Tony de Bell, Reinhard Dotzlaw, and Martin Schloemer will begin their first three-year term on 1 July 2013, after which an additional three-year term may be renewed. Feilong Li’s second three-year term will also begin 1 July 2013. Andrew Watchman will begin serving his membership on the rotating seat on 1 July 2013, after his three-year term, Andrew Buchanan will take over the rotating seat on 1 July 2016.

Current members, Guido Fladt, Bernd Hacker, Andrew Vials, and Margaret Smyth will be departing the Committee.

The press release for this announcement is available on the IASB website.

Within the context of the IFRS for SMEs, the learning objectives of the Section 19 training module are designed to allow participants to:

• identify a business combination
• identify the acquirer in a business combination
• recognise and measure the cost of a business combination
• recognise and measure the identifiable assets acquired, the liabilities and contingent liabilities assumed and any non-controlling interest in the acquiree
• recognise and measure any goodwill acquired in a business combination or any gain on a bargain purchase
• account for goodwill after its initial recognition
• determine what information should be disclosed to enable users of the financial statements to evaluate the nature and financial effects of a business combination
• demonstrate an understanding of the significant judgements that are required in accounting for business combinations and goodwill.

Ultimately, the IFRS for SMEs training material will include 35 stand-alone modules – one for each section of the IFRS for SMEs. Currently, 33 modules are available, with the remaining two modules on section 12 (Additional Financial Instruments Issues) and section 26 (Share-based Payment) expected to be released in the coming months.

Most of the existing modules are also available in Arabic, Russian, Spanish, and Turkish. The IFRS Foundation hopes to expand the number of languages in which the modules are available.

Please click for more information on the Section 19 training module or access all training modules on the IASB website (free registration is required to access the individual modules).

The European Commission green paper considers possible ways for supporting long-term investment and asks in one paragraph whether fair value accounting is or can be detrimental to long-term investment. At the same time the IASB has proposed limited scope amendments to IFRS 9 Financial Instruments that would introduce a 'fair value through other comprehensive income' (FVOCI) measurement category for particular financial assets thus indicating that fair value measurement and long-term horizons are not mutually exclusive.

Into the tension between those two positions EFRAG has launched its consultation to determine

• how a 'long-term investment' business model could be characterised in the context of financial reporting,
• whether this ‘long-term investment’ business model could be supported by objective evidence (and what the observable characteristics would be),
• whether the 'long-term investment' business model arrived at would be similar to long-term models found in practice (eg with insurance companies or pension funds), and lastly
• whether such a business model would justify specific accounting.

Results from the survey will be used to give feedback to the European Commission as well as the IASB. The EFRAG consultation closes on 25 June 2013.

Please click for:

• EFRAG press release (link to EFRAG website)
• Access to the EFRAG consultation on long-term investment activities (link to EFRAG website)
• More information about the European Commission green paper on long-term investment (link to EC website)
• Access to a Group of Thirty report 'Long-Term Finance and Economic Growth' that was considered during EFRAG's discussions leading up to publishing the consultation (link to Group of Thirty website)

In particular, the IASB will be using the survey to gather information from users on the proposed third category in IFRS 9 known as Fair Value through Other Comprehensive Income (FVOCI). The proposed FVOCI category was introduced by the IASB to better portray how financial assets are managed.

The IASB requests that all responses to the survey be received by 31 May 2013.

Click for:

• Access to the survey.
• Our story on the exposure draft.

The meeting will include discussions regarding the finalisation of tentative agenda decisions (IAS 10, IAS 28/IFRS 3, IAS 7, and IFRS 2) and further analysis on IFRS 3, IAS 19, IAS 28, IFRS 10, and IFRS 5. Also, discussions will be held on annual improvements, limited scope amendments to IFRSs, IFRS 2, and new issues concerning IAS 32, IFRS 7, and IFRS 13.

The tentative agenda is available on our meeting page.

In the speech, Ms White highlights the importance of global regulatory collaboration and cooperation "in a way that does not lower the bar or relax the regulatory and oversight standards that protect investors and stablize markets". Discussing the example of the global regulation of derivatives, Ms White discusses "substituted compliance" as a means to avoid demands on market participants to comply with two or more possibly conflicting sets of rules, by allowing foreign market participants to comply with their home country's requirements so long as regulatory outcomes are comparable to those under U.S. law.

When later discussing accounting standards, Ms White reinforced this concept by highlighting the removal of the U.S. GAAP reconciliation for foreign private issuers, the easing of the deregistration procedures, and a simplified Exchange Act registration exemption for foreign companies, the latter "recognizing that it is not necessary to require registration and reporting by a thinly-traded foreign company already listed on a foreign stock exchange and subject to similar oversight in its home country".

Ms White went on to comment on the SEC's participation in global standard setting, the IASB-FASB convergence projects, and the FASB's founding membership of the IASB's Accounting Standards Advisory Forum (ASAF), before reinforcing the need for global regulation:

But the promise of global accounting standards fades if there is not consistency in their application, implementation, and enforcement. Here again we are active participants not only through the staff’s filing review process of foreign private issuers, but also through our collaboration with foreign counterparts bilaterally as well as through IOSCO.

There was no specific mention in the speech of the possible broader use of International Financial Reporting Standards (IFRS) in the United States context. The speech concluded on a broader theme of "maintain[ing] a regulatory structure that accommodates jurisdictional differences without lowering standards" whilst accepting "an exclusively, or even largely, domestically-focused regulatory approach is no longer acceptable or effective".

Click for full text of the speech (link to SEC website).

The Monitoring Board's Final Report on the Review of the IFRS Foundation's Governance published in February 2012 identified a number of enhancements to the governance framework including expanding the Monitoring Board’s membership and beginning periodic assessments of the members against membership criteria.

These criteria were announced on 1 March 2013:

• The jurisdiction has made a clear commitment to IFRSs and promotes global acceptance of a single set of high quality international accounting standards. It mandates or permits the application of IFRSs to consolidated financial statements of companies raising capital in its relevant market.
• The IFRSs to be applied are essentially aligned with IFRSs developed by the IASB.
• The jurisdiction can be regarded a major market for capital-raising in the global context.
• The jurisdiction makes financial contributions to the setting of IFRSs on a continuing basis.
• The jurisdiction has in place and in operation a robust enforcement mechanism.
• The relevant national or regional standard-setting body actively contributes to the development of IFRSs.

At the meeting held on 11 April, the MB agreed on the following three procedures for expending the current membership and assessing the existing members:

Selection of new member candidates (with the exception of rotating members)

1. The Monitoring Board will issue a public call for nominations.
2. The Monitoring Board will complete the selection of new members in accordance with the Monitoring Board membership criteria.

Selection of new rotating members (to be selected in consultation with IOSCO)

1. The MB determines the selection procedure in consultation with IOSCO, and IOSCO will be asked to recommend candidates.
2. The Monitoring Board will complete the selection of rotating members in accordance with the Monitoring Board membership criteria.

Assessment process of existing members

1. All existing Monitoring Board members will be assessed in accordance with the Monitoring Board membership criteria.

The timetable for these procedures, which are to be conducted in parallel, is rather vague, however, the MB "anticipates completion of the process in 2013".

Please click for access to the press release on the Monitoring Board website.

The research papers are sourced from Accounting and Business Research, Accounting Education, Accounting in Europe, European Accounting Review, Social and Environmental Accountability Journal, Journal of Sustainable Finance & Investment, and Accounting History Review.

Among the articles are contributions by such distinguished researches as former IASB member Professor Mary Barth (Stanford Graduate School of Business), past IAAER president Professor Donna Street (Dayton University), and Professor Sidney Gray (University of Sydney Business School), mentor in the Deloitte IAAER Scholarship Programme.

Access to the collections of research papers is available through the links below (all links to Taylor & Francis Online). Please note that free access expires at the end of July 2013.

• International Financial Reporting Standards (20 papers)
• Sustainability in Accounting (13 papers)
• The Financial Crises (10 papers)
• Accounting Education (14 papers)

On IAS Plus, we offer a dedicated subpage on Research and education and a collection of research papers on financial reporting.

Summary of changes

Details of the changes are:

Updates to major projects

• Financial instruments – Macro hedge accounting — a discussion paper is now expected in the third quarter of 2013 (previously second or third quarter of 2013)
• Rate-regulated activities — added a new entry for the re-deliberations of the exposure draft in the fourth quarter of 2013
• Revenue recognition — the expected date for this standard is now the third quarter of 2013 (previously second quarter of 2013)

Updates to narrow-scope projects

• Annual improvements 2011-2013 — target date for the final standard has been moved to the fourth quarter of 2013 (previously third quarter of 2013)
• Annual improvements 2012-2014 — target date for the exposure draft is now expected in the fourth quarter of 2013 (previously third quarter of 2013)
• IAS 16/IAS 38 – Clarification of acceptable methods of depreciation and amortisation — target date for the final IFRS has been moved to the fourth quarter of 2013 (previously third quarter of 2013)
• IAS 1 – Going concern disclosures — exposure draft is now expected in the third or fourth quarter of 2013 (previously second or third quarter of 2013)
• IAS 39/IFRS 9 - Novation of OTC derivatives and continuing designation for hedge accounting — target date for the final standard is now the second quarter of 2013 (previously second or third quarter of 2013)
• IAS 27 – Equity Method — target date for the exposure draft is now the third quarter of 2013 (previously second or third quarter of 2013)

Projects where exposure drafts are expected in the second quarter include insurance contracts and leases. A discussion paper on the IASB's conceptual framework project is also expected in the second quarter. In addition, due process documents in a number of other projects are expected in the second or third quarters.

Click for IASB work plan dated 30 April 2013 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

The EFRAG supports the IASB's proposed amendments to IAS 19. The draft comment letter states:

EFRAG agrees with the IASB’s proposals on the basis that they clarify the existing requirements in IAS 19 (2011) on accounting for contributions from employees or third parties and provide relief to preparers. We also support the IASB in addressing the existing inconsistency in IAS 19 (2011) in relation to the attribution of these contributions as this would reduce potential divergence in practice.

Comments on the draft letter are invited by 5 July 2013. Also, the EFRAG requests feedback on whether constituents know of any circumstances where the application of the practical expedient provided by the IASB would result in contributions being inappropriately recognised as reductions in service cost.

Click for:

• EFRAG press release with link to the draft comment letter (link to EFRAG website).
• Our previous story on the Exposure Draft ED/2013/4 Defined Benefit Plans: Employee Contributions (Proposed amendments to IAS 19).
• Deloitte's IFRS in Focus newsletter on the proposals amendments to IAS 19 (2011).