News and information about international financial reporting http://www.iasplus.com en-gb Singapore Exchange (SGX) has issued a proposed 'Policy Statement on Sustainability Reporting' and accompanying Guide for SGX listed companies to use in formulating their sustainability reporting. http://www.iasplus.com/pastnews/2010sep.htm#0902-2 Thu, 02 Sep 2010 15:30 +0930 Countries: Singapore Sustainability reporting 2010-227 Deloitte (India) has published 'Tracking IFRS', a publication providing a summary of the IASB exposure draft on revenue on its possible impacts on current accounting practice in India. http://www.iasplus.com/pastnews/2010sep.htm#0902-1 Thu, 02 Sep 2010 15:30 +0930 Countries: India Revenue Publications IFRS transition 2010-226 The FASB has issued a proposed Accounting Standards Update (ASU) to Subtopic 715-80 Compensation—Retirement Plans—Multiemployer Plans. The ASU proposes additional quantitative and qualitative disclosures from employers http://www.iasplus.com/pastnews/2010sep.htm#0901-4 Wed, 01 Sep 2010 14:30 -0400 FASB Post-employment benefits 2010-225 The IASB has posted to its website a new batch of Editorial Corrections to IFRSs. http://www.iasplus.com/pastnews/2010sep.htm#0901-3 Wed, 01 Sep 2010 12:00 +0200 Editorial corrections Standards IASB 2010-224 Deloitte (United States) has published a new Heads Up Newsletter discussing the meeting of the PCAOB's Standing Advisory Group (SAG) held on 15 July 2010. http://www.iasplus.com/pastnews/2010sep.htm#0901-2 Wed, 01 Sep 2010 16:45 +0930 Countries: United States Heads Up Publications PCAOB 2010-223 The United States Financial Accounting Foundation (FAF) has announced the availability of the proposed 2011 US-GAAP Financial Reporting Taxonomy for public review and comment. http://www.iasplus.com/pastnews/2010sep.htm#0901-1 Wed, 01 Sep 2010 16:45 +0930 XBRL Countries: United States 2010-222 The August edition of Deloitte Canada's IFRS newsletter Countdown focuses on: Enhancing the comparability of IFRS financial statements, Canadian Securities Administrators (CSA) review on IFRS transition disclosures, and other matters... http://www.iasplus.com/pastnews/2010aug.htm#0831-4 Tue, 31 Aug 2010 14:00 -0400 Countries: Cananda Publications 2010-221 The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today published for public comment proposed enhancements to the criteria for the IASB’s annual improvements process. http://www.iasplus.com/pastnews/2010aug.htm#0831-3 Tue, 31 Aug 2010 15:15 +0200 Annual improvements Exposure drafts IFRS Foundation 2010-220 The FASB has released two new Accounting Standards Updates (ASUs): 'Measuring Charity Care for Disclosure' and 'Presentation of Insurance Claims and Related Insurance Recoveries'. http://www.iasplus.com/pastnews/2010aug.htm#0831-2 Tue, 31 Aug 2010 10:00 +0200 EITF Standards FASB 2010-219 The Malaysian Accounting Standards Board (MASB) has decided to defer the application of IC Interpretation 15 'Agreements for the Construction of Real Estate' (equivalent to IFRIC 15) from 1 July 2010 to 1 January 2012. http://www.iasplus.com/pastnews/2010aug.htm#0831-1 Tue, 31 Aug 2010 17:00 +0930 Countries: Malaysia Real estate 2010-218 The IASB has posted to its website a summary of the June 2010 meeting of the IFRS Advisory Council. http://www.iasplus.com/pastnews/2010aug.htm#0830-3 Mon, 30 Aug 2010 11:50 +0200 Meeting notes IFRS Advisory Council 2010-217 A proposal published by the Investment Industry Regulatory Organization of Canada (IIROC) on Friday shows that IFRS is infiltrating more widely than just financial reporting to become the global accounting language. http://www.iasplus.com/pastnews/2010aug.htm#0830-2 Mon, 30 Aug 2010 10:30 +0200 Countries: Canada Exposure drafts IIROC 2010-216 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 Lease Accounting'. http://www.iasplus.com/pastnews/2010aug.htm#0830-1 Mon, 30 Aug 2010 14:00 +0930 Countries: Japan Leases Publications 2010-215 We remind you that comments on the Exposure Drafts Defined Benefit Plans and Fair Value Option for Financial Liabilities are due on 6 September 2010 and 7 September 2010, respectively. http://www.iasplus.com/pastnews/2010aug.htm#0829-1 Sun, 29 Aug 2010 12:45 +0200 Exposure drafts Fair value measurement Post-employment benefits IASB 2010-214 Deloitte (New Zealand) has published a new Accounting Alert discussing various IASB projects, the recent deferred tax accounting issues and other topics. http://www.iasplus.com/pastnews/2010aug.htm#0827-1 Fri, 27 Aug 2010 14:45 +0930 Publications Countries: New Zealand 2010-213 The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. http://www.iasplus.com/pastnews/2010aug.htm#0826-2 Thu, 26 Aug 2010 13:20 +0200 Exposure Draft IFRS 1 Fixed dates IASB 2010-212 The IFRS Interpretations Committee, the interpretative body of the IASB, has today published for public comment proposed guidance on the accounting for stripping costs in the production phase of a surface mine. http://www.iasplus.com/pastnews/2010aug.htm#0826-1 Thu, 26 Aug 2010 13:00 +0200 Exposure Draft Stripping Costs IFRS Interpretations Committee 2010-211 The IFRS Foundation Education Initiative has published the 2010 edition of International Financial Reporting Standards: Briefing for Chief Executives, Audit Committees and Boards of Directors to the eIFRS site. http://www.iasplus.com/pastnews/2010aug.htm#0825-3 Wed, 25 Aug 2010 15:00 -0400 IFRS Foundation 2010-210 The FASB has released two new proposed Accounting Standards Updates (ASUs). http://www.iasplus.com/pastnews/2010aug.htm#0825-2 Wed, 25 Aug 2010 16:20 +0930 FASB EITF Exposure drafts 2010-209 The Board of Trustees of the United States Financial Accounting Foundation (FAF) has announced that the Financial Accounting Standards Board (FASB) will grow from five to seven members. In addition, FASB Chairman Robert Herz has decided to retire from the FASB. http://www.iasplus.com/pastnews/2010aug.htm#0825-1 Wed, 25 Aug 2010 10:55 +0930 FASB 2010-208 The IASB met in London on 24 August 2010 for a special meeting, discussing amortised cost and impairment of financial instruments, hedge accounting and income taxes. http://www.iasplus.com/pastnews/2010aug.htm#0824-6 Wed, 25 Aug 2010 08:45 +0930 IASB IASB meetings Financial instruments Income taxes 2010-207 Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter, IASB issues Exposure Draft on Lease Accounting. This newsletter discusses the joint exposure draft issued by the IASB and US FASB. http://www.iasplus.com/pastnews/2010aug.htm#0824-5 Tue, 24 Aug 2010 16:45 -0400 Publications Exposure drafts Leases 2010-206 Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters. Deloitte (Germany) is translating some of these newsletters into German. The latest is Versicherungsbilanzierung 12: Der Beginn einer neuen Zeitrechnung. http://www.iasplus.com/pastnews/2010aug.htm#0824-4 Tue, 24 Aug 2010 09:55 +0200 Publications Countries: Germany Insurance contracts 2010-205 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. http://www.iasplus.com/pastnews/2010aug.htm#0824-3 Tue, 24 Aug 2010 09:55 +0200 Investor Perspectives IASB 2010-204 The International Accounting Education Standards Board (IAESB) has released the 2010 edition of its 'Handbook of International Education Pronouncements'. http://www.iasplus.com/pastnews/2010aug.htm#0824-2 Tue, 24 Aug 2010 16:25 +0930 IFAC IAESB 2010-203 Deloitte's IFRS Centre of Excellence in Japan has published a Japanese translation of the July 2010 edition of our 'IFRIC Review' newsletter. http://www.iasplus.com/pastnews/2010aug.htm#0824-1 Tue, 24 Aug 2010 14:45 +0930 Publications Countries: Japan IFRS Interpretations Committee 2010-202 We have posted the Spanish translations of IFRS Alert 10-1, "Implicaciones, para la contabilidad del cambio de moneda, de las recientes acciones gubernamentales en Venezuela" and Heads Up "FASB llega a “ALL”-in, Requiere que las entidades muestren sus cartas. La Junta mejora las revelaciones sobre la calidad del credito para la financiacion de creditos y para la provision de perdidas en el credito". http://www.iasplus.com/pastnews/2010aug.htm#0823-2 Mon, 23 Aug 2010 17:30 -0400 Publications Countries: Colombia Foreign exchange Heads Up 2010-201 The State Duma of the Russian Federation has passed a Law On Consolidated Financial Statements which had remained untouched since almost the end of 2004. http://www.iasplus.com/pastnews/2010aug.htm#0823-1 Mon, 23 Aug 2010 10:30 +0200 IFRS transition Countries: Russia 2010-200 The IFRS Interpretations Committee will meet at the IASB's offices in London on Thursday and Friday 2 and 3 September 2010 (morning only on 3 September). The agenda for the meeting is now available. http://www.iasplus.com/pastnews/2010aug.htm#0822-1 Sun, 22 Aug 2010 12:45 +0200 Agenda IFRIC meetings IFRS Interpretations Committee 2010-199 On Thursday 26 August 2010, the FASB will hold a webcast to discuss the potential effects of the Exposure Draft, Revenue from Contracts with Customers, on current practices relating to accounting for real estate transactions. http://www.iasplus.com/pastnews/2010aug.htm#0820-4 Fri, 20 Aug 2010 15:00 -0400 FASB Revenue Webcasts 2010-198 The IASB has posted to its website a staff draft of a forthcoming IFRS on fair value measurement, reflecting the tentative decisions made to date by the IASB and the FASB. http://www.iasplus.com/pastnews/2010aug.htm#0820-3 Fri, 20 Aug 2010 15:30 +0930 Fair value measurement Standards IASB 2010-197 The FASB has posted a staff draft of the Final Accounting Standards Update (ASU) 'Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts (a consensus of the FASB Emerging Issues Task Force)'. http://www.iasplus.com/pastnews/2010aug.htm#0820-2 Fri, 20 Aug 2010 15:30 +0930 FASB Insurance contracts 2010-196 On Friday 10 September 2010, Deloitte (United States) will present a live webcast on the exposure draft 'Leases'. http://www.iasplus.com/pastnews/2010aug.htm#0820-1 Fri, 20 Aug 2010 15:30 +0930 Leases Webcasts 2010-195 The FASB has extended the comment deadline from 20 August 2010 to 20 September 2010. http://www.iasplus.com/pastnews/2010aug.htm#0819-4 Thu, 19 Aug 2010 17:30 -0400 FASB Exposure drafts Liabilities 2010-194 The FASB has issued a proposed Accounting Standards Update (ASU), Plan Accounting - Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans (A consensus of the FASB Emerging Issues Task Force). http://www.iasplus.com/pastnews/2010aug.htm#0819-3 Thu, 19 Aug 2010 17:30 -0400 FASB Exposure drafts Employee benefits 2010-193 The Financial Reporting Review Panel (FRRP) of the UK Financial Reporting Council (FRC) has published its annual report 2010. http://www.iasplus.com/pastnews/2010aug.htm#0819-2 Thu, 19 Aug 2010 16:00 +0200 Countries: UK FRRP FRC Annual report 2010-192 The New Zealand Financial Reporting Standards Board (FRSB) and Accounting Standards Review Board (ASRB) have issued an updated Communique confirming that deferred tax should be recognised in relation to certain buildings for which tax depreciation had been removed by a tax law change. The FSRB has rejected a departure from IFRS on the issue. http://www.iasplus.com/pastnews/2010aug.htm#0819-1 Thu, 19 Aug 2010 16:00 +0930 Countries: New Zealand Income taxes 2010-191 The International Accounting Standards Board (IASB) has released a number of editorial corrections to ED/2010/9 'Leases'. http://www.iasplus.com/pastnews/2010aug.htm#0818-4 Thu, 19 Aug 2010 08:55 +0930 IASB Leases Exposure drafts 2010-190 Deloitte has published a global press release on the IASB and FASB proposals to overhaul lease accounting. http://www.iasplus.com/pastnews/2010aug.htm#0818-3 Wed, 18 Aug 2010 16:07 +0930 Press releases Leases Exposure drafts 2010-189 Deloitte (United States) has published a new Heads Up newsletter discussing the exposure draft 'Leases', issued by the FASB and IASB. http://www.iasplus.com/pastnews/2010aug.htm#0818-2 Wed, 18 Aug 2010 10:50 +0930 Publications Countries: United States Leases Heads Up 2010-188 Deloitte (United Kingdom) has published a press release on the IASB's proposals in ED/2010/9 'Leases'. http://www.iasplus.com/pastnews/2010aug.htm#0818-1 Wed, 18 Aug 2010 10:00 +0930 Press releases Countries: United Kingdom Leases 2010-187 We have posted "Respecto de la cara del estado financiero. FASB propone cambios profundos a la presentación del estado financiero" http://www.iasplus.com/pastnews/2010aug.htm#0817-4 Tue, 17 Aug 2010 18:00 -0400 Publications Countries: Colombia Financial statement presentation Heads Up 2010-186 The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment joint proposals to improve the financial reporting of lease contracts. http://www.iasplus.com/pastnews/2010aug.htm#0817-3 Tue, 17 Aug 2010 15:20 +0200 Leases Exposure drafts IASB FASB 2010-185 The IASB will hold an additional Board meeting on 24 August 2010 from 11:00 to 15:00 to discuss the Financial Instruments project and Income Taxes. http://www.iasplus.com/pastnews/2010aug.htm#0817-2 Tue, 17 Aug 2010 15:15 +0200 Financial instruments IASB meetings IASB 2010-184 Representatives of the Accounting Standards Board of Japan (ASBJ) and United States Financial Accounting Standards Board (FASB) have met to discuss global convergence of accounting standards. http://www.iasplus.com/pastnews/2010aug.htm#0817-1 Tue, 17 Aug 2010 11:05 +0930 ASBJ FASB IFRS transition Financial instruments Convergence Countries: Japan Countries: United States 2010-183 On Wednesday 18 August 2010 IASB staff will present a live webcast to discuss the exposure draft Leases which is expected to be published tomorrow. http://www.iasplus.com/pastnews/2010aug.htm#0816-2 Mon, 16 Aug 2010 13:25 +0200 IASB Leases Exposure drafts Webcasts 2010-182 The Securities and Exchange Commission (SEC) has released two Requests for Comment on behalf of its staff on a number of topics related to its ongoing consideration of incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for United States issuers. http://www.iasplus.com/pastnews/2010aug.htm#0816-1 Mon, 16 Aug 2010 11:25 +0930 Countries: United States SEC IFRS transition Convergence 2010-181 The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued two new accounting standards, one of which is a conceptual framework for financial reporting by Islamic financial institutions. http://www.iasplus.com/pastnews/2010aug.htm#0813-1 Fri, 13 Aug 2010 15:55 +0200 AAOIFI Financial institutions Islamic Banking 2010-180 Deloitte's IFRS Global Office has submitted letters of comment to the IFRS Interpretations Committee on two tentative agenda decisions (IFRS 1 and IAS 21). http://www.iasplus.com/pastnews/2010aug.htm#0812-3 Thu, 12 Aug 2010 16:00 -0400 Comment letters First-time adoption IFRS Interpretations Committee Foreign exchange 2010-179 Deloitte (United States) has published a new Heads Up Newsletter discussing discusses certain aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, in particular those that have, or might have, financial reporting implications. http://www.iasplus.com/pastnews/2010aug.htm#0812-2 Thu, 12 Aug 2010 16:00 +0200 Publications Countries: United States Heads Up 2010-178 The next meeting of the IASB's Employee Benefits Working Group will be held on Monday 27 September 2010. At this meeting, staff and Board members will discuss with the working group the issues arising from the Exposure Draft Defined Benefit Plans (Proposed Amendments to IAS 19) and the responses received. http://www.iasplus.com/pastnews/2010aug.htm#0811-2 Wed, 11 Aug 2010 10:00 +0200 IASB IASB working group meeting Post-employment benefits 2010-176 The IASB has released a podcast and web presentation on the Financial Statement Presentation project, a joint project with the FASB to improve the organisation and presentation of information in the financial statements by replacing IAS 1 'Presentation of Financial Statements' and IAS 7 'Statement of Cash Flows'. http://www.iasplus.com/pastnews/2010aug.htm#0811-1 Wed, 11 Aug 2010 10:40 +0930 IASB Podcasts Financial statement presentation 2010-175 We have posted Convergencia sobre el valor razonable. FASB propone orientación sobre la medición y revelación del valor razonable from Deloitte (Colombia). http://www.iasplus.com/pastnews/2010aug.htm#0810-2 Tue, 10 Aug 2010 16:30 -0400 Publications Countries: Colombia Fair value measurement Heads Up 2010-174 In its Strategic Plan, issued in January 2006, the Canadian Accounting Standards Board (AcSB) decided to pursue separate strategies for public enterprises, private enterprises and not-for-profit organizations. http://www.iasplus.com/pastnews/2010aug.htm#0810-1 Tue, 10 Aug 2010 10:15 +0200 Countries: Canada IFRS transition 2010-173 The staff of the IASB and FASB will hold a joint webcast on Thursday 12 August from 17:00 to 17:45 London time to discuss proposals in the Exposure Draft, Revenue from Contracts with Customers, and their potential affect on the technology industry. http://www.iasplus.com/pastnews/2010aug.htm#0809-4 Mon, 09 Aug 2010 15:15 -0400 Webcasts Revenue 2010-172 As part of its project on consolidated financial statements, the International Accounting Standards Board (IASB) has announced it will propose, subject to comments received on exposure, that investment companies should be exempted from consolidation and should account for controlling interests in other entities at fair value. http://www.iasplus.com/pastnews/2010aug.htm#0809-3 Mon, 09 Aug 2010 10:45 +0200 Countries: Canada IFRS transition 2010-171 Deloitte (Japan) has published a Japanese translation of the global edition of 'iGAAP 2010'. http://www.iasplus.com/pastnews/2010aug.htm#0809-2 Mon, 09 Aug 2010 12:10 +0930 Countries: Japan Publications 2010-170 The Financial Services Agency (FSA) of Japan has proposed to extend IFRS reporting in Japan and has also approved the a number of IFRSs and related Interpretations for use in Japan. http://www.iasplus.com/pastnews/2010aug.htm#0809-1 Mon, 09 Aug 2010 12:10 +0930 Countries: Japan IFRS transition 2010-169 Deloitte's IFRS Global Office will host a webcast on 8 September to discuss updates on the IASB's evolving agenda and standard-setting activities, the IASB's exposure draft on revenue recognition, and the IASB's exposure draft on leases. http://www.iasplus.com/pastnews/2010aug.htm#0806-6 Fri, 06 Aug 2010 16:00 -0400 Webcasts Revenue Leases IASB 2010-168 The Trustees of the IFRS Foundation, the body responsible for the promotion of International Financial Reporting Standards (IFRSs) and oversight of the International Accounting Standards Board (IASB), today announced the conclusions of their meeting in Washington, DC on 6 and 7 July 2010. http://www.iasplus.com/pastnews/2010aug.htm#0806-5 Fri, 06 Aug 2010 15:00 +0200 IFRS Foundation Trustees' meeting 2010-167 The United States AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies (the Panel) is seeking input on the preparation of private company financial statements in the United States. http://www.iasplus.com/pastnews/2010aug.htm#0806-4 Fri, 06 Aug 2010 16:00 +0930 Countries: United States IFRS for SMEs 2010-166 The FASB has released a podcast on its proposed accounting standards update (ASU) on the disclosure of certain loss contingencies. http://www.iasplus.com/pastnews/2010aug.htm#0806-3 Fri, 06 Aug 2010 16:00 +0930 FASB Podcasts Liabilities 2010-165 The Nigerian Federal Executive Council has approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS). http://www.iasplus.com/pastnews/2010aug.htm#0806-2 Fri, 06 Aug 2010 10:50 +0930 Countries: Nigeria IFRS transition 2010-164 We've posted an Irish edition of 'IFRS for SMES in your pocket', published by Deloitte (Ireland). http://www.iasplus.com/pastnews/2010aug.htm#0806-1 Fri, 06 Aug 2010 10:50 +0930 Countries: Ireland Publications IFRS for SMEs 2010-163 Deloitte has published the August 2010 issue of Insurance Accounting Newsletter. This issue provides a detailed analysis of the main provisions in the Exposure Draft issued on 30 July by the IASB to revise substantially IFRS 4 Insurance Contracts http://www.iasplus.com/pastnews/2010aug.htm#0805-5 Thu, 05 Aug 2010 15:00 -0400 Publications Insurance contracts 2010-162 The Public Company Accounting Oversight Board (PCAOB) today adopted eight auditing standards related to an auditor's assessment of and response to audit risk. http://www.iasplus.com/pastnews/2010aug.htm#0805-4 Thu, 05 Aug 2010 15:00 -0400 Countries: United States PCAOB 2010-161 The IFRS Foundation today announced the membership of the newly created SME Implementation Group. http://www.iasplus.com/pastnews/2010aug.htm#0805-3 Thu, 05 Aug 2010 14:00 +0200 IFRS Foundation IASB working group IFRS for SMEs 2010-160 The IFRS Foundation today released the first interim release for the International Financial Reporting Standards (IFRS) Taxonomy 2010. http://www.iasplus.com/pastnews/2010aug.htm#0805-2 Thu, 05 Aug 2010 11:00 +0200 IFRS Foundation XBRL Annual improvements 2010-159 According to a press release of the state news agency of Turkmenistan (THD) the President of Turkmenistan issued a Decree approving the programme for reforming the national accounting and audit system during a meeting of the Cabinet of Ministers of Turkmenistan in July 2010. http://www.iasplus.com/pastnews/2010aug.htm#0805-1 Thu, 05 Aug 2010 10:30 +0200 Countries: Turkmenistan 2010-158 On 26 August 2010 the International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) will meet in London. http://www.iasplus.com/pastnews/2010aug.htm#0804-1 Wed, 04 Aug 2010 15:10 +0200 IASB IASB meetings EFRAG 2010-157 The IASB met in London on 3 August 2010 for a special meeting related to the Financial Instruments project. http://www.iasplus.com/pastnews/2010aug.htm#0803-5 Wed, 04 Aug 2010 09:10 +0930 IASB IASB meetings Financial instruments 2010-156 We have posted a Spanish language IFRS in Focus publication from Deloitte (Colombia). http://www.iasplus.com/pastnews/2010aug.htm#0803-4 Tue, 03 Aug 2010 17:00 -0400 Countries: Colombia Publications 2010-155 We have posted the July 2010 Edition of Accounting Roundup published by Deloitte & Touche LLP (United States). http://www.iasplus.com/pastnews/2010aug.htm#0803-3 Tue, 03 Aug 2010 17:00 -0400 Publications Countries: United States 2010-154 The Committee of European Securities Regulators (CESR) has published a report on trends risks, and vulnerabilities that are directly relevant to securities markets regulators. http://www.iasplus.com/pastnews/2010aug.htm#0803-2 Tue, 03 Aug 2010 12:15 +0200 CESR 2010-153 The Prince’s Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) have announced the formation of the International Integrated Reporting Committee (IIRC). http://www.iasplus.com/pastnews/2010aug.htm#0803-1 Tue, 03 Aug 2010 12:15 +0930 Sustainability reporting IIRC 2010-152 The Committee of European Securities Regulators (CESR) has issued a Consultation Paper Development of Pan-European Access to Financial Information Disclosed by Listed Companies. http://www.iasplus.com/pastnews/2010aug.htm#0802-4 Mon, 02 Aug 2010 15:00 -0400 CESR 2010-151 We have posted a Spanish language IFRS in Focus publication from Deloitte (Colombia). http://www.iasplus.com/pastnews/2010aug.htm#0802-3 Mon, 02 Aug 2010 15:50 +0200 Countries: Colombia Publications 2010-150 The IASB and FASB have posted a joint webinar to introduce their respective exposure drafts on fair value measurement. http://www.iasplus.com/pastnews/2010aug.htm#0802-2 Mon, 02 Aug 2010 14:00 +0200 Webcasts Fair value measurement IASB FASB 2010-149 The IFRS Foundation has published additional modules of its comprehensive set of training materials for the IFRS for SMEs. http://www.iasplus.com/pastnews/2010aug.htm#0802-1 Mon, 02 Aug 2010 10:00 +0200 IFRS for SMEs IASB 2010-148 On 6 August 2010, the IASB staff will be hosting a webcast introducing the proposed standard on improvements to the accounting for insurance contracts. http://www.iasplus.com/pastnews/2010aug.htm#0801-1 Sun, 01 Aug 2010 15:35 +0930 Insurance contracts Exposure drafts IASB Webcasts 2010-147 The IASB has released a questionnaire for financial statement users regarding the offsetting of financial assets and liabilities. The survey focuses on whether and how users of financial statements adjust for offsetting of financial instruments. http://www.iasplus.com/pastnews/2010jul.htm#0731-3 Sat, 31 Jul 2010 14:20 +0930 IASB Financial instruments 2010-146 We have posted the July 2010 edition of 'EITF Snapshot' summarising the 29 July 2010 meeting of FASB's Emerging Issues Task Force. http://www.iasplus.com/pastnews/2010jul.htm#0731-2 Sat, 31 Jul 2010 14:20 +0930 EITF FASB Publications Countries: United States 2010-145 We have created a new Jurisdiction Page for Kosovo on IAS Plus. In Kosovo, the Law requires all corporations (except "small corporations"), publicly-owned enterprises, and socially-owned enterprises to prepare their financial statements in conformity with Kosovo Accounting Standards (KAS) or IFRS... http://www.iasplus.com/pastnews/2010jul.htm#0731-1 Sat, 31 Jul 2010 00:01 Countries: Kosovo 2010-144 Deloitte's IFRS Global Office has submitted a letter of comment to the IASB on Discussion paper DP/2010/1 Extractive Activities. http://www.iasplus.com/pastnews/2010jul.htm#0730-6 Fri, 30 Jul 2010 18:30 -0400 Comment letters Extractive activities 2010-143 The July edition of Countdown focuses on what Boards of PAEs need to know about IFRSs and discusses the impact IFRS 5 will have upon conversion. http://www.iasplus.com/pastnews/2010jul.htm#0730-5 Fri, 30 Jul 2010 18:30 -0400 Countries: Canada Publications 2010-142 Deloitte has issued a press release commenting on the issue of ED/2010/8 'Insurance Contracts'. http://www.iasplus.com/pastnews/2010jul.htm#0730-4 Fri, 30 Jul 2010 17:40 +0930 IASB Insurance contracts Exposure drafts Press releases 2010-141 Various government and accounting organisations from India and Japan have formed the India-Japan Joint Working Group as a common platform between the two countries to discuss IFRS-related matters. http://www.iasplus.com/pastnews/2010jul.htm#0730-3 Fri, 30 Jul 2010 17:40 +0930 Countries: India Countries: Japan IFRS transition 2010-140 Deloitte Brazil has published Brazilian editions of 'IFRS for SMEs in your Pocket' and '2009 Model financial statements', both in Portuguese. http://www.iasplus.com/pastnews/2010jul.htm#0730-2 Fri, 30 Jul 2010 11:55 +0930 Countries: Brazil Publications IFRS for SMEs 2010-139 The IASB has published for public comment an exposure draft of a proposed IFRS for insurance contracts. http://www.iasplus.com/pastnews/2010jul.htm#0730-1 Fri, 30 Jul 2010 09:40 +0930 IASB Insurance contracts Exposure drafts 2010-138 Deloitte (US) has issued IFRS Insights, a newsletter that focuses on IFRSs for U.S. companies. This edition discusses convergence issues, technology considerations... http://www.iasplus.com/pastnews/2010jul.htm#0729-5 Thu, 29 Jul 2010 15:00 -0400 IASB-FASB convergence IFRS transition Countries: United States 2010-137 The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues... http://www.iasplus.com/pastnews/2010jul.htm#0729-4 Thu, 29 Jul 2010 15:00 -0400 Countries: United Kingdom Webcasts 2010-136 During the Board meeting in July 2010 the IASB noted that it seemed unlikely for the Board to reach a decision concerning the accounting for rate-regulated activities that would allow a solution to be found in time for the adoption of IFRSs by Canada. http://www.iasplus.com/pastnews/2010jul.htm#0729-3 Thu, 29 Jul 2010 12:30:00 +0200 Countries: Canada IFRS transition 2010-135 The FASB has added a limited scope FASB-only project its agenda to improve accounting for repurchase agreements (repos) or other agreements that both entitle and obligate the transferor to repurchase or redeem financial assets before their maturity. http://www.iasplus.com/pastnews/2010jul.htm#0729-2 Thu, 29 Jul 2010 11:40:00 +0930 FASB Derecognition 2010-134 The Board of the International Federation of Accountants (IFAC) has reappointed Prof. Arnold Schilder to lead the International Auditing and Assurance Standards Board (IAASB). http://www.iasplus.com/pastnews/2010jul.htm#0729-1 Thu, 29 Jul 2010 11:40:00 +0930 IAASB IFAC 2010-133 The IASB has published a questionnaire for financial statement users on its June 2010 exposure draft ED/2010/7 'Measurement Uncertainty Analysis Disclosure for Fair Value Measurements - Limited re-exposure of proposed disclosure'. http://www.iasplus.com/pastnews/2010jul.htm#0728-3 Thu, 29 Jul 2010 08:50:00 +0930 IASB Fair value measurement 2010-132 The lhengye zhungtshog (cabinet) of Bhutan has approved the formation of an accounting and auditing standards board of Bhutan (AASBB) on 26 July. http://www.iasplus.com/pastnews/2010jul.htm#0728-2 Wed, 28 Jul 2010 15:00:00 +0200 Countries: Bhutan 2010-131 The Canadian Institute of Chartered Accountants (CICA) has published 'The IFRS Changeover: A Guide for Users of Financial Reports'. http://www.iasplus.com/pastnews/2010jul.htm#0728-1 Countries: Canada IFRS transition Publications Wed, 28 Jul 2010 11:05:00 +0930 2010-130 The UK Financial Secretary to the Treasury, Mark Hoban MP, launched a government consultation on the implementation of reforms to financial regulation. http://www.iasplus.com/pastnews/2010jul.htm#0727-5 Tue, 27 Jul 2010 12:15:00 +0200 Countries: United Kingdom Global financial crisis 2010-129 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. http://www.iasplus.com/pastnews/2010jul.htm#0727-4 Tue, 27 Jul 2010 12:00:00 +0200 EFRAG 2010-128 The IFRS Foundation has made available a podcast summary of discussions and decisions at the IASB meeting held on 19-23 July 2010. http://www.iasplus.com/pastnews/2010jul.htm#0727-3 Tue, 27 Jul 2010 12:15:00 +0930 IASB meetings IASB 2010-127 The Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, met on 26 July 2010 to review the Basel Committee's capital and liquidity reform package, reaching broad agreement on the overall design of the package. http://www.iasplus.com/pastnews/2010jul.htm#0727-2 Tue, 27 Jul 2010 11:29:00 +0930 Global financial crisis 2010-126 Deloitte (United States) has published a new Heads Up newsletter discussing the United States Public Company Accounting Oversight Board (PCAOB) proposed auditing standard, Confirmation (Release No. 2010-003). http://www.iasplus.com/pastnews/2010jul.htm#0727-1 Tue, 27 Jul 2010 10:15:00 +0930 Countries: United States PCAOB Heads Up 2010-125 Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters. Deloitte (Germany) is translating some of these newsletters into German. The latest is Versicherungsbilanzierung 11: Konvergenz in letzter Minute. http://www.iasplus.com/pastnews/2010jul.htm#0726-4 Mon, 26 Jul 2010 12:00:00 +0200 Countries: Germany Insurance contracts 2010-124 The European Commission has updated its table on use of IFRS options by EU and EEA member states. http://www.iasplus.com/pastnews/2010jul.htm#0726-3 Mon, 26 Jul 2010 11:00:00 +0200 European Union 2010-123 The European Union has published the Commission Regulation (EC) No 662/2010 endorsing IFRIC 19 'Extinguishing Financial Liabilities with Equity Instruments'. http://www.iasplus.com/pastnews/2010jul.htm#0726-2 Mon, 26 Jul 2010 10:00:00 +0200 European Union Financial instruments 2010-122 Deloitte (United States) has published 'IFRS: Changes in the Irish Statutory Reporting Environment - Potential Implications for U.S. Companies'. http://www.iasplus.com/pastnews/2010jul.htm#0726-1 Mon, 26 Jul 2010 15:45:00 +0930 Countries: United States Countries: Ireland IFRS transition 2010-121 We have updated the various project pages on IAS Plus to reflect the discussions and decisions at the IASB meeting held July 19-23, 2010. http://www.iasplus.com/pastnews/2010jul.htm#0724-2 Fri, 24 Jul 2010 20:00:00 +0200 IASB IASB meetings 2010-120 We have updated our Summary of Issues Not Added to the Agenda of the Interpretations Committee to reflect the Committee's final decisions at its May and July 2010 meetings not to add five further topics to its agenda. http://www.iasplus.com/pastnews/2010jul.htm#0724-1 Fri, 24 Jul 2010 11:00:00 +0200 IFRS Interpretations Committee 2010-119 The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB. The topics discussed on day 5 were as follows: Hedge Accounting, Fair Value Option, and Impairment. http://www.iasplus.com/pastnews/2010jul.htm#0723-6 Fri, 23 Jul 2010 17:00:00 -0430 IASB IASB meetings 2010-118 The Committee of European Banking Supervisors (CEBS) published the results of its 'stress tests' of 91 European banks. CEBS has published the following documents on its website. http://www.iasplus.com/pastnews/2010jul.htm#0723-5 Fri, 23 Jul 2010 17:00:00 -0430 CESR Financial institutions 2010-117 The Canadian Securities Administrators (CSA) has published IFRS Transition Disclosure Review, which discusses the quality of issuers' disclosures about their transition to IFRSs. This review focuses on issuers' disclosures related to its IFRS transition efforts. http://www.iasplus.com/pastnews/2010jul.htm#0723-4 Fri, 23 Jul 2010 17:00:00 -0430 Countries: Canada IFRS transition 2010-116 We've posted two new Deloitte publications dealing with IFRS issues and developments: 'IFRIC Review' and 'IFRS Alert'. http://www.iasplus.com/pastnews/2010jul.htm#0723-3 Fri, 23 Jul 2010 16:55:00 +0930 Publications IFRS Interpretations Committee 2010-115 Deloitte (United States) has published a new Heads Up newsletter discussing the FASB's newly issued Accounting Standards Update (ASU) No. 2010-20, 'Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses'. http://www.iasplus.com/pastnews/2010jul.htm#0723-2 Fri, 23 Jul 2010 13:25:00 +0930 Countries: United States Publications Heads Up 2010-114 Deloitte (Canada) has published a comprehensive reference source on interim financial reporting for financial statement preparers and users with a working knowledge of Canadian GAAP and securities requirements. The guide is available in English and French. http://www.iasplus.com/pastnews/2010jul.htm#0723-1 Fri, 23 Jul 2010 10:55:00 +0930 Countries: Canada Publications Interim financial reporting 2010-113 We've posted our Deloitte observer notes from day 4 of the IASB meeting being held on 19-23 July 2010. The topics discussed on day 4 included leases, hedge accounting, rate-regulated activities and consolidation. Click through for full details. http://www.iasplus.com/pastnews/2010jul.htm#0722-6 Fri, 23 Jul 2010 09:20:00 +0930 IASB IASB meetings 2010-112 The Reserve Bank of India has set up a working group to address implementation issues and facilitate formulation of operational guidelines in the context of IFRS convergence for the Indian banking system. http://www.iasplus.com/pastnews/2010jul.htm#0722-5 Thu, 22 Jul 2010 18:00:00 -0400 Countries: India IFRS transition Financial institutions 2010-111 The agenda for the July 2010 IASB meeting has been changed again... http://www.iasplus.com/pastnews/2010jul.htm#0722-4 Thu, 22 Jul 2010 16:40:00 +0930 FASB IASB IASB meetings 2010-110 The FASB has issued Accounting Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. The FASB has released a webinar on the requirements, which will be available until October 2010. http://www.iasplus.com/pastnews/2010jul.htm#0722-3 Thu, 22 Jul 2010 16:20:00 +0930 Countries: United States Financial instruments 2010-109 The US FASB will hold an additional Board meeting on 22 July 2010 commencing at 7:00am to discuss the Leases project. http://www.iasplus.com/pastnews/2010jul.htm#0722-2 Thu, 22 Jul 2010 15:12:00 +0930 Countries: United States FASB 2010-108 The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB. The topics discussed on day 3 included annual improvements, an amendment to the IFRS 1 exemptions to remove 'fixed dates', leases and financial instruments with characteristics of equity. http://www.iasplus.com/pastnews/2010jul.htm#0722-1 Thu, 22 Jul 2010 10:10:00 +0930 IASB FASB IASB meetings Annual improvements IFRS transition Leases Financial instruments 2010-107 Highlights from the 2009 Annual Report of the US Public Company Accounting Oversight Board. http://www.iasplus.com/pastnews/2010jul.htm#0721-4 Wed, 21 Jul 2010 18:00:00 -0400 Countries: United States PCAOB 2010-106 The ASB has issued a request for responses to aid the development of an impact assessment of its proposals for the future reporting requirements for UK and Irish entities. http://www.iasplus.com/pastnews/2010jul.htm#0721-3 Wed, 21 Jul 2010 11:00:00 +0200 Countries: United Kingdom UK GAAP 2010-105 The IASB will hold an additional Board meeting on 24 August 2010 from 11:00 to 15:00 to discuss the Financial Instruments project. http://www.iasplus.com/pastnews/2010jul.htm#0721-2 Wed, 21 Jul 2010 10:00:00 +0200 IASB IASB meetings 2010-104 Deloitte (United States) has issued a Heads Up Newsletter providing a summary of the FASB's proposed accounting standards update (ASU) on the disclosure of certain loss contingencies. http://www.iasplus.com/pastnews/2010jul.htm#0721-1 Wed, 21 Jul 2010 09:40:00 +0930 Publications FASB Financial instruments Heads Up 2010-103 The preliminary and unofficial Notes Taken by Deloitte Observers at the second day of the July IASB meeting are available. The IASB discussed derecognition, rate-regulated activities and income taxes. http://www.iasplus.com/pastnews/2010jul.htm#0720-10 Wed, 21 Jul 2010 08:30:00 +0930 IASB IASB meetings Derecognition Rate-regulation Income taxes 2010-102 The FASB has issued a proposed accounting standards update (ASU) Contingencies (Topic 450): Disclosure of Certain Loss Contingencies. http://www.iasplus.com/pastnews/2010jul.htm#0720-9 Tue, 20 Jul 2010 16:00:00 -0400 FASB Exposure drafts Financial instruments 2010-101 The International Valuation Professional Board (IVPB) of the International Valuation Standards Council (IVSC) has released two documents for consultation... http://www.iasplus.com/pastnews/2010jul.htm#0720-8 Tue, 20 Jul 2010 16:00:00 -0400 IVSC Exposure drafts 2010-100 On 23 July from 13:00 to 15:00 EDT, Deloitte's IFRS University Consortium will host a webcast for professors and academics in the university community. The following topics will be covered... http://www.iasplus.com/pastnews/2010jul.htm#0720-7 Tue, 20 Jul 2010 16:00:00 -0400 Webcasts 2010-099 The IASB has scheduled a meeting on 3 August from 11:00 to 14:00 to discuss the Financial Instruments project. http://www.iasplus.com/pastnews/2010jul.htm#0720-6 Tue, 20 Jul 2010 16:00:00 -0400 IASB IASB meetings 2010-098 There have been changes to the agenda and running order for Wednesday 21 and Thursday 22 July. http://www.iasplus.com/pastnews/2010jul.htm#0720-5 Tue, 20 Jul 2010 13:00:00 +0200 IASB FASB IASB meetings 2010-097 The preliminary and unofficial Notes Taken by Deloitte Observers at the first day of the meeting are available. The topics discussed were leases and insurance contracts. http://www.iasplus.com/pastnews/2010jul.htm#0720-4 Tue, 20 Jul 2010 12:00:00 +0200 IASB IASB meetings Leases Insurance contracts 2010-096 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. http://www.iasplus.com/pastnews/2010jul.htm#0720-3 Tue, 20 Jul 2010 11:00:00 +0200 EFRAG 2010-095 The European Union has endorsed the amendments adopted by the IASB in November 2009. http://www.iasplus.com/pastnews/2010jul.htm#0720-2 Tue, 20 Jul 2010 10:00:00 +0200 European Union 2010-094 The 18th World Congress of Accountants is being held in Kuala Lumpur, Malaysia, on 8-11 November 2010. http://www.iasplus.com/pastnews/2010jul.htm#0720-1 Tue, 20 Jul 2010 14:00:00 +0930 IFAC 2010-093 Deloitte's IFRS Global Office has submitted a letter of comment to the IASB on Exposure Draft 2010/4: Fair Value Option for Financial Liabilities. http://www.iasplus.com/pastnews/2010jul.htm#0717-3 Fri, 16 Jul 2010 19:00:00 -0400 Comment letters Financial instruments 2010-092 On 16 July 2010, the members of the Committee of European Securities Regulators (CESR) elected Carlos Tavares as Chair and Jean Guill as Vice Chair of CESR. http://www.iasplus.com/pastnews/2010jul.htm#0717-2 Fri, 16 Jul 2010 19:00:00 -0400 CESR 2010-091 On 7 July 2010, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-3324, Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2010. http://www.iasplus.com/pastnews/2010jul.htm#0717-1 Fri, 16 Jul 2010 19:00:00 -0400 Countries: Canada 2010-090 Deloitte's IFRS Global Office has submitted a letter of comment to the IASB on Exposure Draft 2010/2: Conceptual Framework for Financial Reporting – The Reporting Entity. http://www.iasplus.com/pastnews/2010jul.htm#0716-2 Fri, 16 Jul 2010 19:00:00 -0400 Comment letters Conceptual Framework 2010-089 The US Senate has passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act, subject to Presidential approval, introduces a large number of reforms to the US financial system in regulation, investor and consumer protection, corporate governance and reporting... http://www.iasplus.com/pastnews/2010jul.htm#0716-1 Fri, 16 Jul 2010 19:00:00 -0400 Countries: United States Extractive activities 2010-088 The International Auditing and Assurance Standards Board (IAASB) has proposed a revised International Standard on Auditing (ISA) that addresses the external auditor's responsibilities relating to using internal auditors' work during an audit. http://www.iasplus.com/pastnews/2010jul.htm#0715-2 Fri, 16 Jul 2010 09:00:00 +0930 IAASB 2010-087 Deloitte (United Kingdom) has published the July 2010 issue of their Insurance Accounting Newsletter... http://www.iasplus.com/pastnews/2010jul.htm#0715-1 Thu, 15 Jul 2010 012:00:00 +0200 Publications Countries: United Kingdom Insurance contracts 2010-086 The IFRS Foundation has made available a podcast summary of the main topics and project discussed at the July 2010 IFRS Interpretations Committee meeting. http://www.iasplus.com/pastnews/2010jul.htm#0714-5 Thu, 15 Jul 2010 07:30:00 +0930 IFRS Interpretations Committee Podcasts 2010-085 The Financial Accounting Foundation (FAF) announced that Mark Schroeder, a recently retired senior partner at Deloitte & Touche LLP, has been named post-implementation review leader for standards issued by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). http://www.iasplus.com/pastnews/2010jul.htm#0714-4 Thu, 15 Jul 2010 07:30:00 +0930 FASB Countries: United States 2010-084 We have posted two Spanish language IFRS in Focus publications from Deloitte (Colombia). http://www.iasplus.com/pastnews/2010jul.htm#0714-3 Thu, 15 Jul 2010 07:30:00 +0930 Publications Countries: Colombia 2010-084 The World Bank has published on their website a two-part webcast presentation by IASB member Paul Pacter entitled An Overview of the IFRS for SMEs. The presentation is based on the first of the 20 training modules used in the IASB's 'Train the trainer' workshops for the IFRS for Small and Medium-sized Entities (IFRS for SMEs). http://www.iasplus.com/pastnews/2010jul.htm#0714-2 Wed, 14 Jul 2010 10:00:00 -0100 Webcasts IFRS for SMEs 2010-082 The agenda for the July 2010 IASB meeting has been changed. There have been changes to the agenda and running order on Thursday 22 July 2010 and Friday 23 July 2010. Consolidations will now be an IASB-only meeting. http://www.iasplus.com/pastnews/2010jul.htm#0714-1 Wed, 14 Jul 2010 09:00:00 -0100 IASB IASB meetings 2010-081 At its meeting on 13 July, the Public Company Accounting Oversight Board approved for public comment a proposed audit standard Confirmation. If approved, this Standards will supersede the current PCAOB standard, AU sec. 330, The Confirmation Process. http://www.iasplus.com/pastnews/2010jul.htm#0713-4 Tue, 13 Jul 2010 12:00:00 -0100 PCAOB Countries: United States 2010-080 The Committee of European Securities Regulators (CESR) has published its eighth 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. http://www.iasplus.com/pastnews/2010jul.htm#0713-3 Tue, 13 Jul 2010 11:00:00 -0100 CESR 2010-079 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). http://www.iasplus.com/pastnews/2010jul.htm#0713-2 Tue, 13 Jul 2010 10:00:00 -0100 IASB Investor Perspectives 2010-078 The Economics of Ecosystems and Biodiversity (TEEB) study is an international initiative to draw attention to the global economic benefits of biodiversity, to highlight the growing costs of biodiversity loss and ecosystem degradation, and to draw together expertise from the fields of science, economics and policy to enable practical actions moving forward. TEEB is hosted by the United Nations Environment Programme and supported by the European Commission, the German Federal Environment Ministry, the UK Government’s Department for Environment, Food and Rural Affairs, UK Department for International Development, Norway’s Ministry for Foreign Affairs; The Netherlands’ Interministerial Program Biodiversity, and the Swedish International Development Cooperation Agency. http://www.iasplus.com/pastnews/2010jul.htm#0713-1 Tue, 13 Jul 2010 09:00:00 -0100 Sustainability reporting 2010-077 We remind you that comments are due on 16 July 2010 on the Exposure Drafts Conceptual Framework - The Reporting Entity and Fair Value Option for Financial Liabilities. The ED on the reporting entity was issued on 11 March 2010 and proposes what a reporting entity is and when an entity controls another entity. The ED on the fair value option for financial liabilities was issued on 11 May 2010 and proposes to amend the way the fair value option in IAS 39 Financial Instruments: Recognition and Measurement is applied with respect to financial liabilities. Also coming up on the same day is the deadline for analysts and investors to complete the user questionnaire for the ED on the fair value option for financial liabilities. http://www.iasplus.com/pastnews/2010jul.htm#0712-3 Mon, 12 Jul 2010 11:00:00 -0100 IASB Exposure drafts Conceptual Framework 2010-076 In November 2009, when it issued an Exposure Draft (ED) on Impairment of Financial Instruments Measured at Amortised Cost, the IASB set up an Expert Advisory Panel (EAP) comprising experts in credit risk management to advise the board because of significant practical challenges in moving to an expected loss model. The EAP held six public meetings during the ED's eight months public consultation period. The IASB staff has now posted a Summary of the discussions by the EAP (PDF 74k). The document summarises the main issues that the IASB team of participating Board members and staff have learnt during these discussions. http://www.iasplus.com/pastnews/2010jul.htm#0712-2 Mon, 12 Jul 2010 10:00:00 -0100 Financial instruments IASB 2010-075 Deloitte Luxembourg has published a comparison between the requirements of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and Luxembourg Generally Accepted Accounting Principles (LUX GAAP). The publication compares the two accounting frameworks, highlighting the variations commonly possible, with the aim of providing a clear and practical overview of the differences that exist. Today, IFRS for SMEs are neither part of the European Accounting Regulation, nor of the current Luxembourg commercial law. Accordingly it cannot be used for statutory purposes. Nevertheless there could be entities in Luxembourg applying it for group reporting purposes, because IFRS for SMEs has already been adopted in several jurisdictions. http://www.iasplus.com/pastnews/2010jul.htm#0712-1 Mon, 12 Jul 2010 10:00:00 +0830 Countries: Luxembourg Publications IFRS for SMEs 2010-074 On June 23, 2010 Fernando Restoy, Chairman of the standing committee on corporate reporting of the Committee of European Securities Regulators (CESR-FIN) and Vice-Chairman of the Spanish stock exchange regulator (Comision Nacional del Mercado de Valores, CNMV), spoke at a conference hosted by the IFRS Foundation in London. In his remarks Mr. Restoy talked about convergence, the governance structure of the IASB, and the link between the objectives of accounting and those of other regulations, notably prudential regulation. The major part of his speech was devoted to the third topic, namely the reporting of changes in fair value. In contrast to the recent debate, Mr. Restoy argued that the issue was less whether or not to report something at fair value, but rather where the changes in fair value should be reported: in profit or loss or in other comprehensive income. In his view, much of the pressure that was exercised on standard setters during the financial crisis was due to regulators not accepting some changes in fair value to be presented in profit or loss. To avoid such pressure in the future he argued in favour of the IASB moving towards a single statement of comprehensive income without prescribing subsections. By doing so the IASB would avoid defining the subsections, mandating which changes in fair value be presented in which section and whether or not recycling was appropriate and why. http://www.iasplus.com/pastnews/2010jul.htm#0711-1 Sun, 11 Jul 2010 14:00:00 -0100 CESR 2010-073 The IFRS Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday and Friday, 8-9 July 2010. Preliminary and unofficial notes taken by Deloitte observers at the meeting can be found here. http://www.iasplus.com/pastnews/2010jul.htm#ifric Fri, 9 Jul 2010 15:00:00 -0500 IFRS Interpretations Committee IFRIC meetings 2010-072 Deloitte's IFRS Global Office has published Accounting in the Telecommunications industry: A new view of revenue emerges. This publication highlights many of the key proposals in the recently issued Exposure Draft from the IASB and FASB on Revenue Recognition and considers 10 key areas which may result in changing accounting practice within the Telecommunications industry. http://www.iasplus.com/pastnews/2010jul.htm#0709-3 Fri, 9 Jul 2010 14:00:00 -0500 Telecommunications Revenue Publications 2010-071 On 1 July 2010, the IASB and the US FASB posted to their websites a staff draft of a proposed standard on their joint project to develop a standard on financial statement presentation. Deloitte (United States) has issued a Heads Up Newsletter that provides an analysis of the key effects this joint proposal would have on financial statement presentation in the United States. http://www.iasplus.com/pastnews/2010jul.htm#0709-2 Fri, 9 Jul 2010 11:00:00 -0100 Countries: United States Publications Heads Up Financial statement presentation 2010-070 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 Fair Value Measurement Disclosures. We have put permanent links to all Japanese translations of the IFRS in Focus newsletters on our Japan Page. http://www.iasplus.com/pastnews/2010jul.htm#0709-1 Fri, 9 Jul 2010 08:00:00 -0100 Countries: Japan Publications 2010-069 The IASB will hold its monthly meeting for July 2010 at its offices in London from 19 to 23 July 2010. Portions of the meeting are joint meetings with FASB. The meeting will be open to public observation and will be webcast. http://www.iasplus.com/pastnews/2010jul.htm#0708-4 Thu, 8 Jul 2010 18:00:00 -0100 IASB IASB meetings 2010-068 The Public Company Accounting Oversight Board has scheduled an Open Meeting for Tuesday, July 13, at 9:30 a.m., to consider a proposed audit standard on confirmation, which would supersede the current PCAOB standard, AU sec. 330, The Confirmation Process. http://www.iasplus.com/pastnews/2010jul.htm#0708-3 Thu, 8 Jul 2010 17:00:00 -0100 PCAOB Countries: United States 2010-067 In addition to its ongoing consultation process, the IASB is engaging in outreach activities in various places around the world. The European Financial Reporting Advisory Group (EFRAG) has offered to host one of these IASB outreach events in order to assist European stakeholders to better understand the IASB’s proposals and have the opportunity to ask questions and provide comments to an IASB delegation of Board members and staff. This reprensents an important opportunity for European constituents to influence IFRS being developed by the IASB. The meeting is scheduled to take place in Brussels on Tuesday 28 September 2010, 12:00 noon to 17:00 http://www.iasplus.com/pastnews/2010jul.htm#0708-2 Thu, 8 Jul 2010 12:00:00 -0100 EFRAG 2010-066 The Australian Accounting Standards Board (AASB) and New Zealand Financial Reporting Standards Board (FRSB) have issued joint exposure drafts of proposals to harmonise Australian and New Zealand Standards in relation to entities applying IFRSs as adopted in Australia and New Zealand. The exposure drafts propose to eliminate many of the IFRS-related differences between the two countries for for-profit entities and represent the first phase of a longer-term project to harmonise accounting requirements in Australia and New Zealand. For-profit entities applying Australian Accounting Standards or NZ IFRSs in full already make an explicit and unreserved statement of compliance with IFRSs, and the proposals would not impact this ability. http://www.iasplus.com/pastnews/2010jul.htm#0708-1 Thu, 8 Jul 2010 09:30:00 -0100 Countries: Australia Countries: New Zealand 2010-065 IASB staff have posted several short podcasts on the leasing project and the hedging phase of the project to replace IAS 39 Financial Instruments: Recognition and Measurement. These podcasts are the first in a series about the models being developed by the IASB. http://www.iasplus.com/pastnews/2010jul.htm#0707-3 Wed, 7 Jul 2010 15:45:00 -0100 Leases Podcasts IASB 2010-064 We have posted Accounting Roundup: Second Quarter in Review–2010, 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 2Q-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 April and May 2010, as well as new articles for the month of June. http://www.iasplus.com/pastnews/2010jul.htm#0707-1 Wed, 7 Jul 2010 15:35:00 -0100 Countries: United States Publications 2010-063 Deloitte's IFRS Centre of Excellence in Japan has published Japanese translations of the following IFRS in Focus newsletters. IASB and FASB modify convergence strategy and IASB issues revenue recognition exposure draft. http://www.iasplus.com/pastnews/2010jul.htm#0707-2 Wed, 7 Jul 2010 15:30:00 -0100 Countries: Japan Publications 2010-062 The Accounting Standards Board (AcSB) of Canada has adopted a strategy to replace Canadian standards with International Financial Reporting Standards (IFRSs) for publicly accountable enterprises by 1 January 2011. Other enterprises may also elect to adopt IFRSs. To assist those affected by this strategy in becoming familiar with differences between Canadian standards and IFRSs, the AcSB staff has prepared an unofficial comparison between the more significant aspects of IFRSs and Canadian standards as of 31 December 2009. The comparison also identifies the currently active standard-setting projects of the IASB, FASB, and AcSB and comments on the extent to which the work in process is expected to eliminate existing differences http://www.iasplus.com/pastnews/2010jul.htm#0706-3 Tue, 6 Jul 2010 12:30:00 -0100 Countries: Canada Publications IFRS transition 2010-061 On 17 June 2010, we hosted a Deloitte Dbriefs webcast on global financial reporting, entitled IFRSs: How might developments at the IASB impact you? A 'Q&A Report' has been published containing a summary of audience questions submitted during the live webcast and our suggested answers. Topics covered include the IASB's proposals on termination benefits, financial liabilities and comprehensive income, and the impact of changes on investor behaviour. http://www.iasplus.com/pastnews/2010jul.htm#0706-2 Tue, 6 Jul 2010 10:30:00 -0100 Webcasts 2010-060 Deloitte Canada has published the June 2010 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events http://www.iasplus.com/pastnews/2010jul.htm#0706-1 Countries: Canada IFRS transition Tue, 6 Jul 2010 09:30:00 +0830 2010-059 Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters. We post these regularly on our IAS Plus Insurance Project Page. Deloitte (Germany) is translating some of these newsletters into German. The latest is Versicherungsbilanzierung 10: Fast da ... http://www.iasplus.com/pastnews/2010jul.htm#0705-3 Mon, 5 Jul 2010 10:30:00 -0100 Insurance contracts Countries: Germany 2010-058 The IASB has posted on its website its Amended Work Plan and Project Timetable as of 2 July 2010. The only change is that the ED on the consolidation of investment companies has been delayed to the fourth quarter 2010. A final IFRS on the consolidation of investment companies is still expected in the first quarter 2011. A staff draft of the IFRS intended to replace IAS 27 is expected to be posted on the IASB's website in the third quarter 2010; final standards regarding the replacement of IAS 27 and disclosures about unconsolidated SPEs are expected in the fourth quarter 2010. We have updated the IAS Plus Agenda Projects Page accordingly. http://www.iasplus.com/pastnews/2010jul.htm#0705-2 Mon, 5 Jul 2010 10:00:00 -0100 IASB 2010-057 We've updated our Indian jurisdiction page to include recent updates on the convergence process of Indian Accounting Standards with IFRS. The Indian Ministry of Corporate Affairs has adopted dates for the convergence of Indian Accounting Standards with IFRS for insurance companies, banks and non-bank financial institutions and clarified a number of matters. http://www.iasplus.com/country/india.htm Mon, 5 Jul 2010 09:00:00 -0100 Countries: India IFRS transition 2010-056 Chile's Superintendency of Securities and Insurance (Superintendencia de Valores y Seguros or SVS) has delayed the implementation of International Financial Reporting Standards (IFRSs) for both general and life insurance companies until 2012, following the significant impact and burden that the earthquake of 27 February 2010 has had on this sector. Originally insurance companies were scheduled to adopt IFRS with effect from 1 January 2010. The SVS had already postponed IFRS adoption once until 2011. SVS has announced that it will publish a revised timetable for implementation of IFRSs for the insurance sector during 2010. http://www.iasplus.com/country/chile.htm#1006 Sat, 3 Jul 2010 15:00:00 -0100 Countries: Chile Insurance contracts 2010-055 On 8 July 2010 the IASB and the FASB will hold two joint webcasts to introduce the exposure draft 'Revenue from Contracts with Customers', which was published on 24 June 2010. The exposure draft is open for public comment until 22 October 2010. The webcasts will be followed by a question and answer session. There is no charge to participate in the webcast, but registration is required. http://www.iasplus.com/pastnews/2010jul.htm#0703-1 Sat, 3 Jul 2010 14:00:00 +0830 IASB FASB Revenue Webcasts 2010-054 A comprehensive project summary, prepared by the IASB staff, has been posted to the fair value measurement project page of the IASB's site. The project summary (PDF 951k) provides the background to the IASB's fair value measurement project and explains how the IASB plans to finalise an IFRS on fair value measurement. The summary also includes a comparison of the tentative decisions reached so far in the project with the proposals in the IASB’s May 2009 exposure draft Fair Value Measurement and the proposals in the US Financial Accounting Standards Board’s (FASB) exposure draft of a proposed Accounting Standards Update (ASU) Amendments for Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (link to FASB website). http://www.iasplus.com/pastnews/2010jul.htm#0702-6 Fri, 2 Jul 2010 16:00:00 -0100 IASB Fair value measurement 2010-053 Deloitte (United Kingdom) has published the June 2010 edition of their quarterly iGAAP Newsletter. This newsletter covers the activities of the IASB and the UK Accounting Standards Board (ASB). Each issue includes updates on the activities of the IASB and the ASB, project timetables for both boards, links to new Deloitte publications, an interview of someone involved with IFRSs, and a table showing IFRSs issued but not yet effective or endorsed by the European Union. The interviewee for the June 2010 issue is Ken Wild, Deloitte's recently retired Global IFRS Leader. http://www.iasplus.com/country/uk.htm#igaapnewsletter Countries: United Kingdom Publications IASB Fri, 2 Jul 2010 15:00:00 -0100 2010-052 The European Commission has endorsed the IASB's 29 January 2009 Amendments to IFRS 1: Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters. Consequently, 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. http://www.iasplus.com/efrag/efrag.htm#endorse Fri, 2 Jul 2010 14:00:00 -0100 EFRAG 2010-051 The Australian Accounting Standards Board (AASB) has issued amendments to Australian Accounting Standards to implement a 'Tier 2' reporting framework based on 'Reduced Disclosure Requirements' (RDR) instead of implementing the IFRS for SMEs. The RDR permits for-profit entities without 'public accountability' to elect to comply with the recognition and measurement requirements of Australian Accounting Standards (which are equivalent to IFRS for for-profit entities), but to avoid many of the disclosures required by those standards in general purpose financial statements. Not-for-profit and certain public sector entities are also eligible to apply the RDR. Entities applying the RDR will not be able to make an explicit and unreserved statement of compliance with IFRSs, however this will still apply to for-profit entities applying standards in full ('Tier 1'). The Tier 2/RDR will apply to annual reporting periods beginning on or after 1 July 2013, but may be early adopted for annual financial reporting periods beginning on or after 1 July 2009. A second stage of the AASB's project will consider whether the 'Tier 2' requirements should be extended to the 'non-reporting entities' under Australia's existing differential reporting regime (these entities produce limited financial statements and do not claim compliance with IFRS). Deloitte (Australia) has produced a series of Accounting Alerts tracking the progress of the AASB's project. http://www.deloitte.com/au/accountingalerts Fri, 2 Jul 2010 13:00:00 +0830 Countries: Australia IFRS for SMEs 2010-050 A recent tax law change in New Zealand has resulted in an intense debate in the country about how (the New Zealand equivalent) of IAS 12 Income Taxes should be applied, and impacts on reported profits. The New Zealand government recently changed the tax law to deny tax deductions for certain buildings. New Zealand also does not have a capital gains tax, meaning affected buildings are outside the scope of the tax law altogether. The effect of the tax law change is resulting in many New Zealand companies recognising a deferred tax liability in respect of existing buildings, significantly impacting profits. The Accounting Standards Review Board (ASRB) and Financial Reporting Standards Board (FRSB) have jointly issued a communique discussing the changes and Deloitte (New Zealand) has published an alert discussing the changes and their accounting implications. The IASB is currently undertaking a limited scope project on IAS 12 and has tentatively decided to consider a related issue of the treatment of revalued buildings. http://www.iasplus.com/nz/alerts.htm Fri, 2 Jul 2010 12:00:00 +1030 Countries: New Zealand Income taxes 2010-049 The United States Public Company Accounting Oversight Board (PCAOB) has announced a meeting of its Standing Advisory Group (SAG) will be held on Thursday, 15 July 2010. The meeting will include a presentation on projects of the FASB and IASB relating to potentially significant accounting changes affecting US GAAP and IFRS. The SAG discussion will focus on the potential impact of these changes upon auditors of public companies. http://pcaobus.org/News/Events/Pages/07152010_SAGMeeting.aspx FriThu, 2 Jul 2010 10:00:00 -0500 PCAOB 2010-048 On 16 July 2010, Deloitte (United States) will host a live webcast discussing IASB-FASB convergence and the FASB's proposals for accounting for financial instruments. http://www.iasplus.com/pastnews/2010jul.htm#0701-5 Thu, 1 Jul 2010 10:00:00 -0500 FASB IASB Webcasts Countries: United States 2010-047 Deloitte (United Kingdom) has developed iGAAP 2010 Financial Instruments: IAS 32, IAS 39, IFRS 7 and IFRS 9 Explained (Sixth Edition), which has been published by LexisNexis. http://www.iasplus.com/pastnews/2010jul.htm#0701-4 Thu, 1 Jul 2010 15:00:00 -0100 Publications Financial instruments 2010-046 The IASB and the US FASB posted to their websites a staff draft of a proposed standard on their joint project to develop a standard on financial statement presentation. http://www.iasplus.com/pastnews/2010jul.htm#0701-3 Thu, 1 Jul 2010 14:00:00 -0100 IASB FASB Financial statement presentation 2010-045 The European Union has published the Commission Regulation (EC) No 574/2010 ('Amendment to IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosure for First-time Adopters' and Amendment to IFRS 7 'Financial Instruments: Disclosures') endorsing the amendments adopted by the IASB on 29 January 2010. http://www.iasplus.com/pastnews/2010jul.htm#0701-2 Thu, 1 Jul 2010 10:00:00 -0100 European Union First-time adoption Financial instruments 2010-044 The IASC Foundation has formally changed its name to the IFRS Foundation with effect from 1 July 2010. http://www.iasplus.com/pastnews/2010jul.htm#0701-1 Thu, 1 Jul 2010 09:00:00 -0100 IASB IFRS Foundation 2010-043 The Australian Parliament has passed financial reporting reform legislation which require an explicit statement of compliance with IFRS in the directors declaration accompanying the financial statements. The change is designed to counter a lack of awareness that the financial statements of Australian companies and other reporting entities are compliant with IFRS (Australia has a series of Accounting Standards that are equivalent to IFRS for for-profit entities). The change will apply to financial statements from 30 June 2010. The reforms also remove the previous requirement to include both parent and consolidated financial statements in annual reprots and make various other amendments. Deloitte (Australia) has produced an Accounting Alert explaining the changes. http://www.iasplus.com/pastnews/2010jun.htm#0630-7 Wed, 30 Jun 2010 19:00:00 +8300 Countries: Australia IFRS transition 2010-042 Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB and FASB modify convergence strategy. This newsletter describes the modified convergence strategy and updated work plan of the IASB and FASB. The IASB and FASB have modified their convergence strategy in response to concerns about constituents’ ability to provide comments on the large number of proposals that were expected to be published during the second quarter 2010. http://www.iasplus.com/pastnews/2010jun.htm#0630-6 Wed, 30 Jun 2010 18:0:00 -0500 Publications Convergence IASB FASB 2010-041 On 29 June 2010, the FASB issued a proposed Accounting Standards Update (ASU), Fair Value Measurements and Disclosures (Topic 820): Amendments for Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The proposed ASU is the result of a joint project between the FASB and IASB (the “boards”) to develop a single, converged fair value framework. Deloitte (United States) has issued a Heads Up Newsletter that provides an analysis of the key provisions of FASB's proposals on fair value and measurement http://www.iasplus.com/pastnews/2010jun.htm#3006headsup Wed, 30 Jun 2010 17:0:00 -0500 Countries: United States Publications Fair value measurement Heads Up 2010-040 The Institute of Chartered Accountants of Scotland has published Chinese Accounting Reform: Towards a Principles-based Global Regime. This is the report of a study of China's adoption of IFRS-based accounting standards http://www.iasplus.com/country/china.htm#1006 Wed, 30 Jun 2010 10:30:00 -0100 Countries: China 2010-039 The IASB has issued an exposure draft (ED) Measurement Uncertainty Analysis Disclosure for Fair Value Measurements proposing relatively minor amendments to the proposals in its May 2009 ED on fair value measurement. The May 2009 ED proposed a three-level fair value hierarchy that categorises observable and non-observable market data used as inputs for fair value measurements. Under that hierarchy, Level 3 inputs are 'unobservable inputs' used for the fair value measurement of assets or liabilities for which market data are not available. Required disclosures would include a 'measurement uncertainty analysis' (sometimes called a 'sensitivity analysis'). The newly proposed amendments would enhance the original proposal by requiring the measurement uncertainty analysis disclosure to reflect the interdependencies between unobservable inputs used to measure fair value in Level 3. Comment Deadline is 7 September 2010 http://www.iasplus.com/agenda/fairvalue.htm#1006ed Wed, 30 Jun 2010 09:00:00 -0100 Fair value measurement Exposure drafts IASB 2010-038 Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB Issues Revenue Recognition Exposure Draft (PDF 97k). [Prior to June 2010, these newsletters were titled IAS Plus Update.] The newsletter explains the IASB's 24 June 2010 proposed new standard (jointly with FASB) that 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. http://www.iasplus.com/iasplus/iasplus.htm Tue, 29 Jun 2010 08:35:00 -0100 Publications Revenue Exposure drafts 2010-037 Following their summit meeting in Toronto on 26-27 June 2010, the leaders of the G20 group of nations have issued a Declaration (PDF 509k) reaffirming their support for a single set of global accounting standards as a means for strengthening the global financial market infrastructure. Unlike the G20 leaders' Declaration in September 2009 following their Pittsburgh summit, this new Declaration does not make reference to a June 2011 deadline. The G20 was first organised in the wake of the Asian financial crisis of the late 1990s. With the onset of the global financial crisis in 2008, the G-20 has become the principal forum to lead global efforts to stem the crisis and mitigate its effects. http://www.iasplus.com/crunch/creditcrunch.htm Mon, 28 Jun 2010 15:30:00 -0500 G20 2010-036 The European Commission has endorsed the IASB's 23 July 2009 Amendments to IFRS 1: Additional Exemptions for First-time Adopters. Consequently, 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. http://www.iasplus.com/efrag/efrag.htm#endorse Sun, 27 Jun 2010 09:00:00 -0100 EFRAG 2010-035 The International Federation of Accountants (IFAC) has submitted a Series of Recommendations for consideration by the G-20 at its meeting on 26-27 June 2010 in Toronto, Canada. The recommendations emphasise the need for greater transparency and accountability in public sector finances and urge the G-20 to support adoption of International Financial Reporting Standards globally http://www.ifac.org/financial-crisis/ Sat, 26 Jun 2010 10:00:00 -0500 EFRAG G20 2010-034 IASB and FASB have issued a joint exposure draft on revenue recognition. http://www.iasplus.com/agenda/revenue.htm#1006ed Sat, 26 Jun 2010 08:35:00 -0500 IASB FASB Revenue 2010-033 IAS Plus agenda timetable page is updated to reflect IASB's amended work plan, as submitted to G-20. http://www.iasplus.com/agenda/agenda.htm Sat, 26 Jun 2010 08:33:00 -0500 IASB G20 2010-032 Deloitte's IFRS Global Office has published a newsletter explaining the IASB's exposure draft on reporting comprehensive income. http://www.iasplus.com/iasplus/iasplus.htm Tue, 08 Jun 2010 18:40:00 +0100 Publications Financial statement presentation 2010-031 The IASB has published for public comment an exposure draft proposing that all entities present profit or loss and other comprehensive income (OCI) in separate sections of a single continuous statement. http://www.iasplus.com/pastnews/2010may.htm#iasboci Fri, 28 May 2010 11:33:00 +0800 Exposure drafts IASB Financial statement presentation 2010-030 The 2010 edition of Deloitte's popular guide IFRSs in Your Pocket is now available on IAS Plus. http://www.iasplus.com/dttpubs/pubs.htm#may2010 Mon, 24 May 2010 11:53:00 +0800 Publications 2010-029 Our observer notes for the IASB-FASB Joint May 2010 Meeting are now posted. http://www.iasplus.com/agenda/1005.htm Mon, 24 May 2010 11:49:00 +0800 IASB IASB meetings 2010-028 Deloitte's IFRS Global Office has published a newsletter explaining the IASB's exposure draft of proposed amendments to IAS 19 Employee Benefits. http://www.iasplus.com/iasplus/iasplus.htm Mon, 17 May 2010 16:10:00 +0100 Publications Employee benefits 2010-027 The IASB has published an exposure draft proposing that all gains and losses resulting from changes in 'own credit' for those financial liabilities that an entity chooses to measure at fair value should be recognised as a component of 'other comprehensive income', not in profit or loss. Comment deadline is 16 July. http://www.iasplus.com/agenda/ias39classification.htm#1005liabilitiesed Tue, 11 May 2010 18:46:00 +0800 Exposure drafts IASB Financial instruments 2010-026 Our observer notes for the 6-7 May Interpretations Committee meeting are now posted. http://www.iasplus.com/pastnews/2010may.htm#ifric Wed, 05 May 2010 10:19:00 +0100 2010-025 IFRS Interpretations Committee The IASB has finalised amendments to seven IFRSs as part of its program of annual improvements to its standards. http://www.iasplus.com/index.htm Thu, 06 May 2010 19:50:00 +0000 IASB Annual improvements 2010-024 Our observer notes for the Special IASB-FASB Joint Meeting on 4 May are now posted. http://www.iasplus.com/agenda/1005a.htm Wed, 05 May 2010 05:50:00 +0800 IASB FASB IASB meetings 2010-023 IASB has published an exposure draft on defined benefit plans proposing to amend IAS 19. Comment deadline is 6 September. http://www.iasplus.com/agenda/pensions.htm#1004ed Thu, 29 Apr 2010 17:06:00 +0800 Exposure drafts IASB Employee benefits 2010-022 Our complete observer notes for the April 2010 IASB-FASB joint meeting are now posted. http://www.iasplus.com/agenda/1004.htm Tue, 27 Apr 2010 20:00:00 +0800 IASB IASB meetings 2010-021 The Trustees of the International Accounting Standards Committee Foundation announced today the appointment of Paul Pacter to the International Accounting Standards Board effective 1 July 2010 for a two-year term. http://www.iasplus.com/pastnews/2010apr.htm#pacter Thu, 15 Apr 2010 12:47:00 +0000 IASB 2010-020 We have posted IFRS for SMEs in Your Pocket, a new 45-page guide similar to Deloitte's very popular IFRSs in Your Pocket guide to full IFRSs. Includes key differences with full IFRSs. http://www.iasplus.com/dttpubs/pubs.htm#apr2010 Tue, 13 Apr 2010 09:57:00 +0000 Publications IFRS for SMEs 2010-019 Our observer notes for the special IASB meeting on 8 April 2010 are now posted. http://www.iasplus.com/agenda/1004a.htm Mon, 12 Apr 2010 07:59:00 +0800 IASB IASB meetings 2010-018 The IASB has published a Discussion Paper (DP) 'Extractive Activities' (oil and gas and mining industries). Comment deadline is 30 July 2010. http://www.iasplus.com/agenda/extract2.htm#1004dp Thu, 08 Apr 2010 08:29:00 +0800 IASB Discussion Papers Extractive activities 2010-017 Our complete observer notes for the joint IASB-FASB meetings of 15-19 March and 22-24 March 2010 are now posted. http://www.iasplus.com/agenda/1003.htm Fri, 26 Mar 2010 07:59:00 +0800 IASB FASB IASB meetings 2010-016 The IASC Foundation has invited nominations for membership of the new SME Implementation Group (SMEIG). The Terms of Reference and Operating Procedures of the SMEIG have also been released. http://www.iasplus.com/standard/ifrsforsmes.htm#smeignominations Fri, 19 Mar 2010 00:11:00 +0800 IASB IFRS for SMEs 2010-015 Deloitte's observer notes for the special 11 March IASB meeting are posted. http://www.iasplus.com/agenda/1003b.htm Fri, 12 Mar 2010 22:11:00 +0800 IASB IASB meetings 2010-014 IASB and FASB have jointly published an exposure draft on the reporting entity concept as part of their conceptual framework project. http://www.iasplus.com/agenda/framework-d.htm#1003ed Thu, 11 Mar 2010 20:29:00 +0800 IASB Exposure drafts Conceptual Framework 2010-013 Deloitte's observer notes for the special 3 March IASB meeting are posted. http://www.iasplus.com/agenda/1003a.htm Thu, 04 Mar 2010 09:25:00 +0800 IASB IASB meetings 2010-012 The US SEC approved a 71-page Statement that provides an overview of the SEC's IFRS activities, summarises public feedback on the proposed IFRS roadmap, and outlines an approach going forward (but with no firm commitment or date for adoption). http://www.iasplus.com/restruct/restsec.htm#1002statement Thu, 25 Feb 2010 16:02:00 +0800 IFRS transition Countries: United States 2010-011 Deloitte's complete observer notes for the Feb 2010 IASB meeting are posted. http://www.iasplus.com/agenda/1002.htm Sat, 20 Feb 2010 11:05:00 +0800 IASB IASB meetings 2010-010 The IASC Foundation Trustees have completed part 2 of the 2008-2010 Constitution Review, announcing a number of changes including public consultations on the IASB's technical agenda, creation of vice chairs for both the Trustees and the IASB, and renaming IASCF, IFRIC, and SAC. http://www.iasplus.com/iascf/constreview2008.htm#complete Thu, 18 Feb 2010 17:17:00 +0800 IFRS Foundation IASB 2010-009 Two financial executives have been appointed to the IASB: Dr Elke Konig, former member of the executive board and chief financial officer (CFO) of Hannover Re Group (Germany), and Darrel Scott, CFO of the FirstRand Banking Group (South Africa). http://www.iasplus.com/index.htm Thu, 04 Feb 2010 18:07:00 +0800 IASB 2010-008 Deloitte's notes for the 2 Feb 2010 Special Joint IASB-FASB meeting are posted. Discussions covered leases, comprehssive income, and hedge accounting. http://www.iasplus.com/agenda/1002a.htm Wed, 03 Feb 2010 23:47:00 +0800 IASB IASB meetings 2010-007 We have published an IAS Plus Update Newsletter 'Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters' explaining IASB's recent amendment to IFRS 1 to exempt first-time adopters from some IFRS 7 disclosures. http://www.iasplus.com/iasplus/iasplus.htm Wed, 3 Feb 2010 15:46:12:00 +0800 Publications Financial instruments First-time adoption 2010-006 The IASB has amended IFRS 1 to exempt first-time adopters of IFRSs from providing some IFRS 7 comparative disclosures. http://www.iasplus.com/standard/ifrs01.htm#1001amendment Thu, 28 Jan 2010 20:42:12:00 +0800 IASB Standards Financial instruments First-time adoption 2010-005 We have published an IAS Plus Update Newsletter 'IASB Refines Proposals for the Measurement of Liabilities in IAS 37' explaining IASB re-exposure draft that was issued 5 Jan 2010. http://www.iasplus.com/iasplus/iasplus.htm Sat, 23 Jan 2010 04:39:12:00 +0800 Publications Liabilities 2010-004 Now available: Deloitte's model IFRS financial statements for 2009 that illustrate early adoption of IFRS 9 Financial Instruments. http://www.iasplus.com/fs/fs.htm#2009ifrsmod Sat, 23 Jan 2010 04:23:00 +0800 Publications Financial instruments Model financial statements 2010-003 Deloitte's complete observer notes for the Jan 2010 IASB meeting are posted. Decisions include re-exposure of discontinued operations and approval of IFRS 1 amendments. http://www.iasplus.com/agenda/1001.htm Fri, 22 Jan 2010 23:45:00 +0800 IASB IASB meetings Discontinued operations First-time adoption 2010-003 The Deloitte notes from the IFRIC meeting of 7 and 8 January are now available. Among other things, IFRIC added an agenda project on what are vesting conditions under IFRS 2. http://www.iasplus.com/pastnews/2010jan.htm#ifric Sat, 09 Jan 2010 12:10:00 +0000 IFRS Interpretations Committee Share-based payments 2010-002 Ihe IASB has issued for comment a revised exposure draft on measurement of liabilities under IAS 37, with comments due 12 April 2010. http://www.iasplus.com/agenda/converge-ias37.htm#1001ed Tue, 05 Jan 2010 17:58:00 +0000 IASB Exposure drafts Liabilities 2010-001 Our final IAS Plus newsletter for 2009 provides a summary of all new and revised Standards and Interpretations that are effective for December 2009 and later accounting periods. http://www.iasplus.com/iasplus/iasplus.htm Thu, 31 Dec 2009 09:12:00 +0800 2009-072 We have posted the second edition of our analysis, organised by topic, of SEC comment letters on foreign private issuers using IFRS. http://www.iasplus.com/pastnews/2009dec.htm#secforeign Tue, 22 Dec 2009 08:40:00 +0800 2009-071 Deloitte's complete observer notes for the December 2009 IASB meeting are now posted. http://www.iasplus.com/agenda/0912.htm Mon, 21 Dec 2009 10:45:00 +0800 2009-070 Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter explaining IFRIC 19 'Extinguishing Liabilities with Equity Instruments'. http://www.iasplus.com/iasplus/iasplus.htm Sun, 06 Dec 2009 18:42:00 +0100 2009-069 Deloitte has published a comprehensive 84-page guide to IFRS 1 First-time Adoption of IFRSs. http://www.iasplus.com/dttpubs/pubs.htm#novb2009 Fri, 27 Nov 2009 15:24:00 +0800 2009-068 The IASB has proposed to amend IFRS 1 to exempt first-time adopters from providing certain comparative prior-period IFRS 7 disclosures before 1 January 2010. http://www.iasplus.com/agenda/ifrs1exemptionifrs7.htm Thu, 26 Nov 2009 21:44:00 +0800 2009-067 The IASB has amended IFRIC 14 to correct an unintended consequence that had prohibited entities, in some circumstances, from recognising as an asset some voluntary prepayments for minimum funding contributions. http://www.iasplus.com/interps/ifric014.htm Thu, 26 Nov 2009 21:42:00 +0800 2009-066 IFRIC has issued Interpretation 19 that applies when a debtor extingishes a liability fully or partly by issuing equity instruments to the creditor. http://www.iasplus.com/interps/ifric019.htm Thu, 26 Nov 2009 21:38:00 +0800 2009-065 Deloitte's letter of comment on the IASB's proposed Improvements to IFRSs expresses 'serious concerns regarding the quality and drafting of the 2009 amendments' and about inconsistencies between some of the proposed improvements and decisions on current agenda projects. http://www.iasplus.com/dttletr/comment.htm Tue, 24 Nov 2009 17:50:00 +0100 2009-064 Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter explaining the IASBs ED proposing to modify the way impairment losses are recognised on financial assets measured at amortised cost from an 'incurred loss model' to an 'expected loss model'. http://www.iasplus.com/iasplus/iasplus.htm Tue, 24 Nov 2009 15:48:00 +0100 2009-063 Deloitte's IFRS Global Office has published two IAS Plus Update Newsletters -- one explaining the IASB's recent amendments to IAS 24 Related Party Disclosures and the other on IFRS 9 Financial Instruments. http://www.iasplus.com/iasplus/iasplus.htm Mon, 16 Nov 2009 09:08:00 +0100 2009-062 EFRAG will not finalise its proposed endorsement of IFRS 9. EFRAG is considering how to proceed in its work to address the package of standards that are expected to replace IAS 39. EFRAG's deferral means IFRS 9 will not be available for use in Europe for 2009 year-ends. http://www.iasplus.com/restruct/euro2009.htm#nov2009 Fri, 13 Nov 2009 09:31:00 +0800 2009-061 The IASB issued IFRS 9 Financial Instruments as the first step in its project to replace IAS 39. IFRS 9 introduces new requirements for classifying and measuring financial assets, effective 1 January 2013, with earlier adoption permitted including for 2009. http://www.iasplus.com/standard/ifrs09.htm Thu, 12 Nov 2009 23:20:00 +0800 2009-060 The Deloitte notes from the IFRIC meeting of 5 and 6 November 2009 are now available. Among other things, IFRIC finalised an Interpretation based on Draft Interpretation D25 Extinguishing Financial Liabilities with Equity Instruments. http://www.iasplus.com/pastnews/2009nov.htm#ifric Sat, 07 Nov 2009 10:20:00 +0800 2009-059 The IASB and FASB have issued a joint statement reaffirming their commitment to improve IFRSs and US GAAP and to bring about their convergence. http://www.iasplus.com/index.htm Thu, 05 Nov 2009 19:15:00 -0500 2009-058 The IASB has issued an exposure draft (ED) proposing to amend IAS 39 to modify the way impairment losses are recognised on financial assets measured at amortised cost -- moving from an 'incurred loss' model to an 'expected loss' model. http://www.iasplus.com/index.htm Thu, 05 Nov 2009 19:11:00 -0500 2009-057 The IASB has revised IAS 24 Related Party Disclosures to provide a partial exemption from the disclosure requirements for government-related entities and to clarify the definition of a related party. http://www.iasplus.com/index.htm Wed, 04 Nov 2009 10:58:00 -0500 2009-056 Deloitte's complete observer notes for the October 2009 joint IASB-FASB meeting are now posted. http://www.iasplus.com/agenda/0910.htm#joint Thu, 29 Oct 2009 06:25:00 -0400 2009-055 We have posted a new Deloitte guide to recent amendments to IAS 40 on investment property under construction. http://www.iasplus.com/index.htm Tue, 28 Oct 2009 07:12:00 +0800 2009-054 Deloitte's complete observer notes for the October 2009 IASB meeting are now posted. http://www.iasplus.com/agenda/0910.htm Sun, 25 Oct 2009 07:15:00 -0400 2009-053 At its meeting yesterday the IASB agreed tentatively to propose an amendment to IAS 1 to eliminate the option of a 'two statement approach' to presenting financial performance. Only a single statement of comprehensive income would be permitted, with two sections: profit or loss and other comprehensive income. http://www.iasplus.com/agenda/0910.htm Fri, 23 Oct 2009 07:34:00 +0100 2009-052 Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter explaining the IASB's recent amendment of IAS 32 on classification of rights issues denominated in a currency other than the functional currency of the issuer. http://www.iasplus.com/iasplus/iasplus.htm Tue, 20 Oct 2009 00:22:00 +0100 2009-051 The IASB has scheduled special meetings 15 and 16 October to discuss financial instruments (replacement of IAS 39). The regular IASB monthly meeting is 19-23 October. http://www.iasplus.com/pastnews/2009oct.htm#special Fri, 09 Oct 2009 17:42:00 +0800 2009-050 The IASB has amended IAS 32 to address accounting for issues of rights, options, or warrants that are denominated in a currency other than the functional currency of the issuer. http://www.iasplus.com/standard/ias32.htm#rights Fri, 09 Oct 2009 17:31:00 +0800 2009-049 We have posted Deloitte's 347-page IFRS compliance questionnaire for 2009. http://www.iasplus.com/fs/fs.htm#2009compliance Tue, 06 Oct 2009 20:18:00 +0800 2009-048 We have posted Deloitte's IFRS illustrative financial statements for 2009. http://www.iasplus.com/fs/fs.htm#2009ifrsmod Sun, 04 Oct 2009 06:42:00 +0800 2009-047 The IASB has scheduled special meetings 22 and 29 September 11am-1pm London time to discuss financial instruments. http://www.iasplus.com/agenda/ias39classification.htm Sat, 19 Sep 2009 07:52:00 +0800 2009-046 The complete Deloitte meeting notes for the IASB's September 2009 meeting are posted. http://www.iasplus.com/agenda/0909.htm Sat, 19 Sep 2009 07:51:00 +0800 2009-045 89% of 245 financial executives who responded to a new Deloitte survey said that their companies viewed mandatory IFRS conversion in the United States to be highly likely or somewhat likely. http://www.iasplus.com/country/usa.htm#0909survey Mon, 14 Sep 2009 14:37:00 +0100 2009-044 The Trustees of the IASC Foundation), oversight body of the IASB, have published proposals to amend the Foundation's constitution, including changing the board's name to the IFRS Board. http://www.iasplus.com/iascf/constreview2008.htm#part2 Fri, 11 Sep 2009 11:07:00 +0100 2009-043 Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter explaining the IASB's recent proposals to improve 11 existing IFRSs. http://www.iasplus.com/iasplus/iasplus.htm Fri, 04 Sep 2009 07:57:00 +0800 2009-042 The IASB has published an exposure of proposed improvements to 11 IFRSs - comments due 24 November. http://www.iasplus.com/index.htm Wed, 26 Aug 2009 18:53:00 +0100 2009-041 The IASB has published an ED on whether and how assets and liabilities resulting from rate-regulated activities should be recognised and measured under IFRSs. http://www.iasplus.com/agenda/ias38regulatory.htm#0907ed Thu, 23 Jul 2009 08:30:00 +0800 2009-040 The IASB has published an exposure draft on Financial Instruments: Classification and Measurement as the first part of its three-phase project to replace IAS 39 Financial Instruments: Recognition and Measurement. http://www.iasplus.com/agenda/ias39classification.htm#ed Wed, 15 Jul 2009 08:28:00 +0800 2009-039 The IASB has issued the IFRS for SMEs - the first set of international accounting requirements developed specifically for small and medium-sized entities (SMEs). http://www.iasplus.com/index.htm Thu, 09 Jul 2009 07:58:00 +0800 2009-038 Deloitte's IFRS Global Office has published an IAS Plus Update newsletter explaining the IASB's proposed non-mandatory guidance for preparing and presenting a 'management commentary' - sometimes called 'management's discussion and analysis' or 'operating and financial review'. http://www.iasplus.com/iasplus/iasplus.htm Thu, 09 Jul 2009 07:55:00 +0800 2009-037 Deloitte's IFRS Global Office has published two IAS Plus Update newsletters - one discussing the IASB's proposed amendments to IFRIC 14 and the other on the IASB's discussion paper on the role of an entity's own credit risk in liability measurement. http://www.iasplus.com/iasplus/iasplus.htm Thu, 02 Jul 2009 11:50:00 +0800 2009-036