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October

Notes from Days 3 and 4 of the October IASB meeting

22 Oct 2010

The IASB met in London on Thursday 21 October and Friday 22 October for its regular monthly meeting.

The topics discussed 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.

Additional IASB/FASB meeting in November

22 Oct 2010

At their meeting yesterday afternoon the IASB and FASB decided to have a three day special meeting on Financial Instruments: Impairment in November.

The sessions will be afternoon only; approximate times are:
  • Wednesday, 10 November 2010, 3:00pm - 6:00pm (UK time)
  • Thursday, 11 November 2010, 2:00pm - 5:00pm (UK time)
  • Friday, 12 November 2010, 2:00pm - 5:00pm (UK time)

IASB webcast on insurance contracts exposure draft

21 Oct 2010

On Monday 25 October, IASB member Elke Knig and IASB staff will present a live webcast focusing on reinsurance specific aspects of the recently published exposure draft Insurance Contracts.

There is no charge to attend the web presentation, but you need to register to participate. You can do this now or any time before the presentation. Details of the webcast are as follows:
Topic: Reinsurance specific aspects of the recently published exposure draft on insurance contracts
Date and time: Monday, 25 October 2010, 10:00am and repeated again 3:00pm (UK time)
More information on the webcast and registration: click here (link to IASB website)
More information on IAS Plus: For our agenda project page click here

 

Accounting experts debunk IFRS myths

21 Oct 2010

CFO.com recently published an article that provides some interesting perspectives on IFRS.

The article identifies seven misconceptions about IFRS, many of which deal with convergence and the adoption of IFRS in the United States. A group of IFRS experts debunk those misconceptions. You can access this article here (link to CFO.com website).

 

Monitoring Board – IFRS Foundation Trustees Meeting

21 Oct 2010

On Thursday 28 October 2010, the Monitoring Board and IFRS Foundation Trustees will meet in New York.

Topics to be discussed are:
  • Report from the Monitoring Board on recent activities
  • Report from the IFRS Foundation on recent activities
  • Budget 2011 and financing strategy
  • Strategy planning post completion MoU projects

The meeting is taking place between 2:30 - 4:00pm New York time (7:30 - 9:00pm London time) and will be webcast. More information and registration: click here (link to IASB website).

Deadline reminder – EDs on Revenue and Removal of Fixed Dates

21 Oct 2010

We remind you that comments on the Exposure Drafts Revenue from Contracts with Customers and Removal of Fixed Dates for First-time Adopters are due on 22 October 2010 and 27 October 2010, respectively.

The ED on revenue aims at improving financial reporting of revenue from contracts with customers and related costs. If adopted, the proposal would create a single revenue recognition standard for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) that would be applied across various industries and capital markets.

The ED on fixed dates would amend IFRS 1 by replacing references to a fixed transition date of 1 January 2004' with the date of transition to IFRSs'. As a result, entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs.

New Heads Up on effective dates of FASB projects

21 Oct 2010

This Heads Up discusses the FASB's recently issued discussion paper (DP), Effective Dates and Transition Methods.

The objective of the DP is to obtain feedback from the FASB's stakeholders on (1) the time and effort they would need to adopt several new and significant accounting and reporting standards and (2) the dates those new standards should be effective.

On 19 October, the FASB and IASB published documents seeking views on when new financial reporting standards resulting primarily from their work to improve and achieve convergence of International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) should become effective.

Click to download:

 

Notes from Day 2 of the October IASB meeting

20 Oct 2010

The IASB met in London on Wednesday 20 October for the second day of its regular monthly meeting.

The topics discussed 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.

AICPA IFRS Readiness Survey 2010

20 Oct 2010

The American Institute of Certified Public Accountants (AICPA) has published its IFRS Readiness Survey 2010 showing that the movement within the U.S. accounting profession toward IFRS has been on hold since May 2010.

The IFRS Readiness Survey is a semi-annual survey of AICPA members that is used to gauge the level of knowledge members have about IFRS, their knowledge needs and the progress their organizations are making towards implementing IFRS.

According to the survey, basic familiarity with IFRS has remained stable since May 2010 at 45% and the number of companies and firms actively preparing for adoption or ready for adoption has remained about the same at 13.5%. 38% of respondents indicated they are delaying implementation while waiting for SEC action.

The largest proportion of respondents support adoption of IFRS, and a majority of members believe a 2015-2016 adoption target would allow enough time for implementation, if the SEC decides in 2011 to require IFRS at a future time. Last week's AICPA comment letter to the SEC on IFRS adoption reflects this view.

Click for AICPA press release and access to the IFRS Readiness Survey 2010 (links to AICPA website).

Correction list for hyphenation

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