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Deloitte newsletter on IFRSs in Canada

30 Sep 2010

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

This edition focuses on:
  • Strategizing the final stages of IFRS conversion programs
  • Operating segments
  • An update on canadian and international standard setting activities
Click here to download the September 2010 edition of Countdown (PDF 904k). A French translation is also available (PDF 756k). Click here to visit our Canada country page.


We comment on the presentation of items of OCI

30 Sep 2010

Deloitte has submitted a comment letter on Exposure Draft ED/2010/5 Presentation of Items of Other Comprehensive Income.

The ED proposes to require that all entities present profit or loss and other comprehensive income (OCI) in separate sections of a single continuous statement. This would amend IAS 1, which currently allows entities a choice of presenting results of operations either (a) in a single, continuous statement similar to the proposal in the ED or (b) in two separate statements — an income statement and a statement of comprehensive income. We do not object to the amendments proposed in the Exposure Draft. However, we are convinced that some fundamental principles need still to be discussed (see box below). Click to Download our Comment Letter (PDF 23k). All of our past comment letters are Here.

Whilst we do not object to the proposals in the ED, we would like to stress that the Board has not yet concluded on the fundamental principles of what constitutes performance, what represents Other Comprehensive Income (“OCI”) and the conceptual basis for whether items in OCI should or should not be recycled. The Board should continue to consider these issues as part of its Financial Statement Presentation project and the outcome of the ED should not in any way pre-empt the outcome of these discussions. Although the Board has chosen to limit the scope of the ED to OCI presentation matters, in our view it would have been preferable to address the broader conceptual issues related to performance and OCI and recycling in advance of addressing the presentation of OCI.

FASB announces public roundtable meetings to solicit input on revenue recognition

30 Sep 2010

The FASB will host public roundtable meetings to discuss its June 2010 Exposure Draft Revenue Recognition (Topic 605): Revenue from Contracts with Customers, a joint project with the International Accounting Standards Board (IASB).

For more information on this joint project, see our Revenue Recognition page.

Topic: Joint FASB/IASB public roundtable meetings on the joint exposure draft on revenue recognition
Date and time: Session 1: Thursday, 4 November 2010, 9:00 AM – 12:00 PM EDT; Session 2: 1:00 PM – 4:00 PM EDT.
Venue: FASB offices, 401 Merritt 7, Norwalk, Connecticut


Topic: Joint FASB/IASB public roundtable meetings on the joint exposure draft on revenue recognition
Date and time: Session 1: Tuesday, 23 November 2010, 9:00 AM – 12:00 PM PST; Session 2 (tentative): 1:00 PM – 4:00 PM PST.
Venue: Stanford University, Schwab Residential Center, East Vidalakis Room, 680 Serra Street, Stanford, California

Staff draft of a forthcoming IFRS on consolidation

30 Sep 2010

The IASB has posted to its website a staff draft of a forthcoming IFRS on consolidation that reflects the tentative decisions made to date by the IASB.

The draft IFRS has been prepared by the staff of the IASB for the board's project to replace IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation – Special Purpose Entities with a single standard on consolidation. The staff draft reflects the cumulative tentative decisions made by the board, concluding with the meeting in May 2010. The board's deliberations are complete, apart from considering the effective date of the forthcoming IFRS. However the tentative decisions reached may be subject to change before the board issues the final consolidation standard.

The Financial Accounting Standards Board (FASB) will hold public roundtables on 25 October 2010 to elicit input from its stakeholders and help the FASB decide whether to proceed with an exposure draft that is consistent with the IASB's published requirements.

Click for:


IVSC issues discussion paper on valuation uncertainty

30 Sep 2010

The International Valuation Standards Council (IVSC) has released Discussion Paper Valuation Uncertainty.

This paper summarises the Board's preliminary views on the nature and causes of valuation uncertainty and on how this should be communicated to valuation users. The Board will consider responses to this paper in deciding whether amendments are required to the proposed new International Valuation Standards1 and whether a project should be undertaken to consider the development of technical guidance on possible methods for estimating a quantitative measure of uncertainty. Comments will be accepted until 24 December 2010.
Click for Discussion Paper Valuation Uncertainty (link to the IVSC website, PDF 637k).

Deloitte Canada IFRS transition newsletters

29 Sep 2010

Deloitte Canada has published the September 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:

  • Strategizing the final stages of IFRS conversion programs
  • Operating segments
  • An update on Canadian and international standard setting activities

Click for:

IFRS Insights in Spanish

29 Sep 2010

Deloitte (Colombia) has published 'IFRS Insights – Vol 17, Julio 2010: Logrando la convergencia global'.

Click for IFRS Insights – Vol 17, Julio 2010: Logrando la convergencia global (PDF 98k). It is the Spanish version of IFRS Insights – Vol 17, July 2010: Achieving a global standard (PDF 397k).

Many more Spanish language translations of Deloitte publications can be found here.


Spanish Heads Up on multiemployer plans

29 Sep 2010

We have posted the following Spanish language Heads Up publication from Deloitte (Colombia).

IASB proposes severe hyperinflation amendment to IFRS 1

29 Sep 2010

The International Accounting Standards Board (IASB) today published for public comment an exposure draft 'Severe Hyperinflation', a proposed amendment to IFRS 1 'First-time Adoption of International Financial Reporting Standards'.

The amendment proposes guidance on how an entity should resume presenting financial statements in accordance with International Financial Reporting Standards (IFRSs) after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation. According to the proposed amendment an entity that has been subject to severe hyperinflation would be allowed to measure assets and liabilities at fair value and use that fair value as the deemed cost of those assets and liabilities in the opening IFRS statement of financial position.

The exposure draft is open for comment until 30 November 2010. Click for:


Insurance accounting newsletter in Spanish

29 Sep 2010

Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters.

We post these regularly on our IAS Plus Insurance Project Page. Deloitte (Colombia) has translated the newest issue into Spanish:

The newsletter provides a detailed analysis of the main provisions in the Exposure Draft issued on 30 July by the IASB to revise substantially IFRS 4 Insurance Contracts. Many more Spanish language translations of Deloitte publications can be found here.

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