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IASB updates work plan for recent decisions, new projects


The International Accounting Standards Board (IASB) has publicly released a revised work plan updating the expecting timing of various due process steps in its projects. There are a large number of changes, with deliverables for some projects being deferred, and a number of new projects included for the first time, reflecting recent board decisions. We've prepared a summary of the changes, together with a listing of the projects where a due process document is expected in the near future.

Summary of changes

The following is a summary of the changes in the revised work plan, which is dated 1 October 2012:

Due process documents expected before the end of 2012

The following due process documents are expected to be issued by the end of 2012 (this includes those items already noted above in some cases):

Click for IASB work plan as of 1 October 2012 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

Integrated reporting update


A year after launching its Integrated Reporting Pilot Programme, the International Integrated Reporting Council (IIRC) has held a conference and announced a 'Prototype Framework' for integrated reporting as it moves towards finalising the framework by December 2013.

The announcement of the prototype framework follows on an earlier draft outline and links to comments made by Paul Druckman (IIRC CEO) at the recent conference, where he noted the importance of the pilot programme in developing the framework:

... I am so pleased that the Pilot Programme will be extended for two further reporting cycles, so that this year’s innovation can be continued and tested, and shared with others.  We are seeking to encourage a process of continuous improvement in the quality of corporate reporting.  The Framework will be so much more valuable with the benefit of this extensive testing, providing the intellectual underpinning to the evolution in corporate reporting we are seeking to bring about.

In his speech, Mr Druckman also called on governments and organisations to prepare for the introduction of integrated reporting:

... in the coming year we plan to use the collateral we have gained from the experiences of Pilot Programme businesses and investors to increase our profile and influence.  To begin this process, we will be asking each of [the Pilot Programme] organizations to sign up to a public statement which will be published in early October.  The statement will outline the broad benefits of our market-led approach and will call on Governments, regulators and standard setters to sit up and take notice of our movement.  We need to encourage them to think about, and prepare for, Integrated Reporting, in advance of the Framework being published at the end of next year.

A Consultation Draft of the Framework is expected to be released in April 2013 followed by a final “version 1.0” in December 2013.   The IIRC is also planning to release subsidiary papers on a range of topics during late 2012 and 2013.

Click for (links to IIRC website):

Deloitte IFRS seminar in the Middle East


At the Deloitte hosted forum “Global IFRS Forum and Master Class 2012” in Dubai, global leaders from the Middle East were updated on the latest developments in IFRS.

The forum included discussions on changes implemented by  IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, IFRS 13 Fair Value Measurement; IFRS 9 Financial Instruments and the financial instruments project; and the exposure drafts on leases and revenue recognition. The modifications to these standards are expected to “change the international financial reporting landscape in a dramatic manner.”

Additionally, Deloitte IFRS experts, Veronica Poole (Global IFRS Leader Technical) and Andrew Spooner (Partner, IFRS Centre of Excellence, UK) discussed IASB and FASB convergence issues such as those regarding financial instruments project, the implications of the US SEC Staff report, and the IASB unfinished agenda under the “MoU” with the FASB.

This forum is part of a series of Deloitte IFRS seminars in the Middle East to address these ongoing changes to IFRS.

The press release is available on

New IFRS for SMEs training modules


The IFRS Foundation Education Initiative has developed training modules for Section 27 'Impairment of Assets' and Section 34 'Specialised Activities' of the IFRS for SMEs.

Ultimately, the IFRS for SMEs training material will include 35 stand-alone modules – one for each section of the IFRS for SMEs. Currently, 31 modules are available. Most are also available in Arabic, Russian, Spanish, and Turkish.

Please click for access to all training modules on the IASB website.

Final notes from the September IASB meeting


The IASB's September meeting was held in London on 24-28 September 2012, some of it a joint meeting with the FASB. We have posted the remaining Deloitte observer notes from sessions on insurance contracts, revenue recognition, impairment, IFRIC Update, IFRS 11 — acquisition of interest, IAS 28/IFRS10, and the conceptual framework.

Click through for direct access to the notes:

Monday, 24 September 2012

Tuesday, 25 September 2012 (IASB education sessions)

Wednesday, 26 September 2012

Thursday, 27 September 2012

Friday, 28 September 2012 (IASB-FASB)

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

IASB decides on targeted re-exposure of insurance proposals


The IASB has announced that it will re-expose its proposals on accounting for insurance contracts, however, it will do so with targeted questions. Although the deliberations on the project are not complete the IASB believes re-exposing the proposals will contribute to reducing uncertainty in the market.

In coming to the decision to re-expose, the Board considered a number of factors including the length of time that has already been devoted to the project (the comprehensive project on insurance contracts was added to the IASB's agenda in 2001) and the importance of issuing a final standard soon. Balancing the belief that a re-exposure is necessary and the wish not to start discussions almost from scratch again by re-exposing the whole exposure draft (and thus to delay the finalisation of the standard), the IASB has decided on targeted questions on:

  • treatment of participating contracts;
  • presentation of premiums in the statement of comprehensive income;
  • treatment of the unearned profit in an insurance contract;
  • presenting, in other comprehensive income, the effect of changes in the discount rate used to measure the insurance contract liability; and
  • the approach to transition.

A date for the re-exposure has not yet been announced. Please click for access to the corresponding press release on the IASB website.

IFRS adoption in Colombia deferred to 2015


In reaction to many submissions received that point at difficulties regarding the implementation of IFRSs, the Colombian Government has deferred mandatory IFRS application to 2015. Application of the IFRS for SMEs was deferred to 2016. However, the government maintains that IFRS adoption is of utmost importance for the country's competitiveness and should be achieved as soon as possible.

The new timetable for IFRS adoption is as follows:

  • Group 1: Publicly traded entities, public interest entities and large companies that a) are branches of parent companies that report under IFRS, b) parent companies of branches that report under IFRS and c) companies exporting or importing over 50% of their sales or purchases.  These entities will adopt full IFRS in 2015, with 2014 being the year of transition (meaning opening balances of the Statement of Financial Position as at 1 January 2014)
  • Group 2:  Large and medium companies other than those included in group 1.  These entities will adopt the IFRS for SMEs in the 2016 fiscal year, meaning the year of transition being 2015 (opening balances of the Statement of Financial Position as at 1 January 2015).

A third group consisting of micro entities will apply standards especially developed for their needs (Normas de Información Financiera para Microempresas) from 2015.

Please click for the press release announcing the deferral (in Spanish).

Additional notes from the September IASB meeting


The IASB's September meeting is being held in London on 24-28 September 2012, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from sessions on macro hedge accounting, bearer biological assets, annual improvements (2011-2013), and investment entities.

Click through for direct access to the notes:

Wednesday, 26 September 2012

Thursday, 27 September 2012

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

Further notes from the September IASB meeting


The IASB's September meeting is being held in London on 24-28 September 2012, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from today's sessions on rate-regulated activities and classification and measurement.

Click through for direct access to the notes:

Wednesday, 26 September 2012

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

Sir David Tweedie appointed as chairman of the IVSC


The International Valuation Standards Council (IVSC) has announced the appointment of Sir David Tweedie as Chairman of the IVSC's Board of Trustees, effective 29 October 2012.

Sir David was Chairman of the IASB for 10 years and served another decade before that as Chairman of the UK Accounting Standards Board. He overhauled UK GAAP and spearheaded the adoption of IFRS in over 100 countries. He will bring his vast experience to the IVSC, helping to advance the organisation's priorities: (1) promoting the recognition and adoption of the International Valuation Standards in the world’s major economies and (2) leading the development of the valuation profession worldwide bringing it together with users of valuation, regulators, legislators and opinion-formers.

Click for press release (link to IVSC website).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.