The comment deadline is 6 February 2009. The guidance is intended to help supervisors assess the rigour of banks' valuation processes and to promote improvements in risk management and control practices. The guidance supports one of the key recommendations for enhancing transparency and valuation set out in the April 2008 Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience. The main principles in the proposed Basel Committee guidance are:

• strong valuation governance processes;
• use of reliable inputs and diverse information sources;
• independent verification and validation processes;
• communication of valuation uncertainty to internal and external stakeholders;
• consistency in valuation practices for risk management and reporting; and
• strong supervisory oversight around bank valuation practices.

Click for:

• Proposed Financial Instrument Fair Value Guidance (PDF 63k)
• Press release (PDF 155k)
• April 2008 FSF Report on Enhancing Market and Institutional Resilience (PDF 409k)

Deloitte (Colombia) has published Los IFRS en el sector inmobiliario: Más que solo contabilidad y presentación de reportes (PDF 457k).

This is the Spanish translation of IFRS in Real Estate: More Than Just Accounting & Reporting (PDF 483k) previously posted on IAS Plus.

Tabla de Contenidos	Table of Contents
Desafíos y oportunidades en el sector inmobiliario La hoja de ruta Dos enfoques para la conversión Más que contabilidad e información financiera Problemas técnicos de contabilidad para las compañías del sector inmobiliario Suavizando la transición Es tiempo para el liderazgo Recursos & Contactos	Challenges and Opportunities in Real Estate The Roadmap Two Conversion Approaches More Than Accounting and Financial Reporting Technical Accounting Issues for Real Estate Companies Smoothing the Transition Time for Leadership Resources & Contacts

Click for:

• IAS Plus Octubre 2008 – Exenciones adicionales propuestas para quienes adoptan por primera vez (PDF 24k).
  • English version: October 2008 IAS Plus Newsletter Additional Exemptions Proposed for First-time Adopters (IFRS 1) (PDF 93k).
• Alerta de Información Financiera – El impacto de la ley de estabilización económica de emergencia sobre la valoración de deterioros que son otros-que-temporales (PDF 1,756k).
  • English version: US Financial Reporting Alert 08-15 The Impact of the Emergency Economic Stabilization Act on the Assessment of Other-Than-Temporary Impairments (PDF 27k).

Each update lasts no more than an hour, and sessions are held three times a year, approximately at the end of March, July and November. We intend to make a recording of each session available on IAS Plus for a period of at least four months from the date of the presentation. The topics covered in the November 2008 Stay Tuned Online IFRS and UK GAAP Update:

• Amendments to IAS 39 and IFRS 7: Reclassification of financial assets
• Improving disclosure of financial instruments
• IASB educational guidance
• Companies Act 2006 implementation update
• Current trends in annual reports
• Financial Reporting Review Panel update
• Latest developments in IFRSs

To access the recording click here. (Please note that a small amount of audio is missing at the start of the penultimate session.)

Click to download the Endorsement Status Report as of 28 November 2008 (PDF 91k). Currently, there are 17 IASB pronouncements are awaiting European Commission endorsement for use in Europe (including 3 awaiting EFRAG advice and 8 awaiting an ARC recommendation), as follows:

 

Standards

• IFRS 1 First-time Adoption of IFRS – Restructured standard (2008)
• IFRS 3 Business Combinations (2008)

 

Interpretations

• IFRIC 12 Service Concession Arrangements
• IFRIC 13 Customer Loyalty Programmes
• IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements, and their Interaction
• IFRIC 15 Agreements for the Construction of Real Estate
• IFRIC 16 Hedges of a Net Investment in a Foreign Operation
• IFRIC 17 Distributions of Non-cash Assets to Owners

 

Amendments

• IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, Jointly-Controlled Entity, or Associate
• IFRS 2 Share-based Payment: Vesting Conditions and Cancellations
• IAS 1 Presentation of Financial Statements (revised September 2007)
• IAS 23 Borrowing Costs (revised March 2007)
• IAS 27 Consolidated and Separate Financial Statements (2008)
• IAS 32 and IAS 1 Amendments for Puttable Instruments and Obligations Arising on Liquidation
• IAS 39 Amendments for Eligible Hedged Items
• IAS 39 Amendments for Reclassification of Financial Assets
• Improvements to IFRSs – 2007 (affects various standards)

 

This edition of Countdown focuses on:

• IFRS Disclosures in Management's Discussion and Analysis (MD&A)
• Tax Accounting in an IFRS Environment
• Launch of our Countdown and IFRS Transition Survey
• SEC Release of the Proposed IFRS Roadmap
• An Update on Current IFRS events

Click below for:

• November 2008 Edition Countdown Newsletter – English (PDF 634k)
• November 2008 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 391k)
• Past issues of Countdown
• Our Canada page
  

Because of the global liquidity squeeze, directors and audit committees may need to spend more time planning the year-end activities, reviewing key assumptions and models used in financial reporting, and reviewing the significant accounting and disclosure judgements. In response to those challenges, the FRC has published:

• Challenges for Audit Committees Arising from Current Economic Conditions (PDF 205k)
• An Update for Directors of Listed Companies: Going Concern and Liquidity Risk (PDF 280k)

The purpose of the documents is to assist directors by identifying key questions that they may wish to consider when preparing for the year-end and in meeting their responsibilities in relation to annual reports and accounts. These documents do not impose any new requirements on UK companies or their auditors. These publications are copyright by the FRC and are posted on IAS Plus with the kind permission of the FRC.

The Boards are gathering views from constituents on the most urgent accounting issues and how to approach them. The first roundtable was held in London on 14 November 2008 (click for Our notes from this Roundtable) and the second was at the FASB's offices on 25 November 2008. There will be two afternoon sessions at the Tokyo roundtable – the first from 13:30 - 15:30 and the second from 16:00 - 18:00. Click here to download the Agenda Papers from the IASB's website. There's a comprehensive Credit Crunch page on IAS Plus.

 

Below are the download links and key features of the four new editions.

IFRS Insights Volume 6 (November 2008) (PDF 361k)

• A feature about the Securities and Exchange Commission's proposed IFRS roadmap
• An article about IFRS and tax considerations related to share-based compensation plans
• A brief overview of IAS 17 Leases
• Preview of results from a recent IFRS poll

IFRS Insights Volume 5 (October 2008) (PDF 347k)

• A feature about which US companies may be eligible to use IFRS
• An article that looks at merger and acquisition considerations for IFRS
• A brief overview of IFRS 3 Business Combinations
• A real IFRS case study

IFRS Insights Volume 4 (September 2008) (PDF 910k)

• An update on the proposed IFRS roadmap and rule changes from the Securities and Exchange Commission
• An article about developing an IFRS Center of Excellence
• A brief overview of IFRS 2 Share-based Payment
• A Question & Answer section focusing on IFRS and the oil and gas industry

IFRS Insights Volume 3 (August 2008) (PDF 548k)

• An update on convergence efforts
• A summary on the SEC Roundtable held on August 4, 2008
• An article that explores the technology and systems implications of IFRS
• A brief overview of IAS 16 Property, Plant and Equipment
• A Question & Answer section on IFRS lessons from the European Union

Click to view all previous issues of IFRS Insights.