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January

Agenda for January 2012 IFRS Interpretations Committee meeting

07 Jan 2012

The IFRS Interpretations Committee will meet at the IASB's offices in London on Tuesday and Wednesday 17 and 18 January 2012.

The meeting is open to the public and will be webcast. The tentative agenda is shown on our meeting note page for the meeting.

Deloitte comment letter on investment entities

05 Jan 2012

Deloitte's IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board (IASB) on its Exposure Draft ED 2011/4 – Investment Entities.

In the comment letter, we agree with the views in the exposure draft that for certain entities the measurement of investments in controlled subsidiaries at fair value provides the most relevant information, but we believe that criteria should be developed which better defines 'investment entities'. However, we disagree with the proposal that a non-investment entity parent of an investment entity should consolidate all entities it controls through its consolidated investment entity subsidiary. The following is an excerpt from the letter:

We believe that it is appropriate to establish a clear principle and criteria at the investment entity level that carries-over to the consolidated financial statements of a non-investment entity parent, rather than to prohibit the retention of investment entity accounting, or to impose barriers or restrictions that would result in differing accounting at the investment entity and consolidated levels.

Further, our comment letter expresses concern about the number of differences in the proposed accounting requirements between the IASB's exposure draft and the FASB's proposed guidance.

Click for our comment letter on Exposure Draft ED 2011/4 — Investment Entities.

Voluntary application of IFRSs in Colombia

04 Jan 2012

On 30 December 2011, the President of the Republic of Colombia decreed that large and medium-sized entities can voluntarily apply IFRSs.

The impacts from the change to IFRSs will be analysed by the various authorities solely for the purpose of measuring whether IFRSs are effective or appropriate for the local entities in Colombia and to determine the regulatory measures to be taken, so that at the end of the exercise the obligations set are reasonable and consistent with the economic reality of the country. Entities that decide to invoke the voluntary testing of IFRS, must meet certain conditions, including full implementation of IFRSs. Click for government decree (Spanish; link to the website of the President of Colombia).

Introduction message from the new chairman of the IFRS Foundation Trustees

04 Jan 2012

The IASB has posted to its website an introduction message from the new chairman of the IFRS Foundation Trustees, Michel Prada.

He speaks about his previous work and his dedication to the development of global financial reporting standards. He warns about "uncertainty and ambiguity" in markets and says that the financial crisis should not impede efforts toward global accounting standards. He is committed to "managing the delicate balance between independence, legitimacy and public accountability" in his role as chairman. Please click Mr Prada's introduction message on the IASB's website.

Michel Prada became the new chairman of the IFRS Foundation Trustees effective on 1 January 2012. Please see our earlier story for more information about his appointment.

Deadline reminder – IASB exposure drafts on investment entities and government loans

04 Jan 2012

We remind you that comments on two IASB exposure drafts are due on 5 January 2012.

The two exposure drafts are:

  • Exposure Draft ED/2011/4 Investment Entities – published on 25 August 2011 and proposing to define 'investment entities' as a separate type of entity that would be exempt from the consolidation accounting requirements in IFRS 10 Consolidated Financial Statements. Those wishing to participate in the upcoming roundtables must have submitted a comment letter on the proposals
  • Exposure Draft ED/2011/5 Government Loans (Proposed amendments to IFRS 1) – published on 20 October 2011 and designed to address how a first-time adopter would account for a government loan with a below-market rate of interest when transitioning to IFRSs.

Yong Li and Marco Onado appointed as Trustees of the IFRS Foundation

03 Jan 2012

The Trustees of the IFRS Foundation have announced the appointment of Yong Li and Marco Onado as Trustees of the IFRS Foundation.

Yong Li is President of the Chinese Institute of Certified Public Accountants and a Vice Minister to the Ministry of Finance of the People’s Republic of China. President Li is a former Executive Director of the World Bank and a former First Secretary of the Chinese delegation to the United Nations.

Marco Onado is a Senior Professor of Financial Institutions at the Bocconi University in Milan, Italy. He is also Chairman of Pioneer Global Asset Management, a global investment manager. Professor Onado is a former Commissioner of the Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian securities and markets regulator.

The appointments begin immediately and will expire in three years. The terms are renewable once. Please click for IASB press release (link to IASB website) and our overview of Trustees working currently for the IFRS Foundation.

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