This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

February

  • IASB proposes urgent amendments to hedge accounting to respond to G20 OTC initiatives

    28 Feb 2013

    The International Accounting Standards Board (IASB) has issued ED/2013/2 'Novation of Derivatives and Continuation of Hedge Accounting'. The exposure draft proposes changes to IAS 39 and the forthcoming hedge accounting chapter of IFRS 9 to permit the continuation of hedge accounting where hedging instruments are novated to a central counterparty in accordance with laws or regulations introduced by jurisdictions to implement the G20's agreed reforms around over the counter (OTC) derivatives. As a number of jurisdictions are currently considering implementing these laws, the IASB is proposing an urgent amendment and has set a 30 day comment period.

  • IASB updates work plan

    27 Feb 2013

    The International Accounting Standards Board (IASB) has updated its work plan. The timing of a number of due process steps have been clarified or extended, and a new project on IAS 19 introduced.

  • Notes from day 2 of the February 2013 IFRS Advisory Council meeting

    26 Feb 2013

    The IFRS Advisory Council met in London on 25-26 February 2013. We have posted the Deloitte observer notes from the second day of the meeting. The discussions included a review of the Due Process handbook, an outlining of the IASB's XBRL initiative, high-level summary of the preliminary results of a survey on the use of IFRSs globally, an EFRAG presentation of the preliminary feedback analysis of the comments received on the its discussion paper on disclosure framework, recent IASB activities in disclosure framework, and limited amendments to IFRS 9.

  • EFRAG and NSS conduct field-test on proposals to IFRS 9

    26 Feb 2013

    The European Financial Reporting Group (EFRAG), along with the National Standard Setters (NSS) ANC, ASCG, FRC and the OIC, is performing a field-test on how the new requirements in IFRS 9, as amended by Exposure Draft (ED) ‘Classification and Measurement: Limited Amendments to IFRS 9’, would affect the current classification and measurement of financial assets.

  • Final notes from the February 2013 IASB meeting

    26 Feb 2013

    The IASB's monthly meeting was held in London on 18-22 February 2013, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from Wednesday's session on Conceptual framework (recognition and derecognition), Thursday's sessions on Conceptual framework (measurement principles, Initial and subsequent measurement, and elements of financial statements – definition of equity and distinction between liabilities and equity instruments), and Friday's sessions on Bearer biological assets (IAS 41) and Rate-regulated activities.

  • Notes from day 1 of the February 2013 IFRS Advisory Council meeting

    26 Feb 2013

    The IFRS Advisory Council is currently meeting in London. We have posted the Deloitte observer notes from the first day of the meeting. The discussions included the impact of the newly created Accounting Standards Advisory Forum (ASAF) on the IFRS Advisory Council and the question of the membership criteria for the ASAF.

  • Australian analysis of the usefulness of IFRS financial statements

    25 Feb 2013

    CPA Australia has posted to its website a paper by former IASB member Warren McGregor evaluating the criticisms that have been levelled at IFRS financial statements by CFOs and others in and outside of Australia and seeking to defend the usefulness of IFRS financial statements.

  • Continued notes from the February 2013 IASB meeting

    22 Feb 2013

    The IASB's monthly meeting is being held in London on 18-22 February 2013, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions on Conceptual framework and IFRIC issues (IAS 19) held on Thursday; and Guide for micro entities applying IFRS for SMEs and IFRIC issues (IFRS 7) held on Friday.

  • Gary Kabureck appointed to the IASB

    22 Feb 2013

    The IFRS Foundation Trustees have announced the appointment of Gary Kabureck to serve as a member of the International Accounting Standards Board (IASB). Mr Kabureck will join the IASB in April 2013 for an initial term ending 30 June 2017, which will be renewable for a further three years. With the appointment of Mr Kabureck the IASB reaches for the first time its full size of 16 members.

  • More notes from the February 2013 IASB meeting

    21 Feb 2013

    The IASB's February meeting is being held in London on 18-22 February 2013, some of it a joint meeting with the FASB. We have posted Deloitte additional observer notes from the sessions on Insurance contracts, Revenue recognition, and Leases, which were held on Tuesday and Wednesday.