March

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Notes from Day 1 of the additional March IASB meeting

02 Mar 2011

The IASB is holding an additional meeting in London on 1-2 March 2011, which is a joint meeting with the FASB.

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

Tuesday, 1 March 2011

  • Insurance Contracts
    • Locking in the discount rate
    • Discounting non-life contract liabilities
    • Scope

Notes from the other sessions on revenue recognition and financial statement presentation will be posted soon.

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

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World Accounting Summit to be held in Dubai

02 Mar 2011

The World Accounting Summit is to be held on 21-24 March 2011 in Dubai.

The Summit brings together senior representatives from the global standards setters and major accounting associations as well as principal advisers to multinational companies and key users and preparers of financial statements.

Highlights of this year's summit include:

  • consideration of IFRS Adoption internationally with convergence case studies from Australia, India, Japan, Pakistan, Singapore and the United Kingdom
  • key IFRS and XBRL developments
  • industry-focused panel sessions on key IFRS projects
  • a workshop on IFRS for the not-for-profit sector.

Ian Mackintosh, Vice-Chairman Designate IASB (former Chairman, Accounting Standards Board, UK) and Robert P Garnett Chairman of the IFRS Interpretations Committee (Board Member of the IASB from 2001 to 2010) will represent the IASB amongst others. Several representatives from Deloitte member firms will also be participating, including Veronica Poole (Global Managing Director — IFRS Technical, Deloitte UK) and Abbas Ali Mirza (Chairman of the World Accounting Summit & Chairman of 21st Session of UNCTAD/ISAR, Deloitte Dubai).

Click for Summit Brochure (PDF 964kb). The website for the Summit is www.accountingsummit.com.

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China, Japan and Korean standard setters sign Memorandum of Understanding

01 Mar 2011

On 25 January 2011, a meeting between the leaders of the standard setters of China, Japan and the Republic of Korea resulted in the signing of a Memorandum of Understanding (MoU), which seeks to strengthen and reinforce the communication and cooperation between the standard setters over the next several years.

Under the MoU, the three parties have agreed to:

  • continue communicating with one another on accounting standards development
  • exchange views and experience of convergence work with IFRSs and related implementation, and share their experience with other jurisdictions
  • continue to work together to play an important role in the Asian-Oceanian Standard Setters Group (AOSSG)
  • cooperate on the governance and strategy review of the IFRS Foundation, and work jointly to achieve high quality financial reporting in the Asian-Oceanian region and the development of IFRSs
  • strengthen communication of technical issues on IFRSs, endeavour to reach consensus in comments on the IASB's major projects.

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