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January

Publications by national Deloitte member firms

14 Jan 2011

Deloitte (Brazil) has published Brazilian editions of 2010 Model financial statements and 2010 IFRS Presentation and Disclosure Checklist, both in Portuguese.

In addition, Deloitte (Germany) has published German translation of the 2010 IFRS Presentation and Disclosure Checklist.

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Publications by national Deloitte member firms

13 Jan 2011

Deloitte's IFRS Centre of Excellence in Hong Kong has published the HKFRS Presentation and Disclosure Checklist for 2010.

This checklist is intended to aid entities reporting under Hong Kong Financial Reporting Standards (HKFRSs) in determining whether or not they comply with the presentation and disclosure requirements of HKFRSs and the applicable Hong Kong Companies Ordinance. The checklist also includes disclosures required by The Stock Exchange of Hong Kong in relation to the preparation of an annual report by a listed entity. This checklist covers the presentation and disclosure requirements effective for the year ended 31 December 2010. It also covers the presentation and disclosure requirements of certain Standards and Interpretations in issue at 30 September 2010 that are not effective for periods beginning on 1 January 2010. Earlier application of those Standards and Interpretations that are not yet mandatorily effective is generally permitted. This checklist does not address the requirements of HKFRSs in relation to the recognition and measurement.

In addition, Deloitte (Japan) has published Japanese translations of recent IFRS in Focus newsletters.

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Updated Agenda for the January 2011 IASB meeting

13 Jan 2011

The IASB has revised its agenda for its monthly meeting for January 2011 at the IASB offices in London from 17 to 21 January 2011. Meeting times and topics have been amended.

You can access the agenda on our January 2011 IASB meeting page. We will also post Deloitte observer notes on this page as they are available

 

Deloitte Japan webcast on December IASB meeting

13 Jan 2011

Deloitte's IFRS Centre of Excellence in Japan has released a recorded webcast on the December meeting of the IASB.

The 35 minute webcast is available for viewing until late May 2011.

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FEI notes IFRS as one of its 'Top 10' challenges for finance executives in 2011

13 Jan 2011

Financial Executives International (FEI), an association for CFOs and other senior finance executives based in North America, has published FEI CEO's 2011 Top Challenges for Financial Executives, which includes discussion of the possible convergence of US GAAP with IFRS.

An extract follows:

Global Convergence of U.S. GAAP and IFRS

Though the timeline for convergence projects has slowed, companies are monitoring efforts of the Financial Accounting Standards Board and International Accounting Standards Board. All are waiting for the U.S. Securities and Exchange Commission's next steps on whether or not it will permit International Financial Reporting Standards for U.S. publicly-held companies...

The boards have a lot on their plates as they redeliberate comments from various 2010 EDs on key projects. Companies will consider how converged final standards are in 2011, especially in such areas as financial instruments. Another factor will be on transition and effective dates on key standards, which will determine how soon companies have to be prepared to report under the new standards – a challenge for companies.

Click for FEI CEO's 2011 Top Challenges for Financial Executives (link to FEI website).

Steven Maijoor is selected as ESMA's first Chair

13 Jan 2011

The new European Securities and Markets Authority (ESMA) has announced the selection of Steven Maijoor, as the proposed first Chair of ESMA.

This follows a vote by ESMA's Board of Supervisors. Before taking up his duties, the selected Chairperson will be heard by the European Parliament who has up to one month to object to his designation.

Steven Maijoor is currently a Director at the Netherlands Authority for the Financial Markets (AFM) where he is in charge of financial reporting, auditing issues, market integrity supervision and part of the business operations.

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IIRC round table series on integrated reporting

12 Jan 2011

The International Integrated Reporting Committee (IIRC) has launched a series of round tables to be held in different regions in order to inform stakeholders about the IIRC's work and enable them to share their thinking on integrated reporting with the IIRC.

The first of the round table events is to be held on 19 January 2011 in Mumbai. The IIRC round table will be part of the "Responsible Investment: Mainstreaming of Environmental, Social, Governance Factors" event hosted by German Development Corporation (Deutsche Gesellschaft fr Technische Zusammenarbeit, GTZ) and the India focal point of the The Global Reporting Initiative (GRI).

The International Integrated Reporting Committee (IIRC) was formed in August 2010 and aims to create a globally accepted framework for accounting for sustainability, bringing together financial, environmental, social and governance information in an "integrated" format.

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IAASB proposes assurance standard to strengthen reporting on greenhouse gases

12 Jan 2011

The International Auditing and Assurance Standards Board (IAASB) released for comment a proposed new International Standard on Assurance Engagements (ISAE) 3410 'Assurance Engagements on Greenhouse Gas Statements'.

The proposed standard addresses the practitioner's responsibilities in identifying, assessing, and responding to risks of material misstatement, and contains illustrative assurance reports on greenhouse gas statements. The proposed requirements and guidance also recognize that most engagements will be undertaken by a multidisciplinary team, so they address the need for the assurance practitioner to integrate experts – in engineering or environmental science, for example – into various stages of the engagement. Comments on the exposure draft are requested by 10 June 2011.
Click for IAASB press release (link to IFAC website).

 

New issue of the IASB's Investor Perspectives

12 Jan 2011

In April 2010, the Trustees of the IFRS Foundation and the IASB launched a programme to enhance investors' participation in the development of International Financial Reporting Standards (IFRSs).

One of the enhancements is a newsletter for investors. Board members Stephen Cooper, Patrick Finnegan and Patricia McConnell publish timely updates on financial reporting matters. A new issue of the Investor Perspectives is now available:

All Investor Perspectives are archived on the IASB's website.

New IASB webpages on risk components and the time value of options

12 Jan 2011

To accompany the exposure draft on hedge accounting published in December 2010, the IASB staff are providing further information on key issues in the document to assist interested parties in understanding the proposals in the exposure draft.

Materials are now available on a webpage on the treatment of risk components and on a webpage on the time value of options. The comment deadline for the exposure draft is 9 March 2011.

 

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