These arrangements will allow the SEC staff to share information about various regulated financial entities. These arrangements also will lead to the establishment of "mechanisms for continuous and ongoing consultation, cooperation and the exchange of supervisory information related to the oversight of globally active firms and markets".

Click for the SEC press release (link to SEC website).

The revised ISA 610 Using the Work of Internal Auditors is the result of an exposure draft issued in July 2010 and is designed to enhance the performance of external auditors by enabling better consideration and leveraging, as appropriate, of the knowledge and findings of the internal audit function in making risk assessments, and strengthening the framework for the evaluation and, where appropriate, use of the work of internal auditors in obtaining audit evidence.

The revised pronouncement is effective for audits of financial statements for periods ending on or after 15 December 2013. Click for IAASB press release (link to IFAC website).

Click through for direct access to the notes:

Tuesday, 20 March 2012

• Post-implementation reviews (IASB)
• Effective dates (IASB)
  • Disclosures when an IFRS has been issued but is not yet mandatory
  • Disclosure requirement on transitional provisions when there is a mandatory change in accounting policy
• Financial instruments — Macro hedge accounting (IASB)
  • Information regarding the valuation of the risk position
  • Application of valuation approach to core demand deposits
• Insurance contracts (IASB) *

Wednesday, 21 March 2012

• Review of efficiency and effectiveness of the IFRS Interpretations Committee (IASB)
• Financial instruments — Macro hedge accounting (IASB)
  • Setting transfer prices
• Insurance contracts (IASB-FASB) *

* Notes from the insurance sessions held on Tuesday and Wednesday will be posted soon.

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

The Amsterdam meeting (discussing only the discussion paper related to income tax) will be hosted by EFRAG and the UK and Dutch Accounting Standards Boards. The Vienna meeting will be hosted by EFRAG, the UK Accounting Standard Board, the Austrian Accounting Standard Board and the Italian standard setter (Organismo Italiano di Contabilità, OIC).

As noted in our earlier story, the meetings are 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 accounting standard setters in future work with the IASB that relates to income taxes and business combinations under common control. Registration is requested by 23 March 2012 for the Amsterdam meeting and 29 March 2012 for the Vienna meeting.

Click for:

• EFRAG press release for Amsterdam meeting (link to EFRAG website)
• EFRAG press release for Vienna meeting (link to EFRAG website)

In the comment letter, we express our agreement with most of the proposed amendments to IFRS 10 Consolidated Financial Statements, but also note that further guidance would be beneficial for certain aspects of the adjustments required by paragraphs C4 and C4A.

Click for a full summary and our comment letter on the amendments to IFRS 10 exposure draft.

This study will be included in the impact analysis of the EU Commission to IFRS 10 – regardless of the endorsement advice from EFRAG. It will illustrate the impact of IFRS 10 Consolidated Financial Statements on the scope of the consolidation of SPEs. EFRAG will carry out this study in close cooperation with European national standard setters.

Click for EFRAG press release (link to EFRAG website) for more information, including how to participate in the supplementary study.

Under recent changes to the companies law in South Africa, the FRSC was established in late 2011 as the legally constituted standard-setter for South Africa. The APB was previously the recognised standard-setter and began the process of harmonising SA GAAP with International Financial Reporting Standards (IFRS) in 2003. The APB subsequently decided to adopt IFRS standards as SA GAAP without amendment (only until May 2011), but also issued additional guidance in the form of interpretations of SA GAAP. Prior to the current developments, SA GAAP was permitted to be applied by certain entities depending on a 'public interest score'.

Under the changes, SA GAAP will cease to apply in respect of financial years commencing on or after 1 December 2012. Entities previously applying SA GAAP will be required to apply either IFRS (applying the transitional requirements of IFRS 1 First-time Adoption of International Financial Reporting Standards) or the IFRS for SMEs. It is also proposed that the FRSC will be given power to issue 'financial reporting pronouncements' (FRPs) to take account of local circumstances or issues not specifically covered by IFRS or the IFRS for SMEs, provided they are not in conflict with IFRS or the IFRS for SMEs.

Click for Joint APB-FRSC statement (link to South African Institute of Chartered Accountants website).

The final dates and times for the meeting at not known as this stage. The meeting precedes the regular April meeting which is scheduled for 16-20 April 2012.

We will post the agenda for the education session meeting, and any other information about the meeting, as it becomes available.

Since the last report, the recent amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards in relation to government loans has been added to the report, with final endorsement of the amendment expected in the fourth quarter of 2012.

Click to download the Endorsement Status Report as of 19 March 2012.

You can always find the endorsement status report here.