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We urge UK ASB to adopt quickly the IFRS for SMEs


Deloitte UK has asked the UK Accounting Standards Board (ASB) to make the IFRS for SMEs available quickly to preparers to adopt on a voluntary basis as an alternative to current UK GAAP.

Deloitte's letter was sent in response to the ASB's Consultation Paper on the Future of UK GAAP, which proposes to replace UK GAAP with the IFRS for SMEs starting in 2013. Our view is that it should be available as an option sooner. Our letter said that UK GAAP has become unwieldy and confusing and there has been uncertainty over its future for too long.

The Deloitte submission to the ASB may be downloaded:

  • From the ASB Website ( or
  • Here on IAS Plus (PDF 3,844k).

The closing date for responses to the ASB is 1 February 2010.


Notes from January 2010 IASB meeting day 4


The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the preliminary and unofficial notes taken by Deloitte observers at the meeting.


Three IFRS publications from Deloitte Poland


We have posted on IAS Plus three IFRS publications from Deloitte Poland.

Praktyczny przewodnik po MSSF – IFRS in your Pocket in Polish

Deloitte (Poland) has published Praktyczny przewodnik po MSSF, the Polish language version of IFRSs in Your Pocket 2009. This publication is a translation into Polish of IFRSs in your Pocket 2009 including changes in Standards and Interpretations till 31 October 2009 and additionally includes comparison between IFRS and polish accounting act.

IFRS illustrative financial statements for 2009 in Polish

Deloitte (Poland) has published Wzór skonsolidowanego sprawozdania finansowego wg MSSF za rok zakonczony 31 grudnia 2009 – Model IFRS consolidated financial statements for 2009 in the Polish language. These model financial statements illustrate the accounting and disclosures required by IFRSs as endorsed by the European Union for reporting periods beginning on or after 1 January 2009. Please note that these financial statements reflect those IFRSs endorsed by the EU as of 31 October 2009. They do not reflect other IFRSs that are effective for 2009 but that were not endorsed by 31 October 2009.

IFRS presentation and disclosure checklists for 2009 in Polish

Deloitte Poland has published the Polish version of Deloitte's 2009 IFRS presentation and disclosure checklist.

Do banks need special accounting standards?


In a speech to the Institute of Chartered Accountants in England and Wales, Adair Turner, Chairman of the UK Financial Services Authority discussed the question: Banks are different: should accounting reflect that fact?

Mr Turner set out the issue as follows:

Whether that should be the case is now subject to intense debate, with two very different points of view.
  • And there is a demand that bank accounting standards must reflect the concerns of prudential regulators. There is a belief that banks are different, and that accounting standards need to recognise this.
  • Among many securities analysts and investors, however, and among some accounting standards setters, there is a belief that accounts are for investors and not for regulators, that they must tell the 'truth' as it exists at one particular point in time, and that any influence of prudential regulators on bank accounting standards could be a Trojan horse for a wider politicisation.
This tension exists even within the regulatory community. Around the table of the international Financial Stability Board, the prudential regulators and central banks are the most convinced that banks are different and that the accounting standards setters must listen to us. The pure securities regulators, conversely, tend to be more sympathetic to the 'accounts are for investors' philosophy. And indeed the tension exists within the accounting standards-setting bodies, complicating any progress towards the convergence of international accounting standards. The International Accounting Standards Board (IASB), under David Tweedie's leadership, has been sympathetic to the idea that it must be involved in close dialogue with the prudential regulators. The Financial Accounting Standards Board (FASB) has been more wedded to the 'accounts are for investors only' philosophy, and to the philosophy that banks, in their accounting, should be treated no differently from anybody else.
Click to download:


Heads Up on impairment of financial instruments


The latest Heads Up mewsletter from Deloitte United States examines decisions that the FASB recently made on how entities should recognise and measure credit impairments and interest income under its proposed new model for accounting for financial instruments.

The proposed new model would affect the accounting for credit losses associated with loans and debt securities. The FASB's deliberations are part of its joint efforts with the IASB to simplify and improve the accounting for financial instruments. As was reported in the 10 November 2009 Heads Up (PDF 172k), the IASB has issued an exposure draft amortised cost and impairment that proposes radical changes to the manner in which entities recognise and measure credit impairment. Under the IASB's proposal, entities would use an 'expected-loss' approach based on their estimates of expected cash flows over the life of financial assets. The FASB is contemplating less significant changes to existing accounting requirements and plans to expose its proposed new model for comments by the end of this quarter.

Click for:


Notes from January 2010 IASB meeting day 3


The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.


Disclosure and compliance checklists from Deloitte Canada


Deloitte Canada has published Canadian versions of Deloitte's '2009 IFRS presentation and disclosure checklist' and '2009 IFRS compliance checklist'.

The Canadian versions differ from the global versions because they include 'consideration points' relating to key differences between Canadian GAAP and IFRSs that may be helpful for Canadian companies in assessing whether or not they meet the requirements of a specific IFRS. These considerations may also serve as a helpful reference source for Canadian companies on transition to IFRSs from Canadian GAAP.

Also, the English versions (.docm files) include a built-in macro that allows users to select standards that are not applicable to them and exclude them automatically.

Click to download:

IFRS insurance accounting newsletter


Deloitte (United Kingdom) has published the January 2010 issue of Insurance Accounting Newsletter.

This issue is titled Insurance Global GAAP in the Making and focuses on decisions made on the insurance project during the joint meetings of the FASB and the IASB in December 2009 and January 2010. An appendix presents a summary of key decisions to date. Click to download Issue 10 of the Insurance Accounting Newsletter (PDF 118k). There are permanent links all issues of the newsletter on our Insurance Accounting Newsletters directory.


IASCF Trustees to meet 26-27 January


The Trustees of the IASC Foundation, oversight body for the IASB, will meet on Tuesday and Wednesday, 26-27 January 2010, at the Caesar Park Hotel, Avenida Vieira Souto 460, Ipanema, Rio de Janeiro, Brasil.

The portion of the meeting on 26 January from 11:00am to 15:30pm is open to public observation. The agenda is below.

Agenda of the IASCF Trustees meeting - Public portion (26 January 2010)
  • 11:00-12:00 Second part of the Constitution Review
  • 12:00-12:45 Report of the Due Process Oversight Committee
  • 13:45-15:30 Report of the IASB Chairman


Notes from January 2010 IASB meeting day 2


The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.


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