June

Upcoming Canadian quarterly technical update webcast

03 Jun 2011

Deloitte (Canada) is holding a quarterly technical update webcast on Tuesday, 21 June 2011. Discussion will include key issues related to reporting under IFRS (2011 represents the mandatory IFRS changeover for many entities in Canada) – including special tips and reminders for second quarter reporting and an update on recently issued new IFRS standards.

Full details of the webcast are provided below:

Topic: IFRS quarterly technical update webcast — Moving ahead in an IFRS world
Date and time: Tuesday, 21 June 2011 2:00PM-3:00PM Eastern Daylight Time (GMT-05:00)
More information Click Here
Registration: Click Here

IFRS Foundation publishes proposed IFRS Taxonomy 'common-practice' enhancements

03 Jun 2011

The IFRS Foundation has published for public comment an exposure draft of the IFRS Taxonomy 2011 interim release: common-practice concepts.

The IFRS Foundation has published for public comment an exposure draft of the IFRS Taxonomy 2011 interim release: common-practice concepts.

The proposed interim release contains supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. The supplementary tags are intended to enhance the comparability of financial information, and are consistent with IFRSs and with the XBRL (eXtensible Business Reporting Language) architecture of the IFRS Taxonomy 2011.

The supplementary tags result from the IFRS Foundation previously announced intention to extend the IFRS Taxonomy. This was partially a response to United Statements Securities Exchange Commission (SEC) concerns about the suitability of the existing IFRS Taxonomy 2011 for US filing purposes, together and the outcomes of an pilot XBRL study. The SEC has issued a 'no action' letter in which it states foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB are not required to submit XBRL information to the SEC until it endorses an IFRS Taxonomy it considers suitable.

The proposals are open for comment until 2 August 2011. Click for IFRS Foundation announcement (link to IASB website). More information about XBRL is available on our XBRL page.

Notes from the special IASB-FASB meeting

02 Jun 2011

The IASB held a special meeting in London on 31 May - 2 June 2011, much of which was a joint meeting with the FASB.

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

Wednesday, 1 June 2011 

  • Financial instruments – Hedge accounting (IASB)
    • Macro hedge accounting — education session
  • Asset and liability offsetting (IASB/FASB)
    • Education session with representatives of ISDA
    • Unit of account
    • Collateral
  • Leases (IASB/FASB)
    • Lessee accounting: Subsequent measurement of foreign exchange differences
    • Lessee accounting: Impairment of a lessee's right-of-use asset
    • Lessee accounting: Revaluation of a lessee's right-of-use asset (IASB-only)
    • Lessee accounting: Residual value guarantees

Thursday, 2 June 2011

Click here to go to the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

OECD guidance on minerals includes disclosure of amounts paid to governments

02 Jun 2011

The Organisation for Economic Co-operation and Development (OECD) has published Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (Guidance).

The Organisation for Economic Co-operation and Development (OECD) has published Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (Guidance).

Its stated objective of the guidance is to help companies respect human rights and avoid contributing to conflict through their mineral sourcing practices. The Guidance is also intended to cultivate transparent mineral supply chains and sustainable corporate engagement in the mineral sector with a view to enabling countries to benefit from their natural mineral resources and preventing the extraction and trade of minerals from becoming a source of conflict, human rights abuses, and insecurity.

An annex to the Guidance illustrates a 'Model Supply Chain Policy for a Responsible Global Supply Chain of Minerals from Conflict-Affected and High-Risk Areas', which includes the following requirements:

Regarding the payment of taxes, fees and royalties due to governments:

We will ensure that all taxes, fees, and royalties related to mineral extraction, trade and export from conflict-affected and high-risk areas are paid to governments and, in accordance with the company's position in the supply chain, we commit to disclose such payments in accordance with the principles set forth under the Extractive Industry Transparency Initiative (EITI).

While not legally-binding, the guidance states it reflects the common position and political commitment of adhering countries. The disclosure of payments to governments has been a vexed issue from a financial reporting perspective and is also of relevance in sustainability or integrated reporting. For instance, the IASB's Discussion Paper DP/2010/1 Extractive Activities sought constituent feedback on the so-called 'Publish What You Pay' (PWYP) proposals.

Click for:

Notes from Day 1 of the special IASB-FASB meeting

01 Jun 2011

The IASB is holding a special meeting in London on 31 May - 2 June 2011, much of which is a joint meeting with the FASB.

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

Tuesday, 31 May 2011 (IASB/FASB)

  • Insurance contracts — Reinsurance
    • Definition of significant risk transfer
    • Interdependent contracts
    • Recognition of reinsurance contract
    • Ceded risk adjustment
    • Treatment of gains and losses
    • Cession of residual / composite margin on underlying insurance contracts
  • Revenue recognition
    • Costs of products manufactured for delivery under long-term production programs

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

New issue of the IASB's Investor Perspectives

01 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.

Click for:

Roundtables on Trustee strategy review – Registration for webcasts now open

01 Jun 2011

As reported earlier, The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), published a report on the strategy of the IFRS Foundation as it enters its second decade.

The Trustees welcome comments by 25 July 2011 and will hold strategy review roundtables. Registration for these sessions is now available on the IASB website:

Click for IASB report (link to IASB website, PDF 309k)

 

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