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Accounting Roundup – February 2010

03 Mar 2010

We have posted the February 2010 Edition of Accounting Roundup published by Deloitte & Touche LLP (United States).

The newsletter is now organised by topic rather than by standard-setter. Topics covered in this issue include:

Consolidations

  • FASB Issues ASU to Defer Statement 167 for Certain Investment Funds
Income Taxes
  • IRS Proposes Requiring Certain Taxpayers to Report Uncertain Tax Positions
Subsequent Events
  • FASB Finalizes ASU on Subsequent Events
Other Accounting
  • AICPA, FAF, and NASBA Announce Members of 'Blue-Ribbon Panel' to Address Standards for Private Companies
  • FAF Appoints New Board Trustee
  • FAF to Maintain XBRL Taxonomy for U.S. GAAP
  • FASB Issues ASU Containing Technical Corrections to Various Codification Topics
SEC Matters
  • SEC Issues Final Rules
  • SEC to Hold Seminar to Help Companies Comply With XBRL Reporting Rules
  • SEC Issues Technical Corrections to Proxy Disclosure Enhancements
  • SEC Issues C&DIs Related to Regulation S-K and Form 8-K
  • SEC Issues Interpretive Guidance on Disclosures Related to Climate Change
Other Auditing
  • PCAOB Issues Staff Guidance on Auditing Standard 7
  • ASB Issues Various Statements on Auditing Standards
  • ASB Issues Proposed Statements on Auditing Standards
GASB Matters
  • GASB Proposes to Enhance Codification for Constituent
Other International
  • SEC Publishes Work Plan for Moving Forward With IFRSs for U.S. Issuers
  • IASC Foundation Proposes IFRS Taxonomy 2010
  • New Members Appointed to the IASB
Click to view February 2010 Edition of Accounting Roundup (PDF 299k). You will find past issues of Accounting Roundup Here.

 

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Additional IFRS for SMEs training modules

03 Mar 2010

The IASC Foundation has published the second batch of training material for the IFRS for Small and Medium-sized Entities (IFRS for SMEs).

There will be one training module for each of the 35 sections of the IFRS for SMEs. To date 17 modules have been posted. The remaining modules will be published in the course of this year as it is completed. Click for Press Release (PDF 141k). The training material, which is free of charge, can be Downloaded Here

 

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Insurance accounting newsletter in German

03 Mar 2010

Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters.

We post these regularly on our IAS Plus Insurance Project Page. Deloitte (Germany) is translating selected insurance newsletters into German. The latest is:

 

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IVSC guidance note on intangibles

03 Mar 2010

The International Valuation Standards Council has published an updated Guidance Note 4 on the valuation of intangible assets.

The revised GN 4 identifies the principal techniques that are recognised for the valuation of intangible assets such as brands, intellectual property, and customer relationships, and gives guidance on how these are applied.

Click for IVSC Press Release (PDF 14k), which include a link to download GN 4.

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IFRS for SMEs in Cambodia

02 Mar 2010

In Cambodia, both the Company Law and the Accounting Law require all companies to prepare annual financial statements, and large companies are required to be audited.

In January 2009, the National Accounting Council (NAC) of the Ministry of Economy and Finance of Cambodia adopted full IFRSs as issued by the IASB. The NAC has now made the IFRS for SMEs an option for all companies in Cambodia except for 'public interest entities' (financial institutions, publicly traded entities, and large entities), which must use full IFRSs.

 

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IASB webcast on IAS 37 replacement

02 Mar 2010

The IASB will host a live webcast on the project to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as follows:

  • Webcast Topic: IASB project to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • Date and Time: Wednesday, 3 March 2010 at 10:00am London time and repeated at 3:00pm London time
  • Host: Robert Garnett, IASB member, and Joan Brown, IASB project manager
  • More Information and Registration: Click Here
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Our views on Management Commentary ED

02 Mar 2010

Deloitte Touche Tohmatsu has submitted to the IASB our Letter of Comment on Exposure Draft 2009/6: Management Commentary.

The ED, issued on 23 June 2009, proposes non-mandatory guidance for preparing and presenting a 'management commentary' – sometimes called 'management's discussion and analysis' or 'operating and financial review'. We support finalising the ED as a guidance document:

We believe that management commentary is an important element of financial reporting and provides decision-useful information to the users. The recent financial crisis has highlighted that users benefit from explanatory information in addition to the financial statements which helps evaluate an entity's financial position, financial performance and cash flows. We are supportive of the Board establishing high-level principles to facilitate comparability amongst entities reporting under IFRSs and to enhance the usefulness of their financial reporting.

We agree with the IASB that the status of any final document should be that of non-mandatory guidance. However, for the avoidance of any doubt, we suggest that the IASB should clarify that an entity's ability to claim compliance with IFRS in its financial statements does not depend on following this non-mandatory guidance on management commentary (BC 46 of the ED could imply otherwise).

Accordingly, we support issuance of the ED as a final guidance document, with some clarifications noted below. Given the very high-level nature of the guidance, there may be requests for providing further guidance with respect to management commentary. In view of the Board's current agenda, we believe the Board should resist such requests in the near term and only consider such requests in the future in coordination with regulators around the world tasked with oversight over financial reports provided to investors.

Click for our comment letter (PDF 25k).
All of our past letters of comment to IASB, IFRIC, IASCF, IASC, and SIC are Here. Click here to go to our Management Commentary Project Page.

 

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Deloitte UK iGAAP Newsletter

02 Mar 2010

We have added a new resource on IAS Plus – the iGAAP Newsletter published quarterly by Deloitte (United Kingdom).

This newsletter covers the activities of the IASB and the UK Accounting Standards Board (ASB). Each issue has a special theme. For example, the December 2009 issue focuses on the IFRS for SMEs and the future of UK GAAP. In addition, in each issue there are updates on the activities of the IASB and the ASB, project timetables for both boards, links to new Deloitte publications, an interview of someone involved with IFRSs, and a table showing IFRSs issued but not yet effective or endorsed by the European Union.

 

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Deadline reminder – management commentary

01 Mar 2010

We remind you that comments are due today (1 March 2010) on Exposure Draft (ED): Management Commentary.

The ED was issued on 23 June 2009. The ED proposes non-mandatory guidance for preparing and presenting a 'management commentary' – sometimes called 'management's discussion and analysis' or 'operating and financial review'. [Apologies for this late reminder.]
Click to view our previous story on exposure draft: management commentary.

 

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IFRS for SMEs in Botswana

01 Mar 2010

A Resolution on the IFRS for SMEs adopted by the Council of the Botswana Institute of Accountants (BIA) estimates that the IFRS for SMEs will become the basis of financial reporting by more than 90% of the companies in Botswana.

The resolution states:

In July 2009, the International Accounting Standards Board (IASB) finally issued the long awaited IFRS for SMEs. This standard takes immediate effect. Without doubt this is a welcome development in the profession in Botswana especially in view of the fact that Botswana has legislated compliance with full IFRS through the Companies Act 2003. The SMEs standard will significantly reduce the compliance burden for companies in Botswana and it is going to be the reporting framework for more than 90% of the companies in Botswana.

Under the resolution:
  • Public companies must use full IFRSs.
  • Private companies with assets greater than P5,000,000 (about US$700,000) or turnover greater than P10,000,000 (about US$1,400,000) must use full IFRSs.
  • Public Interest Entities (PIE) as defined by BIA must use full IFRSs. These are:
    • An entity that takes deposits or loans from the public except in circumstances incidental to its primary business.
    • An entity that offers its shares or debt to the public.
    • An entity that is a Parastatal or other non Government organisation that is funded by Government through a subvention or a similar form of funding arrangement.
    • An entity that holds assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension fund, mutual
    • fund or investment banking entity except in circumstances incidental to its primary business.
    • An entity that is economically significant in Botswana (quantitative guidelines are provided, including greater than 100 employees).
  • All other entities may apply the IFRS for SMEs except where the entities are required by legal provisions or other regulations to comply with a specific financial reporting framework other than the IFRS for SMEs.
Click to view the Resolution on the IFRS for SMEs (PDF 65k).

 

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