News

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Hong Kong adopts IFRS for SMEs with a modification

05 May 2010

On 30 April 2010 the Hong Kong Institute of Certified Public Accountants (HKICPA) issued the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities).

This new standard is identical to the IFRS for SMEs except for a modification relating to the income tax requirements. The HKICPA has replaced the recognition and measurement principles contained in Section 29 Income Tax of the IFRS for SMEs with those contained in IAS 12 Income Taxes, while retaining the relevant disclosures in the IFRS for SMEs. In addition, the HKICPA has restricted the amount of deferred tax recognised in relation to the revaluation gain for investment properties to the amount that would be payable upon its sale to an unrelated market participant at fair value at the end of the reporting period.

The HKFRS for Private Entities is effective immediately as an option for SMEs in Hong Kong. Eligible entities are permitted to use the standard to prepare their financial statements for prior periods where the relevant financial statements have not been finalised and approved.

Click for HKICPA Press Release (PDF 25k).

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Global IFRS and Offerings Services newsletter

04 May 2010

We have posted Deloitte's US Reporting Newsletter for Non-US Based Companies March 2010 Edition – includes news through 15 March 2010. The newsletter is developed by Deloitte's Global IFRS and Offerings Services (GIOS) team – Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US GAAP and IFRSs and in complying with the SEC's financial reporting rules.

The GIOS Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. Past GIOS Newsletters are Here.

In this issue of the GIOS newsletter:

IFRS Matters

  • IASB Reexposes Proposals for the Measurement of Liabilities in IAS 37
  • IASB Issues Limited Exemption Amendment to IFRS 1
  • IASC Foundation Proposes IFRS Taxonomy 2010
  • IFRIC Clarifies Accounting for Debt for Equity Swaps
  • IASB Amends IFRIC 14
  • New Members Appointed to the IASB
  • SEC Publishes Work Plan for Moving Forward With IFRSs for US Issuers
  • IASB Discusses Limited Project on Income Taxes
  • IFRS Tools

 

US GAAP Matters

  • FASB Issues Guidance on ASC 815 Scope Exception for Embedded Credit Derivatives
  • FASB Makes Decisions About Accounting for Financial Instruments
  • FASB and IASB Publish Exposure Draft on Reporting Entity Concept for the Conceptual Framework
  • FASB and IASB Make More Decisions About Financial Instruments With Characteristics of Equity
  • FASB Issues ASU to Defer Statement 167 for Certain Investment Funds
  • FASB Finalizes ASU on Subsequent Events
  • FASB Issues ASU Containing Technical Corrections to Various Codification Topics
  • FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10
  • FASB Issues ASU on Variable Interest Entities
  • FASB Issues Guidance on Accounting for Distributions to Shareholders With Components of Stock and Cash
  • FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income
  • FASB Issues ASU on Escrowed Share Arrangements and the Presumption of Compensation
  • FASB Issues ASU on Accounting for Transfers of Financial Assets
  • FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements
  • SEC Staff Announcement on Foreign Currency Issues Related to Venezuela's Highly Inflationary Status
  • FASB Publishes Revised Notice to Constituents About the Codification
  • FASB Issues Technical Corrections to SEC Content
  • AICPA Issues Technical Practice Aids
  • FASB Ratifies Consensus-for-Exposure on Impact of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades
  • FASB Ratifies Consensus-for-Exposure on the Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset
  • FASB Ratifies Consensus-for-Exposure on Casino Base Jackpot Liabilities
  • FASB Ratifies Consensus-for-Exposure on Consideration of an Insurer's Accounting for Majority-Owned Investments When the Ownership Is Through a Separate Account
  • EITF Proposes Clarification of the Definition of Deferred Acquisition Costs of Insurance Entities
  • FASB Ratifies Consensus-for-Exposure on Milestone Method of Revenue Recognition
  • FASB Issues ASU on Improving Disclosures About Fair Value Measurements

 

Other Matters

  • IRS Proposes Requiring Certain Taxpayers to Report Uncertain Tax Positions
  • Members of 'Blue-Ribbon Panel' Announced to Address Standards for Private Companies
  • FAF Appoints New Board Trustee
  • FAF to Maintain XBRL Taxonomy for U.S. GAAP
  • SEC Issues Final Rules IC-29132 and 33-9108
  • SEC Issues C&DIs Related to Regulation S-K and Form 8-K
  • AICPA ASB Issues Various Statements on Auditing Standards
  • AICPA ASB Issues Proposed Statements on Auditing Standards
  • SEC Approves PCAOB Auditing Standard 7
  • SEC Issues Interpretive Guidance on Disclosures Related to Climate Change
  • SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures
  • SEC Issues Final Say-on-Pay Rules for TARP Companies
  • AICPA Issues Guidance on Compilation and Review Engagements
  • SEC Communications Available
  • PCAOB Reproposes Seven Auditing Standards on Risk Assessment

 

 

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Tanzania prescribes applicability of IFRS for SMEs

03 May 2010

Since 2004, all business entities in Tanzania have been required to use IFRSs except for government business entities, which have been required to use International Public Sector Accounting Standards (IPSASs).

The National Board of Accountants and Auditors of Tanzania has clarified which of those entities are now permitted to use the IFRSs for SMEs, as follows:
  • Publicly accountable entities are required to use full IFRSs. These include:
    • entities that offer shares to the public;
    • financial institutions such as banks, insurance, pension funds, mutual funds, securities brokers/dealers;
    • entities that have essential public responsibility or provide essential public service such as utilities; and
    • all entities including government business entities with 100 or more employees or with capital investment in non-current assets above TShs.800,000,000 (approximately US$600,000).
  • Non-publicly accountable entities are permitted to use the IFRS for SMEs. These include private business entities and government business entities with less than 100 employees and capital investment of less than TShs.800,000,000 (approximately US$600,000). Such entities may, alternatively, use full IFRSs.
  • Public sector entities may use IPSASs provided that they do not qualify as publicly accountable (see above).
Entities using IFRSs or the IFRS for SMEs must apply those pronouncements as issued by the IASB in full and without modification. Click for Resolution of Tanzania National Board of Accountants and Auditors (PDF 68k).

 

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2010 Strategy matrix for global transfer pricing

03 May 2010

Deloitte's Strategy matrix for global transfer pricing continues to be the most comprehensive and authoritative guide of its kind.

The 2010 edition contains essential information on transfer pricing regimes in 51 jurisdictions around the world and the Organisation for Economic Co-operation and Development (OECD). This 76-page book provides guidance for planning for transfer pricing methods, documentation, penalties, and other issues. Click to download Deloitte's 2010 Transfer Pricing Guide (PDF 594k, 76 pages).
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IASB webcasts on pensions, extractive activities

02 May 2010

IASB staff will host separate live web presentations introducing the recently published Exposure Draft on defined benefit plans and the Discussion Paper on extractive activities.

Both presentations will give participants an opportunity to submit questions:

 

  • Webcast Topic: IASB Exposure Draft on Defined Benefit Plans
  • Date and Time: Thursday, 6 May 2010, 10:00am and repeated at 16:00pm London time
  • More Information and Registration: Click Here (IASB's website)

 

 

 

  • Webcast Topic: IASB Discussion Paper on Extractive Activities
  • Date and Time: Friday, 7 May 2010, 15:00pm London time
  • More Information and Registration: Click Here (IASB's website)

 
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Deloitte Canada IFRS transition newsletters

02 May 2010

Deloitte Canada has published the April 2010 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events.

Articles in this issue include:
  • The Opening Act - our perspectives on the Opening IFRS Balance Sheet
  • The Real Deal - Practical application tips and examples from LightYear on the Opening IFRS Balance Sheet
  • An update on international standard setting activities
Click below for: Related items:
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Deloitte webcast on IFRSs in the USA

01 May 2010

On 11 May 2010, Deloitte (United States) will host a free live Dbriefs webcast titled International Financial Reporting Standards: Key Steps Companies Should Consider Taking Now. In light of the SEC's recent statement in support of moving to IFRSs, as well as proposed changes to statutory reporting requirements for US companies with international subsidiaries, many companies are asking what practical steps can be taken to prepare for IFRS and when?

This webcast will discuss:
  • Identification of time-sensitive IFRS activities.
  • Ways to address potential process and system implications of IFRSs
  • Possible implications to global cash tax and tax planning
  • Statutory IFRS requirements in international jurisdictions such as the UK and Brazil

 

  • Webcast Topic: IFRSs: Key Steps Companies Should Consider Taking Now
  • Date and Time: Tuesday, 11 May 2010, 3:00-4:00pm US EDT
  • Host: Rich Rorem, Principal - Deloitte Consulting LLP
  • More Information and Registration: Click Here

 

 

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IFRS XBRL taxonomy for 2010 is available

01 May 2010

The IASC Foundation has released the IFRS XBRL Taxonomy 2010. The 2010 taxonomy is consistent with IFRSs and with the IFRS for Small and Medium-sized Entities (SMEs), and for the first time both have been integrated into a single taxonomy.

The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). XBRL facilitates simpler and faster electronic filing of financial information and comparison of IFRS financial data by companies, regulators, investors, analysts, and other users of financial information. Click Here to access the IFRS Taxonomy files and accompanying materials on the Foundation's website.

 

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Agenda for special 4 May joint 2010 IASB-FASB meeting

30 Apr 2010

The IASB and FASB will hold a special joint meeting for on Tuesday, 4 May 2010, 12:30-15:45pm London time, at the IASB's offices in London.

You can access the agenda on our 4 May 2010 IASB meeting page. We will also post Deloitte observer notes on this page as they are available.
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Implications of changes in UK reporting for US companies

30 Apr 2010

Many US companies are closely following the IFRS statements of the Securities and Exchange Commission, and have geared their internal efforts in response.

However, companies often have given less consideration to recent statutory developments elsewhere that may have more imminent implications. For example, the United Kingdom Accounting Standards Board is expected to issue an Exposure Draft soon, effective as early as 2012, that would require subsidiaries in the UK to shift their reporting from UK GAAP to an IFRS-based reporting regime. This shift could have tax, system, and other implications, and the required comparative periods could begin as early as 2011. To help clients understand and respond to these developments, Deloitte (United States) has published a briefing document titled IFRS: Changes in the UK Statutory Reporting Environment. This document that summarises key issues related to IFRSs and the UK statutory reporting environment, including:
  • Overview of the proposal from the UK Accounting Standards Board (ASB) to replace UK GAAP with an IFRS-based reporting regime
  • Impact of these statutory reporting developments on UK subsidiaries of U.S. companies
  • Timeline considerations for this potential change
  • Steps that US companies should take in light of these developments
Click to download IFRS: Changes in the UK Statutory Reporting Environment – Potential Implications for US Companies (PDF 188k).

 

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