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June

EFRAG summary of the feedback received in the outreach on the Revenue Recognition and Leases projects

14 Jun 2011

In May 2011, EFRAG and the European National Standard Setters jointly organised meetings in eight European cities in order to inform European constituents of, and obtain their feedback on, the direction taken by the IASB in its re-deliberations on the Revenue Recognition and Leases projects.

The events focused only on those issues that had caused major concerns at the exposure draft stage and had been subsequently re-deliberated.

EFRAG has now published an executive summary of the feedback received during the meetings with European constituents (PDF 63k, link to EFRAG website). Additionally, EFRAG staff prepared detailed feedback statements on each event for the convenience of the European constituents. These detailed feedback statements are available on EFRAG's website.

FASB Launches New Taxonomy Online Review and Comment System

14 Jun 2011

The US FASB launched a new system to provide transparency for users of eXtensible Business Reporting Language (XBRL) and to allow stakeholders to easily submit comments on the US GAAP Financial Reporting Taxonomy.

The new Taxonomy Online Review and Comment System allows users to provide feedback in 'real time' by submitting comments directly on the entire Development Taxonomy. The system also includes "new search and navigation functions designed to efficiently find the tags that best meet the SEC's filer requirements".

The FASB will host an IN FOCUS webcast on the Taxonomy Online Review and Comment System on Wednesday, 22 June, from 1:00 to 2:00 p.m. EDT (US).

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Change to meeting agenda for current IASB meeting

13 Jun 2011

The agenda for the IASB meeting in London on 13-15 June 2011 has been changed.

A new session on Agenda Consultation: Proposed Timetable has been added to the agenda on Wednesday, 15 June. This session is scheduled for 2:20-2:35pm (London time).

A revised summary of the agenda for the meeting can be found here. Also, the agenda for the meeting with the European Financial Reporting Advisory Group (EFRAG) has been announced:

Tuesday, 14 June 2011

IASB-EFRAG Joint Meeting (08:00-10:30)

  • Welcome and Introduction
  • Revenue Recognition
  • Leases
  • Insurance Contracts
  • Financial Instruments
  • Consolidation, Joint Arrangements and Disclosures
  • Timeline for Completion of Major Projects
  • Field-testing

Deloitte publications update

13 Jun 2011

The following Deloitte publications are now available:

Global Publications

Deloitte (Australia)

Deloitte (Canada)

Deloitte (China)

Deloitte (Germany)

  • IFRS fokussiert: (Nicht) Alles neu macht der Mai (PDF 297k) — German language newsletter explaining the IASB's "package of five" new and revised standards addressing the accounting for consolidation, involvements in joint arrangements and disclosure of involvements with other entities.

IASB and ASBJ report on convergence

11 Jun 2011

The IASB and the Accounting Standards Board of Japan (ASBJ) have announced their achievements under their August 2007 Memorandum of Understanding (MoU), known as the Tokyo Agreement, to improve International Financial Reporting Standards (IFRSs) and Japanese generally accepted accounting principles (GAAP) and to bring about their convergence.

The announcement results from a meeting between the IASB and ASBJ held in Tokyo on 6-7 June 2011.

Under the Tokyo Agreement, both boards agreed to seek to eliminate by 2008 major differences between Japanese GAAP and IFRSs, with the remaining differences to be removed on or before 30 June 2011. Whilst the target date of 2011 does not apply to any major new IFRSs now being developed that will become effective after 2011, both boards have agreed to work closely to ensure the acceptance of the international approach in Japan when the new standards become effective.

The report discusses the progress made by the IASB and ASBJ in both short-term and other convergence projects. The convergence of IFRS with Japanese GAAP is seen by both boards as an important step on the path towards Japan's possible adoption of IFRSs, with a decision on adoption likely in 2012. A full summary of the convergence report is available on our Japan country page.

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ICAEW Accountancy Magazine discusses Monitoring Board review

10 Jun 2011

The June edition of Accountancy Magazine includes an article discussing the IFRS Monitoring Board governance review issued in February 2011.

The article, written by Colin Fleming, a director in Deloitte's Global IFRS Office, discusses the changing role of the IASB since its formation and the need for the governance and monitoring structures of the IFRS Foundation and IASB to adapt as IFRS use spreads. Mr Fleming also discusses the suggestion arising from the governance review to expand and diversify the Monitoring Board, how any expanded Board should vote, whether the Board should have an 'explicit ability' to place an item in the IASB's technical agenda and its role in the selection of the IASB Chair.

An extract follows:

The governance structure of the IFRS Foundation must facilitate achieving the ultimate goal of a single set of high-quality global financial reporting standards. It needs to support that goal while balancing the need for accountability to public authorities and the independence of the standard-setter.

But the governance structure must also be seen to deliver accountability and independence in such a way that jurisdictions not already using IFRS can adopt the standards with the same degree of confidence that current users have. The governance review has already been identified as one of the issues identified as an important factor in the US Security and Exchange Commission's decision on whether to adopt the use of IFRS in the US later this year.

Click for the full article (PDF 188k). The article is posted with the kind permission of the Institute of Chartered Accountants in England and Wales (ICAEW) and cannot be further reproduced without the permission of ICAEW.

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Updated agenda for the regular June IASB meeting

10 Jun 2011

The IASB's regular monthly meeting is scheduled for 13-15 June 2011 in London, much of it a joint meeting with the FASB.

Set out below is the agenda for the meeting (links are our project summary for each topic). Times are shown in London time (GMT+1).
IASB Board Meeting Agenda
13-15 June 2011, London
Monday, 13 June 2011

IASB-FASB Joint Meeting (11:30-18:30)

Tuesday, 14 June 2011

IASB Meeting (08:00-10:30)

  • Meeting with EFRAG

IASB-FASB Joint Meeting (10:45-18:30)

Wednesday, 15 June 2011

IASB-FASB Joint Meeting (08:00-12:30)

IASB Meeting (13:15-14:20)

UK pensions industry disapproves of IFRSs

09 Jun 2011

On 29 October 2010, the UK Accounting Standards Board (ASB) published its proposals for the future of financial reporting in the UK and Republic of Ireland.

The Exposure Draft (ED) set out proposals for a three-tier reporting framework, which aims to balance the needs of preparers and users of accounts. The ED included pension schemes in its scope and suggested that they should be classified as tier 1 in the ASB tier structure. Tier 1 companies will have to report under International Financial Reporting Standards (IFRS).

Deloitte (United Kingdom) has conducted a poll to find out whether the pensions industry supports the proposals of the ASB. The results showed that:

  • 43% of respondents were of the opinion that no change is needed in financial reporting by pension schemes;
  • 75% of all respondents said that not all pension schemes should be classified as publicly accountable entities (i.e. have to apply IFRSs); where one third of these (24% of all respondents) agreed that some schemes depending on other factors should be classified as publicly accountable;
  • Asked on which criteria the decision of public accountability should be based if not all pension schemes are to be classified as publicly accountable, the respondents named a consideration of the number of members in the scheme (26%), the value of investment assets held (11%) and a combination of members, investment assets and the level of contribution income (53%).

Please click for an overview of all results of the poll (PDF 22k) and our earlier story explaining the new tier structure proposed by the ASB.

New issue of the IASB's Investor Perspectives

09 Jun 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 entitled Investor Perspectives. A new edition is now available:

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

Special IASB meeting 1 July 2011

09 Jun 2011

The IASB has announced a special IASB meeting on 1 July 2011.

Further details and topics to be discussed have not been communicated yet.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.