Thursday, 17 March 2011 (IASB only)

• Financial Instruments – Impairment
• Estimating expected credit losses (education session)
• Accounting for purchased debt instruments (education session)
• Post-employment Benefits and Other Comprehensive Income
• Effective dates and transition

The IASB is holding a meeting with ERFAG on Friday 18 March 2011. The IASB and FASB are meeting in Norwalk on 21-23 March 2011 and an additional IASB-FASB meeting has been scheduled for 28-29 March 2011.

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

• IASB update
  • The future of IFRSs and the path forward for the IASB
  • IASB progress and plans
  • Implementing XBRL IFRS taxonomy
• Technical updates
  • Leases
  • Revenue
  • Financial Instruments: replacing IAS 39
  • Consolidations and joint arrangements

Additional conference details, including registration, are available here.

While the government decree does not have any implementation dates in it, the Minister of Finance commented to the media that he expects the currently existing IFRSs to be endorsed in Russia before the end of 2011. In that case the date of transition to IFRSs for Russian first-time adopters will be 1 January 2012, with the first full set of IFRS financial statements covering 2013 calendar year (with 2012 comparatives).

IFRSs in Russia will not replace national financial reporting standards – preparing consolidated financial statements under IFRSs will only be required for companies with publicly traded securities, banks and insurance companies – and standalone financial statements of these entities will still be prepared under statutory rules.

In its endorsement decisions for particular standards, the Ministry of Finance will rely on recommendations of a non-governmental expert committee (still to be created) and consultations with the Central Bank and the Federal Committee on Financial Markets (FCFM). The supervisory functions over IFRS implementation in Russia are delegated to the FCFM.

Click for:

• IFRS endorsement procedure (Russian / English).

The IFAC Board established the Compliance Program and the Compliance Advisory Panel (CAP) in November 2003 as part of the so-called 'IFAC reforms'. The primary emphasis of the Program is to encourage continuous improvement by professional accountancy organisations through an ongoing assessment of their commitment to use best endeavours to adopt and support implementation of international financial reporting, auditing, ethical, education, and public sector accounting standards as well as to operate or otherwise support robust quality assurance and investigation and disciplinary mechanisms.

Comments on the paper are requested by 30 May 2011. Click for IFAC press release (link to IFAC website).

Monday, 14 March 2011 (other sessions)

• Insurance Contracts (held over two sessions)
• Alternative presentation models (education session)
• Practical expedient for the discount rate

Tuesday, 15 March 2011 (other sessions)

• Insurance contracts
• Practical measurement of risk adjustment liabilities (education session)
• A discount rate for participating contracts — the "Asset Liability Rate" (ALR) (education session)
• Discount rate for participating contracts
• Definition of an insurance contract

Wednesday, 16 March 2011

• Financial Instruments – Hedge Accounting
• Comment letter summary

Agenda changes. A number of changes have also been made to the agenda for the meeting. The session on revenue recognition session originally planned for Wednesday 16 March 2011 was cancelled. The IASB-only sessions on the impairment of financial instruments and the effective date for the forthcoming standards on post-employment benefits and other comprehensive income have been rescheduled to Thursday 17 March 2011.

Our earlier story about the outcomes from this meeting (where leases and fair value measurement was discussed) is available Here. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

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

Global publications

• IFRS on Point IFRS Accounting Developments and Information: February 2011 (PDF 69k)

Deloitte (Canada)

• Canadian versions (in French) of Deloitte's 2010 global checklists that include 'consideration points' relating to key differences between Canadian GAAP and IFRSs that may be helpful for Canadian companies in assessing whether or not they meet the requirements of a specific IFRS:
  • Liste de contrôle sur la présentation et les informations à fournir relativement aux Normes internationales d'information financière (ZIP of Word .docm file 888k)
  • Normes internationales d'information financière – Questionnaire relatif à la conformité (ZIP of Word .docm file 1,599k)

Deloitte (Colombia)

• IASB emite borrador para discusión pública sobre compensación de activos financieros y pasivos financieros (PDF 208k) – a Spanish Translation of IFRS in Focus: IASB issues exposure draft on offsetting financial assets and financial liabilities
• IASB y FASB emiten propuestas conjuntas sobre el deterioro de los activos financieros (PDF 252k) – a Spanish Translation of IFRS in Focus: IASB and FASB issue joint proposals on impairment of financial assets
• IASB emite enmiendas a los IFRS con la eliminación de las fechas fijas para quienes adopten por primera vez (PDF 239k) – a Spanish Translation of IFRS in Focus: IASB issues Amendments to IFRS on Removal of Fixed Dates for First-time Adopters
• IASB emite enmiendas al IFRS 1 en la adopción por primera vez de los IFRS después de un período de híper-inflación severa (PDF 212k) – a Spanish Translation of IFRS in Focus: IASB issues Amendments to IFRS 1 on First-time Adoption of IFRSs after Period of Severe Hyperinflation

Deloitte (India)

• Tracking IFRS - Issue 9 (PDF 286k) – This edition of Tracking IFRS highlights the amendments made by the Ministry of Corporate Affairs (MCA) to the near-final exposure drafts of Indian Accounting Standards converged with IFRS, which have been notified by MCA as standards (Ind AS), and the significant differences between Ind AS and IFRS

Monday, 14 March 2011

• Leases
• Distinguishing between a lease and a purchase or sale
• Accounting for purchase options

Tuesday, 15 March 2011

• Leases
• Accounting for short-term leases
• Definition of short-term lease
• Application of short-term lease guidance
• Pattern of Profit or Loss Recognition
• Fair Value Measurement
• Effective dates

Notes from the other sessions on insurance contracts will be posted soon.

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

The PIOB, currently composed of ten individuals, originating from nine countries on four continents, is an oversight body for the Public Interest Activity Committees (PIACs) of the International Federation of Accountants (IFAC) – comprising the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), their respective Consultative Advisory Groups and the Compliance Advisory Panel (CAP).

The new appointments (effective from 1 March 2011) are as follows:

• Eddy Wymeersch (Chairman) - recently served as Chairman of the Committee of European Securities regulators (CESR), and of the European Regional Committee of IOSCO and is replacing Prof. Stavros Thomadakis
• Chandrashekhar Bhaskar Bhave - previously Chairman of the Securities and Exchange Board of India
• Charles McDonough - currently Vice President and Controller of the International Bank for Reconstruction and Development (IBRD)
• Robert Ward - former National Managing Partner, Regulatory Affairs and Public Policy, at PriceWaterhouseCoopers Australia.

Click for PIOB Secretariat press release (PDF 61k).