February

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Meeting of IASB representatives with the Analyst Representative Group

17 Feb 2011

On 23 February 2011, IASB representatives will meet with the Analyst Representative Group (ARG).

So far, agenda papers for the discussion of the following topics have been made available:
  • The IASB's post-implementation reviews
  • Impairment of financial assets
  • Offsetting financial assets and financial liabilities
  • Lease accounting
  • Hedge accounting

Please go to the IASB's website for further information, access to the agenda papers and registration as an observer.

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Meeting of the IFRS Advisory Council

17 Feb 2011

On 21 and 22 February 2011, the IFRS Advisory Council will meet.

The following topics will be discussed:
  • Meeting with the Trustees
  • IASB Activities – Update on the more challenging issues within the four major projects focussed on by the IASB at the moment
  • The IASB's post-implementation reviews
  • Advisory Council performance review
  • Effective dates and transition
  • IASB post-2011 agenda
  • Monitoring Board performance review

Please go to the IASB's website for further information, access to the agenda papers and registration as an observer.

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Notes from Day 2 of the main February IASB meeting

17 Feb 2011

The IASB is holding its regular monthly meeting in London on 15-18 February 2011, some of which is a joint meeting with the FASB.

We've posted Deloitte observer notes from the second day of the meeting (click through for direct access to the notes):

Wednesday, 16 February 2011 (IASB-FASB)

  • Revenue Recognition
    • Identifying separate performance obligations
    • Revenue recognition for services
  • Insurance Contracts
    • Education session on 'unbundling'
  • Leases
    • Initial measurement of options to extend or terminate a lease
    • Reassessment requirements associated with options to extend or terminate a lease
    • Symmetry between lessee and lessor accounting

Notes from the additional session on revenue recognition held later in the day will be posted soon.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

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Upcoming Dbriefs webcasts

16 Feb 2011

Two new Dbriefs webcasts on financial reporting topics are scheduled during March.

Details are below.

Topic: Accounting for Financial Instruments: Recent Developments and the Latest Proposals From the FASB and IASB

Date and time: Tuesday, 29 March 2011, 2:00pm - 3:30pm (US Eastern)

More information on the webcast and registration: click here

Topic: Quarterly Accounting Roundup: An Update of Important Developments

Date and time: Thursday, 31 March 2011, 2:00pm - 3:30pm (US Eastern)

More information on the webcast and registration: click here

 

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Deloitte publications update

16 Feb 2011

The following Deloitte publications are now available:

The following Deloitte publications are now available:

Global publications

Deloitte (Japan)

Deloitte (United States)

 

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Notes from Day 1 of the main February IASB meeting

16 Feb 2011

The IASB is holding its regular monthly meeting in London on 15-18 February 2011, some of which is a joint meeting with the FASB.

We've posted Deloitte observer notes from the first day of the meeting, which was an IASB-only meeting (click through for direct access to the notes):

Tuesday, 15 February 2011 (IASB only)

  • Consolidation and Joint Arrangements
    • Effective date and early application of forthcoming IFRS 10, IFRS 11, IFRS 12, IAS 27 (revised 2011) and IAS 28 (revised 2011)
  • Post-employment Benefits
    • Presentation of remeasurements
    • Feedback on tentative decisions to date
    • Project status
    • Effective date of any amendments and transitional requirements
  • Financial Instruments: Impairment
    • Disclosures — Write-off policy
    • Disclosures — Stress testing
    • Disclosures — Credit quality of financial assets
    • Disclosures — Vintage information

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

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IFRS Foundation Education Initiative publishes briefing for chief executives

16 Feb 2011

The IFRS Foundation Education Initiative has published the 2011 edition of International Financial Reporting Standards – A Briefing for Chief Executives, Audit Committees and Boards of Directors to the eIFRS site.

These briefing notes provide summaries of all IFRSs issued at 1 January 2011 at a high level and in non-technical language. It's specially prepared for chief executives, members of audit committees, company directors and others who want a broad overview of IFRSs and of the business implications of implementing them. The electronic PDF is available in the eIFRS Online Subscriber Area of the IASB's website for access by both Comprehensive and eIFRS subscribers.

 

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EFRAG Outreach on Financial Statement Presentation – feedback report

16 Feb 2011

Between September and December 2010, the European Financial Reporting Advisory Group (EFRAG) and the European National Standard Setters jointly organised meetings in ten European cities to assist the IASB in gathering the views of European constituents on the tentative decisions included in the IASB staff draft of the Exposure Draft Financial Statement Presentation.

Overall, 484 constituents participated in these meetings. European constituents were also invited to provide their feedback on the Draft ED using an online questionnaire. Overall, 133 constituents completed the questionnaire, including 24 constituents who did not participate in the meetings.

EFRAG has now issued a feedback report summarising the views expressed by European constituents. Some of the results were the following (quotes from the report's executive summary):

"The European constituents in all locations consistently questioned whether a new presentation model was really needed, especially considering the costs involved. [...] The European constituents in several locations mentioned that their preliminary assessment of costs to implement certain aspects of the proposals and the costs to maintain the new presentation model would be comparable to the effort associated with the initial adoption of IFRSs in Europe."

"European constituents in all locations consistently expressed a very strong view that, prior to proceeding with the presentation matters, the IASB should address the fundamental issues related to performance reporting, namely, what constitutes performance and what is the impact of the business model on it; where and how should the line be drawn between profit and other comprehensive income (OCI), and whether reclassification of OCI items (recycling) is needed."

"The European constituents were generally split in views as to whether or not the IASB should develop one generic presentation model for all industries or consider developing industry-specific models."

"The European constituents generally believed that the proposals in the Draft ED would result in too much detail on the face of primary statements. This would obscure key messages and would complicate rather than improve the communication between an entity and its stakeholders."

"The majority of European constituents participating in the outreach meetings were against mandating the direct method for presenting operating cash flows."

Please click for EFRAG press release (link to EFRAG website) and the full report (PDF 732k).

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IVSC issues exposure draft on depreciated replacement cost

16 Feb 2011

The International Valuation Professional Board, an independent technical body of the International Valuation Standards Council (IVSC), has released for comment an exposure draft of Technical Information Paper 2 'Depreciated Replacement Cost'.

Technical Information Papers (TIPs) are designed to provide technical guidance for valuation professionals on generally accepted best practice, but do not provide valuation training or instruction.

The objective of the exposure draft is to provide guidance on the application of the 'Depreciated Replacement Cost' (DRC) method of valuation, the most common valuation method under the cost approach. The cost approach estimates value using the economic principle that a buyer will pay no more for an asset than the cost to obtain an asset of equal utility, whether by purchase or by construction. It can be applied to a wide range of asset types and is frequently used when there is either very limited or no evidence of sales transactions (such as the valuation of specialised assets arising in business combinations).

The exposure draft:

  • is proposed to replace the current IVSC Guidance Note GN8 "The Cost Approach for Financial Reporting - (DRC)", but extend the guidance on DRC to a wider variety of circumstances
  • identifies depreciated replacement cost as the most common method of valuation under the cost approach, but asks whether DRC is the only method of applying the cost approach
  • proposes to replace 'external obsolescence' with 'economic obsolescence' as one of the three main types of deduction for obsolescence when applying the DRC approach (the others being physical deterioration and functional obsolescence).

Comments on the exposure draft close on 31 May 2011. Click for IVSC press release (link to IVSC website).

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IASB publications update

15 Feb 2011

The IFRS Foundation has announced that the Red Book of International Financial Reporting Standards 2011 will be published in March 2011. International Financial Reporting Standards IFRS 2011 (English) is the only official printed edition of the consolidated text of the IASB's authoritative pronouncements.

It contains official pronouncements issued at 1 January 2011, including IFRSs with an effective date after 1 January 2011 but not the IFRSs they will replace. Click here (link to IASB website) for further information and registering your interest to be notified of the publication of International Financial Reporting Standards IFRS 2011.

The coming soon section of the IASB's upcoming publications page also features IFRS – Offizielle Verlautbarungen zum 1. Januar 2010, the German language translation of the Red Book 2010. Click here (link to IASB website, you need to scroll down to the second publication) for further information and registering your interest to be notified of the publication of IFRS – Offizielle Verlautbarungen zum 1. Januar 2010.

Also, the IFRS Foundation informs of the publication of new Kazakh and Armenian translations. The Kazakh translation of the 2010 unaccompanied IFRSs can be accessed via the IASB's Official IFRS translations webpage. The Armenian translation of the 2009 unaccompanied IFRSs can be accessed by eIFRS/Comprehensive subscribers in the secure subscriber area on eIFRS (you will be required to provide your login details).

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