising from an issuer choosing to measure its own debt at fair value. This is often referred to as the 'own credit' problem. The IASB decided to maintain the existing amortised cost measurement for most liabilities, limiting change to that required to address the own credit problem. With the new requirements, an entity choosing to measure a liability at fair value will present the portion of the change in its fair value due to changes in the entity's own credit risk in the other comprehensive income (OCI) section of the income statement, rather than within profit or loss.

IFRS 9 applies to financial statements for annual periods beginning on or after 1 January 2013. Entities are permitted to apply the new requirements in earlier periods, however, if they do, they must also apply the requirements in IFRS 9 that relate to financial assets.

Click for:

 

New IFRS Insights newsletter

28 Oct 2010

We have posted the IFRS Insights Newsletter for September-October 2010 from Deloitte & Touche LLP (United States).

IFRS Insights is a newsletter on IFRS aimed at US companies. This issue includes:
  • Cutting costs and improving transparency with an 'IFRS Center of Excellence' (see also our earlier story on this topic)
  • Coming changes for lease accounting
  • Accounting for property, plant, and equipment under IFRS - what companies should consider in an effort to achieve a successful conversion
  • Building an IFRS internal training program.

Click for September-October 2010 IFRS Insight newsletter (PDF 299k).

 

 

Agenda for 4-5 November 2010 Interpretations Committee meeting

28 Oct 2010

The IFRS Interpretations Committee meeting is scheduled for 4 and 5 November 2010 in London (morning only on 5 November and only if needed).

You can access the agenda on our November 2010 IFRIC meeting page. We will also post Deloitte observer notes on this page as they are available.

French translations of IFRS in Focus

28 Oct 2010

We've posted French translations of our IFRS in Focus newsletters, prepared by Deloitte (Canada).

We've posted French translations of our IFRS in Focus newsletters, prepared by Deloitte (Canada).

The editions available are as follows:

The English editions of IFRS in Focus are available Here.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.