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February

UK ASB issues Financial Reporting Exposure Draft: Amendments to FRS 29

28 Feb 2011

The UK Accounting Standards Board (ASB) of the Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft: Proposed Amendments to FRS 29 (IFRS) 'Financial Instruments: Disclosures': Disclosures — Transfers of Financial Assets.

The goal of the exposure draft is to improve the disclosures on transfers of financial assets. The proposals incorporate new disclosure requirements that would help users of financial statements evaluate an entity's risk exposure arising from transfers of financial assets as well as any resulting impact on its financial position. The ASB has issued this exposure draft to keep FRS 29 aligned with the disclosure requirements in IFRS 7, which the IASB amended in October 2010.

Comments are due by 30 April 2011.

Click for:

 

New Deloitte guide to accounting for service concession arrangements

28 Feb 2011

Deloitte's IFRS Global Office has published IFRIC 12 Service concession arrangements – A pocket practical guide.

The Guide is intended to serve as an illustrative tool for the reader in the application of IFRIC 12 Service Concession Arrangements, providing analysis of the requirements of IFRIC 12 and practical guidance with examples that address some of the more complex issues around service concession arrangements. The Guide provides guidance on scope, the determination of the accounting model, specific characteristics of concessions that are common (take-or-pay arrangements, capacity availability, etc.) and much more.

Click for IFRIC 12 Service concession arrangements – A pocket practical guide (PDF 241k, 59 pages).

2010 IFRS Disclosure and compliance checklists from Deloitte Canada

28 Feb 2011

Deloitte Canada has published Canadian versions of Deloitte's 2010 IFRS Presentation and Disclosure Checklist and 2010 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:

India finalises IFRS-converged standards, implementation date yet to be announced

27 Feb 2011

The Indian Ministry of Corporate Affairs (MCA) has issued 35 Indian Accounting Standards (Ind AS) that are converged with International Financial Reporting Standards and announced their 'phased implementation' once certain Indian tax and other issues have been resolved.

Consistent with our earlier story, the Ind AS are based on IFRSs, but include some changes which are noted in the appendix to each standard. Some of the modifications may prevent an entity following Ind AS from making an explicit and unreserved statement of compliance with IFRSs (Ind AS 1 Presentation of Financial Statements requires a statement of compliance with Ind AS, not IFRSs).

The MCA press release accompanying the release of the standards notes the following in relation to application of the Ind AS:

"The Ministry of Corporate Affairs will implement the IFRS converged Indian Accounting Standards in a phased manner after various issues including tax related issues are resolved with the concerned Departments. It would be ensured that the implementation of the converged standards in a phased manner is smooth for the stakeholders. The date of implementation of the Ind AS will be notified by the Ministry at a later date."

India had previously announced a plan to begin a phased implementation of the new standards beginning from 1 April 2011. It is possible the revised effective date(s) for implementation may be announced soon after the Indian Government presents its budget. Click for:

 

Takatsugu Ochi appointed as member of the IASB

25 Feb 2011

The Trustees of the IFRS Foundation have announced the appointment of Takatsugu (Tak) Ochi as a member of the IASB for an initial five-year term from 1 July 2011. The term is renewable for a further three-years.

Mr Ochi is currently Assistant General Manager, Financial Resources Management Group of Sumitomo Corporation. He is also a member of the IFRS Interpretations Committee, Secretary-General of the Nippon Keidanren (Japan Business Federation) Taskforce for early adoption of IFRS and an adviser to the Accounting Standards Board of Japan (ASBJ). Mr Ochi will relinquish existing roles upon joining the IASB.

Hans Hoogervorst, Chair-designate of the IASB, and Ian Mackintosh, Vice-Chair-designate of the IASB, will also begin their initial terms on 1 July 2011. The Trustees have also confirmed the reappointment of Philippe Danjou, to serve a second five-year term.

Click for IASB press release (PDF 35k).

Deloitte publications update

25 Feb 2011

The following Deloitte publications are now available:

Global publications

Deloitte (Canada)

Deloitte (Czech Republic)

 

Monitoring Board releases more details about governance review roundtables

24 Feb 2011

Further to our earlier story about the IFRS Foundation Monitoring Board consultation process around its 'Consultative Report on the Review of the IFRS Foundation's Governance', some further details have been released about the upcoming consultative roundtables.

The public roundtables are being held as follows:

  • Asia: Tokyo, Japan (venue to be determined), late March
  • Asia: Kuala Lumpur, Malaysia (Securities Commission Malaysia, 3 Persiaran Bukit Kiara, 50490 Kuala Lumpur), 22 March 2011
  • Europe: Brussels, Belgium (Albert Borschette Conference Centre (CCAB), Rm AB-2A, 36, rue Froissart, 1000 Brussels), 3 March 2011
  • The Americas: TBD

Please click for:

SME Implementation Group publishes draft guidance for public comment

24 Feb 2011

Today, the SME Implementation Group published for public comment a question and answer document (Q&A) on draft guidance related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).

This Q&A addresses whether a parent entity that itself does not have public accountability may present its separate financial statements in accordance with the IFRS for SMEs if it is part of a group that is required (or elects) to present consolidated financial statements in accordance with full IFRSs.

Comments are due 4 April 2011. Click for:

 

We comment on the Trustees' strategy review

23 Feb 2011

Deloitte has submitted a comment letter on the IFRS Foundation Trustees' Public Consultation 'Status of Trustees' Strategy Review'.

We express the view that both the IFRS Foundation and the Monitoring Board should make an explicit statement in their governing documents that the primary purpose of general purpose financial reporting is to provide financial information about the reporting entity that is useful to capital market participants (i.e., existing and potential investors, lenders and other creditors) in making decisions about providing resources to the entity. Other users, including prudential regulators, may use general purpose financial reports, but those reports are not directed primarily to address their needs.

With respect to the governance of the IFRS Foundation, we support the three tier structure that is currently in place, but we would wish to see changes to both the Monitoring Board and the IFRS Foundation Trustees.

Click to download our comment letter on the IFRS Foundation Trustees' Public Consultation: Status of Trustees' Strategy Review (PDF 80k). All of our past comment letters are here.

Deloitte comment letters on tentative agenda decisions

23 Feb 2011

Deloitte's IFRS Global Office has submitted letters of comment to the IFRS Interpretations Committee on two tentative agenda decisions:

In both cases we agree with the decision not to add the issues to the agenda. Click here to view all of our past letters of comment.

Correction list for hyphenation

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