Global Publications

• IFRS Industry Insights: The Revenue Recognition Project An update for the consumer business industry (PDF 93k)
• IFRS in Focus – IASB issues new standard on disclosure of interests in other entities (PDF 65k)
• IFRS in Focus – IASB issues new standard on fair value measurement and disclosure (PDF 78k)
• IFRS in Focus – IASB issues new standard on joint arrangements (PDF 69k)
• IFRS Project Insights Update: Leases (PDF 128k)
• IFRS Project Insights Update: Financial Instruments — Impairment (PDF 239k)
• IFRS Project Insights Update: Revenue recognition (PDF 114k)
• IFRS Project Insights Update: Financial Instruments — asset and liabilities offsetting (PDF 164k)
• IFRIC Review: IFRS Interpretations Committee Meeting held on 5-6 May 2011 (PDF 72k)

Deloitte (Colombia)

• Spanish translation of Putting the pieces together. An update on the IASB's projects to improve the accounting for financial instruments and other related projects (PDF 343k)

Deloitte (Japan)

• Japanese translation of IFRS in Focus – IASB issues new standard on joint arrangements (PDF 225k)

• Tuesday, 24 May 2011 — Financial instruments, impairment and hedge accounting Webcasts will be held at 10am and 4pm, London time (GMT). Registration is available through the IASB's website.

Click for IFRS in Focus — IASB issues new standard on joint arrangements (PDF 69k).

On 29 April 2011, EFRAG held a meeting by public conference call to finalise its comment letter on the IASB Exposure Draft: Offsetting Financial Assets and Financial Liabilities.

The EFRAG TEG meeting held on 12 to 13 May 2011 focused on:

• Planning for actions needed to support future assessment of the IASB's 'suite of five standards' on consolidation, joint ventures and disclosures, and the new standard on fair value measurement
• IASB re-deliberations in the project Revenue from Contracts with Customers
• IASB re-deliberations in the project Leases
• IASB Project Financial Instruments
• EFRAG Proactive project Financial Reporting for Corporate Income Tax
• EFRAG Proactive project Business Combinations under Common Control

Wednesday, 18 May 2011 (IASB/FASB) (other sessions)

• Insurance contracts (includes summary of discussion on Tuesday 17 May)
• Risk adjustment
• Composite margins
• Model comparison
• Revenue recognition (expanded notes now available)
• Amortisation and impairment of assets recognised from costs incurred to acquire/fulfil a contract with a customer
• Onerous contracts

Thursday, 19 May 2011 (IASB)

• IFRS Interpretations Committee — update from last meeting
• Annual improvements

The leases discussion held on Tuesday resulted in a disagreement between the Boards – discussion was deferred until the Board advisors meet with the staff. We will post notes from the leases session on Thursday soon.

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

• Monday, 23 May 2011 — Introducing IFRS 13 Webcasts will be held at 11am and 4pm, London time (GMT). Registration is available through the IASB's website.
• Wednesday, 25 May 2011 — Introducing IFRSs 10, 11 and 12 Webcasts will be held at 9.30am and 3.30pm, London time (GMT). Registration is available through the IASB's website.

The IASB's 'suite of five standards' on consolidation, joint ventures and disclosures, and the new standard on fair value measurement were released on 12 May.

• The hedge accounting meeting originally scheduled for Thursday has been cancelled.
• The annual improvements discussion and the Interpretations Committee update have been moved from Friday into the former hedge accounting slot on Thursday afternoon.
• The asset and liability offsetting meeting remains on Friday but has been moved forward.
• The revenue recognition session scheduled for Thursday and the leases session scheduled for Wednesday have swapped places resulting in an extended leases session on Thursday.

The revised summary of the agenda for the meeting can be found here. We maintain a summary of the agenda for the next scheduled IASB meeting, and details of future meeting dates, here.

There have been few changes to the expected timing of pronouncements, which remain consistent with the recently issued IASB-FASB progress report on convergence. Highlights from the work plan include:

• Financial instruments – finalised IFRSs on impairment, hedge accounting and asset and liability offsetting are targeted for the third quarter of 2011, with an exposure draft on portfolio hedging expected in the second half of calendar 2011
• Other core projects – final IFRSs on leases, revenue recognition and insurance contracts are all targeted for completion in the fourth quarter of 2011
• Other new standards – an amended IAS 1 dealing with the presentation of other comprehensive income is expected before the end of May 2011, whereas an amended IAS 19 dealing with post-employment benefits is now due to be issued in June 2011
• Exposure drafts – in addition to portfolio hedging (see above), new exposure drafts on annual improvements and consolidation of investment companies are both expected to be issued in June 2011.

Click here for our summary of the IASB's agenda and timetable, which has been updated to reflect the revised work plan.

Tuesday, 17 May 2011 (IASB/FASB) (other sessions)

• Revenue recognition
• Disclosure and presentation requirements

Wednesday, 18 May 2011 (IASB/FASB)

• Revenue recognition
• Amortisation and impairment of assets recognised from costs incurred to acquire/fulfil a contract with a customer
• Onerous contracts
• Financial Instruments – Impairment
• Plan for the project given constituent feedback

Notes from the sessions on insurance contracts held on Tuesday and Wednesday will be posted shortly.

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