News and information about international financial reporting http://www.iasplus.com en-gb 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 The Deloitte meeting notes for the IASB's June 2009 meeting are posted. http://www.iasplus.com/agenda/0906.htm Mon, 06 May 2009 12:27:00 +0800 2009-035 The IASB has issued amendments to IFRS 2 Share-based Payment that clarify the accounting for group cash-settled share-based payment transactions. The amendments also withdraw IFRICs 8 and 11. http://www.iasplus.com/standard/ifrs02.htm#amend0906 Fri, 19 Jun 2009 11:18:00 +0800 2009-034 The IASB has published an exposure draft of proposed guidance on how fair value should be measured where it is required by existing standards. http://www.iasplus.com/agenda/fairvalue.htm#ed Mon, 22 Jun 2009 14:05:00 +0800 2009-033 The Deloitte meeting notes for the IASB's special meeting on 5 May 2009 are now available. http://www.iasplus.com/agenda/0905a.htm Wed, 06 May 2009 12:27:00 +0800 2009-032 Deloitte's IFRS Global Office has published an IAS Plus Update newsletter discussing the IASB's exposure draft Income Tax published on 31 March 2009. http://www.iasplus.com/iasplus/iasplus.htm Wed, 06 May 2009 12:26:00 +0800 2009-031 Amaro Luiz de Oliveira Gomes, Head of Financial System Regulation Department of Central Bank of Brazil, has been appointed to a 5-year term as a member of the IASB starting 1 July 2009. http://www.iasplus.com/index.htm Thu, 30 Apr 2009 15:41:00 +0000 2009-030 The complete Deloitte meeting notes for the IASB's April 2009 Board meeting are now available. http://www.iasplus.com/agenda/0904.htm Fri, 24 Apr 2009 14:35:00 +0000 2009-029 Deloitte's IFRS Global Office has published two IAS Plus Update newsletters -- one on the IASB's derecognition ED and the other on the joint IASB-FASB discussion paper on lease accounting. http://www.iasplus.com/iasplus/iasplus.htm Sun, 19 Apr 2009 14:52:00 +0800 2009-028 The IASB has issued improvements to 12 IFRSs, with most effective 1 January 2010 but a few are 1 July 2009. http://www.iasplus.com/agenda/annualimprovements2008.htm#0904improvements Thu, 16 Apr 2009 16:15:00 +0800 2009-027 New IAS Plus Update Newsletter examining the implications for IFRSs of the recent recommendations of the G20 leaders on reforming the regulation of the global financial sector. http://www.iasplus.com/iasplus/iasplus.htm Wed, 15 Apr 2009 20:30:00 +0800 2009-026 The exposure draft proposes to replace IAS 12 with a new standard that would retain the temporary difference approach. http://www.iasplus.com/agenda/converge-ias12.htm#ed Wed, 01 Apr 2009 15:35:00 +0800 2009-025 The proposals would change the IAS 39 principles for removing financial assets and liabilities from an entity's balance sheet and the IFRS 7 requirements for disclosing information about derecognitions. http://www.iasplus.com/agenda/derecog.htm#ed Tue, 31 Mar 2009 15:35:00 +0800 2009-024 New from Deloitte: 76-page interim reporting guide and an IAS 34 checklist formatted to allow the recording of a review of interim financial statements. http://www.iasplus.com/dttpubs/pubs.htm#mar2009 Mon, 30 Mar 2009 08:05:00 +0800 2009-023 The IASB has published a request for views on proposals from the US Financial Accounting Standards Board that deal with guidance on fair value measurement and impairments of financial instruments. http://www.iasplus.com/index.htm Sat, 21 Mar 2009 10:55:00 +0800 2009-022 The IASB and the US FASB have published a joint discussion paper proposing a new model for accounting for leases. http://www.iasplus.com/agenda/leases.htm#0903dp Thu, 19 Mar 2009 15:10:00 +0000 2009-021 The Financial Accounting Foundation and the FASB have asked the SEC to hold off on allowing US companies to use IFRSs and have questioned whether, at this point, IFRSs are 'high quality, sufficiently comprehensive, and workable for the U.S. environment'. http://www.iasplus.com/restruct/restfasb.htm#roadmapresponse Sat, 14 Mar 2009 08:47:00 +0000 2009-020 We have posted newsletters on (1) IFRS 7 Amended to Improve Disclosures about Financial Instruments and (2) Clarification Regarding Assessment of Embedded Derivatives (IFRIC 9 and IAS 39). http://www.iasplus.com/iasplus/iasplus.htm Sat, 14 Mar 2009 08:46:00 +0000 2009-019 The IASB has amended IFRIC 9 and IAS 39 to require reassessment of embedded derivatives in any financial asset that is reclassified out of the 'fair value through profit or loss' category. http://www.iasplus.com/index.htm Thu, 12 Mar 2009 12:07:00 +0000 2009-018 The IASB has published its 2009 bound volume of IFRSs - 2,855 pages, in printed and electronic formats. http://buy.iasb.org/timssecommerce/timssnet/common/tnt_frontpage.cfm Wed, 11 Mar 2009 15:51:00 +0800 2009-017 The notes taken by Deloitte observers at the March 2009 IFRIC meeting are now available. http://www.iasplus.com/pastnews/2009mar.htm#ifric Mon, 09 Mar 2009 13:31:00 +0800 2009-016 The IASB has amended IFRS 7 to expand the fair value disclosures (including a SFAS 157-like hierarchy) and amend the liquidity risk disclosure requirements, effective for annual periods beginning 1 January 2009. http://www.iasplus.com/standard/ifrs07.htm#2009amendment Thu, 05 Mar 2009 05:55:00 +0800 2009-015 The European Commission has proposed to exempt very small companies from the Accounting Directives and also to provide substantial funding to IASB/IASCF, EFRAG, PIOB, CEBS, CESR, and CEIOPS. http://www.iasplus.com/restruct/euro2009.htm#feb2009 Thu, 26 Feb 2009 09:15:00 +0800 2009-014 The complete Deloitte meeting notes for the IASB's February 2009 Board meeting are now available. http://www.iasplus.com/agenda/0902.htm Sat, 21 Feb 2009 09:15:00 +0000 2009-013 We have posted our new IAS Plus Newsletter about IFRIC 18: Guidance Issued on Accounting for Transfers of Assets from Customers. http://www.iasplus.com/iasplus/iasplus.htm Tue, 17 Feb 2009 11:44:00 +00:00 2009-012 Comments invited on a proposal that also includes potential 'carve-outs' from IFRSs. http://www.iasplus.com/country/japan.htm#0902 Tue, 17 Feb 2009 11:39:00 +0000 2009-011 Deloitte has released illustrative 2008 IFRS financial statements for an insurance group, reflecting all IFRSs effective for years beginning on or after 1 January 2008. http://www.iasplus.com/fs/fs.htm Wed, 11 Feb 2009 20:38:00 +0800 2009-010 The IASB has issued an exposure draft of proposed amendments to IFRIC 9 Reassessment of Embedded Derivatives and IFRIC 16 Hedges of a Net Investment in a Foreign Operation. http://www.iasplus.com/agenda/ifric9and16.htm Sat, 31 Jan 2009 10:46:00 +0800 2009-009 The IASC Foundation Trustees have announced important amendments to the IASCF Constitution effective 1 February 2009, including formation of a Monitoring Board and expansion of the IASB from 14 to 16 members. http://www.iasplus.com/iascf/constreview2008.htm#mb Fri, 30 Jan 2009 15:38:00 +0800 2009-008 Stephen Cooper's status has been changed from a part-time to full-time member of the IASB. Jan Engstrom has been reappointed to serve a second five-year term as a Board member. http://www.iasplus.com/index.htm Fri, 30 Jan 2009 14:18:00 +0800 2009-007 The International Financial Reporting Interpretations Committee has issued IFRIC Interpretation 18 Transfers of Assets from Customers. http://www.iasplus.com/interps/ifric018.htm Fri, 30 Jan 2009 14:14:00 +0800 2009-006 The complete Deloitte meeting notes for the IASB's January 2009 Board meeting are now available. http://www.iasplus.com/agenda/0901.htm Fri, 30 Jan 2009 14:12:00 +0800 2009-005 Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter explaining the IASB's proposals to amend IAS 39 and IFRIC 9 to clarify that reclassifications of financial assets under the October 2008 amendments to IAS 39 trigger a (re)assessment for embedded derivatives. http://www.iasplus.com/iasplus/iasplus.htm Fri, 09 Jan 2009 12:04:00 +0800 2009-004 Deloitte's IFRS Global Office has published 'Turbulent Times: Key Accounting Considerations in Today's Volatile Markets' -- available without charge on IAS Plus. http://www.iasplus.com/dttpubs/pubs.htm Thu, 08 Jan 2009 15:11:00 +0800 2009-003 Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter explaining the IASB's proposals to amend IFRS 7 to provide additional disclosures on all investments in debt instruments. http://www.iasplus.com/iasplus/iasplus.htm Thu, 08 Jan 2009 15:11:00 +0800 2009-002 The IASB has proposed to amend IFRS 7 Financial Instruments: Disclosures to add disclosures on investments in debt instruments; comments due 15 January 2009. Also, the IASB has proposed to amend IAS 39 Financial Instruments: Recognition and Measurement to clarify the accounting treatment for embedded derivatives; comments due 21 January 2009. http://www.iasplus.com/pastnews/2008dec.htm Wed, 07 Jan 2009 07:55:00 +0800 2009-001