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January

Argentina adopts IFRS for SMEs

05 Jan 2011

The Argentine Federation of Professional Councils in Economic Sciences (FACPCE) approved on 3 December 2010 the Technical Resolution No. 29 which introduces the application of IFRS for SMEs.

IFRS are mandatory for public entities which are under the supervision of the Comision Nacional de Valores CNV (Argentine Securities and Exchange Commission). The resolution establishes that all entities not reached by, or exempted from the mandatory use of IFRS, will have the option of
  • IFRS, or
  • the IFRS for SMEs, or
  • the accounting standards issued by the Federation or to be issued in the future that are not related to this resolution.

Entities that are out of scope of the IFRS for SMEs are not allowed to use the IFRS for SMEs.

The resolution is effective for financial statements for annual periods beginning on or after 1 January 2012, and earlier application is permitted for annual financial statements beginning on or after 1 January 2011. Click for Technical Resolution No. 29 (in Spanish, PDF 244k) and more information on financial reporting in Argentina.

Africa embraces IFRSs

05 Jan 2011

The IASB has uploaded to its site a feature on the future of accounting in Africa.

Financial journalist Robert Bruce, who is also the regular resident commentator for IAS Plus, interviews IFRS Foundation Trustee Jeff van Rooyen and IASB Member Paul Pacter on the latest developments regarding implementation of a common form of financial reporting in Africa and points out strengths and weaknesses that vary enormously from country to country and region to region. Click for Robert Bruce's Africa embraces IFRSs (link to IASB website).

 

The Effect Of Shariah Principles on Accounting Methods for Islamic Banks

04 Jan 2011

Further to our story published yesterday, we make available a presentation by Daud Vicary Abdullah, Deloitte's Global Islamic Finance Leader.

The Effect Of Shariah Principles on Accounting Methods for Islamic Banks points out the rapid acceptance of Islamic finance, explains the fundamental principles and shows the three options for the way forward in Islamic accounting:
  • Exclusivity: Live side by side with its conventional counterpart; all Islamic financial institution transactions will be recorded by way of Islamic accounting
  • Harmonisation: International Financial Reporting Standards (IFRSs) are fine tuned; then certain exemptions are allowed/disallowed
  • Convergence: Applying IFRS in every aspect

Click for

New IAS Plus page on Islamic accounting

03 Jan 2011

We have created a new IAS Plus page offering background information on Islamic accounting and a history of recent developments in Islamic accounting requirements and practices.

Accounting Standards for financial reporting by Islamic financial institutions have to be developed because in some cases Islamic financial institutions encounter accounting problems because the existing accounting standards such as IFRSs or local GAAP were developed based on conventional institutions, conventional product structures or practices, and may be perceived to be insufficient to account for and report Islamic financial transactions. Sharia'a compliant transactions that observe the prohibition to charge interest may not have parallels in conventional financing and therefore, there may be significant accounting implications. Likewise, the Islamic finance industry is under considerable pressure to enhance practice and improve risk management systems and protect investors.

Click for our Islamic accounting page.

Three new European authorities for the supervision of financial activities start their work

03 Jan 2011

As reported earlier, three new regulatory authorities offering direct EU supervision of systemically important financial institutions (the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)) have been established.

These new authorities have started their work on 1 January 2011. Michel Barnier, the European Commissioner responsible for Internal Market and Services, commented on the "turning point for the European financial sector":

With this new framework of financial supervision in Europe in place, we are putting into effect in practical terms the lessons learnt from the crisis. This framework is at the heart of the ongoing financial reforms.

[...]

This move forward also demonstrates that Europe is leading the way and upholding its international commitments. These new authorities will work with others across the world to ensure better global supervision.

Click for:

IFRSs in your Pocket 2010 in Croatian, Serbian and Slovenian

01 Jan 2011

Deloitte Croatia, Deloitte Serbia and Deloitte Slovenia have published translations of IFRSs in your Pocket 2010.

The content is the same as the English 2010 version.

 

 

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