April

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG to hold additional outreach meetings on proactive discussion papers

16 Apr 2012

The European Financial Reporting Advisory Group (EFRAG) announced additional outreach meetings on 15 May 2012 in Warsaw regarding discussion papers 'Accounting for business combinations under common control' and 'Improving the Financial Reporting of Income Tax'.

The outreach event will be hosted by EFRAG, the UK Accounting Standard Board (ASB), the Italian Organismo Italiano di Contabilita (OIC), and the Polish Accounting Standards Committee (KSR). In addition, the event is organised with the National Chamber of Statutory Auditors (KiBR) and the Association of Accountants in Poland (SKwP).

The meeting is designed to gather feedback from users on the topics developed in the discussion papers. The feedback will then be used by the EFRAG, and the national standard setters in future work with the IASB that relates to income taxes and business combinations under common control. Registration is requested by 4 May 2012.

Click for EFRAG press release (link to EFRAG website).

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Notes from the April IASB meeting

16 Apr 2012

The IASB held its regular monthly meeting on 16-19 April 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from some sessions held on Monday, covering the annual improvement cycle 2011-2013 and an update from the IFRS Interpretations Committee.

Click through for direct access to the notes:

Monday, 16 April 2012

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

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German and US regulators enter into a cooperative agreement

13 Apr 2012

The German Auditor Oversight Commission (AOC) and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered a cooperative agreement.

The Statement of Protocol (SoP) agreement allows the exchange of confidential information of firms performing in both jurisdictions. This agreement should enhances the supervisory oversight, inspections and investigations of those firms. The SoP is effective immediately.

The two regulators have also signed a data protection agreement. This agreement will ensure that national data protection requirements are performed during any transfer of information.

Click for:

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Unaccompanied IFRSs 2012 available on the IASB website

13 Apr 2012

The IFRS Foundation offers free access to the current year’s consolidated unaccompanied English language IFRSs and official interpretations. This includes IFRSs, IASs, IFRICs and SICs.

These are now available on the IASB's website along with their technical summaries as of 1 January 2012. Please see the IASB press release for further details.
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European Commission prolongs equivalence mechanism for third-country GAAPs

13 Apr 2012

The European Commission (EC) has adopted two delegated regulations and one implementing decision to revise and update the EU’s IFRS Equivalence Mechanism. The series of documents are retroactively effective from 1 January 2012.

The EC states that the “prolongation gives more time to countries which had committed to converge or replace their local GAAP and have made important progress towards that goal. It also enables the Commission to pursue discussions with other third countries in order to encourage the use of IFRS throughout the global financial markets. In 2007 and 2008, the Commission established a mechanism to determine the equivalence of GAAPs from third countries and adopted legal measures which identified as equivalent to IFRS the US GAAP, the Japanese GAAP, and accepted financial statements using the GAAPs of China, Canada, India, and South Korea within the EU on a temporary basis, until 31 December 2011.”

These instruments declare Chinese, Canadian, and South Korean GAAP as equivalent to IFRS. The transitional period for Indian GAAP is extended until 31 December 2014.

Further information can be found on the European Commission's equivalence/convergence page.

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IFRS 2012 'Red Book' now available

12 Apr 2012

The International Accounting Standards Board (IASB) has announced that the 2012 edition of the Bound Volume of International Financial Reporting Standards (the 'Red Book') is now available.

The 'Red Book' contains all official pronouncements issued at 1 January 2012, including all pronouncements with an effective date after 1 January 2012, but not the pronouncements they will replace. Accordingly, the 2012 edition contains pronouncements such as IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities and IFRS 13 Fair Value Measurements, but does not contain the superseded version of IAS 27 Consolidated and Separate Financial Statements.

More information is available on the IASB's website.

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Agenda for April 2012 IASB meeting

10 Apr 2012

The IASB will be holding its April 2012 meeting on 16–19 April 2012, part of it a joint meeting with the FASB.

You can access the agenda on our April 2012 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.

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SME Implementation Group publishes two final Q&As

10 Apr 2012

The IASB's SME Implementation Group (SMEIG) has published two final questions and answers (Q&As) on the IFRS for SMEs. Q&As are non-mandatory guidance.

The two Q&As published today - Q&A 2012/01 Application of ‘undue cost or effort’ and Q&A 2012/02 Jurisdiction requires fallback to full IFRSs - were part of a package of five draft Q&As that were published by the SMEIG in September 2011. After considering the public comments on the drafts the SMEIG decided not to finalise the Q&As on the following topics:
  • Application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued,
  • Departure from a principle in the IFRS for SMEs, and
  • Prescription of the format of financial statements by local regulation.

Click for:

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG Update with summaries for the April 2012 EFRAG TEG and CFSS meetings

09 Apr 2012

The European Financial Reporting Advisory Group (EFRAG) has released the April 2012 issue of its EFRAG Update newsletter.

The newsletter contains summaries from EFRAG meetings held in March and April. Some highlights include the finalisation of endorsement advices and effects study reports to the European Commission on IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). Also, EFRAG has issued a draft endorsement advice for Government loans (amendments to IFRS 1) for comments and has issued its final comment letter on ESMA consultation paper Considerations of Materiality in Financial Reporting.

Click for the EFRAG Update (PDF 353k, link to EFRAG website). Links to earlier issues are available here.

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Updated EFRAG 'endorsement status report'

06 Apr 2012

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Since the last report, final endorsement advice has been issued for IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011), and IAS 28 (2011). Also, final endorsement advice has been issued for amendments to IAS 32 and amendments to IFRS 7.

A draft endorsement advice has been issued for amendments to IFRS 1 Government Loans.

Click to download the Endorsement Status Report as of 6 April 2012.

You can always find the endorsement status report here.

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