OCTOBER 2010

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Please remember that publications to which this page has links may be out of date because of new or changed IFRSs or other reasons.

29 October 2010: Deloitte newsletter on IFRSs in Canada

The October edition of Deloitte Canada's IFRS newsletter Countdown has been issued. This edition focuses on:
  • Principles-based accounting: The application of judgement in the application of IFRS principles
  • Events after the reporting period
  • An update on Canadian and international standard setting activities
Click here to download the October 2010 edition of Countdown (PDF 808k). A French translation is also available (PDF 694k). Click here to visit our Canada country page.

29 October 2010: SEC staff publishes progress report on work plan for global accounting standards
The SEC has published its first progress report on the Work Plan related to global accounting standards. The purpose of the Work Plan is to consider specific areas and factors relevant to a Commission determination in 2011 as to whether, when, and how the current financial reporting system for U.S. issuers should be transitioned to a system incorporating IFRS. The SEC expects to continue to report periodically on the status of the Work Plan in 2011.

29 October 2010: New editorial corrections to IFRSs
The IASB has posted to its website a new batch of Editorial Corrections to IFRSs. This batch includes editorial corrections and changes to IFRS for SMEs (issued July 2009), IFRS 9 Financial Instruments (issued November 2009), Bound Volume (Red Book) 2010, Bound Volume (Blue Book) 2010, Improvements to IFRSs (issued May 2010) and IFRS 7 Financial Instruments: Disclosures – Transfers of Financial Assets (issued October 2010).

29 October 2010: Proposals for a three-tier reporting framework in the UK
The UK Accounting Standards Board (ASB) has published its proposals for the future of financial reporting in the UK and Republic of Ireland. The Exposure Drafts set out proposals for a three-tier reporting framework, which aims to balance the needs of preparers and users of accounts.

The proposed three-tier approach, which has been developed and consulted on over the past six years, builds on the existing system:

  • Tier 1 – Quoted groups will continue to report under international financial reporting standards (IFRS), as adopted by the EU. They would be joined in Tier 1 by other companies that are publicly accountable. This would apply if their debt is traded on public markets, or if they hold deposits or manage other people’s money. (Some very small financial institutions would be exempt.)
  • Tier 2 – All other UK entities, except those that apply the Financial Reporting Standard for Smaller Entities (FRSSE), would report under a new standard based on the IFRS for SMEs, which is considerably shorter and less complicated than current UK standards. The FRSME, as it would be called, would be modified to comply with UK and EU law and to ease tax reporting.
  • Tier 3 – The smallest companies will continue to use the simplified version of UK standards, the FRSSE.

The consultation period will run until 30 April 2011. It is proposed that the new framework would be effective from 1 July 2013.

The document published today includes an explanation of the proposals, a draft Impact Assessment and the two new proposed standards. Click for: 

29 October 2010: Proposed international standard on compilation engagements

The International Auditing and Assurance Standards Board (IAASB) has proposed a new proposed pronouncement – International Standard on Related Services (ISRS) 4410 Compilation Engagements . The proposed standard is the first step in the IAASB'S work to create robust standards for services that can be used by entities that are either not required or do not elect to be audited to meet their business reporting needs.

Click here for IAASB Press Release (IFAC website), which includes a link to download the proposal. Comments are due by 31 March 2011.

28 October 2010: IASB issues additions to IFRS 9 for financial liability accounting
The International Accounting Standards Board (IASB) has today issued requirements on the accounting for financial liabilities. These requirements will be added to IFRS 9 Financial Instruments and complete the classification and measurement phase of the IASB's project to replace IAS 39. They follow the IASB's November 2009 issue of IFRS 9, which prescribed the classification and measurement of financial assets.

The new requirements address the problem of volatility in profit or loss arising from an issuer choosing to measure its own debt at fair value. This is often referred to as the 'own credit' problem. The IASB decided to maintain the existing amortised cost measurement for most liabilities, limiting change to that required to address the own credit problem. With the new requirements, an entity choosing to measure a liability at fair value will present the portion of the change in its fair value due to changes in the entity's own credit risk in the other comprehensive income (OCI) section of the income statement, rather than within profit or loss.

IFRS 9 applies to financial statements for annual periods beginning on or after 1 January 2013. Entities are permitted to apply the new requirements in earlier periods, however, if they do, they must also apply the requirements in IFRS 9 that relate to financial assets.

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28 October 2010: Agenda for 4-5 November 2010 Interpretations Committee meeting

The IFRS Interpretations Committee will meet at the IASB's offices in London on Thursday and Friday 4 and 5 November 2010 (morning only on 5 November and only if needed). The meeting is open to the public and will be webcast. The tentative agenda is shown below.
Agenda for the Interpretations Committee Meeting
Thursday and Friday, 4 and 5 November 2010

Thursday 4 November 2010 (10:00h-18:00h)

  • Introduction/ Administrative Session
  • IFRS 2 presentation – The French Standard Setter (the ANC) presents the outcome of the work performed on IFRS 2.
  • IFRS 2 Share-based Payment – Vesting and non-vesting conditions
  • Review of Tentative Agenda Decisions published in September IFRIC Update
    • IAS 12 Income Taxes – Recognising deferred tax assets for unrealised losses on AFS debt securities
    • IAS 19 Employee Benefits – Accounting for statutory employee profit sharing arrangements
    • IFRS 2 Share- based Payment – Share-based payment awards settled net of tax withholdings
    • IAS 1 Presentation of Financial Statements – Current/non-current classification of callable term loan
    • IAS 36 Impairment of Assets – Calculation of value in use
    • IAS 32 Financial Instruments: Presentation – Put options written over non-controlling interests
  • Annual Improvements
    • Feedback from IASB discussion at October board meeting
  • New Items for Initial Consideration
    • IAS 36 Impairment of Assets – Disclosure of the recoverable amount
    • IAS 37 Provisions, Contingent Liabilities and Contingent Assets – Inclusion of own credit risk in discount rate

Friday 5 November (09:00h-12:00h)

  • New Items for Initial Consideration (continued from Thursday if needed)
    • IAS 1 Presentation of Financial Statements – Current/non current classification of debt (Rollover agreements)
    • IAS 41 Agriculture – Revenue on sale of agricultural produce
    • IFRS 3 Business combinations – Settlement of pre-existing relationships
  • Administrative Session – Interpretations Committee work in progress

28 October 2010: New Zealand moving away from the IFRS for SMEs

The New Zealand Accounting Standard Review Board (ASRB) has released an updated summary of its 'Reporting by For-Profit Entities' project, which seeks to implement an updated differential reporting framework for New Zealand entities.

At its July 2010 meeting, the ASRB agreed to establish an Working Group involving the ASRB, New Zealand Financial Reporting Standards Board (FRSB) and New Zealand Securities Commission to consider key issues.

The October 2010 ASRB meeting considered and agreed with the Working Group's recommendations, which include the need to operationalise the IASB "public accountability" definition in the New Zealand context, and the benefit of having a consistent set of recognition and measurement requirements across the 'tier' structure. Accordingly, this means New Zealand is unlikely to adopt the IFRS for SMEs but will instead require IFRS recognition and measurement requirements for all entities, with disclosure relief for particularly classes of entities.

New Zealand and Australia are working together on cross-Tasman harmonisation and this development may be a key plank in achieving consistent reporting requirements between the two countries, as the 'tiered' approach has recently been adopted in Australia. Proposals for the revised regime are expected to be issued in 2011 after further NZ-Australia discussions.

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28 October 2010: New IFRS Insights newsletter

We have posted the IFRS Insights Newsletter for September-October 2010 (PDF 299k) from Deloitte & Touche LLP (United States). IFRS Insights is a newsletter on IFRS aimed at US companies. This issue includes:

  • Cutting costs and improving transparency with an 'IFRS Center of Excellence' (see also our earlier story on this topic)
  • Coming changes for lease accounting
  • Accounting for property, plant, and equipment under IFRS - what companies should consider in an effort to achieve a successful conversion
  • Building an IFRS internal training program.

We have Permanent Links to all IFRS Insights on our USA country page.

28 October 2010: French translations of IFRS in Focus

We've posted French translations of our IFRS in Focus newsletters, prepared by Deloitte (Canada).

The editions available are as follows:

We have created an archive of all the French translations on our Canada country page. The English editions of IFRS in Focus are available Here. We also have translations available in Spanish and Japanese.

27 October 2010: Notes from special October IASB meeting

The IASB met in London on 27 October 2010 for a special meeting. The topics discussed were as follows:

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting. The next IASB meeting will be a three day special meeting on Financial Instruments: Impairment scheduled for 10-12 November 2010.

27 October 2010: New issue of the IASB's Investor Perspectives

In April 2010, the Trustees of the IFRS Foundation and the IASB launched a programme to enhance investors' participation in the development of International Financial Reporting Standards (IFRSs). One of the enhancements is a newsletter for investors. Board members Stephen Cooper, Patrick Finnegan and Patricia McConnell publish timely updates on financial reporting matters. A new issue of the Investor Perspectives is now available:

All Investor Perspectives are archived on the IASB's website.

27 October 2010: IASB webcast on leases exposure draft

On Monday 1 November, the IASB staff will be hosting a live webcast on common questions the staff are asked about the lease accounting proposals. There is no charge to attend the web presentation, but you need to register to participate. You can do this now or any time before the presentation. Details of the webcast are as follows:

  • Topic: Common questions about the lease accounting proposals
  • Date and time: Monday, 1 November 2010, 10:00am and repeated again 3:00pm (UK time)
  • More information on the webcast and registration: click here (link to IASB website)
  • More information on IAS Plus: For our agenda project page click here

27 October 2010: Public consultation on country-by-country reporting
The European Commission is conducting a public consultation in order to gather stakeholders' views on country-by-country reporting by multinational companies. Country-by-country reporting is a concept that would require multinational companies to disclose financial information on their operations in third countries in their annual financial statements.

At present, issuers of securities in regulated markets in the EU are required to make public an annual financial report comprising, inter alia, a management report and the audited financial statements. When the issuer is required to prepare consolidated accounts, the audited financial statements must comprise consolidated accounts drawn up accordance with international accounting standards (IFRS). Currently, the applicable accounting standards do not require issuers to disclose financial information on a country-by-country basis in their consolidated accounts, although the Accounting Directives do require issuers to identify subsidiaries, jointly controlled entities and associates.

The IASB is currently working on a possible country-by-country reporting requirement which could be incorporated within a replacement Standard for IFRS 6 Exploration for and Evaluation of Mineral Assets. Once finalized, this standard is likely to become mandatory in the EU through the usual endorsement process under the IFRS Regulation.

The questionnaire for the consultation includes the following questions:

  • Would it be useful to have common EU rules on the disclosure of financial information on a country-by-country basis?
  • Would the disclosure of financial information on a country-by-country basis by multinational companies be meaningful to investors of the company concerned?
  • [...]
  • Would the disclosure of financial information on a country-by-country basis by multinational companies active in the extractive sector (e.g. minerals, oil, natural gas, etc.) be useful in order to improve domestic accountability and governance in natural resource-rich third countries?
  • [...]
  • If country-by-country reporting were to be considered useful, what kind of multinational companies would usefully be targeted?
  • Please provide information on the cost that you estimate that the introduction of country-by-country disclosure requirements could entail.

The questionnaire of the European Commission can be accessed here (link to EC website). Responses must be received by 22 December 2010.

27 October 2010: United States publication focuses on global benefits from IFRS implementation

Deloitte (United States) has published The IFRS Center of Excellence (PDF 1,486k). The United States Securities and Exchange Commission (SEC) is expected to decide on the adoption of IFRS in the United States in 2011, meaning U.S. companies could be required to report under IFRS in approximately 2015 or 2016. The publication discusses how a shared environment for IFRS reporting can help drive financial reporting standardisation and cost savings.

An extract:
Like any significant business change, the shift from local GAAP to IFRS reporting will involve an implementation cost. But unlike most other regulatory mandates, the move to IFRS also offers companies the chance to realize ongoing savings. Why? Because the adoption of IFRS across countries with formerly different local Generally Accepted Accounting Principles (GAAP) can ultimately eliminate the need for global companies to maintain local-country GAAP reporting capabilities in those countries – and, over time, allow them to consolidate IFRS reporting processes into a "Center of Excellence."

Click for The IFRS Center of Excellence - A shared environment for IFRS reporting can help drive financial reporting standardization and savings, too (PDF 1,486k).

27 October 2010: FASB webcast on effective dates and transition consultation

The FASB has released a podcast on the IASB and FASB's recent documents seeking views on when new financial reporting standards resulting primarily from their work to improve and achieve convergence of International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) should become effective. The questions in the FASB and IASB documents are largely consistent, although there are some differences.

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26 October 2010: CESR sees improvements in financial instruments disclosures
In October 2009, the Committee of European Securities Regulators (CESR) analysed the 2008 financial statements of 96 European listed banks and insurers to assess compliance with the disclosure requirements of IFRS 7 Financial Instruments: Disclosures. The results of the study highlighted that compliance could be improved in certain areas to enhance the transparency of financial communication to the market.

CESR has continued to monitor closely developments in relation to the reporting of financial instruments, including actions taken by different EU enforcers in respect of the accounts that were reviewed last year. In a follow-up report published today, CESR reports improvement in all monitored areas. The most significant increase in the level of compliance relate to: valuation techniques, own credit risk, credit risk, day one profit or losses and special purpose entities. A high level of compliance is also reported in respect of the new requirements relating to fair value hierarchy, mandatory for the first time in the December 2009 accounts.

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26 October 2010: Trustee review of the IFRS Interpretations Committee

The IFRS Foundation Trustees' Due Process Oversight Committee is carrying out a review of the Interpretations Committee (formerly known as IFRIC) in order to assess its effectiveness.

The Trustees are seeking input into their review by means of a questionnaire, which covers the following matters:

  • Objectives and scope of activities of the Interpretations Committee
  • Membership
  • Operating procedures
  • Agenda criteria
  • Outputs from the Committee
  • Communications
  • Leadership
  • Interaction with the IASB.

The closing date for completion of the questionnaire is 31 January 2010. The Trustees are expected to publish a report from their review of the Interpretations Committee in the first half of 2011.

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26 October 2010: Japanese translation of our IFRS in Focus newsletter on financial asset transfer disclosures

Deloitte's IFRS Centre of Excellence in Japan has published a Japanese translation of the following IFRS in Focus newsletter: IASB amends disclosures about transfers of financial assets (PDF 214k). Here is the English Version (PDF 139k). Our summary of the overall Derecognition project can be found Here.

We have put permanent links to all Japanese translations of the IFRS in Focus newsletters on our Japan Page. The Japan Center of Excellence IFRS web pages are Here (in Japanese).

26 October 2010: Spanish Heads Up on insurance contracts

We have posted the following Spanish language Heads Up publication from Deloitte (Colombia). Many more Spanish language translations of Deloitte publications can be found here: Recursos en Español.

25 October 2010: Deloitte comment letter on the IASB's removal of fixed dates exposure draft

Deloitte's IFRS Global Office has submitted a letter of comment to the IASB on exposure draft ED/2010/10 Removal of Fixed Dates for First-time Adopters.

The proposal would amend IFRS 1 by replacing references to a fixed transition date of ‘1 January 2004' with ‘the date of transition to IFRSs'.

We agree with the Board's proposal and its justification articulated in the Basis for Conclusion.

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25 October 2010: CESR summaries of IFRS enforcement decisions
The Committee of European Securities Regulators (CESR) has published its ninth 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 #9 of CESR's extracts:
  • Classification of financial liabilities
  • Financial instruments – Hedge accounting
  • Revenue recognition
  • Intangible assets
  • Impairment of non-financial assets
  • Consolidation
  • Share-based payment
  • Financial instruments – disclosures
  • Impairment of non-financial assets – disclosures
Click to download this and earlier decision summaries:

25 October 2010: IASB und FASB decelerate three projects
During their joint meeting in October 2010, the IASB and the FASB deliberated the projects Reporting Entity (Conceptual Framework, phase D), Financial Statement Presentation and Financial Instruments with Characteristics of Equity (Liabilities and Equity) against the background of the Boards' entire work plan. Both boards concluded that all three projects deserve much more attention than the current Boards' capacity allows. As a consequence, in the view of the IASB and the FASB, the deferral is inevitable, though changes to the work plan have not been decided by the boards yet.

In particular, the project on Financial Instruments with Characteristics of Equity which attracted much attention from constituents in Germany and New Zealand seems to have been sidelined. Thus, neither targeted changes to IAS 32 (e.g. puttable instruments, convertibles, and non-controlling interest) – as signalled recently – nor a proposal of a fundamental new classification principle for equity can be expected before June 2011.

25 October 2010: G20 Finance Ministers and Central Bank Governors push for global standards and consistency

A Communiqué has been issued from the meeting of the G20 Finance Ministers and Central Bank Governors held in Gyeongju, Korea on 23 October 2010.

Whilst the key outcomes from the meeting concern reform of the International Monetary Fund (IMF) and avoiding so-called "currency wars", the Communiqué also discusses the consistent global implementation of accounting, banking and regulatory standards. The Financial Stability Board (FSB) had previously met on 20 October 2010 to discuss key elements of these financial reforms.

An excerpt from the Communiqué follows:

We are committed to take action at the national and international level to raise standards, so that our national authorities implement global standards consistently, in a way that ensures a level playing field and avoids fragmentation of markets, protectionism and regulatory arbitrage. To build a stronger global financial system, we have agreed to prioritize the following issues on the agenda for the Seoul Summit:

  • Welcome and commit to fully implement within the agreed timeframe the new bank capital and liquidity framework drawn up by the Basel Committee and the Governors and Heads Of Supervision
  • ...
  • Commitment to implement all aspects of the G20 financial regulation agenda, in an internationally consistent and non-discriminatory manner, including the commitments on OTC derivatives, compensation practices and accounting standards and FSB principles on reducing reliance on credit rating agencies...

The FSB press release discussing the FSB meeting on 20 October 2010 notes the following in relation to accounting convergence:

Accounting convergence. The FSB recognised progress toward improved, converged accounting standards in four main areas: impairment of financial assets; derecognition; addressing valuation uncertainty in fair value measurement guidance; and netting/offsetting of financial instruments. The FSB reaffirmed its support of standards that do not expand the use of fair value measurement recognition for lending activities, a position echoed by the comments of many investors and other stakeholders, and expressed hope that the FASB and IASB consideration of stakeholders' comments on proposed standards will result in improved and converged approaches. More generally, the FSB encourages the IASB and FASB to continue their efforts to achieve improved converged financial instrument accounting standards by June 2011.

The G20 World Leaders' Summit will be held in Seoul, Korea on 11-12 November 2010. Click for:

25 October 2010: New Heads Up on PCOAB Standing Advisory Group meeting

Deloitte (United States) has released a Heads Up summarising the meeting of the PCAOB's Standing Advisory Group (SAG) held on 13-14 October 2010.

The meeting discussed the following: designing and implementing a firm system of quality control, FASB projects and their potential impact on auditors, and potential PCAOB rulemaking regarding the failure to supervise. In addition, the PCAOB provided an update on recent PCAOB developments and on its standard-setting activities.

The following extract from the newsletter discusses the impact of more principles-based accounting as the FASB and IASB work together on joint projects and the United States considers IFRS adoption:

There was considerable debate and discussion regarding the increase in judgment that will be expected of both issuers and auditors as a result of the more principles-based approach the FASB is taking in the accounting standards. The discussion included the following observations:

  • Increased judgment results in a need for increased documentation to support those judgments. Some suggested that the SEC should explicitly require such documentation by issuers.
  • Some suggested that issuers need a judgment framework to help them make accounting decisions. Others believed that a similar judgment framework should also be developed for auditors, although there was some disagreement on this point.
  • Some cautioned that, rather than be indirectly contained in PCAOB standards, guidance for issuers should be developed and released by the SEC.
  • Board member Charlie Niemeier raised concerns about what appears to be a trend of relying on increased disclosures to offset measurement uncertainty, even though disclosures are subjective and difficult to audit.
  • One member wanted to emphasize the importance of professional skepticism on the part of auditors.

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25 October 2010: Joint ACCA-Deloitte conferences on 'IFRS in the UK'

The Association of Chartered Certified Accountants (ACCA) and Deloitte are hosting two conferences in November on IFRS for companies in the United Kingdom.

The conferences, entitled 'Choosing your GAAP - IFRS for UK Companies', will discuss the UK Accounting standards Board (ASB) consultation document (issued in late 2009) with respect to introducing the IFRS for SMEs, and the consequent Financial Reporting Exposure Draft (FRED) expected in November 2010. The new accounting framework will affect tens of thousands of companies in the UK.

The locations and dates are as follows:

  • Edinburgh - 16 November 2010, speakers will be Jim Boyle (Deloitte Partner) and Andy Simmonds (Deloitte Partner and ASB board member) (more information)
  • Aberdeen - 24 November 2010, speakers Graham Hollis (Deloitte Partner), Chris Hunter (Deloitte Audit Senior Manager) and Christine Couper (Deloitte Tax Manager) (more information).

25 October 2010: Spanish IFRS in Focus on transfers of financial assets

We have posted the following Spanish language IFRS in Focus publication from Deloitte (Colombia). You will find all of our resources in Spanish Here.

24 October 2010: Deloitte comment letter on the IASB's revenue from contracts with customers exposure draft

Deloitte's IFRS Global Office has submitted a letter of comment to the IASB on exposure draft ED/2010/6 Revenue from Contracts with Customers.

The core principle proposed in the ED would require an entity to recognise revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to receive in exchange for those goods or services.

Below is an excerpt from the comment letter:

We disagree with certain aspects of the ED's proposals and we have significant concerns over other aspects. Nevertheless, we continue to support the boards in their overall objective of creating a common revenue Standard, and we believe that the work done by the boards to date can, if further developed and modified, form the basis for a clear and robust Standard on revenue recognition.

Our main concern with the ED is that the material in relation to 'control' is neither well developed nor clearly explained. As drafted, the guidance could be interpreted in a number of ways, which could lead to significant diversity in practice. We note that it is particularly unclear how the proposed guidance should be applied to the provision of many services.

We believe the ED's proposals on how the transaction price should be allocated between performance obligations, and on how to account for contract modifications that are judged interdependent, should be modified. As currently drafted, they will sometimes result in accounting that fails to depict properly the economic substance of the underlying arrangements.

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22 October 2010: Notes from Days 3 and 4 of the October IASB meeting

The IASB met in London on Thursday 21 October and Friday 22 October for its regular monthly meeting. The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

22 October 2010: Additional IASB/FASB meeting in November

At their meeting yesterday afternoon the IASB and FASB decided to have a three day special meeting on Financial Instruments: Impairment in November. The sessions will be afternoon only; approximate times are:

  • Wednesday, 10 November 2010, 3:00pm - 6:00pm (UK time)
  • Thursday, 11 November 2010, 2:00pm - 5:00pm (UK time)
  • Friday, 12 November 2010, 2:00pm - 5:00pm (UK time)

22 October 2010: Spanish IFRS in Focus on conceptual framework

We have posted the following Spanish language IFRS in Focus publication from Deloitte (Colombia). You will find all of our resources in Spanish Here.

21 October 2010: New Heads Up on effective dates of FASB projects

This Heads Up discusses the FASB's recently issued discussion paper (DP), Effective Dates and Transition Methods. The objective of the DP is to obtain feedback from the FASB's stakeholders on (1) the time and effort they would need to adopt several new and significant accounting and reporting standards and (2) the dates those new standards should be effective.

On 19 October, the FASB and IASB published documents seeking views on when new financial reporting standards resulting primarily from their work to improve and achieve convergence of International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) should become effective.

Click to download:

21 October 2010: Accounting experts debunk IFRS myths

CFO.com recently published an article that provides some interesting perspectives on IFRS. The article identifies seven misconceptions about IFRS, many of which deal with convergence and the adoption of IFRS in the United States. A group of IFRS experts debunk those misconceptions. You can access this article here (link to CFO.com website).

21 October 2010: IASB webcast on insurance contracts exposure draft

On Monday 25 October, IASB member Elke König and IASB staff will present a live webcast focusing on reinsurance specific aspects of the recently published exposure draft Insurance Contracts. There is no charge to attend the web presentation, but you need to register to participate. You can do this now or any time before the presentation. Details of the webcast are as follows:

  • Topic: Reinsurance specific aspects of the recently published exposure draft on insurance contracts
  • Date and time: Monday, 25 October 2010, 10:00am and repeated again 3:00pm (UK time)
  • More information on the webcast and registration: click here (link to IASB website)
  • More information on IAS Plus: For our agenda project page click here

21 October 2010: Deadline reminder – EDs on Revenue and Removal of Fixed Dates
We remind you that comments on the Exposure Drafts Revenue from Contracts with Customers and Removal of Fixed Dates for First-time Adopters are due on 22 October 2010 and 27 October 2010, respectively.

The ED on revenue aims at improving financial reporting of revenue from contracts with customers and related costs. If adopted, the proposal would create a single revenue recognition standard for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) that would be applied across various industries and capital markets.

The ED on fixed dates would amend IFRS 1 by replacing references to a fixed transition date of ‘1 January 2004' with ‘the date of transition to IFRSs'. As a result, entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs.

21 October 2010: Monitoring Board – IFRS Foundation Trustees Meeting

On Thursday 28 October 2010, the Monitoring Board and IFRS Foundation Trustees will meet in New York. Topics to be discussed are:

  • Report from the Monitoring Board on recent activities
  • Report from the IFRS Foundation on recent activities
  • Budget 2011 and financing strategy
  • Strategy planning post completion MoU projects

The meeting is taking place between 2:30 - 4:00pm New York time (7:30 - 9:00pm London time) and will be webcast. More information and registration: click here (link to IASB website).

20 October 2010: Notes from Day 2 of the October IASB meeting

The IASB met in London on Wednesday 20 October for the second day of its regular monthly meeting. The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

20 October 2010: FASB webcast on insurance contracts

The FASB has released a recorded webcast ('webinar') on the FASB's recently issued Discussion Paper Preliminary Views on Insurance Contracts. The webinar discusses why the FASB issued the discussion paper and discusses how and why the FASB's preliminary view on certain accounting issues differs from the IASB's exposure draft on insurance contracts.

20 October 2010: AICPA IFRS Readiness Survey 2010
The American Institute of Certified Public Accountants (AICPA) has published its IFRS Readiness Survey 2010 showing that the movement within the U.S. accounting profession toward IFRS has been on hold since May 2010.

The IFRS Readiness Survey is a semi-annual survey of AICPA members that is used to gauge the level of knowledge members have about IFRS, their knowledge needs and the progress their organizations are making towards implementing IFRS.

According to the survey, basic familiarity with IFRS has remained stable since May 2010 at 45% and the number of companies and firms actively preparing for adoption or ready for adoption has remained about the same at 13.5%. 38% of respondents indicated they are delaying implementation while waiting for SEC action.

The largest proportion of respondents support adoption of IFRS, and a majority of members believe a 2015-2016 adoption target would allow enough time for implementation, if the SEC decides in 2011 to require IFRS at a future time. Last week's AICPA comment letter to the SEC on IFRS adoption reflects this view.

Click for AICPA press release and access to the IFRS Readiness Survey 2010 (links to AICPA website).

20 October 2010: October IASB meeting – minor agenda change and additional meeting

The IASB has announced a minor change to the agenda for the current meeting and an additional meeting to be held next week. The discussion of Financial Instruments: Hedge Accounting – Hedging instruments scheduled for Thursday has been removed from the agenda. At the same time an additional IASB meeting has been announced for 27 October 2010. The topic to be discussed is Financial Instruments: Hedge Accounting.

20 October 2010: Notes from Day 1 of the October IASB meeting

The IASB met in London on Tuesday 19 October for the first day of its regular monthly meeting. The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

20 October 2010: UK survey on narrative reporting

Deloitte (United Kingdom) has released a new publication entitled Swimming in words (PDF 6,619k), the latest annual survey of narrative reporting in the United Kingdom.

The survey analyses the narrative reporting of 130 listed companies, split into two categories, being investment trusts and other companies. It includes a review of:

  • how compliance with the disclosure requirements of the UK Companies Act 2006, the Listing Rules, the Disclosure and Transparency Rules and the Combined Code varied
  • the extent to which companies have adopted the UK Financial Reporting Council's revised guidance on going concern and liquidity
  • the use of the UK Accounting Standards Board's Reporting Statement: Operating and Financial Review.

The UK Department for Business, Innovation and Skills (BIS) issued a consultation paper on the future of narrative reporting in the United Kingdom in August 2010. The consultation period closed on 19 October 2010 and Deloitte has provided the results of the 2010 survey to BIS.
Main findings
  • the average length of the annual reports of UK listed companies is now over 100 pages for the first time (at 101 pages), more than double the average length of 44 pages recorded in 1996 when the surveys commenced
  • 93%, 94% and 90% of corporates provided the required information about the environment, employees, and social and community issues respectively. These percentages were a significant improvement on the 2009 equivalents of 87%, 89% and 70%
  • 90% of companies clearly identified key performance indicators, an increase from 84% in 2009. The average number of key performance indicators was seven
  • 4% of companies (2009: 7%) had received a modified audit report relating to going concern. While it is positive that this number has decreased, more companies named the state of the economy as a key business risk. Three quarters of companies did so in 2010 compared with 63% of companies in 2009
  • 35% (2009: 32%) of companies fully complied with the UK's Combined Code on Corporate Governance.

Click for Swimming in words - Surveying narrative reporting in annual reports (PDF 6,619k).

20 October 2010: Deloitte Japan webcast on IASB lease proposals


Deloitte's IFRS Centre of Excellence in Japan has released a recorded webcast on the IASB's exposure draft ED/2010/9 Leases.

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19 October 2010: FASB webcast on leases exposure draft


On Thursday, 28 October 2010, the FASB staff will present a live webcast to discuss its recently issued Exposure Draft, Leases. The webcast will include an overview of the changes to lease accounting proposed by the FASB and the IASB in their joint leases project. There is no charge to attend the web presentation, but you need to register to participate. You can do this now or any time before the presentation. Details of the webcast are as follows:

  • Topic: Proposed Changes to Lease Accounting
  • Date and time: Thursday, 28 October 2010, 11:00am (EDT) / 4:00pm (UK time)
  • More information on the webcast and registration: click here (link to FASB website)
  • More information on IAS Plus: For our agenda project page click here

19 October 2010: IASB and FASB consult on effective dates for convergence accounting standards
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published documents seeking views on when new financial reporting standards resulting primarily from their work to improve and achieve convergence of International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) should become effective.

With a number of major projects planned to be completed in 2011, the boards are seeking views on whether or how to sequence effective dates in order to reduce the burden to interested parties. In deciding how to proceed, the IASB will consider the needs of jurisdictions already using IFRSs as well as those planning to do so. Feedback from the consultation will inform the boards as they jointly develop an implementation plan for those new standards that helps stakeholders to manage both the pace and cost of change.

The request for views is open for comment until 31 January 2011.

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19 October 2010: Newsletter on amendments to IFRS 7

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB amends disclosures about transfers of financial assets (PDF 139k). This newsletter describes the recently published amendments to IFRS 7 that increase the disclosure requirements for transactions involving transfers of financial assets. These amendments are intended to provide greater transparency around risk exposures of transactions where a financial asset is transferred but the transferor retains some level of continuing involvement in the asset.

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19 October 2010: ISAR considers corporate reporting, climate-change reporting and corporate governance

The twenty-seventh session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) was held in Geneva on 13-15 October 2010. ISAR assists developing countries and economies in transition to implement best practices in corporate transparency and accounting in order to facilitate investment flows and economic development. ISAR's annual sessions regularly involve over 300 delegates from more than 100 countries.

The key outcomes from the session include:

  • Capacity-building framework for high-quality corporate reporting. The Group of Experts further underscored the need for high-quality corporate reports to facilitate the mobilisation of domestic and international financial resources and to foster investors' confidence. The paper considered at the meeting highlights IFRS (and the IFRS for SMEs and International Public Sector Accounting Standards) as key planks in this framework.
  • Climate change-related corporate reporting. The Group of Experts recognised that a harmonised approach to greenhouse gas (GHG) emissions disclosure is necessary to improve high-quality corporate reporting to policymakers, investors and other stakeholders and as such also to facilitate low-carbon policies such as, inter alia, "cap-and-trade" systems and carbon taxes.
  • Corporate governance disclosures. The Group of Experts reiterated the importance of corporate governance disclosure for attracting investment and promoting sustainable and stable economic growth. ISAR recognised that high-quality disclosure in this area adds value for policymakers, shareholders and other stakeholders (see also our story below).

Click for Agreed conclusions from the session (link to United Nations Conference on Trade and Development website).

19 October 2010: ISO standard on brand valuation

The International Organization for Standardization (ISO) has published ISO 10668:2010 Brand valuation — Requirements for monetary brand valuation, which specifies requirements for procedures and methods of monetary brand value measurement for many purposes, including for accounting purposes.

ISO 10668:2010 specifies a high-level framework for brand valuation, including objectives, bases of valuation, approaches to valuation, methods of valuation and sourcing of quality data and assumptions. It also specifies methods for reporting the results of such valuations. As a high-level and wide-scope document, it does provides general guidance only and is considered to be largely consistent with existing valuation practice.

The standard may be Downloaded from ISO's website.

19 October 2010: Outcomes of IFAC and UNCTAD conference on corporate governance


On 12 October 2010, the International Federation of Accountants (IFAC) and the United Nations Conference on Trade and Development (UNCTAD) hosted a conference in Geneva, Switzerland to discuss the next steps for global corporate governance reforms in light of the global financial crisis. IFAC has recently announced the outcomes of the conference.

The conference delegates acknowledged the accounting profession has a key role to play in strengthening corporate governance and facilitating the integration of governance and sustainability into strategy, operations, and reporting. The delegates also noted the need for board level focus on sustainability, improved risk management and executive compensation arrangements, and a need global dialogue between policy makers, the accounting profession, and other financial industries.

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19 October 2010: Updated IFAC guide to the audit of SMEs

The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) has published the second edition of its Guide to Using International Standards on Auditing (ISAs) in the Audit of Small- and Medium-sized Entities. The implementation guide is intended to help practitioners understand and efficiently apply the Clarified International Standards on Auditing (ISAs), which are effective for audits of financial statements for periods beginning on or after 15 December 2009.

Click for IFAC press release (link to IFAC website). The guide may be Downloaded from IFAC's website.

18 October 2010: IASB and FASB announce public roundtable meetings on insurance contracts proposals

The IASB and FASB plan to hold several public roundtable meetings in December 2010 to discuss the their joint Insurance Contracts project. The purpose of these roundtable meetings is to listen to the views of, and obtain information from, interested stakeholders about the IASB/FASB exposure draft on insurance contracts.

The dates and locations of the roundtables are as follows (exact times and locations are yet to be announced):

  • Tokyo - Thursday 9 December 2010
  • London - Thursday 16 December 2010
  • Norwalk, Connecticut - Monday 20 December 2010

Those who wish to participate in the roundtables in Tokyo and London must register to do so by 1 November 2010. Those who wish to participate in the roundtable in Norwalk must register by 15 November 2010. Click for IASB announcement (link to IASB website) and FASB media release (United States session only, link to FASB website).

18 October 2010: IFRS for SMEs – additional training materials published
The IFRS Foundation has published additional modules of its comprehensive set of training materials for the IFRS for SMEs. There will be one training module for each of the 35 sections in the IFRS for SMEs, 22 are so far available, and the remaining 13 modules are planned for release before the end of 2010. Each module is one PDF file and can be downloaded without charge from the IFRS Foundation's Website. Click here to go to the Training Materials. Available modules cover Sections 1, 3, 4, 5, 6, 8, 10, 11, 13, 14, 15, 16, 17, 18, 20, 21, 23, 24, 25, 28, 29, and 32 of the IFRS for SMEs. More information on the IFRS for SMEs is available in our IAS Plus page summarizing the IFRS for SMEs.

18 October 2010: IFRS adoption will need five years preparation time


In a comment letter on the call for views on aspects of possible IFRS transition of the Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA) supports the goal of a single set of high-quality, comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial reports throughout the world and notes that the standards issued by the International Accounting Standards Board (IASB) are best positioned to become those standards.

However, the AICPA warns that companies will need five years preparation time to adopt IFRS if the SEC requires two years of historical comparative financial statements. If only one year of comparative financial statements is required, a four-year transition period would be needed to adopt IFRS. The AICPA would support a decision by the SEC to require only one year of comparative financial statements.

Click for AICPA comment letter to the SEC (PDF 269k, link to AICPA website).

18 October 2010: Revenue recognition for technology companies
In June 2010, the IASB and the FASB jointly published an Exposure Draft (ED) on Revenue from Contracts with Customers. If adopted, the proposals would supersede IAS 11 Construction Contracts and IAS 18 Revenue and related interpretations. The core principle proposed in the ED would require an entity to recognise revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to receive in exchange for those goods or services.

What makes this ED even more significant is that the two GAAPs differ most in their approach: current IFRS has comparatively little guidance, compared to the series of detailed rules on application that US GAAP has.

Deloitte UK has now published Revenue recognition for technology companies, giving examples of how the proposed approach in the Exposure Draft will be applied in scenarios common to technology companies who report under both IFRS and US GAAP.

Click for Revenue recognition for technology companies (PDF 2,295k). Comment deadline on the ED is 22 October 2010.

18 October 2010: Canadian securities regulators introduce amendments to oil and gas disclosure

The Canadian Securities Administrators have introduced amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and related forms, which are designed to improve and clarify the disclosure of oil and gas reporting issuers.

The proposed amendments fall into three broad categories:

  • amendments for clarification
  • amendments to codify existing staff guidance and practice
  • added requirements to enhance reliability of certain disclosure of reserves and resources other than reserves.

One aspect of the amendments is to create rules for the guidance that had previously been provided for the disclosure of reserves and resources other than reserves. The amendments will come into force across Canada on December 30, 2010.

The IASB earlier this year formally released DP/2010/1 Extractive Activities, which also proposes disclosure of reserves and resources information. In our comment letter on DP/2010/1 (PDF 82k), we noted the importance of the IASB and regulators applying the same reserve and resource definitions and disclosures to avoid the need for multiple and costly reserve and resource calculations under differing frameworks.

Click for press release (link to CSA website). Our Canada country page is Here.

18 October 2010: Japanese translation of our IFRS in Focus newsletter on the Conceptual Framework

Deloitte's IFRS Centre of Excellence in Japan has published a Japanese translation of the following IFRS in Focus newsletter: IASB completes first phase of joint project on Conceptual Framework for Financial Reporting (PDF 197k). Here is the English Version (PDF 67k). Our summary of the Conceptual Framework project can be found Here.

We have put permanent links to all Japanese translations of the IFRS in Focus newsletters on our Japan Page. The Japan Center of Excellence IFRS web pages are Here (in Japanese).

16 October 2010: October 2010 IASB meeting – changes to agenda
There have been changes to the agenda and running order on all meeting days of the October 2010 IASB meeting. The updated agenda is available here.

15 October 2010: New Accounting Alert from Deloitte Canada

Deloitte (Canada) has published a new Accounting Alert which addresses changes to the Canadian Securities Administrators (CSA) securities rules for IFRS changeover.

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15 October 2010: Deloitte IFRS Podcast on financial instruments: hedge accounting
Andrew Spooner, lead IFRS financial instruments partner, and Bob Uhl, head of the US Accounting Standards group and IFRS Centre, debate the IASB and FASB's proposals for hedge accounting. They debate the FASB proposals contained in their exposure draft on accounting for financial instruments and how they compare with the tentative conclusions the IASB has reached in developing their to be issued exposure draft. The discussion is chaired by Robert Bruce. The podcast is available for download here (18:28 mins, 22mb) or via iTunes; it is the third in a series that will be posted to IAS Plus. All podcasts of the series are available here.

15 October 2010: European Commission conference on financial reporting and auditing
On 9 and 10 February 2011, the European Commission will hold a high-level conference on accounting and auditing issues.

The first day will focus on accounting. The speakers will address questions related to governance of the standard setting process in an international context and will launch a debate on the objectives of financial reporting. Issues linked to the use of IFRS as the world-wide accounting standards such as convergence and the practical challenges of consistent application globally will also be discussed.

The second day will be dedicated to the European audit market. Discussions with a wide range of stakeholders will consider the need to further improve the European audit market and explore the best possible ways forward. The conference will offer a first glimpse of the results of the Green paper adopted on 13 October 2010.

More information on the conference is available on the European Commission's website.

15 October 2010: IASB remains committed to issue a final standard on consolidation at the end of 2010

On 11 October 2010, the US Financial Accounting Standards Board (FASB) announced that its two round-table meetings to seek views from stakeholders on the IASB staff draft on consolidated financial statements have been rescheduled from Monday 25 October to Monday 22 November 2010.

The IASB is participating in the round-table meetings and has now published a statement that, at this stage, it remains committed to issue the final standard on consolidation at the end of 2010 despite the delay of these meetings. However, it will review its timetable for completion of the final standard on consolidation following the round-table meetings.

15 October 2010: IASB and FASB announce public roundtable meetings on lease accounting proposals

The IASB and FASB plan to hold several public round-table meetings in December 2010 and January 2011 to discuss the their joint Leases project. The purpose of these round-table meetings is to listen to the views of, and obtain information from, interested stakeholders about the IASB/FASB exposure draft on leases.

The dates and locations of the roundtables are as follows (exact times and locations are yet to be announced):

  • London - Friday 17 December 2010
  • Hong Kong - Monday 20 December 2010
  • Chicago, Illinois - Wednesday 5 January 2011
  • Norwalk, Connecticut - Thursday 6 January 2011

Those who wish to participate in the round tables must register to do so by 1 November 2010. Click for IASB announcement (link to IASB website) and FASB media release (United States sessions only, link to FASB website).

14 October 2010: FASB issues new ASU on insurance contracts

The FASB has released Accounting Standards Update (ASU) No. 2010-26 – Financial Services – Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts (link to FASB website). The ASU clarifies which costs incurred in the acquisition of new and renewal contracts should be capitalized. Within IFRSs, there is no guidance prohibiting or requiring the deferral of acquisition costs.

The ASU results from the September meeting of FASB's Emerging Issues Task Force. More information about the decisions reached at the EITF meeting can be found in the EITF Snapshot (PDF 129k).

The IASB and U.S. FASB are also currently working on a project on Insurance Contracts. A final IFRS is expected in the second quarter 2011.

14 October 2010: IFRS Survey 2010: A closer look at financial reporting in Switzerland
Deloitte Switzerland has completed a first survey of the application of IFRS accounting standards by Swiss public companies. The survey was based on 2009 annual reports published by 30 companies with a total market capitalisation of 572 billion francs, or 62% of the total market capitalisation of the Swiss stock exchange. In selecting the sample, the aim was to include not only the largest listed companies but also to ensure that entities which were selected varied as much by activity as by geographic location. Ten of the companies selected are included in the SMI index.

The main objectives of the survey were to discover:

  • the level of variety in presentation of the primary statements in listed companies' financial statements;
  • which critical judgments and key estimations directors consider to be the most significant when preparing their financial statements;
  • how compliance with disclosure requirements and the accounting policy choices made under IFRSs varied;
  • the impact of changes to accounting standards effective for the first time in 2009; and
  • how companies comply with disclosure requirements specific to Swiss listed companies.

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14 October 2010: European Union ponders audit reform

The European Commission has issued a consultation paper on audit policy. A Green Paper has been issued, entitled Audit Policy: Lessons from the Crisis, which seeks to open debate on the role of the auditor, the governance and the independence of audit firms, the supervision of auditors, the configuration of the audit market, the creation of a single market for the provision of audit services, the simplification of rules for Small and Medium Sized Enterprises (SMEs) and Practitioners (SMPs) and the international co-operation for the supervision of global audit networks.

The Green Paper discusses some significant matters, including:

  • whether the mandatory rotation of audit firms - not just of audit partners - should be considered
  • whether the appointment, remuneration and duration of the engagement would be the responsibility of a third party, perhaps a regulator, rather than the company itself
  • whether there is a need for more 'joint audits' or 'audit consortia'
  • a genuine single market for the provision of audit services based on enhanced harmonisation of rules and the creation of a "European passport" for auditors which would allow them to provide services on an EU wide basis
  • the need for a comprehensive debate on what needs to be done to ensure that both audits of financial statements and auditor reports are "fit for purpose"
  • whether efforts should be made to create a specific environment for the audit of SMEs (e.g. "limited audits")
  • when and how to introduce the International Standards on Auditing in the European Union.

Comments on the Green Paper close on 8 December 2010. The Commission will host a high level Conference on 10th February 2011, aimed at discussing the present Green Paper and the main findings of this consultation with all stakeholders and explore possible ways forward. Once this consultation phase is closed the Commission will announce any appropriate follow up measures and proposals in 2011.

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14 October 2010: Proposed international auditing standard on auditing complex financial instruments

The International Auditing and Assurance Standards Board (IAASB) has proposed a new proposed pronouncement – International Auditing Practice Statement (IAPS) 1000 Special Considerations in Auditing Complex Financial Instruments. The proposed IAPS highlights practical considerations for auditors when dealing with complex financial instruments, giving particular emphasis to auditing considerations relating to valuation and disclosure issues for financial statement items measured at fair value.

Along with the proposed IAPS 1000, the IAASB is also exposing for comment proposed changes to the current Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which explains the authority of this and future IAPSs.

Click here for IAASB Press Release (IFAC website), which includes a link to download the proposal. Comments are due by 11 February 2011.

14 October 2010: Japanese translation of our IFRS in Focus newsletter on IASB severe hyperinflation proposals

Deloitte's IFRS Centre of Excellence in Japan has published a Japanese translation of the following IFRS in Focus newsletter: IASB issues Exposure Draft on First-time Adoption of IFRSs after a period of Severe Hyperinflation (PDF 185k). Here is the English Version (PDF 65k).

We have put permanent links to all Japanese translations of the IFRS in Focus newsletters on our Japan Page. The Japan Center of Excellence IFRS web pages are Here (in Japanese).

13 October 2010: Hans Hoogervorst appointed new IASB chairman – first reactions

Hoogervorst

Following yesterday's announcement that Hans Hoogervorst will succeed Sir David Tweedie on his retirement as chairman of the IASB at the end of June 2011 and that Ian Mackintosh will become vice-chairman, first reactions have been voiced.

Michel Barnier, European Commissioner for Internal Market and Services, welcomes the appointment of Hans Hoogervorst as future Chairman of the IASB: "Hans's background and experience as a minister and supervisor make him well suited to the job, giving him a good understanding for the broader international context in which the IASB operates." (click for full statement)

George Möller, Chairman of the Board of Trustees of the Netherlands Authority for the Financial Markets (AFM), calls Hoogervorst's switch "a great pity for the AFM, but a great fortune for him, for the Netherlands and for the IASB." (our translation, click for full statement in Dutch)

Hans Hoogervorst, newly appointed IASB chairman, looks forward to his tasks with the IASB: "The standards are a motor of financial modernization, especially in the emerging markets." Nevertheless, he leaves the AFM "with a pain in the heart". (our translations, click for full statement in Dutch)

Michael Izza, chief executive of the Institute of Chartered Accountants in England and Wales, does not envy the tasks waiting for Hoogervorst: "He, and his future deputy Ian Mackintosh, needs to build on the tremendous progress made by David Tweedie towards achieving a single set of global accounting standards, working towards a positive US decision on adoption of International Financial Reporting Standards (IFRS). At the same time they need to inaugurate the transition to a new and very different phase of international accounting where the quality of existing and new standards is the overriding priority for the Board. They have an unenviable to-do list." (click for full statement)

Baroness Hogg, chairman of the Financial Reporting Council (FRC), welcomes the appointment of Ian Mackintosh as vice-chairman: "This is a critical time in the development of a single set of high quality global accounting standards and I know that Ian's wealth of international experience will be of enormous value to the IASB." (click for full statement)

Insight into Hans Hoogervorst's thinking and an interview with Ian Mackintosh is also available in our new Robert Bruce column.

13 October 2010: ITA project publishes Global Filing Manual for XBRL
The Interoperable Taxonomy Architecture (ITA) project has published the first set of aligned XBRL (eXtensible Business Reporting Language) filing rules for global use, in the form of The Global Filing Manual. The manual contains a set of rules which provide guidance on the preparation, filing and validation of XBRL filings created using the IFRS Taxonomy, the EDINET (Electronic Disclosure for Investors' NETwork) Taxonomy or the U.S. GAAP Taxonomy. The ITA project is aiming at achieving the convergence of these XBRL frameworks. It is hoped that this architectural convergence will support the analysis and comparison of financial data reported in XBRL format, by enabling software vendors to develop applications for IFRS, Japanese GAAP and U.S. GAAP reporting based on a single XBRL architecture.

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13 October 2010: FASB proposes ASU to improve financial reporting about TDRs

The FASB has released Proposed Accounting Standards Update, Receivables (Topic 310): Clarifications to Accounting for Troubled Debt Restructurings by Creditors (link to FASB website). The proposed ASU provides additional guidance to assist creditors in determining whether a restructuring of a receivable meets the criteria to be considered a troubled debt restructuring (TDR). If finalized, this guidance will help to improve the consistency of applying U.S. GAAP for restructurings. Similar issues do not exist under IFRS, since there is no guidance for TDRs in IFRSs. Deloitte LLP (USA) has published a Heads Up Newsletter explaining the proposed ASU: FASB Addresses Troubles With Restructurings (PDF 106k).

Comments on the proposed ASU are due by 13 December 2010.

13 October 2010: Updated EFRAG 'endorsement status report'
The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. Click to download the Endorsement Status Report as of 13 October 2010 (PDF 156k). Currently, the following three IASB pronouncements await endorsement action:
  • IFRS 9 Financial Instruments
  • Amendments to IFRS 7 Financial Instruments: Disclosures
  • Improvements to IFRSs
You can always find the endorsement status report Here.

13 October 2010: United States "Blue Ribbon" Panel prefers 'GAAP with exceptions' for private companies

The United States Financial Accounting Foundation (FAF) has issued a press release outlining the majority preferred view of the AICPA/FAF/NASBA "Blue Ribbon" Panel on reporting by private companies in the United States.

A majority of the panel believes there is a need for a new standard-setting model that follows Generally Accepted Accounting Practices (GAAP) with exceptions for private companies. In addition, the majority envisions a separate private company standards board under the oversight of the FAF. This outcome is consistent with our earlier stories and appears to confirm the IFRS for SMEs will not be adopted in the United States in the short term.

The Panel's recommendations are expected to be finalised at a meeting in December before a formal report is issued in January 2011, after which the FAF will consider the recommendations and likely call for further constituent comment.

Click for FAF press release (link to FAF website).

Our previous stories on the 'Blue Ribbon' Panel include:

  • 5 October 2010 'AICPA calls for new standards board for private companies'
  • 21 September 2010 'Call for United States not to overlook IFRS for SMEs'
  • 14 September 2010 'Update on United States private company reporting'
  • 6 August 2010 'Blue Ribbon Panel calls for submissions on US private company reporting'

12 October 2010: Trustees appoint Hans Hoogervorst to succeed Sir David Tweedie

Hoogervorst

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced the appointment of Hans Hoogervorst as chairman and Ian Mackintosh as vice-chairman of the IASB.

Hans Hoogervorst will succeed Sir David Tweedie on his retirement as chairman of the IASB at the end of June 2011. He is currently chairman of the Netherlands Authority for the Financial Markets (AFM), the Dutch securities and market regulator, chairman of the Technical Committee of the International Organization of Securities Commissions (IOSCO) and co-chair of the Financial Crisis Advisory Group (FCAG), an independent body of senior leaders formed to advise accounting standard-setters on their response to the global financial crisis. He will step down from all his present positions in order to join the IASB.

Ian Mackintosh, a former chief accountant of the Australian Securities and Investment Commission, has more than 30 years experience of national and international accounting standard-setting. He is currently chairman of the UK Accounting Standards Board and chairman of the group of national accounting standard-setters, a body in which more than 20 national and regional accounting standard-setting organisations participate.

The new chairman brings a strong understanding of, and an ability to navigate through, the challenges facing the IASB on the path to global IFRS adoption. Mr. Mackintosh's significant experience in the standard-setting field will assist the IASB as it seeks to establish IFRSs as the global standard.

Biographies of Mr. Hoogervorst and Mr. Mackintosh as well as their statements concerning their firm commitment to protecting the independence of the standard-setting process and acting in the interest of investors and other stakeholders are available in the IASB's press release (PDF 34k).

Insight into Hans Hoogervorst's thinking and an interview with Ian Mackintosh is also available in our new Robert Bruce column.

12 October 2010: Duck-Koo Chung to serve as Trustee of the IFRS Foundation

The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today confirmed the appointment of Duck-Koo Chung to serve as a Trustee of the IFRS Foundation for an initial three-year term, with effect from 1 January 2011.

Duck-Koo Chung is a former Minister of Commerce, Industry and Energy for the Republic of Korea. He is a visiting professor of international finance at Korea University and Renmin University in Beijing, Republic of China, and a founding member of the North East Asian Research (NEAR) Foundation, a research group comprising, Chinese, Japanese and Korean international finance experts.

Jeffrey Lucy (Australia) and Pedro Malan (Brazil) have been reappointed to serve as Trustees of the IFRS Foundation. More information is available in the IASB's press release (PDF 35k).

12 October 2010: Outcomes from the Second Asian-Oceanian Standard Setters Group Meeting

The Communiqué from the second meeting of the Asian-Oceanian Standard Setters Group (AOSSG), held in Tokyo, Japan on 29-30 September 2010, has been released.

Topics discussed included:

  • Importance of the AOSSG. It was noted that it was important to have greater coordination between Asian-Oceanian standard setters in the development of IFRS. Sir David Tweedie (IASB Chairman) noted input from the region should be given more weight given the strong economic growth and developments throughout the region
  • Administration. Mr. Ikuo Nishikawa (Accounting Standards Board of Japan) and Mr. Kevin Stevenson (Australian Accounting Standards Board) were elected chairman and vice-chairman respectively. A 'Chairman's Advisory Committee' is also to be established
  • Emission trading. The group is to recommended the IASB accelerates finalisation of this project and expands it to include other schemes
  • Islamic finance. The group has identified a number of issues in accounting for Islamic financial transactions and the possible impacts on a country's full adoption of IFRS
  • IASB projects. The group discussed the IASB's projects on consolidation, financial instruments, financial statement presentation, insurance, fair value measurement, leases and revenue recognition
  • Working groups. The group decided to establish a working group on IAS 41 Agriculture.

Click for Communiqué from the meeting (PDF 40k). The next meeting is expected to be held in Australia in 2011, hosted by the Australian Accounting Standards Board (AASB). Our AOSSG page is Here.

12 October 2010: Canadian publication on improving the quality of IFRS financial statements

Deloitte (Canada) has published Enhancing the quality of IFRS financial statements (PDF 153k). This publication presents 10 easy ways to improve the quality of IFRS financial statements, including how information is presented, the level of detail provided and the linkages between disclosures. Overriding considerations such as the use of 'plain English' and clear explanations are also discussed.

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11 October 2010: Deloitte comment letters on tentative agenda decisions

Deloitte's IFRS Global Office has submitted letters of comment to the IFRS Interpretations Committee on five tentative agenda decisions:

Click here to view all of our past letters of comment to the IASB.

11 October 2010: FASB announces changes to roundtables on consolidated financial statements

Further to our previous story, the FASB has changed the date to its public roundtable meetings on the IASB Staff Draft on Consolidated Financial Statements on 25 October 2010 to 22 November 2010.
  • Topic: Roundtable meeting on the IASB staff draft on consolidated financial statements
  • Date and time: Monday, 22 November 2010, Session 1 8:00 am – 11:00 am EDT; Session 2 12:00 pm – 3:00 pm.
  • Venue: FASB offices, 401 Merritt 7, Norwalk, Connecticut
  • More information on registration: Click Here

11 October 2010: Newsletter on conceptual framework

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB completes first phase of joint project on Conceptual Framework for Financial Reporting (PDF 67k). This newsletter describes the recent IASB publication of the first part of the Conceptual Framework. The objective of the conceptual framework project is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged. The project is being carried out in phases.

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11 October 2010: Newsletter on IASB proposal on severe hyperinflation

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on First-time Adoption of IFRSs after a period of Severe Hyperinflation (PDF 65k). This newsletter describes the recent IASB proposal on severe hyperinflation. The exposure draft proposes that when an entity's date of transition to IFRSs is on, or after, the functional currency normalisation date, the entity may elect to measure assets and liabilities at fair value on the date of transition to IFRSs and use that fair value as the deemed cost of those assets and liabilities in the opening IFRS statement of financial position.

Comments are due by 30 November 2010.

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11 October 2010: CSA delay implementation of IFRS for investment funds
The Canadian Securities Administrators (CSA) published an update regarding their plans for requiring adoption of IFRS by Canadian investment funds. In October 2009, the CSA proposed amendments that would have required investment funds to transition to IFRS by 1 January 2011. The Accounting Standards Board (AcSB) recently decided, however, to defer the mandatory IFRS changeover date for investment companies in order to give the International Accounting Standards Board (IASB) time to implement the proposed exemption for investment companies from having to consolidate investments they control. The CSA would prefer that the proposed IASB consolidation exemption be in place before requiring investment funds to transition to IFRS; the new goal for IFRS implementation for investment funds is now 1 January 2012.

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The AcSB has also proposed a two-year delay in the IFRS implementation for rate-regulated activities.

11 October 2010: Japanese translation of our IFRS in Focus newsletter on IASB deferred tax proposals

Deloitte's IFRS Centre of Excellence in Japan has published a Japanese translation of the following IFRS in Focus newsletter: IASB issues Exposure Draft on Deferred Tax: Recovery of Underlying Assets (PDF 193k). Here is the English Version (PDF 67k).

We have put permanent links to all Japanese translations of the IFRS in Focus newsletters on our Japan Page. The Japan Center of Excellence IFRS web pages are Here (in Japanese).

11 October 2010: New edition of 'Tracking IFRS' from Deloitte India issued, discussing leases

Deloitte (India) has published Tracking IFRS - Issue 3 (PDF 1,384k). This edition discusses the joint IASB-FASB exposure draft Leases, including the key proposals and how they differ from existing Indian GAAP.

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8 October 2010: New Heads Up on insurance contracts

This Heads Up discusses the FASB's recently issued discussion paper (DP), Preliminary Views on Insurance Contracts. The DP gives constituents the opportunity to comment on an insurance accounting model proposed by the IASB in its exposure draft (ED), Insurance Contracts, that, if adopted in the United States, would result in sweeping changes to the existing U.S. model. In addition, the DP summarizes the ED's key provisions, indicates the FASB's preliminary views, and includes an appendix with a table comparing current U.S. GAAP with the (1) ED's proposed model and (2) FASB's preliminary views.

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8 October 2010: Deloitte IFRS Podcast on financial instruments: impairment
Andrew Spooner, lead IFRS financial instruments partner, and Bob Uhl, head of the US Accounting Standards group and IFRS Centre, debate the IASB and FASB's proposals for impairment of financial assets. They debate the reasons for the proposed changes to the current incurred loss model, looking at the similarities and differences in the new impairment models proposed by both Boards. The discussion is chaired by Robert Bruce. The podcast is available for download here (28:19 mins, 33mb) or via iTunes; it is the second in a series that will be posted to IAS Plus.

8 October 2010: Insurance accounting newsletter in Spanish

Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters. We post these regularly on our IAS Plus Insurance Project Page. Deloitte (Colombia) has translated the July 2010 issue into Spanish:

The newsletter focuses on the discussions of the three special meetings and the normal Board monthly meeting in June 2010 during which the Boards resolved a number of major longstanding disagreements. Many more Spanish language translations of Deloitte publications can be found here: Recursos en Español.

8 October 2010: Agenda for the October 2010 IASB meeting
The IASB will hold its monthly meeting for October 2010 at its offices in London from 19 to 22 October 2010. Portions of the meeting are joint meetings with FASB. The meeting will be open to public observation and will be webcast. Presented below is the agenda for the meeting. All meeting times are British Summer Time (BST).

IASB Board Meeting Agenda
19-22 October 2010, London

Tuesday 19 October 2010

IASB Meeting (09:00-18:15)

Wednesday 20 October 2010

IASB Meeting (10:00-17:30)

Thursday 21 October 2010

IASB-FASB Joint Meeting (10:00-17:45)

Friday 22 October 2010

IASB-FASB Joint Meeting (08:30-12:05)

IASB Meeting (13:00-14:00)

  • Sweep issues (if needed)

8 October 2010: New issue of the IASB's Investor Perspectives

In April 2010, the Trustees of the IFRS Foundation and the IASB launched a programme to enhance investors' participation in the development of International Financial Reporting Standards (IFRSs). One of the enhancements is a newsletter for investors. Board members Stephen Cooper, Patrick Finnegan and Patricia McConnell publish timely updates on financial reporting matters. A new issue of the Investor Perspectives is now available:

All Investor Perspectives are archived on the IASB's website.

8 October 2010: IASB Live webcast on IFRS 7 Financial Instruments: Disclosures


On Monday, 11 October 2010, IASB staff will present a live webcast introducing amendments to IFRS 7 Financial Instruments: Disclosures. It follows yesterday's publication of the IASB's enhanced derecognition disclosure requirements for transfer transactions of financial assets. There's no charge to attend the web presentation, but you need to register to participate. You can do this now or any time before the presentation. If you register now, the provider will automatically remind you of the presentation nearer the time. You can listen to the webcast over the internet or by telephone. For the convenience of participants in different time zones the IASB has scheduled two slots for the webcast:

  • Topic: IFRS 7 Financial Instruments: Disclosures
  • Date and time: Monday, 11 October 2010, 10:30am / 4:00pm (UK time)
  • More information on the webcast and registration: click here (link to IASB website)
  • More information on IAS Plus: For our agenda project page click here

7 October 2010: FASB issues three exposure drafts

The FASB has released three proposed Accounting Standards Updates:

Comments for all three exposure drafts are due by 5 November 2010.

7 October 2010: PCAOB issues briefing paper and presentation slides for upcoming Standing Advisory Group meeting
Further to our previous story, the Standing Advisory Group (SAG) of the Public Company Accounting Oversight Board (PCAOB) has issued a briefing paper (link to PCAOB site) and presentation slides (link to PCAOB site) for the 13-14 October 2010 meeting.

7 October 2010: PCAOB issues release on consideration of registration applications
The US Public Company Accounting Oversight Board (PCAOB) has issued a press release on consideration of registration applications from public accounting firms in non-U.S. jurisdictions, where inspections of PCAOB-registered firms are hindered by asserted legal restrictions or objections of local authorities.

7 October 2010: IASB finalises enhanced derecognition disclosure requirements for transfer transactions of financial assets
The International Accounting Standards Board (IASB) today issued amendments to IFRS 7 Financial Instruments: Disclosures as part of its comprehensive review of off balance sheet activities.

The amendments will allow users of financial statements to improve their understanding of transfer transactions of financial assets (for example, securitisations), including understanding the possible effects of any risks that may remain with the entity that transferred the assets. The amendments also require additional disclosures if a disproportionate amount of transfer transactions are undertaken around the end of a reporting period.

The IASB had originally proposed to replace the existing derecognition model in IAS 39 Financial Instruments: Recognition and Measurement and the associated disclosure requirements in IFRS 7. However, in light of the feedback received, the IASB decided to retain the existing derecognition requirements and to finalise improved disclosure requirements.

The amendments also broadly align the relevant disclosure requirements of IFRSs and US GAAP.

Entities shall apply the amendments for annual periods beginning on or after 1 July 2011. In the first year of application, comparative information are not required.

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6 October 2010: EFRAG paper on Financial Statement Presentation ED
The European Financial Reporting Advisory Group (EFRAG) has issued a paper on the IASB's staff draft of the ED Financial Statement Presentation. The paper (PDF 174k), which is based on EFRAG's preliminary views, is intended to stimulate the debate by European constituents on the proposals included in the Draft ED and will serve as a basis for the outreach events in Europe. EFRAG is jointly organising this outreach events with European National Standard Setters (NSS) from September to November 2010, in order to solicit constituents' views on the proposals included in the Draft ED and to provide feedback to the IASB on European views. The IASB will participate at these events. An overview of all dates and places is available in this press release (link to EFRAG website).

6 October 2010: Notes from special October IASB meeting

The IASB met in London on 5 October 2010 for a special meeting. The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting. The next IASB meeting will be the regular monthly meeting currently scheduled for 18-22 October 2010.

6 October 2010: Overview of tentative decisions on hedge accounting project available
To assist those following the hedge accounting phase of the project to replace IAS 39 the IASB has posted an overview of the tentative decisions to date on its hedge accounting project page. This includes references to the relevant meetings and observer notes to enable interested parties to read further background information. Click for the summary of tentative decisions to date (PDF 234k, link to IASB website).

5 October 2010: Accounting Roundup – third quarter 2010 review
We have posted Accounting Roundup: Third Quarter in Review–2010 (PDF 1,552k, 44 pages), prepared by the Accounting Standards and Communications Group of Deloitte LLP (USA). This newsletter provides brief descriptions of pronouncements affecting accounting, financial reporting, and corporate governance issued during 3Q-2010 by standard setters and regulators including FASB, EITF, AICPA, SEC, FASAB, PCAOB, GASB, IASB, IFRIC, and IAASB. This quarterly review consists of articles, adapted as necessary, from issues of Accounting Roundup published in July and August 2010, as well as new articles for the month of September. You will find past issues Here. International and IFRS-related developments covered in this edition of Accounting Roundup include:
  • Consolidation: FASB roundtable to solicit input on the IASB Staff Draft on Consolidated Financial Statements
  • Extractive Activities — Mining: Proposed guidance issued by the IFRS Interpretations Committee
  • Fair Value Measurement and Disclosures: IASB Staff Draft
  • Financial Services — Insurance: IASB Exposure Draft on Insurance Contracts
  • Income Taxes: Proposed amendment to IAS 12
  • Leases: Proposed guidance from the IASB and FASB on lease accounting
  • Presentation of Financial Statements: Proposed changes to financial statement presentation, and proposed amendments to IFRS 1
  • SME Implementation Group: IFRS Foundation appoints members
  • XBRL: IFRS taxonomy updated for Improvements to IFRSs

5 October 2010: AICPA calls for new standards board for private companies
A statement from Barry Melancon, president and CEO of American Institute of Certified Public Accountants (AICPA), published on Monday includes a call for the Financial Accounting Foundation (FAF) to set up a separate standards board for private company accounting.

The FAF currently oversees the Financial Accounting Standards Board (FASB), which sets standards for nongovernmental entities such as publicly traded and privately held companies, and the Governmental Accounting Standards Board (GASB), which handles the standards for state and local governmental accounting and financial reporting. However, much of FASB's work has been devoted to the needs of public companies and their auditors, therefore Melancon states:

The Blue Ribbon Panel on Private Company Standard Setting will meet in the AICPA's offices in New York on Oct. 8 and we anticipate based on the preliminary conclusions during prior meetings it will vote to recommend a new model of financial reporting that will generate truly differentiated standards for private companies. Crucial to the effective implementation of that recommendation is establishing a separate standard setting board under the Financial Accounting Foundation to provide a comprehensive solution to the problem of private company accounting. This has been a long time coming and I believe the case for a separate private company standards board under the oversight of the FAF is stronger than ever.

The IASB has developed the IFRS for SMEs that can be used by private companies. However, even though there have been calls not to overlook IFRS for SMEs (see our earlier story) a 'home grown' alternative to the possible adoption of the IFRS for SMEs seems to be preferred in the United States as IFRS has not yet been approved by the SEC for use by U.S. public companies.

5 October 2010: Establishment of a panel on non-consolidated financial statements
The Accounting Standards Board of Japan (ASBJ) has announced the establishment of a Panel on Non-consolidated Financial Statements and its members and observers. The Panel was established to receive high-level input about how to address the convergence for non-consolidated financial statements and to provide consensus recommendations to the ASBJ. More information on the Panel's establishment and its members is available in the ASBJ's press release (link to ASBJ website, PDF 17k). More information on the use of IFRSs in Japan is available on our Japan Country Page.

4 October 2010: New Heads Up on first phase of the joint IASB-FASB conceptual framework project

This Heads Up summarizes the first two chapters issued by the FASB and IASB of their joint eight-phase project to develop an improved, converged conceptual framework for financial accounting and reporting. This single conceptual framework will serve as the foundation for the development of financial accounting and reporting guidance based on consistent principles. The new chapters are not a part of the FASB Accounting Standards Codification, which means they are not a source of authoritative GAAP.

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4 October 2010: Additional IASB meeting on 5 October 2010 – Agenda change
An additional point has been added to the agenda for tomorrow's IASB meeting: Amendments to IFRS 7 Financial Instruments: Disclosures: Transition requirements – Amendment to IFRS 1. The updated agenda is available here.

4 October 2010: Employee Benefits Working Group discussed ED Defined Benefit Plans
At the meeting of the IASB's Employee Benefits Working Group on 27 September 2010, IASB staff and Board members discussed with the working group the issues arising from the Exposure Draft Defined Benefit Plans (Proposed Amendments to IAS 19) and the responses received. Preliminary and unofficial notes taken by Deloitte Observers for the entire meeting are now available on our Post-Employment Benefits Project Page.

3 October 2010: CSA publish IFRS-related amendments to various national instruments
The Canadian Securities Administrators (CSA) have published IFRS-related amendments to a number of national instruments and companion policies with the intention of reflecting the transition to IFRS and updating accounting terms and references. Generally, the amendments affect continuous disclosure rules, prospectus rules, certification rules, registration materials and smaller changes to various instruments. Assuming that all required Ministerial approvals are granted, the amendments will come into force on 1 January 2011.

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1 October 2010: Spanish translation of our IFRS in Focus newsletter on lease accounting

Deloitte Colombia has published a Spanish translation of our IFRS in Focus newsletter on lease accounting: IASB emite borrador para discusión pública sobre la contabilidad del arrendamiento (PDF 82k). Here is the English version: IFRS in Focus – IASB issues Exposure Draft on Lease Accounting (PDF 128k).

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1 October 2010: PCAOB Announces Standing Advisory Group Meeting
The Standing Advisory Group (SAG) of the Public Company Accounting Oversight Board (PCAOB) will hold a meeting on 13-14 October 2010, to discuss developments affecting the PCAOB. The agenda for this meeting includes:
  • Overview and key provisions of risk assessment standards
  • Inspection observations regarding audits during the economic crisis
  • Designing and implementing a system of quality control
  • FASB/IASB projects and potential challenges to auditing
  • Failure to supervise – potential rulemaking

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1 October 2010: Newsletter on IASB Exposure Draft on Deferred Tax

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on Deferred Tax: Recovery of Underlying Assets (PDF 67k). This newsletter describes the recent IASB proposal to amend IAS 12 Income Taxes. The exposure draft was developed in response to concerns in certain jurisdictions where application of this principle can be difficult or subjective. The exposure draft proposes an exception to IAS 12, which would require the measurement of deferred tax assets and deferred tax liabilities arising from certain assets on the presumption that the carrying amount of the asset will be recovered entirely through sale. The exception would apply to assets measured using the fair value model under IAS 40 or the revaluation model under IAS 16 and IAS 38.

Comments are due by 9 November 2010.

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1 October 2010: Upcoming IASB/FASB roundtables – registration deadline extended

The registration deadline for participating in or observing the IASB/FASB roundtable meetings in November 2010 for the revenue recognition project has been extended till 8 October 2010. The dates and places are as follows:

  • Thursday 4 November in Norwalk, Connecticut, USA
  • Monday 8 November in Kuala Lumpur, Malaysia
  • Wednesday 10 November in London, UK
  • Tuesday 23 November in Stanford, California, USA

More Information is available in the IASB's meeting diary.

1 October 2010: Agenda for the additional IASB meeting on 5 October 2010
The IASB will hold an additional meeting on 5 October 2010 at its offices in London. The meeting will be open to public observation and will be webcast. Presented below is the agenda for the meeting. All meeting times are British Summer Time (BST).

IASB Board Meeting Agenda
5 October 2010, London

IASB Meeting (14:30-19:45)

1 October 2010: Deloitte IFRS Podcast on financial instruments: classification and measurement
Andrew Spooner, lead IFRS financial instruments partner, and Bob Uhl, head of the US Accounting Standards group and IFRS Centre, debate the IASB and FASB's proposals for classification and measurement of financial instruments. They debate the similarities and differences in the classification models proposed by both Boards (summary of IASB proposals; summary of FASB proposals). The discussion is chaired by Robert Bruce. The podcast is available for download here (19:30 mins, 23mb) or via iTunes; it is the first in a series that will be posted to IAS Plus.



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