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31 August 2009: Deloitte insurance accounting newsletter in Spanish
30 August 2009: IVSC proposal on valuing investment property
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The International Valuation Standards Council (IVSC) has invited comment on an exposure draft (ED) of a Proposed Guidance Note
The Valuation of Investment Property under Construction. Comments are requested by 31 October 2009. The guidance comes in response to a change in the scope of IAS 40 Investment Property that was made by the IASB in May 2008 as part of its Annual Improvements Project. The scope of IAS 40 was broadened, effective January 2009, to include property under construction or development for future use as an investment property. Such property previously fell within the scope of IAS 16. As a result, entities reporting under IFRSs now have to account for investment property under construction in the same way as other investment property. The IVSC ED is available on IVSC's website: www.ivsc.org. Click for IVSC Press Release (PDF 15k).
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30 August 2009: Heads Up on fair value of liabilities
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Deloitte United States has published an issue of Heads Up discussing new FASB guidance on measuring the fair value of liabilities. The guidance was issued in the form of an Accounting Standards Update to Section 820 of the FASB Codification, which was formerly FAS 157 Fair Value Measurements. ASC 820 requires that the fair value of liabilities be measured under the assumption that the liability is transferred to a market participant (that is, the liability to the counterparty is not settled, but continues). In practice, however, many liabilities contain restrictions preventing their transfer and few liabilities are transferred to another party. FASB's new guidance amends ASC 820 to permit an entity to determine the fair value of a liability by using the perspective of an investor that holds the related obligation as an asset. Therefore, the ASU clarifies that the quoted price for the identical liability, when traded as an asset in an active market, is a 'Level 1' fair value measurement for that liability when no adjustment to the quoted price is required. In the absence of a Level 1 measurement, an entity must use one or more of the following valuation techniques to estimate fair value:
- A valuation technique that uses a quoted price:
- Quoted price of an identical liability when traded as an asset.
- Quoted price of a similar liability or of a similar liability when traded as an asset.
- Another valuation technique (for instance, a market approach or an income approach), including one of the following:
- A technique based on the amount an entity would pay to transfer the identical liability.
- A technique based on the amount an entity would receive to enter into an identical liability.
The new guidance is effective for the first reporting period (including interim periods) beginning after issuance. Click to download FASB Issues Guidance on Measuring Fair Value of Liabilities (PDF 114k)
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29 August 2009: James L Kroeker named Chief Accountant at US SEC
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James L Kroeker has been appointed as Chief Accountant of the US Securities and Exchange Commission. In that capacity, Mr Kroeker will oversee accounting interpretations, professional practice issues, and international accounting matters. He joined the SEC as Deputy Chief Accountant in February 2007 from Deloitte and Touche LLP, where he had been a partner in the firm's National Office Accounting Services Group. He also served as a Practice Fellow at the Financial Accounting Standards Board. Click for SEC Press Release (PDF 29k).
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29 August 2009: CESR publishes summaries of IFRS enforcement decisions
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The Committee of European Securities Regulators (CESR) has published its sixth batch of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information. From time to time, CESR publishes extracts of selected decisions as a source of information to foster appropriate and consistent application of IFRSs in the EU. Topics covered in batch #6 of CESR's extracts:
- Impairment of Available-for-Sale Equity Instruments
- Accounting Policies for Impairment of Available-for-Sale Financial Assets
- Impairment of Available-for-Sale Financial Assets
- Cash Flow Statements
- Classification and Valuation of Written Puts on Minority Interests
- Disclosure of Key Management Personnel Compensation and Related Party Transactions with Key Management
- Contingent Liabilities
- Disclosures Regarding Share Capital
Click to download this and earlier decision summaries:
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29 August 2009: Comparison of IFRSs and Netherlands GAAP
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The Deloitte IFRS Centre of Excellence in The Netherlands has published the second edition of IFRSs and NL GAAP: A Pocket Comparison. This 18-page booklet sets out some of the key differences between IFRSs and Dutch GAAP for annual periods beginning on or after 1 January 2009. It also includes new and revised IFRSs issued before 31 May 2009 that are not yet effective for annual periods beginning on or after 1 January 2009. Click to download IFRSs and NL GAAP: A Pocket Comparison (PDF 183k). Links to our comparisons of IFRSs and various local GAAPs are Here.
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28 August 2009: Basel Committee principles for revising IAS 39
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The Basel Committee on Banking Supervision has published a set of high level guiding principles to assist the IASB in addressing issues related to provisioning, fair value measurement, and related disclosures. In releasing the principles the Basel Committee said that "the principles will help it produce standards that improve the decision usefulness and relevance of financial reporting for key stakeholders, including prudential regulators. Moreover, the principles would ensure that accounting reforms address broader concerns about procyclicality and systemic risk." Click to Download the Basel Committee's Principles (PDF 20k). Here is an excerpt:
The new standard should:
- (a) reflect the need for earlier recognition of loan losses to ensure robust provisions;
- (b) recognise that fair value is not effective when markets became dislocated or are illiquid;
- (c) permit reclassifications from the fair value to the amortised cost category; this should be allowed in rare circumstances following the occurrence of events having clearly led to a change in the business model;
- (d) promote a level playing field across jurisdictions.
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The IASB has posted on its website an updated summary of the IASB Response to G20 Recommendations.
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28 August 2009: IFRS insurance accounting newsletter
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Deloitte (United Kingdom) has published the August 2009 issue of Insurance Accounting Newsletter. This issue focusses on the differences in the views of the IASB and the FASB on the direction of a new comprehensive standard on accounting for insurance contracts. The title of the newsletter – Filing for divorce? – highlights the possibility that However, "two significant differences of opinion have emerged and there is a risk now that convergence between IFRS and US
GAAP could be more difficult". Click to download Issue 7 of the Insurance Accounting Newsletter (PDF 173k). There are permanent links all issues of the newsletter on IAS Plus Insurance Project Page.
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27 August 2009: Deloitte IFRS for SMEs newsletter in Spanish
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Deloitte (Colombia) is publishing a series of Spanish language bulletins about the new IFRS for SMEs. We have previously posted Bulletins No 1 through 6 – links can be found Here. We have now posted No 7:
- Bulletin No. 7 (25 August 2009) addresses the principles for recognition and measurement of financial instruments in the IFRS for SMEs. Click to Download Bulletin 7 (PDF 215k).
We have many resources in Spanish Here.
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26 August 2009: ED on improvements to IFRSs
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The IASB has invited comment on an exposure draft proposing improvements to the following eleven IFRSs:
- IFRS 1 First-time Adoption of International Financial Reporting Standards
- IFRS 3 Business Combinations
- IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
- IFRS 7 Financial Instruments: Disclosures
- IAS 1 Presentation of Financial Statements
- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
- IAS 27 Consolidated and Separate Financial Statements
- IAS 28 Investments in Associates
- IAS 34 Interim Financial Reporting
- IAS 40 Investment Property
- IFRIC 13 Customer Loyalty Programmes
The proposed effective date for most of the amendments is for annual periods beginning on or after 1 January 2011, although entities would be permitted to adopt them earlier. The proposed effective date for the amendments arising from IFRS 3 Business Combinations and the consequential amendments to the transition requirements of IAS 27 Consolidated and Separate Financial Statements (as amended in 2008) is 1 July 2010. Comments on the exposure draft are due by 24 November 2009. Click for Press Release (PDF 100k).
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26 August 2009: Polish language guide to IAS 34
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Deloitte Poland has published a Polish language version of Guide to IAS 34 (Revised 2009)- Sródroczna sprawozdawczosc finansowa – Przewodnik po MSR 34. The guide explains the standard and describes Polish practices in applying IAS 34. Click to Download the Polish Language Guide to IAS 34 (PDF 1,336k).
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25 August 2009: Summary of IFRS for SMEs in German
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Deloitte Germany has published a Praxis-Forum Alert! newsletter on the new IFRS for SMEs from a German perspective. The newsletter not only explains the new standard (chapters include background, issues deemed irrelevant for SMEs, simplifications, and transition) but also focuses on Germany-specific questions. The newsletter notes that the IFRS for SMEs is not legally effective in Germany and also that German Act to Modernise the Accounting Law (BilMoG) has just been published which might mean that taking over the IFRS for SMEs is less probable. It draws the conclusion that taking over the new standard might be desirable especially from the viewpoint of German SMEs with foreign subsidiaries. Click to Download the Newsletter (PDF 98k, German language).
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21 August 2009: ED on employee benefits discount rate
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The International Accounting Standards Board has published for public comment proposals to amend the discount rate for measuring employee benefits. IAS 19 Employee Benefits requires an entity to determine the rate used to discount employee benefits with reference to market yields on high quality corporate bonds. However, when there is no deep market in corporate bonds, an entity is required to use market yields on government bonds instead. The global financial crisis has led to a widening of the spread between yields on corporate bonds and yields on government bonds. As a result, entities with similar employee benefit obligations may report them at very different amounts. To address the issue expeditiously, the IASB proposes to eliminate the requirement to use yields on government bonds. Instead, entities would estimate the yield on high quality corporate bonds. If adopted, the amendments would ensure that the comparability of financial statements is maintained across jurisdictions, regardless of whether there is a deep market for high quality corporate bonds. In view of the urgency of the issue and the limited scope of the proposals the IASB has set a shortened period for comments on the exposure draft -- comments are due by 30 September 2009. The IASB intends to permit entities to adopt the amendments that arise from this exposure draft in their December 2009 financial statements. Click for Press Release (PDF 99k).
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20 August 2009: Heads Up newsletter on financial instruments
18 August 2009: Deloitte IFRS for SMEs newsletter in Spanish
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Deloitte (Colombia) is publishing a series of Spanish language bulletins about the new IFRS for SMEs. We have previously posted Bulletins No 1 through 5 – links can be found Here. We have now posted No 6:
- Bulletin No. 6 (18 August 2009) addresses the requirements for financial instruments in the IFRS for SMEs. Click to Download Bulletin 6 (PDF 176k).
We have many resources in Spanish Here.
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17 August 2009: We comment on four IFRIC tentative agenda decisions
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Deloitte has submitted comments on four IFRIC tentative decisions not to add an item to its agenda. In all cases, we agree with IFRIC's proposed decision. In the following case we make additional recommendations to the IFRIC staff about how best to explain the reasons for the decision:
- Measurement of non-controlling interest in a business combination.
Click to download a ZIP File of Our Letters (ZIP 76k).
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15 August 2009: Interview with Tom Jones
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The cover story of the July 2009 CPA Journal – published by the New York State Society of CPAs – is titled: Is the US Ready to Seal the Deal on IFRS? The story includes comprehensive interviews with FASB Chairman Robert H Herz, former IASB Vice Chairman Tom Jones, and IASC Foundation Trustee Samuel A DiPiazza Jr. We are grateful to The CPA Journal for giving IAS Plus permission to post the interview with Tom Jones. Click to:
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15 August 2009: New country page for Malawi
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We have created a new country page for Malawi. In Malawi, all the companies that have public accountability are required to apply full IFRSs. A company has public accountability if:
- it is a listed company or is in the process of listing with the Malawi Stock Exchange or any other recognised stock exchange. The listing can either be for the company's equity or debt.
- its articles provide for unrestricted transfer of shares or it is a Public Company in terms of the Malawi Companies Act 1984
- it is permitted by its articles to offer shares to the public
- it holds assets in a fiduciary capacity for a broad group of outsiders, such as a bank, an insurance entity, securities dealer/broker, pension fund, or mutual fund
- it is a corporation or company that is owned by the public through the Government for example statutory corporations, also known as 'parastatals'
- it is has a legal requirement to publish general purpose financial statements in any public media
- it is a material subsidiary of an entity with public accountability
Links to all of our jurisdiction pages are Here |
15 August 2009: SEC approves PCAOB rules on audit firm reporting
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The US SEC has given final approval to new rules adopted by the Public Company Accounting Oversight Board that require reporting by registered public accounting firms starting 12 October 2009. The rules implement a provision of the Sarbanes-Oxley Act of 2002 and constitute the first reporting obligations imposed on registered firms by the PCAOB. Under the new rules:
- Certain events that occur on or after the 12 October 2009 effective date must be reported within 30 days by a registered firm in a special report on PCAOB Form 3.
- Registered firms must file annual reports on Form 2, with the first annual reports being due June 30, 2010. Going forward, all firms that are registered with the Board as of 31 March of a particular year must, by 30 June of that year, file an
annual report covering the 12-month period ending 31 March.
Click for Announcement of New PCAOB Rules (PDF 38k).
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14 August 2009: Chinese translation of newsletter on rate regulation
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Deloitte China has published the Chinese translation of the IAS Plus Update newsletter IASB Proposes Guidance on Rate-regulated Activities:
You will find links to this and many other IFRS materials in Chinese on our China Page.
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14 August 2009: Bankers concerned about pace, direction of standard-setting
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The American Bankers Association has released a white paper expressing concern about The Current Pace and Direction of Accounting Standard Setting (PDF 266k). The paper notes that while the IASB and the FASB are working on many similar projects, including financial instruments, they are moving toward 'different solutions and at different speeds, which may make international convergence impossible'.
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The rapid paces at which both organizations are working, as well as the directions in which they are heading, are causing some to question whether there is due process in evaluating these important issues. Some bankers also question whether such efforts are driven by a search for simplicity, transparency, and accuracy or by an appetite to expand fair value accounting, no matter the implications.
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14 August 2009: South Africa adopts IFRS for SMEs – first country to do so
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At its meeting yesterday, the Accounting Practices Board of the South African Institute of Chartered Accountants voted to issue the IFRS for SMEs as a South African Statement of GAAP: IFRS for SMEs for use immediately. The original text of the IFRS for SMEs was adopted without any change. When an auditor issues an audit report on an entity applying the new South African standard, the audit report will identify the accounting framework as the International Financial Reporting Standard for Small and Medium-sized Entities. All entities that fall within the scope of IFRS for SMEs (ie, entities that are not publicly accountable) can use the new standard. By this action, South Africa has become the first country in the world to adopt the IFRS for SMEs, which was issued by the IASB on 9 July 2009. All companies listed on the Johannesburg Stock Exchange are required to use full IFRSs. Click for More Info about the IFRS for SMEs.
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13 August 2009: IASB meeting dates for 2010
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Here are the dates of the International Accounting Standards Board meetings in 2010. You can always find these by clicking on Future Meeting Dates under 'IASB Projects and Meetings' in the right side column of this home page. All are in London unless noted.
| IASB | Monday-Friday 18-22 January 2010 |
| IASB | Monday-Friday 15-19 February 2010 |
| Standards Advisory Council | Monday and Tuesday 22-23 February 2010 |
| IASB | Monday-Friday 15-19 March 2010 |
| Joint IASB/FASB Meeting | Monday-Wednesday 22-24 March 2010 |
| IASB | Monday-Friday 19-23 April 2010 |
| IASB | Monday-Friday 17-21 May 2010 |
| IASB | Monday-Friday 14-18 June 2010 |
| Standards Advisory Council | Monday and Tuesday 21-22 June 2010 |
| IASB | Monday-Friday 19-23 July 2010 |
| IASB | Monday-Friday 13-17 September 2010 |
| IASB | Monday-Friday 18-22 October 2010 |
| IASB | Monday-Friday 16-20 November 2010 |
| Standards Advisory Council | Wednesday and Thursday 3-4 November 2010 |
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13 August 2009: Extractive activities – draft discussion paper
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The IASB has posted on its website a working draft of a discussion paper Extractive Activities. The draft was prepared by a project team comprising staff of the national accounting standard-setters in Australia, Canada, Norway, and South Africa. The paper addresses financial reporting issues associated with exploring for and finding minerals, oil, and natural gas deposits, developing those deposits, and extracting the minerals, oil, and natural gas. The paper notes that an absence of comprehensive IFRS literature on the subject has contributed to a divergence in practice under IFRSs. The paper reviews the issues and presents the recommendations of the project team. It is posted for information only – comments are not requested. The IASB plans to invite comments on the project team's proposals in the first quarter of 2010. The project is not yet on the IASB's active agenda. The IASB has agreed that if it adds the extractive activities project to its agenda, it will regard the discussion paper as the first stage in its due process. In that case, the IASB would publish an exposure draft as the next phase of such a project.
Key proposals in the working draft include
- Asset recognition. The project team proposes that legal rights, such as exploration rights or extraction rights, should form the basis of the minerals or oil and gas asset. The asset is recognised when the legal rights are acquired. Information obtained from subsequent exploration and evaluation activities and development works undertaken to access the minerals or oil and gas deposit would both be treated as enhancements of the legal rights asset.
- Measurement. The project team's view is that these assets should be measured at historical cost and that, in addition, detailed disclosure about the entity's minerals or oil and gas assets should be provided to enhance the relevance of the financial statements
- Unit of account. The project team's view is that the geographical boundary of the unit of account would initially be defined according to the exploration rights held. As exploration, evaluation and development activities take place, the unit of account will progressively contract until it becomes no greater than a single area, or group of contiguous areas, for which the legal rights are held and which is managed separately and would be expected to generate largely independent cash flows.
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Here is a link to the Project Page on the IASB's Website where the draft can be downloaded.
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12 August 2009: Update on use of IFRSs in Croatia
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We have updated our Croatia Country Page to reflect some changes in the size requirements for large unlisted companies that must use IFRSs, and translations and gazetting of several recent IFRSs including IFRSs 6, 7, and 8 and amendments to IAS 39.
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12 August 2009: Proposal to adopt IFRS for SMEs in place of UK/Irish FRSs
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The Accounting Standards Board (ASB) has issued a consultation paper Policy Proposal: the Future of UK GAAP, which sets out its proposals for the future reporting requirements for UK and Irish entities. The Board is proposing a three-tier approach to developing UK and Irish GAAP converged with IFRSs as follows:
- Tier 1 – publicly accountable entities would apply IFRSs as adopted by the EU.
- Tier 2 – all other UK entities, except those that elect to apply the Financial Reporting Standard for Smaller Entities (FRSSE), would apply the IFRS for SMEs.
- Tier 3 – small entities could choose to continue to apply the FRSSE if they do not exceed two or more of the following criteria: turnover £6,500,000; balance sheet total £3,260,000; and average number of employees 50.
Entities in Tier 2 and Tier 3 would have the option of using EU-adopted IFRSs if they wished, and those in Tier 3 would have the option of using the IFRS for SMEs. The ASB has been working with the UK Department for Business Innovation and Skills (BIS) in developing these proposals. The proposals envisage a reporting regime based on public accountability, broadly in line with the IASB's definition in the IFRS for SMEs, which states that entities do have public accountability if they (a) trade their debt or equity instruments in a public market or (b) hold assets in a fiduciary capacity for a broad group of outsiders as one of their primary businesses. The consultation paper explores whether constituents would prefer to retain the current legal definition of public accountability. This would imply, for example, that all large entities are publicly accountable, and so should be required to follow EU adopted IFRSs. The paper also sets out what the Board sees as the impact of its proposals for public-benefit entities.
Announcing the issue of the consultation paper, Ian Mackintosh, Chairman of the ASB, said
'For a number of years, the Board has stated that, in the medium term, there is no case for the use of two different accounting frameworks in the UK. The recent publication by the IASB of its IFRS for SMEs provides the Board with the opportunity to consult on what we see as the future framework for financial reporting by UK and Irish entities. I would urge all interested parties to consider the proposals and let us have their views'.
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The ASB is seeking comments on the proposals by 1 February 2010. If the proposal is adopted, the 'change' date is planned for financial years beginning on or after 1 January 2012. Click to Download the Consultation Paper (PDF 492k).
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12 August 2009: Deloitte IFRS publications in Spanish
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Deloitte (Colombia) is publishing a series of Spanish language bulletins about the new IFRS for SMEs. We have previously posted Bulletins No 1 through 4 – links can be found Here. We have now posted Nos 5:
- Bulletin No. 5 (11 August 2009) covers the required financial statements, accounting policies, changes in estimates, and errors. There is also country-specific discussion of how the IFRS for SMEs will affect accounting in Colombia. Click to Download Bulletin 5 (PDF 247k).
Also, Deloitte (Colombia) has published the Spanish translation of the following IFRS publication:
We have many resources in Spanish Here.
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12 August 2009: New data on cross-border securities listings
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We have updated our Database of Statistics that, we believe, provide clear evidence of the globalisation of the world's capital markets and of the need for global financial reporting standards:
3,100 cross-border listings on 52 securities exhanges globally
- At 30 June 2009, the 52 securities exchanges that are members of the World Federation of Exchanges have over 46,000 companies listed, of which about 3,100 are foreign (cross-border) listings. Click to Download Data in Excel Spreadsheet Format (XLS 33k).
1,024 non-US companies from 50 jurisdictions were registered with the US Securities and Exchange Commission at 31 December 2008
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11 August 2009: Updated SEC Financial Reporting Manual
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The SEC Division of Corporation Finance has updated its Financial Reporting Manual. This 323-page manual is an informal reference document for SEC staff and provides general guidance only. The SEC has made it available on its public website.
Topics covered in the Division of Corporation Finance Financial Reporting Manual include:
- Registrant's financial statements
- Other financial statements required
- Pro forma financial information
- Independent accountant's involvement
- Smaller reporting companies
- Foreign private issuers & foreign businesses
- Related party matters
- Non-GAAP measures of financial performance, liquidity and net worth
- Management's discussion and analysis of financial position and results of operations (MD&A)
- Reverse acquisitions and reverse recapitalizations
- Effects of subsequent events on financial statements required in filings
- Tender offers
- Employee stock benefit plans
- Multijurisdictional disclosure system
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Click for:
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11 August 2009: IAASB staff Q&A on clarified ISAs
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To assist auditors worldwide in implementing the clarified International Standards on Auditing (ISAs), the staff of the International Auditing and Assurance Standards Board (IAASB) has developed a new question-and-answer publication entitled Applying ISAs Proportionately with the Size and Complexity of an Entity. The publication is relevant in the context of any audit, but will be of particular help to those who audit, or oversee the audits of, small and medium-sized entities (SMEs). Click for:
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11 August 2009: IAS Plus Update newsletter on rate regulation ED
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On 22 July 2009, the IASB published an Exposure Draft on accounting for rate-regulated activities. Comments are due 20 November 2009. The objective of the proposals is to establish whether and how assets and liabilities resulting from rate-regulated activities should be recognised and measured under IFRSs. If adopted, the proposed IFRS would:
- define regulatory assets and regulatory liabilities.
- set out criteria for their recognition.
- specify how they should be measured.
- require disclosures about their financial effects.
Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – IASB Proposes Guidance on Rate-regulated Activities (PDF 77k) explaining the proposed standard. Click to go to the Project Page on the IAS Plus Website. Past issues of all IAS Plus newsletters are Here.
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11 August 2009: Monitoring Group will assess IFAC reforms
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The Monitoring Group that oversees the governance of the International Federation of Accountants (IFAC) has begun a review of the effectiveness of the reforms to the governance of IFAC that were put in place in 2003. The objective of those reforms was to increase confidence that IFAC's activities are properly responsive to the public interest and will lead to the establishment of high quality standards and practices by the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), and the International Accounting Education Standards Board (IAESB). IFAC's Moniroting Group comprises regulatory and international organisations and is chaired by Hans Hoogervoorst, who also chairs the IASC Foundation's Monitoring Board. Click for Announcement of the Review (PDF 12k).
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10 August 2009: IFRS para PYMEs (IFRS for SMEs)
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Deloitte (Colombia) is publishing a series of Spanish language bulletins about the new IFRS for SMEs. We have previously posted Bulletins No 1 and No 4 – links can be found Here. We have now posted Nos 2 and 3 in the series:
- Bulletin No. 2 (21 July 2009 focussses on eligibility to use the IFRS for SMEs and presentation of financial statements. Click to Download Bulletin 2 (PDF 169k).
- Bulletin No. 3 (28 July 2009 focussses on the objectives, concepts, and fundamental principles in the IFRS for SMEs. Click to Download Bulletin 3 (PDF 207k).
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10 August 2009: Archive available for webcast debate on IAS 39
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On 6 August 2009 Deloitte hosted a live webcast with the IASB on their proposals to replace IAS 39 Financial Instruments: Recognition and Measurement. The webcast included John Smith, IASB Board member; Gavin Francis, IASB Director of Capital Markets; Sue Lloyd, IASB Senior Technical Consultant; Jens Berger, IASB Practice Fellow; Veronica Poole, Deloitte, Head of UK IFRS Centre of Excellence; Andrew Spooner, Deloitte, Lead Financial Instrument Partner. A recording of the webcast is available Here.
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10 August 2009: Agenda project pages updated
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We have updated the following pages on IAS Plus to reflect the discussions and decisions at the IASB's regular July 2009 meeting, the July 2009 Joint IASB-FASB meeting, and the special meeting on 4 August 2009:
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9 August 2009: Financial instruments classification and measurement newsletter
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Deloitte LLP (UK) has issued a Comprehensive Newsletter - Time for New Measures (PDF 241k) on the IASB's proposals to replace the financial instruments classification and measurement requirements in IAS 39. The newsletter includes an illustrative statement of financial position for a corporate, bank, and insurer showing the potential impact of the proposals compared with the current classification and measurement requirements.
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9 August 2009: Vol. 3 of The Road to a Cost-Effective Conversion
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Canada will require IFRS financial statements for all listed companies starting in 2012, and permit IFRSs for others. Deloitte Canada has been publishing a broad range of guidance materials to help companies address the transition. These include the Countdown to IFRS newsletter (monthly plus special issues, available on our Canada Page) and a series of booklets on The Road to Cost-Effective Conversion. The third volume in this conversion series – Maximising the Return on Your IFRS Investment – has just been published. It offers suggestions on how companies can reduce the costs of conversion by leveraging internal accounting resources, using external resources strategically, and establishing an IFRS-capable financial reporting function for the long term. The series is available in English and in French. Click to download:
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8 August 2009: IASCF-AICPA conference on IFRSs
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The IASC Foundation and the AICPA will jointly sponsor a conference on International Financial Reporting Standards (IFRS) in North America 2009: The US Perspective on 29-30 October 2009 in New York City. Topics that will be covered include:
- Update SEC's proposed roadmap for IFRS
- When should IFRS adoption preparation begin
- IFRS for Small and Medium-sized Entities (IFRS for SMEs)
- Audit Implications of IFRS in US SEC Filings
- Accounting implications due to the financial crisis
- Impact of IFRS adoption in Global Capital Markets
There are also pre-conference workshops on 28 October 2009 on:
- Learning to speak IFRS
- IFRS for Insurance Contracts
- IFRS for Leases
- First-Time Adoption of IFRSs and the IFRS for Small and Medium-Sized Entities (IFRS for SMEs)
- IFRS Teaching, Training and Research
The keynote address will be delivered by Paul A Volcker, former IASCF chairman. Featured speakers include Robert H Herz, chairman of the US Financial Accounting Standards Board and Sir David Tweedie, chairman of the International Accounting Standards Board. More Information.
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7 August 2009: IFRIC proposal on debt extinguishments
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The International Financial Reporting Interpretations Committee (IFRIC) has published a draft Interpretation, IFRIC D25 Extinguishing Financial Liabilities with Equity Instruments. The proposal addresses the appropriate accounting under IFRSs when a creditor agrees to accept an entity's shares or other equity instruments to settle the financial liability fully or partially. IFRIC D25 proposes that:
- an entity's equity instruments are part of any 'consideration paid' to extinguish a financial liability.
- the equity instruments should be measured at either their fair value or the fair value of the financial liability extinguished, whichever is more reliably determinable.
- any difference between the carrying amount of the financial liability extinguished and the initial measurement amount of those equity instruments should be included in the entity's profit or loss for the period.
Comments on the proposal are due by 5 October 2009. Click for Press Release (PDF 107k).
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7 August 2009: German language IAS Plus reaches 1,000,000 visitors
iasplus.de |
On 4 August 2009, www.iasplus.de – Deloitte's German language website about IFRSs – reached 1,000,000 visitors. The site was launched on 4 February 2005. The site has daily news about international accounting, details about IASB standards, interpretations, and projects, meeting notes, and more, in German.
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7 August 2009: IASB ED on classifications of rights issues
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The IASB has invited comment on an exposure draft (ED) of an amendment to IAS 32 Financial Instruments: Presentation on the classification of rights issues. The proposals seek to clarify the accounting treatment when rights issues are denominated in a currency other than the functional currency of the issuer. Current practice appears to require such issues to be accounted for as derivative liabilities. The proposals state that if such rights are issued pro rata to an entity's existing shareholders for a fixed amount of currency, they should be classified as equity regardless of the currency in which the exercise price is denominated. The ED Classification of Rights Issues is open for comment until 7 September 2009. The IASB plans to issue the final amendment before the end of 2009 with early application permitted. If adopted the amendment will apply retrospectively.
Click for IASB Press Release (PDF 101k).
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6 August 2009: IASB-FASB plan financial instruments roundtables
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The IASB and the FASB will hold joint round table discussions in September 2009 on their proposals for classification and measurement of financial instruments, as follows:
- 3 September in Tokyo
At the Accounting Standards Board of Japan, Fukoku Seimei Building 20F, 2-2 Uchisaiwaicho 2-chome, Chiyodaoku, Tokyo 100-0011, Japan.
- 10 September in London
at the International Accounting Standards Board, First Floor, 30 Cannon Street, London EC4M 6XH, United Kingdom.
- 14 September in Norwalk, CT USA
At the Financial Accounting Standards Board, 401 Merritt 7, Norwalk, CT 06856-5116 USA.
Click for More Info and Registration Details on IASB's website.
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6 August 2009: Survey of interim management statements in the UK
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Deloitte (United Kingdom) has published In Many Styles – The second year's interim management statements. This publication considers how UK listed companies have met the requirements for an interim management statement in the second year of compliance with the Disclosure and Transparency Rules (DTR). In particular, it surveys interim management statements of UK listed companies (including separate consideration of investment trusts), reviews compliance with the requirements and compares the findings to the 2008 Deloitte publication First Impressions. Click to download In Many Styles – The Second Year's Interim Management Statements (PDF 627k).
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6 August 2009: IFRS para PYMEs (IFRS for SMEs)
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Deloitte (Colombia) has published the fourth in a series of Spanish language bulletins about the new IFRS for SMEs. This issue addresses presentation of financial statements in accordance with the IFRS for SMEs. It also explains differences with current GAAP in Colombia. Click to Download the Bulletin (PDF 220k). Nuestros Recursos en Español.
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5 August 2009: Moving to the IFRS for SMEs in the UK
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Since 2005, listed groups in the United Kingdom have been required to prepare their consolidated financial statements using IFRSs. Almost all other groups have a choice. They can use IFRSs, UK GAAP as developed by the UK Accounting Standards Board (ASB), and if they are small they have a further option of using the Financial Reporting Standard for Smaller Entities (FRSSE). But from 2012, the options are expected to change. UK GAAP is expected to be replaced with the IFRS for Small and Medium-sized Entities. Deloitte (United Kingdom) has published a newsletter Choosing Your GAAP: Planning for the Proposed Removal of UK GAAP (PDF 236k) explaining the ASB's plan. The newsletter examines the choices and explains the key areas of accounting and tax impact, and provides guidance on planning for the change.
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5 August 2009: Newsletter on new German accounting law
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On 3 April 2009 the Bundesrat (German Federal Council) approved the Act on Modernisation of Accounting Regulations (Bilanzrechtsmodernisierungsgesetz, BilMoG), thus paving the way for an extensive reform of the German Commercial Code (Handelsgesetzbuch). Deloitte Germany has published a Praxis-Forum Alert newsletter explaining the new law. Click for:
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5 August 2009: IASB and Deloitte to debate IAS 39 proposals
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We remind you that on 6 August 2009 Deloitte will be hosting a live webcast challenging the International Accounting Standards Board (IASB) on their proposals to replace IAS 39 Financial Instruments: Recognition and Measurement. Details of the webcast:
- Webcast topic: IAS 39 – The Sequel
- Date and Time: Thursday, 6 August 2009 from 14:00 to 15:00 London time (GMT +1 hour)
- Presenters: John Smith, IASB Board member; Gavin Francis, IASB Director of Capital Markets; Sue Lloyd, IASB Senior Technical Consultant; Jens Berger, IASB Practice Fellow; Veronica Poole, Deloitte, Head of UK IFRS Centre of Excellence; Andrew Spooner, Deloitte, Lead Financial Instrument Partner
- More Information and Registration
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5 August 2009: Accounting Roundup – July 2009
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We have posted the July 2009 Edition of Accounting Roundup (PDF 302k) 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:
Revenue
- EITF Issues Draft Abstracts on Revenue Arrangements With Multiple Deliverables and Software Revenue Recognition
Derivative Instruments and Hedging Activities
- IASB Proposes Improvements to Financial Instruments Accounting
- GASB Proposes Statement on Financial Instruments
Other Accounting
- FASB Launches Codification
- IASB Amends the Retrospective Application of IFRSs for First-Time Adopters
- IASB Proposes Guidance on Rate-Regulated Activities
- IASB Issues IFRS for Small and Medium-Sized Entities
SEC Matters
- SEC Proposes Rule on Municipal Securities Disclosure
- SEC Proposes Rule on Proxy Disclosure and Solicitation Enhancements
- SEC Proposes Rule on Shareholder Approval of Executive Compensation of TARP Recipients
- SEC Issues Final Rule Adopting Updated EDGAR Filer Manual
Other Auditing
- PCAOB Adopts New Auditing Standard on Engagement Quality Review
- GAO Issues Guide on Assessing the Reliability of Computer-Processed Data
GASB Matters
- GASB Proposes Suggested Guidelines for Voluntary Reporting of Service Efforts and Accomplishments (SEA) Performance Information
- GASB Proposes Statement on Service Concession Arrangements
- GASB Proposes Statement on Financial Instruments
You will find past issues of Accounting Roundup Here.
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5 August 2009: Notes from the Special August 2009 IFRIC meeting
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The International Financial Reporting Interpretations Committee (IFRIC) held a special meeting by teleconference on Tuesday 4 August 2009. Presented below are the preliminary and unofficial notes taken by Deloitte observers at the meeting. At the meeting, the IFRIC Chairman announced that the 3-4 September 2009 IFRIC meeting is cancelled. The next IFRIC meeting will be 5-6 November 2009.
Notes from the Special IFRIC Meeting
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 Debt to Equity Swap in a Restructuring
The IFRIC held a special meeting by teleconference to finalise and approve the consensus on the draft interpretation of IAS 39 regarding debt to equity swap. Thirteen members of the IFRIC were present on the call.
The staff clarified two issues regarding changes in the draft consensus and basis for conclusions based on suggestions of some IFRIC members.
First of all, the staff proposed providing additional discussion in the draft basis for conclusions regarding the relationship between extinguishing the financial liability and issuance of new shares, and substantial modification of the terms as required by IAS 39.40.
Moreover, the staff proposed that the [draft] Interpretation should apply retrospectively, from the beginning of the earliest comparative period. This relief from full retrospective application should facilitate transition.
The Chairman then summarised the consensus reached, which reaffirmed the conclusions reached on the July IFRIC meeting.
- issuing of equity instruments is a form of consideration paid (IAS 39.41);
- in the debt to equity swap the liability is extinguished (IAS 39.39);
- new shares issued should be measured at the fair value of the liability extinguished or equity instrument issues whichever is more reliably determinable (IAS 39.41);
- when only part of the liability is extinguished, and the terms of the instrument are not substantially modified, the remaining part of the liability shall not be re-measured. If the terms are substantially modified, then the original financial liability is extinguished and new financial liability is recognised together with issued equity instrument (IAS 39.40);
- The profit or loss arising on the debt to equity swap shall be disclosed in the statement of the comprehensive income or in the notes.
The IFRIC confirmed the consensus, subject to minor editorial comments. No present member of the IFRIC dissented. The draft interpretation is to be issued in August with 60 days comment period. Re-deliberations are to take place on the November IFRIC meeting. The staff noted that they already informally informed the Board members of the consensus reached by the IFRIC.
No member of the Board opposes the consensus.
Next Meeting
The Chairman noted that the September IFRIC meeting is cancelled and next IFRIC meeting will take place in November.
This summary is based on notes taken by observers at the IFRIC meeting and should not be regarded as an official or final summary.
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5 August 2009: Notes from Special 4 August IASB meeting
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The IASB held a special Board meeting by teleconference on Tuesday 4 August 2009. Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.
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4 August 2009: US SEC official discusses IFRSs
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Speaking at the annual meeting of the American Accounting Association in New York on 3 August 2009, Wayne Carnall, Chief Accountant of the Division of Corporation Finance of the US Securities and Exchange Commission, discussed issues relating to the use of IFRSs by SEC registrants. Among the points Mr Carnall made:
- In November 2007, the SEC voted to allow foreign registrants to use IFRSs without a reconciliation to US GAAP. Since then, only 137 of the more than 1,000 foreign registrants have chosen to use IFRSs.
- The number of foreign registrants in the United States has been declining over the past few years, including a two-thirds drop in European registrants. Mr Carnall attributed the decline primarily to cost-benefit reasons.
- In November 2008, the SEC invited comment on a proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by US Issuers, Mr Carnall pointed out that the draft Roadmap was 'far from being a proposal' and, at this point, there is 'no date certain' regarding use of IFRSs by US domestic registrants. Mr Carnall expressed disappointment that the SEC received fewer than 250 comments on a proposal that could significantly affect all 12,000 SEC registrants.
- In November 2008, concurrent with the proposed Roadmap, the SEC also proposed to permit voluntary early adoption for a limited group of large US registrants (based on industry and size) for periods ending after 15 December 2009 (filings in 2010). Mr Carnall said the responses 'did not indicate much support for the option'.
- Mr Carnall noted that there continue to be 'significant and fundamental differences between IFRSs and US GAAP' both in terms of the written standards and how the standards are implemented.
- He expressed concern that IFRSs might become regionalised or localised by differing local interpretations or modifications. The goal, he said, should be one common standard around the world.
- Mr Carnall noted that there is no SEC prohibition for a US registrant to publish IFRS financial statements in addition to US GAAP statements – yet no company is doing that. If the market demanded it, or if companies saw that IFRS financial statements might improve their access to capital, they would likely be publishing IFRS financial statements voluntarily. He noted a reluctance of companies to invest resources into IFRSs (systems, training, etc) until the SEC gives a date certain.
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4 August 2009: Additional IFRIC conference call meeting
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The IFRIC will hold a conference call meeting on 4 August 2009 between 12:00 and 13:00pm London time to discuss debt to equity swaps. Click here for Information on listening to the conference call.
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4 August 2009: 55% of US CFOs unsure of IFRS impact
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A survey has found that 55% of US financial executives are unsure how their companies might be affected by a transition to IFRSs despite indications that the United States will likely adopt IFRSs in the coming years. The survey was developed by Robert Half Management Resources and conducted by an independent research firm. The survey includes responses from 1,400 chief financial officers (CFOs) from a stratified random sample of US companies with 20 or more employees. CFOs were asked, 'If the United States adopts International Financial Reporting Standards, how familiar are you with how your company will be impacted?' Their responses:
- Very familiar 8%
- Somewhat familiar 31%
- Somewhat unfamiliar 12%
- Not familiar at all 43%
- Don't know/no response 6%
Click to Download the Report (PDF 167k), which is titled International Financial Reporting Standards for the United States: Making the Talent Transition. The report includes a table of 'lessons learned from IFRS adoption in other countries' and a transition case study. The report is copyright by Robert Half Management Resources, and we are grateful to them for giving us permission to post it on IAS Plus.
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4 August 2009: Deloitte's iGAAP 2009 Chinese version volume 2
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Deloitte Taiwan has published the second volume of iGAAP 2009 Chinese Version. This three-volume set, in traditional Chinese, includes all the content of iGAAP 2009 English Version. The Chinese version is organised as follows:
- Volume 1: Preface, Framework, IAS 1, IAS 8, IAS 16, IAS 40, IAS 38, IAS 36, IAS 2, IAS 12, IAS 18, IAS 19, IFRS 2, IFRS 8, IAS 26
- Volume 2: Includes all of the iGAAP chapters relating to financial instruments (IAS 32, IAS 39, IFRS 7) and insurance contracts (IFRS 4)
- Volume 3: IAS 37, IAS 23, IAS 21, IFRS 5, IAS 7, IAS 10, IAS 24, IAS 27, IFRS 3, IAS 28, IAS 31, IAS 33, IAS 34, IAS 11, IAS 20, IAS 29, IAS 41, IFRS 1
The third volume will be published on 14 August 2009;. For information about purchasing iGAAP 2009 Chinese Version, please send an email to fltsai @ deloitte.com.tw.
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3 August 2009: Over half of US SMEs want separate standards
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A Deloitte survey has found that more than half (51%) of small and mid-size private company respondents (revenues less than US$1 billion) support separate accounting standards for private and public companies. Deloitte surveyed finance professionals from 225 private companies in June 2009 to gather data and information about the challenges of current US GAAP and the level of interest in the IFRS for SMEs. Financial professionals of private companies from various industries and sizes responded. Two-thirds of the companies had 20 or fewer employees, and 42% had sales less than US$100 million. Highlights of the survey report include:
- 51% of SME respondents believe that there should be separate accounting standards for public and private companies.
- 43% of SME respondents are not aware of the IASB's standard IFRS for SMEs, indicating the need for more education.
- SME respondents view fair value measurement (42%), accounting for income taxes (23%), and consolidations (10%) as the top areas of US GAAP in need of simplification.
- 10% of SME respondents either currently use IFRSs or would consider adopting the IFRS for SMEs in the near term, while 63% would adopt when required.
Click to Download the Deloitte Survey Report (PDF 156k).
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3 August 2009: Extra IASB Board meeting 4 August 2009
3 August 2009: All Canadian registrants must use IFRSs
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The Canadian Securities Administrators (CSA) has concluded that all registrants should be required to use IFRSs for financial years beginning on or after 1 January 2011 regardless of whether the registrant fits the definition of a publicly accountable enterprise established by the Canadian Accounting Standards Board (AcSB). The CSA's conclusion is set out in CSA Staff Notice 33-314 International Financial Reporting Standards and Registrants (PDF 31k).
Notice 33-314 also contains the following disclosure guidance on the changeover to IFRSs:
As we set out in our previous notice, changing from current Canadian GAAP to IFRS will be a significant undertaking that may materially affect a registrant's reported financial position and results of operations. Registrants will need to provide comparative information for reporting periods in their first year under IFRS. For example, a registrant's financial
statements for its year ended December 31, 2011 must include comparative IFRS information for the period ended December 31, 2010. Registrants will need to maintain appropriate records to prepare this comparative information. In addition, registrants with financial years ending December 31 will be required to prepare their working capital calculations on a basis
consistent with IFRS beginning on January 1, 2011.
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3 August 2009: IFAC asks G20 to adopt global standards
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The International Federation of Accountants (IFAC) has urged G20 leaders, at their 23-24 September 2009 meeting in Pittsburgh, Pennsylvania, USA, to encourage adoption and implementation of global accounting, auditing, and auditor independence standards. IFAC also asks that further steps be taken to enhance the governance of the International Accounting Standards Board. IFAC's letter also includes recommendations on enhancing corporate governance, strengthening of the accountancy profession in developing countries, and developing new tools and metrics to achieve global sustainability. IFAC also asks the G20 to facilitate debate to resolve issues between financial reporting – designed to communicate business performance to investors – and prudential reporting-used to monitor and maintain financial stability. Click for:
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3 August 2009: Four IASCF Trustees reappointed
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The Monitoring Board of the International Accounting Standards Committee Foundation has approved the reappointment of four IASCF Trustees for a second three-year term expiring on 31 December 2012:
- David Sidwell, Former Chief Financial Officer, Morgan Stanley; Director, UBS; Board Member, Federal National Mortgage Association (United States)
- Luigi Spaventa, Former Chairman, Commissione nazionale per le societa e la orsa (CONSOB); Professor Emeritus, University of Rome (Italy)
- Paul Tellier, Former President and CEO, Bombardier and CN; former Clerk of the Privy Council and Secretary of the Cabinet; Director Rio Tinto plc and Rio Tinto Ltd.; Director McCain Foods and Chairman, Global Container Terminals (GCT) (Canada)
- Jeff van Rooyen, Chief Executive, Uranus Investment Holdings; former Vice Chairman, Executive Committee, International Organization of Securities Commissions (IOSCO); former CEO, South African Financial Services Board (South Africa)
Click here for Complete List of Trustees.
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2 August 2009: FCAG recommendations on standard-setting
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The Financial Crisis Advisory Group (FCAG) – a high level group of recognised leaders with broad experience in international financial markets formed jointly by the IASB and the US FASB – has published its recommendations related to accounting standard-setting activities, and other changes to the international regulatory environment following the global financial crisis. The report of the FCAG articulates four main principles and contains a series of recommendations to improve the functioning and effectiveness of global standard-setting. The chief areas addressed in the report are:
- Effective financial reporting
- Limitations of financial reporting
- Convergence of accounting standards
- Standard-setters' independence and accountability
The principles and a summary of the recommendations are set out in an appendix to the Press Release (PDF 30k). The FCAG will reconvene in December to review the progress made on its recommendations. Click to Download the Report (PDF 377k). Here is the link to our broade range of Information Relating to IFRSs and the Credit Crunch.
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2 August 2009: Deloitte Canada Countdown IFRS transition newsletters
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Deloitte Canada has published the July 2009 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:
- IFRS Around the World
- The Real Deal – Foreign Exchange
- Public Sector Accounting Board Exposure Draft – Financial Reporting by Certain Government Organizations
- Exposure draft – Financial Instruments: Classification and Measurement
- Deloitte IFRS publications and events
- International Round-up – Updates and News from the IASB
Click below for:
You will find more information about financial reporting in Canada on our Canada Page.
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1 August 2009: We disagree with IASB's income tax ED
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Deloitte has submitted comments on the IASB Exposure Draft Income Tax. We acknowledge the Board's objectives in its income tax project to address the significant practical and conceptual issues arising under IAS 12 Income Taxes and achieve closer convergence with US GAAP. However, we question whether these objectives have been met in the ED. We recommend the IASB does not proceed with the proposals in the ED and instead commences a more thorough and comprehensive project. We appreciate this will result in a further delay in meeting the IASB's timetable in this area and suggest any particularly pressing issues are dealt with through the improvements process whilst the more comprehensive project is undertaken. We have commented throughout our response on a number of issues which annual improvements could redress. Below is an excerpt from our letter. Click to:
We believe clear principles have not been established and articulated in the ED. Furthermore, many of the
proposals are ambiguous or produce counterintuitive outcomes which are difficult to reconcile from a conceptual viewpoint. It is difficult to understand the IASB's intention in developing the various 'rules' proposed in the ED, save perhaps an intention to simplify the current Standard by mandating a particular approach. However, we expect an IFRS based on the ED's current proposals will not be well accepted by constituents as these 'rules' will:
- produce outcomes that are inconsistent with the Framework
- not be representationally faithful of the economic substance of the underlying tax consequences expected, and
- be difficult to rationally explain.
In particular, we believe the starting point of the proposed calculation methodology, the definition of tax basis, and its reliance on an assumption of sale at the reporting date is flawed, does not produce meaningful outcomes and is unhelpful in addressing the issues commonly arising under IAS 12. We believe that the existing 'management intention' approach should be retained and specific guidance be developed to eliminate existing uncertainties in applying the approach. In our view,
this would provide more meaningful information to the users of the financial statements as it better reflects the actual future tax consequences an entity expects.
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1 August 2009: New Deloitte IFRS publications in Spanish
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Deloitte (Colombia) has published the Spanish translations of the following IFRS publications:
You will find our resources in Spanish Here.
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1 August 2009: Global IFRS and Offerings Services newsletter
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We have posted Deloitte's US Reporting Newsletter for Non-US Based Companies May-June 2009 Edition – includes news through 15 July 2009 (PDF 123k). 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.
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In this issue of the GIOS newsletter:
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IFRS Matters
- IASB Issues Annual Improvements Standard
- IASB Issues Exposure Draft on Fair Value Measurement
- IASB Proposes Amendments to Clarify Accounting for Pension Plan Prepayments
- Tips on Applying IFRS
- IFRS Tools
U.S. GAAP Matters
- SEC Issues Technical Amendments to Confirm Various Rules, Forms, and Schedules to Statements 141(R) and 160
- Deloitte Roadmap on SOP 97-2
- FASB Codification
- FASB Proposes Guidance on Fair Value Measurement of Liabilities
- FASB Issues Statement on Not-for-Profit Mergers and Acquisitions
- FASB Proposes Guidance on Applying Interpretation 48 to Pass-Through and Tax-Exempt Not-for-Profit Entities
- FASB Issues Statement on Subsequent Events
- FASB Issues Proposal on Estimating the Fair Value of Investments in Investment Companies
- SEC Releases Staff Accounting Bulletin 112
- FASB Issues New Standard on Transfers of Financial Assets; Amends Guidance Related to Variable Interest Entities
Other Matters
- AICPA Issues Guidance on Applying Agreed-Upon Procedures to XBRL-Tagged Data
- AICPA Issues Exposure Draft on Compilation and Review Standards
- XBRL 2009 Taxonomies Released
- PCAOB's Staff Practice Alert No. 4 Highlights Auditor Considerations Regarding Fair Value Measurements, Disclosures, and
- Other-Than-Temporary Impairments
- SEC Issues New Compliance and Disclosure Interpretations
- PCAOB Issues Concept Release on Possible Revisions to Audit Confirmations Standard
- AICPA Proposes Clarifying and Converging SAS
- IASC Foundation Issues IFRS Taxonomy 2009 and Publishes XBRL Handbook for Public Comment
- SEC Staff Issues Compliance Guide for Small Entities
- Other SEC Rules Issued or Proposed Recently
- International Practices Task Force Highlights
- AICPA Issues Practice Aid on Fair Value Measurement Disclosures for Master Trusts
- SEC Staff's Views on Filing Registration Statements After the Adoption of Statement 160, FSP APB 14-1, and FSP EITF 03-6-1
- SEC Staff Issues Interpretations on XBRL Rules, Executive Compensation Disclosures, and Form 8-K
- SEC Proposes Rule Amendments to Increase Safeguards on Investor Funds
- CAQ Releases Guide on Public-Company Auditing
- SEC Creates Investor Advisory Committee
- SEC Considering Executive Compensation Proposals
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1 August 2009: IASB and Deloitte to debate IAS 39 proposals
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On 6 August 2009 Deloitte will be hosting a live webcast challenging the International Accounting Standards Board (IASB) on their proposals to replace IAS 39 Financial Instruments: Recognition and Measurement. This free event will:
- bring you up to date on the IASB's project to replace IAS 39 and their 14 July 2009 exposure draft (ED) Financial Instruments: Classification and Measurement;
- debate the key features of the ED and challenge the conclusions and practicalities; and
- give you the opportunity to put your questions to the IASB Board and staff members leading the project and Deloitte's leading financial instrument accounting experts.
The proposals will have widespread impact if finalised and therefore the webcast will be of interest to all that report under IFRS or plan to adopt IFRS. Comments are due 14 September 2009. Details of the webcasts:
- Webcast topic: IAS 39 – The Sequel
- Date and Time: Thursday, 6 August 2009 from 14:00 to 15:00 London time (GMT +1 hour)
- Presenters: John Smith, IASB Board member; Gavin Francis, IASB Director of Capital Markets; Sue Lloyd, IASB Senior Technical Consultant; Jens Berger, IASB Practice Fellow; Veronica Poole, Deloitte, Head of UK IFRS Centre of Excellence; Andrew Spooner, Deloitte, Lead Financial Instrument Partner
- More Information and Registration [Link deleted]
For those unable to attend the live event a recording will be available subsequently on www.iasplus.com.
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1 August 2009: New Deloitte IFRS publication in Spanish
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Deloitte (Colombia) has published the Spanish translation of the following IFRS publication:
You will find our resources in Spanish Here.
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