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  • FASB proposes scope clarification of offsetting disclosures

    29 Nov 2012

    On 26 November 2012, the US Financial Accounting Standards Board (FASB) issued Proposed Accounting Standards Update, 'Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities'. The proposed ASU would clarify which instruments and transactions are subject to the disclosure requirements under ASU 2011-11 'Disclosures About Offsetting Assets and Liabilities' for financial assets and liabilities that are offset in the statement of financial position or subject to master netting arrangements or similar agreements.

  • Stay Tuned Online – IFRS and UK GAAP update

    29 Nov 2012

    The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

  • Deloitte comment letters on recent tentative agenda decisions of the IFRS Interpretations Committee

    28 Nov 2012

    Deloitte’s IFRS Global Office has submitted letters of comment to the IFRS Interpretations Committee (Committee) on four tentative agenda decisions published in the September 2012 edition of 'IFRIC Update'. We disagree with the observations of the Committee in its tentative decision on assessing 'continuing employment' under IFRS 3 and do not agree with the position taken by the Committee in relation to income and expenses arising on financial instruments with a negative yield. We generally agree with the remaining tentative agenda decisions but suggest a number of improvements.

  • IASB publishes proposals for limited amendments to IFRS 9

    28 Nov 2012

    The International Accounting Standards Board (IASB) has released Exposure Draft ED/2012/4 'Classification and Measurement: Limited Amendments to IFRS 9 (proposed amendments to IFRS 9 (2010))'. The proposed changes would introduce a 'fair value through other comprehensive income' (FVOCI) measurement category for particular financial assets.

  • IFRS Foundation Education Initiative webcasts on non-financial assets

    28 Nov 2012

    The IFRS Foundation has announced that webcasts will be held on 12 December 2012 to explain how to use the IFRS teaching material that the IFRS Foundation Education Initiative is developing to support those teaching IFRSs to develop their students’ ability to make the judgements and estimates that are necessary to apply IFRSs. This session will focus on non-financial assets.

  • IIRC publishes 'prototype' framework, reaffirms timeline for finalisation

    27 Nov 2012

    The International Integrated Reporting Council (IIRC) has released a finalised 'prototype' of its integrated reporting framework (stylised as '<IR>') and reaffirmed the expected timing of the issue of a consultative document as it moves towards finalisation of the framework by the end of 2013.

  • SEC Chairman Mary Schapiro to step down

    26 Nov 2012

    After nearly four years in office, US Securities and Exchange Commission (SEC) Chairman Mary Schapiro will step down on 14 December 2012. Her named successor, Elisse B. Walter, is currently one of the SEC Commissioners.