News and information about international financial reporting http://www.iasplus.com en-gb The latest edition of Deloitte's iGAAP 2012 - A Guide to IFRS reporting provides guidance on a range of issues with analysis of key considerations for reporting entities coupled with clear and unambiguous explanation of IFRS requirements. The guide provides insight into how complex practical issues should be resolved and illustrative examples to demostrate how the standards work in practice. http://www.iasplus.com/pastnews/2012feb.htm#120203-2 Fri, 3 Feb 2012 14:25 -0500 iGAAP 2012-049 Deloitte's IFRS Global Office has submitted a letter of comment to the SME Implementation Group regarding Draft QA Section 11, Issue 1: Fallback to IFRS 9 Financial Instruments and Draft QA Section 30, Issue 1: Recycling of cumulative exchange differences on disposal of a subsidiary. http://www.iasplus.com/pastnews/2012feb.htm#120203-1 Fri, 3 Feb 2012 11:15 -0500 Comment letters IFRS for SMEs 2012-048 IASB Board member Patrick Finnegan discusses the IASB's agenda consultation. http://www.iasplus.com/pastnews/2012jan.htm#120131-2 Tue, 31 Jan 2012 13:40 -0500 IASB Investor Perspectives 2012-047 The United Kingdom Accounting Standards Board (ASB) has published three Financial Reporting Exposure Drafts (FREDs) setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland. http://www.iasplus.com/pastnews/2012jan.htm#120131-1 Tue, 31 Jan 2012 17:40 +1030 Countries: United Kingdom 2012-046 The Trustees of the IFRS Foundation have announced the conclusions of their meeting in Singapore on 12 January 2012. http://www.iasplus.com/pastnews/2012jan.htm#120130-1 Mon, 30 Jan 2012 11:30 -0500 IFRS Foundation IFRS Trustees 2012-045 The IASB held its regular monthly meeting on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have now posted Deloitte observer notes from the remaining impairment session held on Friday. http://www.iasplus.com/pastnews/2012jan.htm#120129-1 Sun, 29 Jan 2012 12:00 -0100 IASB IASB meetings IASB Projects: Financial instruments IASB Projects: Impairment 2012-044 The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from three sessions held on Friday. http://www.iasplus.com/pastnews/2012jan.htm#120127-5 Fri, 27 Jan 2012 14:45 -0500 IASB IASB meetings IASB Projects: Financial instruments 2012-043 At today's joint IASB meeting with the Financial Accounting Standards Board (FASB), the Boards agreed to work together to find ways to reduce differences in their respective classification and measurement models for financial instruments. http://www.iasplus.com/pastnews/2012jan.htm#120127-4 Fri, 27 Jan 2012 14:15 -0500 IASB FASB IASB Projects: Financial instruments 2012-042 The IFRS Foundation Trustees' Due Process Oversight Committee (DPOC) has posted to their website a summary of the conclusions of their meeting on 12 January 2012 in Singapore. http://www.iasplus.com/pastnews/2012jan.htm#120127-3 Fri, 27 Jan 2012 11:35 -0500 DPOC IFRS Foundation IFRS Trustees 2012-041 The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions held on Thursday. http://www.iasplus.com/pastnews/2012jan.htm#120127-2 Fri, 27 Jan 2012 10:30 -0500 IASB IASB meetings IASB Projects: Financial Instruments IASB Projects: Agenda consultation 2012-040 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/2012jan.htm#120127-1 Fri, 27 Jan 2012 10:25 -0500 EFRAG 2012-039 We have posted Deloitte observer notes from the IASB meeting held in London on 25-27 January 2012. http://www.iasplus.com/pastnews/2012jan.htm#120126-3 Thu, 26 Jan 2012 16:30 -0500 IASB IASB meetings IASB Projects: Insurance contracts 2012-038 The EFRAG's SME Working Group met with IASB Board member Paul Pacter in Brussels to discuss various matters relating to the IFRS for SMEs. http://www.iasplus.com/pastnews/2012jan.htm#120126-2 Thu, 26 Jan 2012 14:20 -0500 IASB IFRS for SMEs SME Implementation Group 2012-037 The United States Financial Accounting Standards Board (FASB) has published a proposal in which an entity testing indefinite-lived intangible assets for impairment would have the option of performing a qualitative assessment to determine whether it is more likely than not that the asset is impaired. http://www.iasplus.com/pastnews/2012jan.htm#120126-1 Thu, 26 Jan 2012 11:35 -0500 FASB Countries: United States Convergence US GAAP 2012-036 The monitoring board of the IFRS Foundation, which operates under the IASB, has re-appointmented of Scott Evans to serve as a trustee second three-year term. http://www.iasplus.com/pastnews/2012jan.htm#120124-4 Tue, 24 Jan 2012 11:47 -0500 IASB IFRS Trustees IFRS Foundation 2012-035 The Trustees of the IFRS Foundation has announced the reappointment of three current IASB members. http://www.iasplus.com/pastnews/2012jan.htm#120124-3 Tue, 24 Jan 2012 11:30 -0500 IASB IFRS Trustees 2012-034 The Trustees of the IFRS Foundation have announced the appointment of Yael Almog as Executive Director of the IFRS Foundation. http://www.iasplus.com/pastnews/2012jan.htm#120124-2 Tue, 24 Jan 2012 10:50 -0500 IFRS Foundation IASB 2012-033 The Institute of Chartered Accountants in England and Wales (ICAEW) has published a report summarising the some of the key highlights of its Auditor-Investor Forum held on 24 November 2011. http://www.iasplus.com/pastnews/2012jan.htm#120124-1 Tue, 24 Jan 2012 10:10 -0500 ICAEW Countries: United Kingdom 2012-032 The European Financial Reporting Advisory Group (EFRAG) has released the January 2012 issue of its EFRAG Update newsletter. http://www.iasplus.com/pastnews/2012jan.htm#120123-6 Mon, 23 Jan 2012 17:00 -0500 EFRAG 2012-031 The idea of an agreed system of integrated reporting creates much enthusiasm. But there are challenges ahead in terms of agreeing a structure and creating a regulatory framework to ensure that it works. Robert Bruce reports. http://www.iasplus.com/bruce/column120123.htm Mon, 23 Jan 2012 15:35 -0500 Robert Bruce Integrating reporting IIRC B2012-001 The IFRS Foundation has announced the publication of the following translations in Finnish (2011 Blue Book and Standards); French (exposure draft Transition Guidance); Polish (2011 Red Book); Spanish (Briefing for Chief Executives, Audit Committees and Boards of Directors); Hebrew and Kazakh 2011 requirements; Hebrew, Japanese and Kazakh (IAS 28, IAS 27, IFRS 10, IFRS 11, IFRS 12, IFRS 13); and Japanese (IAS 19 and Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)). http://www.iasplus.com/pastnews/2012jan.htm#120123-5 Mon, 23 Jan 2012 14:40 -0500 IFRS Foundation Translations Standards: IFRS 13 Standards: IAS 19 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 10 Standards: IAS 28 Standards: IAS 27 Languages: Spanish Languages: French Languages: Finnish Languages: Polish Languages: Hebrew Languages: Kazakh 2012-030 Deloitte's Global Center for Corporate Governance has released 'The Sustainable Board', a white paper providing a board-level overview of sustainability and its impact on organisations. http://www.iasplus.com/pastnews/2012jan.htm#120123-4 Mon, 23 Jan 2012 15:55 +1030 Sustainability reporting 2012-029 The IFRS Advisory Council is meeting in London on 20-21 February 2012. The agenda for the meeting is now available. http://www.iasplus.com/pastnews/2012jan.htm#120123-3 Mon, 23 Jan 2012 11:50 +1030 IFRS Advisory Council 2012-028 The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on IASB Exposure Draft ED/2011/6 'Revenue from Contracts with Customers'. http://www.iasplus.com/pastnews/2012jan.htm#120123-2 Mon, 23 Jan 2012 11:50 +1030 EFRAG IASB Projects: Revenue 2012-027 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/2012jan.htm#120123-1 Mon, 23 Jan 2012 11:50 +1030 EFRAG Countries: Europe Standards: IFRS 9 Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Standards: IAS 27 Standards: IAS 28 Standards: IAS 12 Standards: IFRS 1 Standards: IAS 1 Standards: IAS 19 Standards: IFRS 7 Standards: IAS 32 Interpretations: IFRIC 20 2012-026 The IFRS Foundation has published an exposure draft of the IFRS Taxonomy 2012. The proposed taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs. The IFRS Taxonomy 2012 is a translation of IFRSs as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language). http://www.iasplus.com/pastnews/2012jan.htm#120120-2 Fri, 20 Jan 2012 16:55 +1030 XBRL 2012-025 The International Accounting Standards Board (IASB) has announced a change of date for the upcoming roundtable on investment entities to be held in Norwalk, CT. The roundtable will now be held on Friday 16 March 2012 (9:00am-12:30pm EST). http://www.iasplus.com/pastnews/2012jan.htm#120120-1 Fri, 20 Jan 2012 16:55 +1030 IASB IASB Projects: Investment entities Roundtables 2012-024 The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on IASB Exposure Draft ED/2011/7 Transition Guidance (Proposed amendments to IFRS 10). http://www.iasplus.com/pastnews/2012jan.htm#120119-1 Wed, 19 Jan 2012 14:20 -0500 EFRAG Standards: IFRS 10 IASB Exposure drafts 2012-023 Deloitte observer notes are now available from the IFRS Interpretations Committee meeting held in London on 17–18 January 2012. http://www.iasplus.com/pastnews/2012jan.htm#120118-1 Wed, 19 Jan 2012 10:15:00 +1030 IFRS Interpretations Committee Standards: IAS 32 Standards: IAS 27 Standards: IAS 37 Standards: IFRS 11 Standards: IAS 28 Standards: IAS 33 Standards: IFRS 1 Standards: IAS 1 Standards: IAS 16 Standards: IAS 34 Standards: IAS 2 Standards: IAS 41 Interpretations: IFRIC 12 IASB Projects: Annual improvements IFRS Interpretations Committee IFRIC Projects: Puts over NCIs IFRIC Projects: Levies 2012-022 The UK Financial Reporting Council (FRC) has issued An Update to Directors of Listed Companies: Responding to increased country and currency risk in financial reports. The Update was issued due the current economic uncertainties in numerous countries. The Update aims to provide issues to UK listed companies that may occur when responding to the increasing country and currency risk when filing their annual and semi-annual financial reports. http://www.iasplus.com/pastnews/2012jan.htm#120117-3 Tue, 17 Jan 2012 14:50:00 -0500 Countries: United Kingdom UK FRC 2012-021 The IASB's regular monthly meeting is scheduled for 25-27 January 2012 in London, part of it a joint meeting with the FASB. The agenda is now available. http://www.iasplus.com/pastnews/2012jan.htm#120117-2 Tue, 17 Jan 2012 11:20:00 -0500 IASB IASB meetings FASB 2012-020 The Trustees of the IFRS Foundation held a meeting with representatives of the Singapore Accounting Standards Council (ASC) and the local business community. http://www.iasplus.com/pastnews/2012jan.htm#120117-1 Tue, 17 Jan 2012 10:00:00 -0500 Countries: Singapore IFRS Trustees Convergence 2012-019 A reminder about our latest IFRS related Deloitte newsletters and announcement of the availability of IFRS Model Financial Statements for 2011 including early adoption. http://www.iasplus.com/pastnews/2012jan.htm#120116-1 Mon, 16 Jan 2012 12:15:00 +1030 Model financial statements 2012-018 Deloitte (United States) issued an alert regarding the impairment of Greek government bonds and debt issued by other eurozone states. http://www.iasplus.com/pastnews/2012jan.htm#120112-2 Thu, 12 Jan 2012 13:40:00 -0500 Countries: Greece Countries: Ireland Countries: Italy Countries: Portugal Countries: Spain Countries: United States 2012-017 We have posted Deloitte observer notes from the IFRS Foundation Trustees meeting held in Singapore on 12 January 2012. http://www.iasplus.com/pastnews/2012jan.htm#120112-1 Thu, 12 Jan 2012 21:00 +1030 IFRS Foundation 2012-016 A Global Financial Reporting Dbriefs Webcast is scheduled to be held on Wednesday, 18 January 2011, discussing the latest standard-setting developments at the International Accounting Standards Board (IASB). http://www.iasplus.com/pastnews/2012jan.htm#120111-3 Wed, 11 Jan 2012 09:45 -0500 Webcasts 2012-015 The International Auditing and Assurance Standards Board (IAASB) has released a 'Feedback Statement' on the responses to its January 2011 Discussion Paper 'The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications'. http://www.iasplus.com/pastnews/2012jan.htm#120111-2 Wed, 11 Jan 2012 11:45 +1030 IAASB Disclosures Auditing 2012-014 The Institute of Chartered Accountants of England and Wales (ICAEW) has launched a new website dedicated to auditing and its possible reform. http://www.iasplus.com/pastnews/2012jan.htm#120111-1 Wed, 11 Jan 2012 11:45 +1030 ICAEW Auditing 2012-013 The IASB and FASB have announced a joint leases working group meeting on Tuesday 24 January 2012 between 14:00-18:30 (London time). http://www.iasplus.com/pastnews/2012jan.htm#120110-3 Tue, 10 Jan 2012 17:15 -0500 IASB FASB IASB Projects: Leases 2012-012 The Trustees of the IFRS Foundation have announced the appointments and reappointments to the IFRS Advisory Council for memberships that ended 31 December 2011. http://www.iasplus.com/pastnews/2012jan.htm#120110-2 Tue, 10 Jan 2012 13:10 -0500 IASB IFRS Advisory Council 2012-011 The Islamic Finance Working Group of the Asian-Oceanian Standard Setters Group (AOSSG) has issued a survey on Islamic accounting. The purpose of the survey is to highlight the importance of current Islamic accounting and the need to have the IASB consider Islamic financial transactions when discussing ongoing and future projects. http://www.iasplus.com/pastnews/2012jan.htm#120110-1 Tue, 10 Jan 2012 13:10 -0500 AOSSG Islamic accounting 2012-010 The IFRS Foundation has announced the publication of the Japanese translation of exposure draft Revenue from Contracts with Customers, Spanish translations of the Basis for Conclusions of IAS 19 Employee Benefits and IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine, and Arabic translation of IFRS for SMEs training Module 30 Foreign Currency Translation. http://www.iasplus.com/pastnews/2012jan.htm#120109-2 Mon, 09 Jan 2012 12:00 -0500 IASB Translations Languages: Japanese Languages: Spanish Languages: Arabic IFRS for SMEs 2012-009 The IASB has released a summary of the Capital Markets Advisory Committee (CMAC) meeting which was held in London on 12 October 2011. http://www.iasplus.com/pastnews/2012jan.htm#120109-1 Mon, 09 Jan 2012 14:50 +1030 CMAC XBRL IASB Projects: Impairment IASB Projects: Financial Instruments IASB Projects: Agenda consultation 2012-008 The IASB has recently formally announced a IFRS conference in Kuala Lumpur, Malaysia, adding to a number of standard-setter events to be held in Malaysia during March 2012. http://www.iasplus.com/pastnews/2012jan.htm#120108-1 Mon, 09 Jan 2012 08:10 +1030 Countries: Malaysia IASB National Standard Setters 2012-007 The IFRS Interpretations Committee will meet at the IASB's offices in London on Tuesday and Wednesday 17 and 18 January 2012. The meeting is open to the public and will be webcast. The tentative agenda for the meeting has been released. http://www.iasplus.com/pastnews/2012jan.htm#120107-1 Sun, 08 Jan 2012 09:30 +1030 IFRS Interpretations Committee 2012-006 Deloitte's IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board (IASB) on its Exposure Draft ED 2011/4 – Investment Entities. http://www.iasplus.com/pastnews/2012jan.htm#120105-1 Thu, 05 Jan 2012 16:00 -0500 Comment letters IASB Exposure drafts IASB Projects: Investment entities 2012-005 The President of the Republic of Colombia decreed that large and medium-sized entities can voluntarily apply IFRSs. http://www.iasplus.com/pastnews/2012jan.htm#120104-3 Wed, 04 Jan 2012 15:45 -0500 Countries: Colombia Languages: Spanish 2012-004 The IASB has posted to its website an introduction message from the new chairman of the IFRS Foundation Trustees, Michel Prada. http://www.iasplus.com/pastnews/2012jan.htm#120104-2 Wed, 04 Jan 2012 12:25 -0500 IFRS Foundation IFRS Trustees 2012-003 We remind you that comments on the following two documents are due on 5 January 2012: Exposure Draft ED/2011/4 'Investment Entities' and Exposure Draft ED/2011/5 'Government Loans (Proposed amendments to IFRS 1)'. http://www.iasplus.com/pastnews/2012jan.htm#120104-1 Wed, 04 Jan 2012 12:35 +1030 IASB Projects: Investment entities IASB Projects: IFRS 1 government loans 2012-002 The Trustees of the IFRS Foundation have announced the appointment of Yong Li and Marco Onado as Trustees of the IFRS Foundation. http://www.iasplus.com/pastnews/2012jan.htm#120103-1 Tue, 03 Jan 2012 11:15 -0500 IFRS Foundation IFRS Trustees 2012-001 Deloitte has published its 2011 Corporate Responsibility Report, reflecting Deloitte's wider outlook on corporate responsibility, and acknowledging that Deloitte's most significant impacts on society result from the work that member firms do for their clients. http://www.iasplus.com/pastnews/2011dec.htm#111230-2 Fri, 30 Dec 2011 15:50 +1030 Sustainability reporting 2011-760 Autorité des Normes Comptables (ANC), the French standard-setter, has issued a call for papers aimed at stimulating academic research on the issue of the assessment of accounting standards. http://www.iasplus.com/pastnews/2011dec.htm#111230-1 Fri, 30 Dec 2011 15:50 +1030 Countries: France IASB Academic papers IASB Projects: Revenue IASB Projects: Leases IASB Projects: Insurance IASB Projects: Financial instruments 2011-759 As 2011 draws to an end two significant speeches were made in Washington - both looking toward 2012. Robert Bruce, our resident, regular columnist assesses their importance. http://www.iasplus.com/bruce/column111229.htm Thu, 29 Dec 2011 10:30 +1030 Robert Bruce Countries: United States SEC Hoogervorst Convergence B2011-021 The International Ethics Standards Board for Accountants (IESBA) is proposing changes to its 'Code of Ethics for Professional Accountants' to provide additional guidance to professional accountants in business and in public practice concerning conflicts of interest, and to make revisions to provide more comprehensive guidance in identifying, evaluating, and managing conflicts of interest. http://www.iasplus.com/pastnews/2011dec.htm#111228-1 Wed, 28 Dec 2011 16:00 +1030 IESBA 2011-758 On 25 February 2011, the Russian government signed off an IFRS endorsement procedure. According to the procedure, on 25 November 2011 the Russian Ministry of Finance has endorsed all existing IFRSs, SICs and IFRICs for use in Russia, except for IFRS 9-13 and IFRIC 20. http://www.iasplus.com/pastnews/2011dec.htm#111227-2 Tue, 27 Dec 2011 13:05 -0500 IASB Countries: Russia Convergence 2011-757 Following on from the meeting on 10 November 2011, the Business Accounting Council of Japan (BAC) met on 22 December to continue discussions on IFRS. http://www.iasplus.com/pastnews/2011dec.htm#111227-1 Tue, 27 Dec 2011 11:40 -0500 IASB Languages: Japanese Countries: Japan 2011-756 The IFRS Foundation has published a Korean translation of the IFRS (International Financial Reporting Standards) Taxonomy 2011. http://www.iasplus.com/pastnews/2011dec.htm#111223-4 Fri, 23 Dec 2011 09:15 -0500 IASB Languages: Korean XBRL 2011-755 We've updated our 'summary of new and amended pronouncements' document to provide a high level overview of new and revised accounting pronouncements that should be considered for financial reporting periods ending on or after 31 December 2011. http://www.iasplus.com/pastnews/2011dec.htm#111223-3 Fri, 23 Dec 2011 14:50 +1030 IASB IFRS in Focus 2011-754 An update of recent developments in relation to the International Valuation Standards Council (IVSC), including access to IVSC standards, collaboration with the IASB, code of ethical principles and the IVSC work plan. http://www.iasplus.com/pastnews/2011dec.htm#111223-2 Fri, 23 Dec 2011 14:50 +1030 IVSC IASB Standards: IFRS 13 2011-753 The Federation of European Accountants (FEE), an international non-profit organisation based in Brussels that represents 45 institutes of professional accountants and auditors from 33 European countries, has released a policy statement entitled 'Professional Accountants' Contribution in the Current Economic Difficulties: Enhancing Transparency and Confidence'. http://www.iasplus.com/pastnews/2011dec.htm#111223-1 Fri, 23 Dec 2011 14:50 +1030 Countries: Europe FEE Global finacnial crisis 2011-752 The European Financial Reporting Advisory Group (EFRAG), in cooperation with the National Standard Setters (NSS), has issued a consolidated feedback statement summarising the input received from the eight European events held from October to November. http://www.iasplus.com/pastnews/2011dec.htm#111222-3 Thu, 22 Dec 2011 15:30 -0500 EFRAG NSS IASB Projects: Agenda Consultation 2011 2011-751 The European Financial Reporting Advisory Group and the Financial Reporting Council's Accounting Standards Board have issued discussion paper Improving the Financial Reporting of Income Tax. http://www.iasplus.com/pastnews/2011dec.htm#111222-2 Thu, 22 Dec 2011 11:25 -0500 EFRAG UK ASB Standards: IAS 12 2011-750 The International Auditing and Assurance Standards Board (IAASB) has released a new International Standard on Assurance Engagements (ISAE) dealing with pro forma information included in prospectuses. http://www.iasplus.com/pastnews/2011dec.htm#111222-1 Thu, 22 Dec 2011 18:30 +1030 IAASB 2011-749 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/2011dec.htm#111221-3 Wed, 21 Dec 2011 11:30 -0500 Countries: Europe EFRAG Standards: IFRS 9 Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Standards: IAS 27 Standards: IAS 28 Standards: IAS 12 Standards: IFRS 1 Standards: IAS 1 Standards: IAS 19 Standards: IFRS 7 Standards: IAS 32 Interpretations: IFRIC 20 2011-748 The European Financial Reporting Advisory Group (EFRAG) has announced the new composition of their technical experts group (TEG) for April 2012. http://www.iasplus.com/pastnews/2011dec.htm#111221-2 Wed, 21 Dec 2011 10:40 -0500 EFRAG 2011-747 The IASB has released an updated work plan, dated 20 December 2011, incorporating the impacts of recently issued pronouncements and outlining revised 'current best estimates' for its various projects. A number of projects has been deferred, the expected timing of other projects more precisely defined, and deadlines for finalisation of IFRSs on leases and revenue recognition projects now not explicitly stated within the timeframes outlined (so now not expected before the end of 2012). http://www.iasplus.com/pastnews/2011dec.htm#111221-1 Wed, 21 Dec 2011 11:59 +1030 IASB IASB Projects: Agenda consultation 2011 IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Hedge accounting IASB Projects: Leases IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Annual improvements IASB Projects: IFRS 1 government loans IASB Projects: Investment entities IASB Projects: IFRS 10 transitional requirements IASB Projects: Post-implementation reviews 2011-746 During February and March 2012, the IASB and FASB are holding a number of public roundtables on their proposals to exempt investment entities from consolidation. http://www.iasplus.com/pastnews/2011dec.htm#111220-3 Wed, 21 Dec 2011 10:20 +1030 IASB FASB IASB Projects: Investment entities 2011-745 The IASB has announced that effective 31 December 2011 Elke Konig is stepping down from the IASB. She has been appointed as President of the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), the German Federal Financial Supervisory Authority. http://www.iasplus.com/pastnews/2011dec.htm#111220-2 Tue, 20 Dec 2011 15:35 -0500 IASB 2011-744 The IASB has published Exposure Draft ED/2011/7 Transition Guidance (Proposed amendments to IFRS 10) for public comment. The proposed amendments address the transition guidance in IFRS 10 by clarifying retrospective application. Comments are due by 21 March 2012. http://www.iasplus.com/pastnews/2011dec.htm#111220-1 Tue, 20 Dec 2011 11:40 -0500 IASB Projects: Consolidation Standards: IFRS 10 Exposure drafts 2011-743 The IASB has made a podcast on the current state of debate in the IASB/FASB joint project on insurance contracts available. http://www.iasplus.com/pastnews/2011dec.htm#111219-4 Mon, 19 Dec 2011 16:20 -0500 IASB IASB meetings FASB IASB Projects: Insurance contracts 2011-742 The IASB's regular monthly meeting was held on 13-16 December 2011 in London, part of it a joint meeting with the FASB. We have posted additional Deloitte observer notes from the remaining sessions held on Thursday and Friday. http://www.iasplus.com/pastnews/2011dec.htm#111218-4 Mon, 19 Dec 2011 12:05 -0500 IASB meetings IASB IASB Projects: Insurance 2011-738 The Malaysian Accounting Standards Board (MASB) has published three discussion papers exploring the accounting treatment of a number of Islamic financial transactions. http://www.iasplus.com/pastnews/2011dec.htm#111219-2 Mon, 19 Dec 2011 15:20 +1030 MASB Countries: Malaysia Islamic accounting IASB Projects: Insurance IASB Projects: Financial instruments Standards: IFRS 4 Standards: IAS 39 Standards: IFRS 9 Standards: IFRS 10 Standards: IAS 27 Standards: IAS 1 2011-741 The International Auditing and Assurance Standards Board (IAASB) has released International Auditing Practice Note (IAPN) 1000, 'Special Considerations in Auditing Financial Instruments', to provide practical assistance to auditors when addressing valuation and other considerations pertaining to financial instruments. http://www.iasplus.com/pastnews/2011dec.htm#111219-2 Mon, 19 Dec 2011 15:20 +1030 IAASB Standards: IFRS 9 Standards: IAS 39 Standards: IFRS 7 Standards: IFRS 13 2011-740 The European Financial Reporting Advisory Group (EFRAG) has written to the IASB to request that the comment period on the Exposure Draft 'Revenue from Contracts with Customers' be extended by 60 days and that the comment period on the Review Draft on General Hedge Accounting is set such that constituents have three months, outside their year-end closing period, to respond and participate in field-testing activities. http://www.iasplus.com/pastnews/2011dec.htm#111219-1 Mon, 19 Dec 2011 15:20 +1030 EFRAG IASB Projects: Revenue IASB Projects: Financial instruments IASB Projects: Hedge accounting 2011-739 A tentative agenda has been released for the IFRS Foundation Trustees meeting to be held in Singapore on Thursday, 12 January 2012. http://www.iasplus.com/pastnews/2011dec.htm#111218-3 Sun, 18 Dec 2011 13:25 +1030 IFRS Foundation 2011-737 On 12 January 2012 at 15:00 GMT, the IASB, FASB and the CFA Institute will present a webcast about the proposals on revenue recognition. http://www.iasplus.com/pastnews/2011dec.htm#111218-2 Sun, 18 Dec 2011 11:20 +1030 IASB FASB CFA Institute IFRS for SMEs IASB Projects: Revenue 2011-736 The IFRS Foundation has announced the publication of a Japanese translation of the IFRS for SMEs, and a Spanish translation of an additional module if the IFRS for SMEs training materials. http://www.iasplus.com/pastnews/2011dec.htm#111218-1 Sun, 18 Dec 2011 11:20 +1030 IASB Translations Languages: Japanese Languages: Spanish IFRS for SMEs 2011-735 Randall Sogoloff, Leader for Communications in the Deloitte IFRS Global Office, and Andrew Spooner, leader of Deloitte's global IFRS financial instruments team, discuss the recently issued amendments relating to offsetting of financial assets and financial liabilities. http://www.iasplus.com/pastnews/2011dec.htm#111216-6 Fri, 16 Dec 2011 11:30 -0500 IASB Projects: Offsetting IASB Projects: Financial instruments Standards: IAS 32 Standards: IFRS 7 Podcasts 2011-734 The IASB issued amendments to IAS 32, Financial Instruments: Presentation, that provide clarifications on the application of the offsetting rules. http://www.iasplus.com/pastnews/2011dec.htm#111216-5 Fri, 16 Dec 2011 11:30 -0500 IASB Projects: Offsetting IASB Projects: Financial instruments Standards: IAS 32 Standards: IFRS 7 2011-733 Randall Sogoloff, Leader for Communications in the Deloitte IFRS Global Office, and Andrew Spooner, leader of Deloitte's Global IFRS financial instruments team, discuss the IFRS 9 Deferral. http://www.iasplus.com/pastnews/2011dec.htm#111216-4 Fri, 16 Dec 2011 11:30 -0500 Standards: IFRS 9 IASB Projects: Financial instruments IASB Projects: Effective date of IFRS 9 Podcasts 2011-732 The IASB has published amendments that defer the mandatory effective date of both the 2009 and 2010 versions of IFRS 9, Financial Instruments, to annual periods beginning on or after 1 January 2015. http://www.iasplus.com/pastnews/2011dec.htm#111216-3 Fri, 16 Dec 2011 11:30 -0500 Standards: IFRS 9 IASB Projects: Financial instruments IASB Projects: Effective date of IFRS 9 2011-731 The European Parliament has voted to considerably simplify life for more than 5 million of the smallest companies in Europe. http://www.iasplus.com/pastnews/2011dec.htm#111216-2 Fri, 16 Dec 2011 11:30 -0500 Countries: Europe 2011-730 Robert Bruce, our regular, resident columnist, takes a look at a global survey which shows that acceptance of IFRS is bringing stability and lower costs. The year could be coming to an end on a note of optimism. http://www.iasplus.com/bruce/column111216.htm Fri, 16 Dec 2011 09:10 -0500 Robert Bruce SEC Convergence B2011-020 The IASB's regular monthly meeting is being held on 13-16 December 2011 in London, part of it a joint meeting with the FASB. We have posted additional Deloitte observer notes from the sessions on financial instrument impairment and insurance contracts. http://www.iasplus.com/pastnews/2011dec.htm#111216-1 Fri, 16 Dec 2011 11:40 +1030 IASB IASB meetings IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Insurance contracts 2011-729 The IFRS Foundation Education Initiative has developed a training module for Section 33 of the IFRS for SMEs Related Party Disclosures. http://www.iasplus.com/pastnews/2011dec.htm#111215-1 Thu, 15 Dec 2011 14:30 -0500 IFRS Foundation IFRS for SMEs Languages: Arabic Languages: Russian Languages: Spanish Languages: Turkish 2011-728 The IASB's regular monthly meeting is being held on 13-16 December 2011 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions on leases held on the Tuesday and Wednesday. http://www.iasplus.com/pastnews/2011dec.htm#111214-6 Thu, 15 Dec 2011 10:15 +1030 IASB IASB meetings IASB Projects: Leases 2011-727 Deloitte's IFRS Global Office has submitted letters of comment to the International Integrated Reporting Council (IIRC) on its Discussion Paper, Towards Integrated Reporting — Communicating Value in the 21st Century, and to the International Accounting Standards Board (IASB) on its Exposure Draft ED 2011/5, Government Loans — Proposed amendments to IFRS 1. http://www.iasplus.com/pastnews/2011dec.htm#111214-5 Wed, 14 Dec 2011 15:10 -0500 Comment letters Standards: IFRS 1 IASB Exposure drafts Integrated reporting 2011-726 The European Financial Reporting Advisory Group (EFRAG) has released the December 2011 issue of its 'EFRAG Update' newsletter. http://www.iasplus.com/pastnews/2011dec.htm#111214-4 Wed, 14 Dec 2011 10:25 -0500 EFRAG Countries: Europe Standards: IFRS 1 IASB Exposure drafts 2011-725 We have posted Deloitte observer notes from the IASB meeting held in London on 13-16 December 2011. http://www.iasplus.com/pastnews/2011dec.htm#111214-3 Wed, 14 Dec 2011 09:45 -0500 IASB IASB meetings FASB Standards: IFRS 10 IASB Projects: Hedging accounting Standards: IFRS 9 2011-724 The Australian Accounting Standards Board (AASB) has issued tentative agenda decisions dealing with accounting issues arising from a proposed 'Mineral Resource Rent Tax' (MRRT) and extension of 'Petroleum Resource Rent Tax' (PRRT) that are currently being considered by the Australian Parliament. The accounting treatment of MRRT/PRRT is a contentious issue in Australia and the tentative agenda decisions potentially have wider implications due to the generic nature of some of the matters discussed and the widespread involvement of global resources companies in the Australian resources industry, many of whom report under IFRSs or US GAAP. http://www.iasplus.com/pastnews/2011dec.htm#111214-2 Wed, 14 Dec 2011 14:45 +1030 AASB Standards: IAS 12 Countries: Australia 2011-723 The IASB has posted on its website an interview with Wayne Upton, Chairman of the IFRS Interpretations Committee and the Director for International Affairs of the IASB. http://www.iasplus.com/pastnews/2011dec.htm#111214-1 Wed, 14 Dec 2011 14:45 +1030 IASB IFRS Interpretations Committee 2011-722 Robert Bruce, our resident, regular columnist, provides the background to the news that Michel Prada has been appointed Chairman of the Trustees of the IFRS Foundation. http://www.iasplus.com/bruce/column111212.htm Mon, 12 Dec 2011 11:45 -0500 Robert Bruce IFRS Foundation IFRS Trustees B2011-019 The Trustees of the IFRS Foundation have announced the appointment of Michel Prada as Chairman of the Trustees of the IFRS Foundation. http://www.iasplus.com/pastnews/2011dec.htm#111212-2 Mon, 12 Dec 2011 10:10 -0500 IFRS Foundation IFRS Trustees 2011-721 The European Financial Reporting Advisory Group (EFRAG) has publicly released a letter it is has written to the IASB calling for the deferral of the effective date of the 'suite of standards' on consolidation, joint ventures and disclosures. http://www.iasplus.com/pastnews/2011dec.htm#111212-1 Mon, 12 Dec 2011 13:25 +1030 Countries: Europe EFRAG Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IAS 27 Standards: IAS 28 2011-720 The IASB plans to hold a series of public roundtable meetings for its Request for Views Agenda Consultation 2011. http://www.iasplus.com/pastnews/2011dec.htm#111209-1 Fri, 09 Dec 2011 11:00 -0500 IASB IASB Project: Agenda Consultation 2011-719 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/2011dec.htm#111208-2 Thu, 08 Dec 2011 09:25 -0500 Countries: Europe EFRAG Standards: IFRS 9 Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Standards: IAS 27 Standards: IAS 28 Standards: IAS 12 Standards: IFRS 1 Standards: IAS 1 Standards: IAS 19 Interpretations: IFRIC 20 2011-718 The Board of the International Federation of Accountants (IFAC) has released for public comment proposed revisions to its Statements of Membership Obligations (SMOs), a framework for professional accountancy organisations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members. http://www.iasplus.com/pastnews/2011dec.htm#111208-1 Thu, 08 Dec 2011 14:25 +1030 IFAC IFRS adoption IPSASB 2011-717 The agenda has been released for the IASB's regular monthly meeting scheduled for 13-16 December 2011 in London, part of it a joint meeting with the FASB. http://www.iasplus.com/pastnews/2011dec.htm#111207-4 Wed, 07 Dec 2011 13:40 -0500 IASB IASB meetings FASB 2011-716 The SME Implementation Group (SMEIG) has published two final questions and answers (QAs) on the IFRS for SMEs. http://www.iasplus.com/pastnews/2011dec.htm#111207-3 Wed, 07 Dec 2011 11:40 -0500 IFRS for SMEs SME Implementation Group 2011-715 At the AICPA National Conference on Current SEC and PCAOB Developments, FASB Chairman Leslie Seidman and IASB Chairman Hans Hoogervorst discussed global accounting standards and the possible future endorsement of IFRSs by the US Securities and Exchange Commission (SEC). http://www.iasplus.com/pastnews/2011dec.htm#111207-2 Wed, 07 Dec 2011 13:50 +1030 Hoogervorst AICPA Countries: United States IASB FASB 2011-714 A new Deloitte podcast is available. Nick Main, Deloitte Global Leader, Sustainability and Climate Change Services and Robert Bruce discuss the concept of 'integrated reporting' and the International Integrated Reporting Council's (IIRC) Discussion Paper 'Towards Integrated Reporting - Communicating Value in the 21st Century'. http://www.iasplus.com/pastnews/2011dec.htm#111207-1 Wed, 07 Dec 2011 11:00 +1030 Podcasts Integrated reporting Sustainability reporting IIRC 2011-713 The United States Securities and Exchange Commission (SEC) has published the transcript of a speech made by James L. Kroeker, SEC chief accountant, at a recent AICPA National Conference on current SEC and PCAOB Developments. In this speech, Mr Kroeker discussed the timing of a final report to be issued by the SEC staff on the incorporation of IFRS for U.S. issuers. http://www.iasplus.com/pastnews/2011dec.htm#111205-3 Mon, 05 Dec 2011 17:00 -0500 Countries: United States SEC Convergence US GAAP 2011-712 Deloitte's IFRS Global Office has submitted a letter of comment to the IFRS Interpretations Committee on its tentative decision not to take onto the Committee's agenda requests for Interpretations of IAS 19, Employee Benefits, with respect to providing guidance on the classification of 'Altersteilzeit' (ATZ) plans under the revised version of IAS 19 issued in June 2011. http://www.iasplus.com/pastnews/2011dec.htm#111205-2 Mon, 05 Dec 2011 13:15 -0500 IFRS Interpretations Committee IASB Projects: Post-employment benefits Comment letters 2011-711 On 1-2 December 2011, the European Securities and Markets Authority (ESMA) hosted a meeting of accounting enforcers from around 30 countries to discuss International Financial Reporting Standards (IFRS), enforcement systems and enforcement decisions. http://www.iasplus.com/pastnews/2011dec.htm#111205-1 Mon, 05 Dec 2011 10:35 +1030 ESMA Countries: Europe Regulation and enforcement IASB IAASB IOSCO 2011-710 The IFRS Foundation has announced the publication of the translations in Arabic (Red Book), Spanish (Unaccompanied IFRS and Basis of Conclusions on the recent amendments to IAS 1), and Mongolian (IFRS for SMEs). http://www.iasplus.com/pastnews/2011dec.htm#111203-1 Sat, 03 Dec 2011 12:15 +1030 Translations Languages: Arabic Languages: Spanish Languages: Mongolian IFRS for SMEs Standards: IAS 1 2011-709 The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on the SME Implementation Group's (SMEIG) two draft questions and answers. http://www.iasplus.com/pastnews/2011dec.htm#111202-1 Fri, 02 Dec 2011 08:55 -0500 EFRAG SME Implementation Group IFRS for SMEs 2011-708 The United States Public Company Accounting Oversight Board (PCAOB) has published its Strategic Plan to guide the Board's programs and operations during the period 2011-2015. http://www.iasplus.com/pastnews/2011dec.htm#111201-4 Thu, 01 Dec 2011 16:30 -0500 PCAOB Countries: United States 2011-707 The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) will be hosting a webcast on Thursday, 8 December 2011 regarding the boards' recently published exposure draft Revenue from Contracts with Customers. http://www.iasplus.com/pastnews/2011dec.htm#111201-3 Thu, 01 Dec 2011 11:50 -0500 IASB Projects: Revenue IASB FASB 2011-706 Deloitte's IFRS Global Office has submitted a letter of comment to the SME Implementation Group on its third batch of SME Implementation Group questions and answer documents. http://www.iasplus.com/pastnews/2011dec.htm#111201-2 Thu, 01 Dec 2011 14:15 +0100 IFRS for SMEs SME Implementation Group Comment letters 2011-705 The third meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) was held in Melbourne, Australia, on 23 and 24 November 2011. Topics discussed included: IAS 41 'Agriculture', Islamic finance and Emissions trading schemes. http://www.iasplus.com/pastnews/2011dec.htm#111201-1 Thu, 01 Dec 2011 10:35 +0100 AOSSG Standards: IAS 41 Islamic finance Islamic accounting IASB Projects: Emissions trading schemes 2011-704 On 28 and 29 November 2011, members of the IFRS Foundation and the IASB met with representatives of professional accounting and auditing bodies and ministries from the Commonwealth of Independent States (CIS) and the Baltic States. http://www.iasplus.com/pastnews/2011nov.htm#111130-1 Wed, 30 Nov 2011 13:45 -0500 Countries: Azerbaijan Countries: Belarus Countries: Georgia Countries: Kazakhstan Countries: Kyrgyz Republic Countries: Latvia Countries: Moldova Countries: Russia Countries: Tajikistan Countries: Turkmenistan Countries: Ukraine Countries: Uzbekistan IASB IFRS Foundation IAASB IFAC 2011-703 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. Topics covered in the November 2011 webcast were a review of UK corporate reporting, latest IFRS developments, IAS 19(2011), the future of UK reporting including UK GAAP, and IASB's revised revenue proposals. http://www.iasplus.com/pastnews/2011nov.htm#111128-3 Mon, 28 Nov 2011 11:48 -0500 Countries: United Kingdom Standards: IAS 19 UK GAAP IASB Projects: Revenue 2011-702 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/2011nov.htm#111128-2 Mon, 28 Nov 2011 12:08 +0100 Countries: Europe EFRAG Standards: IFRS 9 Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Standards: IAS 27 Standards: IAS 28 Standards: IAS 12 Standards: IFRS 1 Standards: IAS 1 Standards: IAS 19 Interpretations: IFRIC 20 2011-701 The European Union has published the Commission Regulation (EC) No 1205/2011 endorsing the amendments to IFRS 7 'Financial Instruments: Disclosures' published by the IASB on 7 October 2010. http://www.iasplus.com/pastnews/2011nov.htm#111128-1 Mon, 28 Nov 2011 12:05 +0100 Countries: Europe Standards: IFRS 7 Disclosures 2011-700 The European Securities and Markets Authority (ESMA) has posted to its website a statement concerning the accounting treatment in relation with sovereign debt exposures in connection with current market developments. Special consideration is given to the accounting treatment of Greek sovereign debt. http://www.iasplus.com/pastnews/2011nov.htm#111125-2 Fri, 25 Nov 2011 10:20 +0100 ESMA Countries: Europe Regulation and enforcement 2011-699 On 24 November 2011, IASB Chairman Hans Hoogervorst addressed the IFRS Foundation Conference in Melbourne, Australia. In his speech, he discussed a wide number of topics, including the adoption of IFRSs in the Asia-Pacific region, the current status of the financial instruments project, and the prospects for global adoption of accounting standards, including an assessment of the work plan papers recently issued by the US SEC Staff. http://www.iasplus.com/pastnews/2011nov.htm#111125-1 Fri, 25 Nov 2011 12:00 +1030 IASB Hoogervorst Countries: United States Countries: Australia IASB Projects: Financial instruments IFRS adoption 2011-698 The European Securities and Markets Authority (ESMA) has posted to its website a comment letter on the IASB's Agenda Consultation 2011. Even though ESMA believes that this concultation can provide additional input for the agenda setting process, it does not 'consider the consultation to be the basis on which to determine what projects, and the scope of these, the IASB should work on for the coming years'. http://www.iasplus.com/pastnews/2011nov.htm#111124-1 Thu, 24 Nov 2011 10:00 +0100 IASB IASB Projects: Agenda Consultation IASB Projects: Revenue IASB Projects: Insurance contracts IASB Projects: Leases IASB Projects: Financial instruments ESMA Countries: Europe Standards: IFRS 3 IASB Projects: Common control IASB Projects: Liabilities and equity 2011-697 The SEC has released its staff papers comparing US GAAP and IFRS and analysing the use of IFRS in practice. Our regular resident columnist, Robert Bruce looks at what they mean for the way ahead for financial reporting. http://www.iasplus.com/bruce/column111123.htm Wed, 23 Nov 2011 16:00 -0500 Robert Bruce Countries: United States Convergence B2011-018 The IASB has made a podcast on the current state of debate in the IASB/FASB joint project on insurance contracts available. http://www.iasplus.com/pastnews/2011nov.htm#111123-2 Wed, 23 Nov 2011 14:20 +0100 IASB IASB meetings FASB IASB Projects: Insurance contracts 2011-696 We remind you that comments on the following two documents are due on 30 November 2011: Third batch of SME Implementation Group questions and answer documents and Request for Views 'Agenda Consultation 2011'. http://www.iasplus.com/pastnews/2011nov.htm#111123-1 Wed, 23 Nov 2011 12:20 +0100 IASB IASB Projects: Agenda Consultation IFRS for SMEs SME Implementation Group 2011-695 The IASB and the International Federation of Accountants (IFAC) have issued a Memorandum of Understanding (MoU), agreeing to co-operate in developing private and public sector accounting standards. http://www.iasplus.com/pastnews/2011nov.htm#111122-2 Tue, 22 Nov 2011 11:30 -0500 IASB IFAC 2011-694 The Malaysian Accounting Standards Board (MASB) has issued a new MASB approved accounting framework, the Malaysian Financial Reporting Standards (MFRS Framework), which is a fully IFRS-compliant framework and equivalent to IFRSs. http://www.iasplus.com/pastnews/2011nov.htm#111122-1 Tue, 22 Nov 2011 14:30 +1030 Countries: Malaysia Convergence 2011-693 The SME Implementation Group (SMEIG) has published two draft questions and answers (Q&As) on the IFRS for SMEs. http://www.iasplus.com/pastnews/2011nov.htm#111121-3 Mon, 21 Nov 2011 16:31 -0500 IFRS for SMEs 2011-692 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/2011nov.htm#111121-2 Mon, 21 Nov 2011 12:00 +0100 Countries: Europe EFRAG Standards: IFRS 9 Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Standards: IAS 27 Standards: IAS 28 Standards: IFRS 7 Standards: IAS 12 Standards: IFRS 1 Standards: IAS 1 Standards: IAS 19 Interpretations: IFRIC 20 2011-691 The IASB has posted to its website a new batch of Editorial Corrections to IFRSs. http://www.iasplus.com/pastnews/2011nov.htm#111121-1 Mon, 21 Nov 2011 11:00 +1030 IASB Editorial corrections Standards: IFRS 5 Standards: IFRS 7 Standards: IFRS 9 Standards: IFRS 13 Standards: IAS 19 IFRS for SMEs 2011-690 The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on the IASB Exposure Draft ED/2011/5 'Government Loans (Proposed amendments to IFRS 1)'. http://www.iasplus.com/pastnews/2011nov.htm#111118-2 Fri, 18 Nov 2011 12:20 +0100 EFRAG IASB Projects: IFRS 1 government loans Standards: IFRS 1 Standards: IAS 20 Exposure drafts 2011-689 The IFRS Foundation has announced that translations of IFRSs 2011 into French and Spanish are now available on the IASB's website. http://www.iasplus.com/pastnews/2011nov.htm#111118-1 Fri, 18 Nov 2011 10:25 +0100 IASB Translations Languages: French Languages: Spanish Standards 2011-688 Deloitte's IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board (IASB) on its Request for Views on its Agenda Consultation 2011. http://www.iasplus.com/pastnews/2011nov.htm#111117-3 Thu, 17 Nov 2011 16:25 -0500 Comment letters IASB IASB Project: Agenda Consultation 2011-687 The IASB's regular monthly meeting was held on 15-16 November 2011 in in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the final joint session on insurance contracts, held on Wednesday. http://www.iasplus.com/pastnews/2011nov.htm#111117-2 Thu, 17 Nov 2011 13:42 -0500 IASB IASB meetings FASB IASB Projects: Insurance contracts 2011-686 The staff of the United States Securities and Exchange Commission (SEC) have released two additional Staff Papers as part of the SEC's work plan for the consideration of incorporating IFRSs into the Financial Reporting System for U.S. Issuers. http://www.iasplus.com/pastnews/2011nov.htm#111117-1 Thu, 17 Nov 2011 11:20 +1030 Countries: United States SEC Convergence US GAAP 2011-685 The IASB's regular monthly meeting was held on 15-16 November 2011 in in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the insurance contracts session held on the first day of the meeting, and most of the sessions held on on the second day of the meeting, covering the following topics: put options over non-controlling interests, macro hedge accounting, IFRS 9, and leases. http://www.iasplus.com/pastnews/2011nov.htm#111116-2 Wed, 16 Nov 2011 15:40 -0500 IASB IASB meetings FASB Standards: IFRS 9 IASB Projects: Effective date of IFRS 9 IASB Projects: Hedge accounting IASB Projects: Insurance contracts IASB Projects: Leases 2011-684 The Board of Trustees of the United States Financial Accounting Foundation (FAF), the oversight body for the Financial Accounting Standards Board (FASB), has written to the United States Securities and Exchange Commission (SEC) in relation to the SEC's May 2011 paper on the possible incorporation of International Financial Reporting Standards (IFRS) into U.S. GAAP (the 'condorsement' approach). http://www.iasplus.com/pastnews/2011nov.htm#111116-1 Wed, 16 Nov 2011 10:40 +1030 Countries: United States FASB Convergence SEC US GAAP 2011-683 The IASB's regular monthly meeting was held on 15-16 November 2011 in in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from most of the sessions held on on the first day of the meeting, covering the following topics: annual improvements, operating segments, IFRS 10 — transitional requirements, IFRS 9 — targeted improvements, offsetting — effective dates, and leases. http://www.iasplus.com/pastnews/2011nov.htm#111115-1 Tue, 15 Nov 2011 16:15 -0500 IASB IASB meetings FASB Standards: IFRS 10 Standards: IFRS 9 Standards: IAS 7 Standards: IFRS 8 Standards: IAS 16 Standards: IAS 24 IASB Projects: Effective date of IFRS 9 IASB Projects: Annual improvements IASB Projects: Offsetting IASB Projects: Leases 2011-682 IASB Chairman, Hans Hoogervorst, has been praising the Brazilian IFRS effort. Robert Bruce, our regular resident columnist, looks at how the enthusiastic use of IFRS is transforming and boosting a whole region. http://www.iasplus.com/bruce/column111115.htm Tue, 15 Nov 2011 14:00 -0500 Robert Bruce Brazil B2011-017 Deloitte leaders and Robert Bruce discuss the new revenue recognition exposure draft. They discuss the key changes that are proposed and provide insights into the likely effect they will have in practice. http://www.iasplus.com/pastnews/2011nov.htm#111114-4 Mon, 14 Nov 2011 12:00 -0500 IASB IASB Projects: Revenue 2011-681 The IASB and FASB published for comment 'Exposure Draft: Revenue from Contracts with Customers', a revised draft standard that converges the revenue recognition standard for IFRSs and US GAAP. http://www.iasplus.com/pastnews/2011nov.htm#111114-3 Mon, 14 Nov 2011 11:55 -0500 IASB FASB IASB Projects: Revenue 2011-680 The European Financial Reporting Advisory Group (EFRAG) has released the November 2011 issue of its 'EFRAG Update' newsletter. http://www.iasplus.com/pastnews/2011nov.htm#111114-2 Mon, 14 Nov 2011 13:15 +0100 EFRAG Countries: Europe Interpretations Interpretations: IFRIC 20 Industries: Energy and resources IFRIC Projects: Stripping costs IASB IASB Projects: Annual improvements Exposure drafts 2011-679 The International Valuation Standards Council (IVSC) has announced a number of new appointments, following the annual general meeting of the organisation held in Hong Kong on 5 November 2011. http://www.iasplus.com/pastnews/2011nov.htm#111114-1 Mon, 14 Nov 2011 15:00 +1030 IVSC 2011-678 The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) has published the third edition of its 'Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities'. http://www.iasplus.com/pastnews/2011nov.htm#111111-3 Fri, 11 Nov 2011 14:05 -0500 IFAC 2011-677 After months of debate and renewed efforts to find sustainable financing, the members of the new technical comittees and the new presidency of the Accounting Standards Committee of Germany (ASCG) were announced today. http://www.iasplus.com/pastnews/2011nov.htm#111111-2 Fri, 11 Nov 2011 14:35 +0100 Countries: Germany 2011-676 As part of its outreach activities in connection with its 'Request for Views Agenda Consultation 2011', the IASB has created an online survey to understand from the investor community which areas of accounting are in the most urgent need of improvement. http://www.iasplus.com/pastnews/2011nov.htm#111111-1 Fri, 11 Nov 2011 10:05 +0100 IASB IASB Projects: Agenda Consultation 2011-675 The IFRS Foundation Trustees' Due Process Oversight Committee (DPOC) has posted to their website a working draft of a protocol for due process oversight. This document creates a framework for the Trustees to use when (1) reviewing the effectiveness of due process and (2) monitoring the IASB's compliance with due process. http://www.iasplus.com/pastnews/2011nov.htm#111110-4 Thu, 10 Nov 2011 13:35 -0500 IFRS Foundation IFRS Trustees DPOC 2011-674 The European Securities and Markets Authority (ESMA) has released a Report on its post-implementation review of IFRS 8 Operating Segments. The Report discusses the application of IFRS 8 requirements by European issuers, and explores the areas posing significant challenges to investors, preparers and/or enforcers. The Report also provides ESMA’s tentative recommendations to enhance the application of the standard. http://www.iasplus.com/pastnews/2011nov.htm#111110-3 Thu, 10 Nov 2011 11:05 -0500 ESMA Countries: Europe 2011-673 The European Securities and Markets Authority (ESMA) has published a consultation paper entitled 'Considerations of materiality in financial reporting' on the apparent differing views regarding the practical application of the concept of materiality amongst preparers, auditors, possibly users of the financial reports and, in some instances, accounting enforcers. http://www.iasplus.com/pastnews/2011nov.htm#111110-2 Thu, 10 Nov 2011 13:40 +0100 ESMA Countries: Europe 2011-672 The Trustees of the IFRS Foundation have announced the conclusions of their meeting in Paris, France on 13 October 2011. http://www.iasplus.com/pastnews/2011nov.htm#111110-1 Thu, 10 Nov 2011 12:10 +0100 IFRS Foundation IFRS Trustees 2011-671 The IASB has released an updated response to the conclusions reached at the G20 Leaders Summit held in Cannes, France on 3-4 November 2011. http://www.iasplus.com/pastnews/2011nov.htm#111109-2 Wed, 09 Nov 2011 12:10 -0500 IASB G20 2011-670 Standard setters from China, Japan and the Republic of Korea met in Xiamen, China on 26 October 2011. http://www.iasplus.com/pastnews/2011nov.htm#111109-1 Wed, 09 Nov 2011 13:30 +1030 Countries: China Countries: Japan Countries: Korea AOSSG IASB 2011-669 The IASB held a supplemental meeting on 7 November 2011 in London to discuss the effective date of IFRS 9. We have posted Deloitte observer notes from the meeting. http://www.iasplus.com/pastnews/2011nov.htm#111108-5 Tue, 08 Nov 2011 14:25 -0500 IASB Standards: IFRS 9 IASB meetings 2011-668 The IFRS Foundation Trustees' Due Process Oversight Committee (DPOC) has posted to their website a summary of the conclusions of their meeting on 11 October 2011. http://www.iasplus.com/pastnews/2011nov.htm#111108-4 Tue, 08 Nov 2011 10:50 -0500 DPOC IFRS Foundation IFRS Trustees 2011-667 The Monitoring Board of the IFRS Foundation has approved the reappointment of three IFRS Foundation Trustees. Among them is Robert Glauber, Vice-Chairman and acting Co-Chairman of the Trustees. http://www.iasplus.com/pastnews/2011nov.htm#111108-3 Tue, 08 Nov 2011 10:30 +0100 IFRS Foundation IFRS Trustees 2011-666 The International Integrated Reporting Committee (IIRC) is holding a webcast on integrated reporting on 15 November 2011. http://www.iasplus.com/pastnews/2011nov.htm#111108-2 Tue, 08 Nov 2011 17:00 +1030 Sustainability reporting IIRC Integrated reporting Webcasts 2011-665 Deloitte's Global IFRS Office has released 'International Financial Reporting Standards - Model financial statements with no early application'. These model financial statements illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) for the year ended 31 December 2011 by an entity that is not a first-time adopter of IFRSs. The model financial statements illustrate the impact of a number of new and revised Standards and Interpretations that are mandatorily effective on 1 January 2011, but do not illustrate the impact of early adoption of new and revised pronouncements that are not yet mandatorily effective at that date. http://www.iasplus.com/pastnews/2011nov.htm#111108-1 Tue, 08 Nov 2011 11:15 +1030 Model financial statements Publications 2011-664 The agenda has been released for the IASB's regular monthly meeting scheduled for 15-16 November 2011 in London, part of it a joint meeting with the FASB. http://www.iasplus.com/pastnews/2011nov.htm#111107-2 Mon, 07 Nov 2011 12:15 +0500 IASB IASB meetings FASB 2011-663 We have posted Deloitte observer notes from the IFRS Interpretations Committee meeting held in London on 3-4 November 2011. http://www.iasplus.com/pastnews/2011nov.htm#111107-1 Mon, 07 Nov 2011 12:20 +1030 IFRS Interpretations Committee IFRIC Projects: Puts over NCIs IFRIC Projects: Levies Standards: IAS 7 Standards: IAS 12 Standards: IAS 19 Standards: IAS 27 Standards: IAS 28 Standards: IAS 33 Standards: IAS 37 Standards: IAS 38 Standards: IFRS 3 Standards: IFRS 11 Interpretations: IFRIC 6 Interpretations: IFRIC 12 Interpretations: IFRIC 15 2011-662 The Group of 20 (G20) has released a Communiqué and supporting documents from the G20 Leaders Summit held in Cannes, France on 3-4 November 2011, which includes reference to global accounting standards, convergence and the governance of the IASB. http://www.iasplus.com/pastnews/2011nov.htm#111105-1 Sat, 05 Nov 2011 10:50 +1030 IASB FASB G20 Convergence Global financial crisis Countries: Argentina Countries: Australia Countries: Brazil Countries: Canada Countries: China Countries: France Countries: Germany Countries: India Countries: Indonesia Countries: Italy Countries: Japan Countries: Mexico Countries: Russia Countries: Saudi Arabia Countries: South Africa Countries: South Korea Countries: Turkey Countries: United Kingdom Countries: United States Countries: Europe 2011-661 Representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their fourteenth biannual meeting in London on 31 October and 1 November 2011 to discuss current accounting developments. http://www.iasplus.com/pastnews/2011nov.htm#111104-3 Fri, 04 Nov 2011 12:45 +0100 IASB FASB IASB meetings IASB Projects: Leases Countries: Japan Convergence ASBJ IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Revenue IASB Projects: Agenda Consultation IASB Projects: Investment entities 2011-660 On 23 and 24 October 2011, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) was hosting the World Bank Annual Conference on Islamic Banking and Finance. One of the sessions of the meeting was dedicated to 'Challenges in applying conventional international accounting standards for Islamic finance'. http://www.iasplus.com/pastnews/2011nov.htm#111104-2 Fri, 04 Nov 2011 10:55 +0100 Islamic finance Islamic accounting Convergence 2011-659 The IASB has released an updated work plan, dated 31 October 2011, outlining revised 'current best estimates' for its various projects. The timing for a number of projects has been deferred slightly, and the timing of post-implementation reviews on IFRS 8 'Operating Segments' and IFRS 3 'Business Combinations' formally announced. http://www.iasplus.com/pastnews/2011nov.htm#111104-1 Fri, 04 Nov 2011 11:40 +1030 IASB IASB Agenda Standards: IFRS 3 Standards: IFRS 8 IASB Projects: Effective date of IFRS 9 IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Hedge accounting IASB Projects: Leases IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Agenda Consultation IASB Projects: Annual improvements IASB Projects: IFRS 1 government loans IASB Projects: Investment entities 2011-658 On Friday, 18 November, the Financial Accounting Foundation (FAF) will host a free webcast on their recently-issued Request for Comment on the Plan to Establish the Private Company Standards Improvement Council (PCSIC). http://www.iasplus.com/pastnews/2011nov.htm#111103-3 Thu, 03 Nov 2011 11:10 -0400 FAF Webcasts 2011-657 The IFRS Foundation has announced that the 2012 'IFRS Consolidated without early application' will be published in December 2011. http://www.iasplus.com/pastnews/2011nov.htm#111103-2 Thu, 03 Nov 2011 11:10 +0100 IASB Publications Standards 2011-656 The Sharman Panel of Inquiry, established at the invitation of the United Kingdom Financial Reporting Council (UK FRC) to consider going concern and liquidity risks, has published its preliminary report and recommendations. The terms of reference for the inquiry included consideration of whether the going concern and liquidity risk disclosures required by IFRS provided timely and relevant information for all stakeholders. http://www.iasplus.com/pastnews/2011nov.htm#111103-1 Thu, 03 Nov 2011 16:30 +1030 UK FRC Standards: IAS 1 Standards: IAS 39 Standards: IFRS 7 Standards: IFRS 9 Standards: IFRS 13 IASB Projects: Impairment 2011-655 The IASB held a supplemental meeting on 1 November 2011 in London with the FASB to discuss the leases project. We have posted Deloitte observer notes from the meeting. http://www.iasplus.com/pastnews/2011nov.htm#111102-4 Wed, 02 Nov 2011 16:10 -0400 IASB IASB Project: Leases IASB meetings 2011-654 The IASB has posted to its website the agenda for the 8 November meeting of IASB representatives with the Global Preparers Forum. The topic to be discussed are work plan update, future agenda and due process, IFRS Interpretation Committee, global implementation of IFRSs, financial instruments, leases, and revenue projects. http://www.iasplus.com/pastnews/2011nov.htm#111102-3 Wed, 02 Nov 2011 16:10 -0400 IASB IASB Project: Financial instruments IASB Project: Leases IASB Project: Revenue Work plan IASB meetings 2011-653 The IASB has posted to its website the agenda and the agenda papers for the 7 November special meeting (14:30 - 16:00 GMT). The topic to be discussed is the Mandatory Effective Date of IFRS 9. http://www.iasplus.com/pastnews/2011nov.htm#111102-2 Wed, 02 Nov 2011 11:40 +0100 IASB Standards: IFRS 9 IASB Project: Effective date of IFRS 9 IASB meetings 2011-652 The CFA Institute, a global association of investment professionals, has published a report entitled 'User Perspectives on Financial Instrument Risk Disclosures under IFRS (Part 1)', providing user insights and recommendations regarding risk disclosures under IFRS 7 'Financial Instruments: Disclosures'. http://www.iasplus.com/pastnews/2011nov.htm#111102-1 Wed, 02 Nov 2011 17:50 +1030 CFA Institute Standards: IFRS 7 2011-651 The IFRS Foundation has announced the publication of French and Slovak translations. http://www.iasplus.com/pastnews/2011nov.htm#111101-3 Tue, 01 Nov 2011 14:20 +0100 IASB Projects: IFRS 1 government loans Standards: IFRS 1 Standards: IAS 20 Exposure drafts Standards: IFRS 10 Standards: IFRS 12 Standards: IAS 28 IASB Projects: Investment entities IASB Projects: Consolidation IFRS Foundation Translations Languages: French Languages: Slovak 2011-650 The International Public Sector Accounting Standards Board (IPSASB) has released new standards on service concession arrangements and annual improvements. IPSAS 32 'Service Concession Arrangements: Grantor' creates symmetry with IFRIC 12 on relevant accounting issues (i.e. liabilities, revenues, and expenses) from the grantor's point of view. The improvements amend existing IPSASs to maintain alignment with International Financial Reporting Standards (IFRSs), as well as other general improvements. http://www.iasplus.com/pastnews/2011nov.htm#111101-2 Tue, 01 Nov 2011 15:45 +1030 IPSASB Interpretations: IFRIC 12 IASB Projects: Annual improvements 2011-648 The Canadian Office of the Superintendent of Financial Institutions (OSFI), an independent agency of the Government of Canada that supervises and regulates Canadian banks, insurers, and federally registered private pension plans, has issued a letter in which it concludes entities which it regulates should not early adopt many standards recently issued by the IASB. http://www.iasplus.com/pastnews/2011nov.htm#111101-1 Tue, 01 Nov 2011 14:40 +1030 Countries: Canada Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Standards: IAS 27 Standards: IAS 28 Standards: IAS 1 Standards: IAS 19 2011-647 The Israel Securities Authority (ISA) and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered into a cooperative agreement. The cooperative agreement for the exchange of confidential information will enhance the supervisory oversight of auditors and accounting firms performing in both jurisdictions. http://www.iasplus.com/pastnews/2011oct.htm#111031-1 Mon, 31 Oct 2011 13:20 -0400 Countries: Israel Countries: United States PCAOB 2011-646 Deloitte's IFRS Global Office has published the IFRS Compliance, Presentation and Disclosure Checklist for 2011. http://www.iasplus.com/pastnews/2011oct.htm#111028-4 Fri, 28 Oct 2011 16:15 -0400 Checklists Publications 2011-645 An investor webcast by the IASB and the CFA Institute will be held on 9 November 2011. The IASB and the CFA Institute will discuss the IASB's first public agenda consultation, how the Board will decide what should be on its agenda and why investor input is crucial in that process. http://www.iasplus.com/pastnews/2011oct.htm#111028-3 Fri, 28 Oct 2011 14:10 +0200 CFA Institute Webcasts IASB Projects: Agenda Consultation IASB 2011-644A In a move which may give additional impetus to global calls for disclosure relief in financial reporting, the New Zealand Accounting Standards Board (NZASB) is to consider a short-term action plan to encourage the reduction of excessive disclosures at its upcoming meeting on 2 November 2011. http://www.iasplus.com/pastnews/2011oct.htm#111028-2 Fri, 28 Oct 2011 14:30 +1030 Countries: New Zealand Disclosures NZASB 2011-644 On 18 October 2011, a Deloitte Dbriefs webcast on global financial reporting was held, entitled IFRS: Important Developments. A 'Question and Answer' report has been published containing a summary of audience questions submitted during the live webcast, together with suggested responses. Topics covered in the report include the IASB's projects on hedge accounting, revenue recognition, offsetting and investment entities, and the IASB's agenda consultation. http://www.iasplus.com/pastnews/2011oct.htm#111028-1 Fri, 28 Oct 2011 13:15 +1030 Webcasts IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Revenue IASB Projects: Offsetting IASB Projects: Investment entities IASB Projects: Agenda Consultation 2011-643 On 27 October 2011, IASB Chairman Hans Hoogervorst addressed the IFRS Conference: Latin America and the Caribbean, in Sao Paulo, Brazil. In his speech, he discussed the prospects for global accounting standards, Latin American adoption of IFRS, and the agenda and priorities of the IASB. http://www.iasplus.com/pastnews/2011oct.htm#111027-3 Fri, 28 Oct 2011 08:15 +1030 Hoogervorst IASB Countries: Latin America Countries: Brazil Convergence IASB Projects: Agenda Consultation 2011-642 In accordance with the European Regulation No 1606/2002 the application of IFRSs is mandatory in the consolidated financial statements of all listed companies irrespective of their size. The French national standard setter Autorite des Normes Comptables (ANC) has now published a proposal for the simplification of the accounting requirements for small listed companies. http://www.iasplus.com/pastnews/2011oct.htm#111027-2 Thu, 27 Oct 2011 11:30 +0200 Disclosures Countries: Europe Countries: France Differential reporting 2011-641 The International Integrated Reporting Committee (IIRC) has announced that over 40 companies from around the world have been chosen as the initial participants in the IIRC Pilot Programme Programme, with further participants expected. http://www.iasplus.com/pastnews/2011oct.htm#111027-1 Thu, 27 Oct 2011 16:30 +1030 Sustainability reporting Integrated reporting IIRC Countries: Australia Countries: Brazil Countries: Canada Countries: China Countries: Denmark Countries: France Countries: Germany Countries: Italy Countries: Japan Countries: Russia Countries: South Africa Countries: Spain Countries: Sri Lanka Countries: Sweden Countries: Switzerland Countries: Netherlands Countries: United Kingdom Countries: United States 2011-640 In October 2011, the Consejo Tecnico de la Contaduría Publica de Colombia (CTCP, Technical Council of Public Accountants in Colombia) published a proposal paper "Propuesta de normas de contabilidad e informacion financiera para la convergencia hacia Estandares Internacionales" (Proposed standards of accounting and financial reporting for convergence with International Standards). The proposal paper represents another step toward Colombian convergence with IFRS. http://www.iasplus.com/pastnews/2011oct.htm#111026-4 Wed, 26 Oct 2011 15:25 -0400 Countries: Colombia Convergence 2011-639 The International Auditing and Assurance Standards Board (IAASB) has released a plan for a post-implementation review of the clarified International Standards on Auditing (ISAs). http://www.iasplus.com/pastnews/2011oct.htm#111026-3 Wed, 26 Oct 2011 15:25 -0400 IAASB IFAC Auditing 2011-638 Following the joint meeting of the IASB and the ASBJ on 31 October - 1 November, the IASB will hold a special IASB meeting of the afternoon of 1 November 2001 (13:00-15:00). The topic to be discussed is Leases. There will also be a special IASB meeting on 7 November 2011. http://www.iasplus.com/pastnews/2011oct.htm#111026-2 Wed, 26 Oct 2011 14:15 +0200 IASB IASB meetings IASB Projects: Leases 2011-637 A responsible approach to business means more, and more sustainable, economic growth. This is why the European Commission has presented a package of measures to support entrepreneurship and responsible business. http://www.iasplus.com/pastnews/2011oct.htm#111026-1 Wed, 26 Oct 2011 13:55 +0200 Countries: Europe 2011-636 On 24 October 2011, FASB Chairman Leslie Seidman gave a speech to the National Association of State Boards of Accountancy (NASBA) on her personal views regarding three subjects. The subjects were 1) convergence status between the IASB and FASB; 2) IFRS incorporation and 'condorsement'; and 3) the current stance on private companies standard-setting. http://www.iasplus.com/pastnews/2011oct.htm#111025-3 Wed, 26 Oct 2011 10:15 +1030 FASB Countries: United States Convergence Differential reporting 2011-635 The European Financial Reporting Advisory Group (EFRAG) has released the October 2011 issue of its 'EFRAG Update' newsletter. http://www.iasplus.com/pastnews/2011oct.htm#111025-2 Tue, 25 Oct 2011 10:00 +0200 EFRAG Countries: Europe Standards: IAS 1 Standards: IAS 19 2011-634 The International Ethics Standards Board for Accountants (IESBA) has released for comment 'Proposed Changes to the Code of Ethics for Professional Accountants Related to Provisions Addressing a Breach of a Requirement of the Code'. http://www.iasplus.com/pastnews/2011oct.htm#111025-1 Tue, 25 Oct 2011 13:55 +1030 IESBA Ethics IFAC 2011-633 The IFRS Interpretations Committee will meet at the IASB's offices in London on Thursday and Friday 3 and 4 November 2011. The meeting is open to the public and will be webcast. The tentative agenda has been released. http://www.iasplus.com/pastnews/2011oct.htm#111024-3 Mon, 24 Oct 2011 17:00 -0400 IFRS Interpretations Committee IFRIC meetings 2011-632 The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its Endorsement Advice Letters and Effects Study Reports on the amendments to IAS 1 and IAS 19 published in June 2011. EFRAG supports the amendments. http://www.iasplus.com/pastnews/2011oct.htm#111024-2 Mon, 24 Oct 2011 13:45 +0200 Countries: Europe EFRAG Standards: IAS 1 Standards: IAS 19 2011-631 The International Public Sector Accounting Standards Board (IPSASB) has published Consultation Paper 'Reporting Service Performance Information', which aims to present a principles-based approach to developing a consistent framework for public sector entities to improve the consistency and comparability of service performance information across jurisdictions and between entities. http://www.iasplus.com/pastnews/2011oct.htm#111024-1 Mon, 24 Oct 2011 15:45 +1030 IPSASB IFAC 2011-630 The IASB's regular monthly meeting was held on 19-20 October 2011 in Norwalk, CT, USA, part of it a joint meeting with the FASB. We have posted additional Deloitte observer notes from the meeting, covering the following topics: leases, financial instrument impairment and insurance contracts. http://www.iasplus.com/pastnews/2011oct.htm#111023-1 Mon, 24 Oct 2011 09:40 +1030 IASB IASB meetings IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Insurance FASB 2011-629 Following on from the meeting on 25 August 2011, the Business Accounting Council of Japan (BAC) met on 17 October for the third time to move discussions on IFRS forward. http://www.iasplus.com/pastnews/2011oct.htm#111022-1 Sat, 22 Oct 2011 08:40 +0200 Countries: Japan Convergence 2011-628 The European Financial Reporting Advisory Group (EFRAG) and the Organismo Italiano di Contabilita (OIC) have published Discussion Paper Accounting for Business Combinations under Common Control. The discussion paper aims to start a debate on business combinations under common control (BCUCC) and how it should be reflected in financial statements. http://www.iasplus.com/pastnews/2011oct.htm#111021-6 Fri, 21 Oct 2011 14:40 -0400 EFRAG Countries: Europe Discussion Paper Standards: IFRS 3 IASB Projects: Common control 2011-627 Deloitte's IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board (IASB) on its Exposure Draft ED 2011/3 Mandatory Effective Date of IFRS 9. http://www.iasplus.com/pastnews/2011oct.htm#111021-5 Fri, 21 Oct 2011 11:10 -0400 Comment letters IASB Standards: IFRS 9 IASB Project: Effective date of IFRS 9 2011-626 The European Securities and Markets Authority (ESMA) has published the second annual activity report on monitoring enforcement of International Financial Reporting Standards (IFRS) in Europe. http://www.iasplus.com/pastnews/2011oct.htm#111021-4 Fri, 21 Oct 2011 14:45 +0200 ESMA Countries: Europe Regulation and enforcement 2011-625 The European Financial Reporting Advisory Group (EFRAG) celebrated its 10th anniversary in 2011. On 13 October, a seminar was held reflecting on past milestones, achievements and signalling future challenges that EFRAG is likely to face. http://www.iasplus.com/pastnews/2011oct.htm#111021-3 Fri, 21 Oct 2011 11:45 +0200 IAS Plus Interviews Enevoldsen EFRAG Robert Bruce Countries: Europe 2011-624 The IASB's regular monthly meeting was held on 19-20 October 2011 in in Norwalk, CT, USA, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from most of the sessions held on on the first day of the meeting, covering the following topics: annual improvements, fair value measurement, and revenue recognition. http://www.iasplus.com/pastnews/2011oct.htm#111021-2 Fri, 21 Oct 2011 11:45 +0200 IASB IASB meetings FASB Standards: IFRS 13 IASB Projects: Annual improvements IASB Projects: Fair value measurement Standards: IFRS 3 IASB Projects: Revenue 2011-623 The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft (ED) 46 'Recommended Practice Guideline', which is designed to provide good practice guidelines on reporting on the long-term fiscal sustainability of a public sector entity. http://www.iasplus.com/pastnews/2011oct.htm#111021-1 Thu, 20 Oct 2011 14:55 +1030 IPSASB Exposure drafts Credit crunch IFAC 2011-622 The IASB has published Exposure Draft Government Loans (Proposed amendments to IFRS 1) for public comment. The proposed amendment addresses how a first-time adopter would account for a government loan with a below-market rate of interest when transitioning to IFRSs. Comments are due by 5 January 2012. http://www.iasplus.com/pastnews/2011oct.htm#111020-1 Thu, 20 Oct 2011 12:12 -0400 IASB Projects: IFRS 1 government loans Standards: IFRS 1 Standards: IAS 20 Exposure drafts 2011-621 The IASB has issued IFRIC Interpretation 20 'Stripping Costs in the Production Phase of a Surface Mine'. The Interpretation clarifies the requirements for accounting for stripping costs associated with waste removal in surface mining, including when production stripping costs should be recognised as an asset, how the asset is initially recognised, and subsequent measurement. http://www.iasplus.com/pastnews/2011oct.htm#111019-1 Thu, 20 Oct 2011 08:10 +1030 IFRIC Interpretations Interpretations: IFRIC 20 Industries: Energy and resources IFRIC Projects: Stripping costs Standards: IAS 2 Standards: IAS 16 Standards: IAS 38 2011-620 In New York this week the Deloitte IFRS Summit heard some persuasive arguments for IFRS becoming the norm at the highest level of the corporate world in the US. But, as our regular columnist, Robert Bruce, reports it was not just the voice of the IASB which was doing the persuading. The largest US corporates were also joining in. http://www.iasplus.com/bruce/column111019.htm Wed, 19 Oct 2011 11:37 -0400 Robert Bruce Convergence Countries: United States B2011-016B The IFRS Foundation has announced the publication of the following translations in Albanian (IFRS for SMEs, Basis for Conclusions, Illustrative Financial Statements, Presentation and Disclosure Checklist), French (IFRS 13 and IAS 19), and Spanish (IFRS 11 and IFRS 12, Basis for Conclusions and Illustrative Examples). http://www.iasplus.com/pastnews/2011oct.htm#111018-6 Tue, 18 Oct 2011 11:23 -0400 IFRS Foundation Translations Standards: IFRS 13 Standards: IAS 19 Standards: IFRS 11 Standards: IFRS 12 Languages: French Languages: Spanish Languages: Albanian IFRS for SMEs 2011-619 A consultation proposing the refocusing and streamlining of the United Kingdom Financial Reporting Council (FRC) was launched today by the UK Department for Business, Innovation and Skills (BIS) and the FRC. The aim of the reforms is to create an FRC that is clearer about its role and purpose, narrowing its focus to areas of greatest concern to the operation of the capital markets. http://www.iasplus.com/pastnews/2011oct.htm#111018-5 Tue, 18 Oct 2011 13:35 +0200 Countries: United Kingdom UK FRC 2011-618 As reported earlier, the European Financial Reporting Advisory Group (EFRAG) will organise outreach events on the IASB consultation on its future work programme published in July 2011. All dates and places have now been confirmed. http://www.iasplus.com/pastnews/2011oct.htm#111018-4 Tue, 18 Oct 2011 11:28 +0200 EFRAG Countries: Europe Countries: Denmark Countries: Norway Countries: Netherlands Countries: Sweden Countries: Poland IASB Projects: Agenda Consultation 2011-617 The G20 Finance Ministers and Central Bank Governors met in Paris, France on 14-15 October 2011. The meeting was focused on "heightened tensions and significant downside risks for the global economy that need to be addressed decisively to restore confidence, financial stability and growth" and included a commitment to global accounting standards. http://www.iasplus.com/pastnews/2011oct.htm#111018-3 Tue, 18 Oct 2011 12:58 +1030 G20 Convergence 2011-616 The IASB has announced the availability of a German translation of the '2011 International Financial Reporting Standards' ('Red Book'). http://www.iasplus.com/pastnews/2011oct.htm#111018-2 Tue, 18 Oct 2011 12:58 +1030 IASB Standards Languages: German Translations 2011-615 The IASB has posted to its website a revised version of the batch of Editorial Corrections to IFRSs originally issued on 29 June 2011. http://www.iasplus.com/pastnews/2011oct.htm#111018-1 Tue, 18 Oct 2011 12:58 +1030 IASB Editorial corrections IFRS for SMEs Standards: IFRS 10 Standards: IFRS 11 Standards: IAS 19 Standards: IAS 1 2011-614 The European Banking Authority (EBA) has published its follow-up review of bank’s transparency in their 2010 Pillar 3 reports. Pillar 3 reports are of special interest because of the interaction between Pillar 3 and IFRS 7 requirements. http://www.iasplus.com/pastnews/2011oct.htm#111017-4 Mon, 17 Oct 2011 13:13 +0200 Countries: Europe Standards: IFRS 7 IASB Projects: Financial instruments Disclosures EBA 2011-613 The International Ethics Standards Board for Accountants ('IESBA') has released its '2011-2012 IESBA Strategy and Work Plan', which sets the direction and priorities for the activities of the IESBA. http://www.iasplus.com/pastnews/2011oct.htm#111017-3 Mon, 17 Oct 2011 13:53 +1030 IESBA IFAC Ethics 2011-612 The United Kingdom Financial Reporting Council (FRC) has launched a 'Financial Reporting Lab' which aims to bring together companies and investors to identify practical solutions to reporting problems, such as the length and complexity of reports and financial statements. http://www.iasplus.com/pastnews/2011oct.htm#111017-2 Mon, 17 Oct 2011 11:47 +1030 Countries: United Kingdom UK FRC Disclosures Integrated reporting 2011-611 The International Federation of Accountants (IFAC) has released revised versions of Policy Position Paper 1 'Regulation of the Accountancy Profession' and Policy Position Paper 3 'International Standard Setting in the Public Interest'. http://www.iasplus.com/pastnews/2011oct.htm#111017-1 Mon, 17 Oct 2011 10:48 +1030 IFAC IPSASB PIOB Convergence Regulation and enforcement Auditing IAESB 2011-610 AccountAbility, the international corporate responsibility organisation, has announced members of its newly formed Advisory Council. This council will "provide strategic guidance and facilitate AccountAbility's mission of advancing corporate responsibility and sustainability by increasing the impact of its standards, shaping a leading research agenda, and delivering transformative service solutions". http://www.iasplus.com/pastnews/2011oct.htm#111014-6 Fri, 14 Oct 2011 17:00 -0400 Corporate governance 2011-609 The twenty-eighth session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) is currently being held in Geneva. Speeches and presentations from the session are now available. http://www.iasplus.com/pastnews/2011oct.htm#111014-5 Fri, 14 Oct 2011 11:20 +0200 Standards: IFRS 13 Standards: IFRS 9 IASB Projects: Fair value measurement IASB Projects: Financial instruments 2011-608 We remind you that comments on the Exposure Draft 'Improvements to IFRSs' are due on 21 October 2011. The ED proposes changes to IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34. http://www.iasplus.com/pastnews/2011oct.htm#111014-4 Fri, 14 Oct 2011 10:20 +0200 IASB IASB Projects: Annual improvements Exposure drafts Standards: IFRS 1 Standards: IAS 1 Standards: IAS 16 Standards: IAS 32 Standards: IAS 34 2011-607 The International Valuations Standards Council (IVSC) and the International Private Equity Valuations (IPEV) board have signed a memorandum of understanding (MoU), agreeing to co-operate with a view to ensuring that the IPEV Valuation Guidelines are consistent with the International Valuation Standards and that the IVSC considers the needs of private equity and venture capital investors in its future work plan. http://www.iasplus.com/pastnews/2011oct.htm#111014-3 Fri, 14 Oct 2011 17:20 +1030 IVSC IPEV Standards: IFRS 13 Standards: IAS 27 Standards: IAS 28 Standards: IAS 31 Standards: IAS 39 IASB Projects: Investment entities 2011-606 The International Federation of Accountants (IFAC) has provided a series of recommendations for consideration by the G20 at its meeting on 3-4 November 2011 in Cannes, France. IFAC recommends that the G20 consider the following three objectives: 1) urgent and fundamental work to consider the nature of institutional change in public sector financial management, transparency, and accountability; 2) global regulatory convergence; and 3) development of integrated reporting. http://www.iasplus.com/pastnews/2011oct.htm#111014-2 Fri, 14 Oct 2011 16:15 +1030 IFAC G20 IPSASB Auditing Integrated reporting 2011-605 The Global Reporting Initiative (GRI) has released a research report entitled 'Approach for reporting on ecosystem services - Incorporating ecosystem services into an organization's performance disclosure'. The publication represents a move towards incorporating ecosystem services information (a company's impact and dependence on freshwater, climate regulation and pollination) into sustainability reporting and ultimately integrated reporting. http://www.iasplus.com/pastnews/2011oct.htm#111014-1 Fri, 14 Oct 2011 15:40 +1030 Sustainability reporting GRI Integrated reporting 2011-604 The European Commission's Expert Group on disclosure of non-financial information by EU companies held its third meeting on 30 September 2011. Minutes from that meeting are now available on the EC's website. http://www.iasplus.com/pastnews/2011oct.htm#111013-2 Thu, 13 Oct 2011 11:05 +0200 Countries: Europe Sustainability reporting 2011-603 The Association of Chartered Certified Accountants (ACCA) has published a survey showing among other results that the International Financial Reporting Standards (IFRS) are more favourably viewed following the global financial crisis. http://www.iasplus.com/pastnews/2011oct.htm#111013-1 Thu, 13 Oct 2011 09:55 +0200 ACCA Publications 2011-602 Stig Enevoldsen has been a key player on the European accounting scene for several decades. He was Chairman of EFRAG (European Financial Reporting Advisory Group - the advisory body to the European Commission on technical financial reporting matters) from 2004 until 2010, having been member since its formation in 2001. And he was Chairman of the IASB predecessor body, the IASC, from 1998 until 2000. As EFRAG celebrates its tenth anniversary he talked with Robert Bruce about the past decade and the state of European accounting. http://www.iasplus.com/interview/1110enevoldsen.htm Wed, 12 Oct 2011 16:55 -0400 IAS Plus Interviews Enevoldsen EFRAG IASB Countries: United States Convergence SEC I2011-004 EFRAG is celebrating its tenth anniversary. Robert Bruce, our regular columnist, has been along to talk with its Chairman, Francoise Flores, about past achievements and future hopes. http://www.iasplus.com/bruce/column111012.htm Wed, 12 Oct 2011 16:55 -0400 Robert Bruce EFRAG B2011-016 The Public Company Accounting Oversight Board of the United States (PCAOB) has entered into a cooperative agreement with the Japan Financial Services Agency (JFSA) and Certified Public Accountants and Auditing Oversight Board (CPAAOB) of Japan. http://www.iasplus.com/pastnews/2011oct.htm#111012-2 Wed, 12 Oct 2011 16:55 -0400 PCAOB Countries: Japan Countries: United States Auditing Regulation and enforcement 2011-601 The US Public Company Accounting Oversight Board (PCAOB) has proposed amendments to its standards that are designed to improve transparency in public company audits. http://www.iasplus.com/pastnews/2011oct.htm#111012-1 Wed, 12 Oct 2011 08:05 +0200 PCAOB Auditing Regulation and enforcement 2011-600 The IFRS Foundation Trustees will meet in Paris on Thursday, 13 October 2011. The agenda for the meeting is now available. http://www.iasplus.com/pastnews/2011oct.htm#111011-2 Tue, 11 Oct 2011 10:05 +0200 IFRS Foundation IFRS Trustees 2011-599 As reported earlier, the European Financial Reporting Advisory Group (EFRAG) will organise outreach events on the IASB consultation on its future work programme published in July 2011. Additional locations and dates for these events have been announced. http://www.iasplus.com/pastnews/2011oct.htm#111011-1 Tue, 11 Oct 2011 10:00 +0200 EFRAG Countries: Europe Countries: Denmark Countries: Norway Countries: Netherlands Countries: Sweden Countries: Poland IASB Projects: Agenda Consultation 2011-598 The Financial Services Authority (FSA) recently published a Guidance Paper 'Forbearance and Impairment Provisions - Mortgages'. The UK Accounting Standards Board (ASB) of the Financial Reporting Council (FRC) has noted that it welcomes the release of this paper. http://www.iasplus.com/pastnews/2011oct.htm#111010-1 Mon, 10 Oct 2011 13:10 -0400 Countries: United Kingdom UK ASB Standards: IFRS 7 Standards: IFRS 9 IASB Projects: Impairment IASB Projects: Financial instruments 2011-597 The AICPA is disappointed that the main recommendation (the creation of an independent standard setter for private companies) of the Blue-Ribbon-Panel report was disregarded by the FAF Trustees. http://www.iasplus.com/pastnews/2011oct.htm#111007-2 Fri, 7 Oct 2011 11:45 +0200 AICPA Countries: United States IFRS for SMEs Blue Ribbon Panel Differential reporting FAF FASB 2011-596 The Private Sector Task Force of Regulated Professions and Industries has published a final report, 'Regulatory Convergence in Financial Professions and Industries', to the deputies of the G20. http://www.iasplus.com/pastnews/2011oct.htm#111007-1 Fri, 7 Oct 2011 10:45 +0200 Convergence G20 Countries: Argentina Countries: Australia Countries: Brazil Countries: Canada Countries: China Countries: France Countries: Germany Countries: India Countries: Indonesia Countries: Italy Countries: Japan Countries: Mexico Countries: Russia Countries: Saudi Arabia Countries: South Africa Countries: South Korea Countries: Turkey Countries: United Kingdom Countries: United States Countries: Europe Regulation and enforcement 2011-595 The agenda has been released for the IASB's regular monthly meeting scheduled for 19-20 October 2011 in Norwalk, CT, USA, part of it a joint meeting with the FASB. http://www.iasplus.com/pastnews/2011oct.htm#111006-2 Thu, 6 Oct 2011 13:05 -0400 IASB IASB meetings FASB 2011-594 As reported earlier, the European Financial Reporting Advisory Group (EFRAG) will organise outreach events on the IASB consultation on its future work programme. Locations and dates for these events have now been communicated. http://www.iasplus.com/pastnews/2011oct.htm#111006-1 Thu, 6 Oct 2011 10:15 +0200 EFRAG Countries: Europe IASB Projects: Agenda Consultation 2011-593 In a recent address at the American Institute of CPAs (AICPA) / IFRS Foundation conference, the IASB chairman, Hans Hoogervorst, discussed the importance of a single set of global accounting standards and the US SEC's impending decision on using IFRSs in the United States. http://www.iasplus.com/pastnews/2011oct.htm#111005-3 Wed, 5 Oct 2011 16:05 -0400 Countries: United States Convergence 2011-592 At the AICPA conference in Boston IASB Chairman, Hans Hoogervorst, made his first speech on American soil and along with a speech from onetime SEC Commissioner, Harvey Goldschmid, has answered many of the questions and worries over the impending SEC decision on IFRS in America. Our regular columnist, Robert Bruce, reports on the significance of what was said. http://www.iasplus.com/bruce/column111005.htm Wed, 5 Oct 2011 13:45 -0400 Robert Bruce Convergence B2011-015 Paul Pacter, IASB Board member and former webmaster of IAS Plus, explains the IASB's outreach activities. http://www.iasplus.com/pastnews/2011oct.htm#111005-2 Wed, 5 Oct 2011 13:30 +0200 IASB Investor Perspectives 2011-591 The Chairman of the Australian Accounting Standards Board (AASB), Kevin Stevenson, has addressed the public in a media release expressing a number of concerns about the proposals in the IASB's Exposure Draft 'Investment Entities'. http://www.iasplus.com/pastnews/2011oct.htm#111005-1 Wed, 5 Oct 2011 11:30 +0200 IASB Exposure drafts Standards: IFRS 10 Standards: IFRS 12 Standards: IAS 28 IASB Projects: Investment entities IASB Projects: Consolidation Countries: Australia 2011-590 The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on the SME Implementation Group's five questions and answer documents on draft guidance related to the implementation of the IFRS for SMEs. EFRAG recommends not issuing any of the documents. http://www.iasplus.com/pastnews/2011oct.htm#111004-2 Tue, 4 Oct 2011 12:25 +0200 IFRS for SMEs SME Implementation Group EFRAG 2011-589 The Financial Accounting Foundation’s Board of Trustees has issued for comment a 'Plan to Establish the Private Company Standards Improvement Council'. http://www.iasplus.com/pastnews/2011oct.htm#111004-1 Tue, 4 Oct 2011 11:05 +0200 Countries: United States IFRS for SMEs Blue Ribbon Panel Differential reporting FAF FASB 2011-588 The US Public Company Accounting Oversight Board (PCAOB) has issued a Staff Audit Practice Alert to discuss the auditor's responsibilities regarding the risk of fraud when auditing companies with operations in emerging markets. http://www.iasplus.com/pastnews/2011oct.htm#111003-2 Mon, 3 Oct 2011 17:05 -0400 PCAOB Auditing 2011-587 In a recent address to the ECON Committee of European Parliament, the IASB chairman, Hans Hoogervorst, discussed two main topics: the importance of the IASB's relationship with Europe and his observations on the role of accounting standards and the financial crisis. http://www.iasplus.com/pastnews/2011oct.htm#111003-1 Mon, 3 Oct 2011 11:35 -0400 Hoogervorst Convergence Countries: United States Countries: Europe IASB Projects: Fair value measurement IASB Projects: Hedge accounting 2011-586 The European Financial Reporting Advisory Group (EFRAG), in partnership with European National Standard Setters, will organise outreach events on the IASB consultation on its future work programme published in July 2011. http://www.iasplus.com/pastnews/2011sep.htm#110930-3 Fri, 30 Sep 2011 14:10 +0200 EFRAG Countries: Europe IASB Projects: Agenda Consultation 2011-585 In a speech entitled 'Market Transparency – Does it prevent crisis?' given at the Austrian Financial Market Authority Supervision Conference in Vienna, Steven Maijoor, Chairman of the European Securities and Markets Authority (ESMA), spoke about similarities between the credit crunch and the current European sovereign debt crisis and how transparency can be an answer to the lack of trust in banks and markets. http://www.iasplus.com/pastnews/2011sep.htm#110930-2 Fri, 30 Sep 2011 11:10 +0200 ESMA Countries: Europe 2011-584 The IASB has announced more definitive timing of the expected release of documents from a number of its current projects. http://www.iasplus.com/pastnews/2011sep.htm#110930-1 Thu, 29 Sep 2011 15:50 +0930 IASB Work plan Interpretations: IFRIC 20 IASB Projects: IFRS 1 Government grants IASB Projects: Leases IASB Projects: Revenue IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Offsetting Standards: IAS 32 Standards: IFRS 1 Standards: IFRS 7 2011-583 The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on IASB's ED 'Investment Entities'. http://www.iasplus.com/pastnews/2011sep.htm#110929-3 Thu, 29 Sep 2011 11:30 -0400 EFRAG Standards: IFRS 9 Standards: IAS 28 IASB 2011-582 The agenda and papers have been released for the IFRS Advisory Council meeting to be held in London on 10-11 October 2011. http://www.iasplus.com/pastnews/2011sep.htm#110929-2 Thu, 29 Sep 2011 16:10 +0930 IFRS Advisory Council Monitoring Board IASB Projects: Agenda Consultation IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Leases IASB Projects: Financial instruments XBRL IFRS Foundation IFRS Foundation governance review IFRS Interpretations Committee 2011-581 A Global Financial Reporting Dbriefs Webcast is scheduled to be held on Tuesday, 18 October 2011, discussing the unprecedented pace of standard-setting developments at the International Accounting Standards Board (IASB). Topics include the IASB's timeline for the issuance of exposure drafts and new accounting standards, an update on the revenue recognition project, and recent developments including the issuance of the IASB's agenda consultation and the exposure draft on investment entities. http://www.iasplus.com/pastnews/2011sep.htm#110929-1 Thu, 29 Sep 2011 15:25 +0930 Webcasts IASB Work plan IASB Projects: Revenue IASB Projects: Agenda Consultation IASB Projects: Investment entities 2011-580 The SME Implementation Group has published for public comment five questions and answer documents on draft guidance related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). http://www.iasplus.com/pastnews/2011sep.htm#110928-4 Wed, 28 Sep 2011 17:30 -0400 IFRS for SMEs SME Implementation Group 2011-579 The IFRS Foundation has published A Guide through International Financial Reporting Standards IFRSs July 2011. This guide is a two-volume set of all IFRSs and IASs issued by the IASB at 1 July 2011, with cross-references and other annotations added for references to other IFRSs, including IASs and IFRIC and SIC interpretations. http://www.iasplus.com/pastnews/2011sep.htm#110928-3 Wed, 28 Sep 2011 16:50 -0400 IASB Standards 2011-578 The Trustees of the IFRS Foundation have announced that Tom Seidenstein, Chief Operating Officer of the IFRS Foundation, will step down from his role at the end of the year in order to return to the United States. http://www.iasplus.com/pastnews/2011sep.htm#110928-2 Wed, 28 Sep 2011 15:50 +0930 IFRS Foundation 2011-577 Deloitte (United States) is hosting a IFRS quarterly accounting roundup webcast in late September. The webcast will discuss accounting, standard setting, and reporting developments for the quarter, recent positions on accounting and reporting of the FASB, IASB, SEC, and PCAOB, and other hot topics. http://www.iasplus.com/pastnews/2011sep.htm#110928-1 Wed, 28 Sep 2011 14:50 +0930 Webcasts Countries: United States 2011-576 The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on the Interpretations Committee's tentative rejection decision on IAS 12 'Income Taxes'. http://www.iasplus.com/pastnews/2011sep.htm#110927-2 Tue, 27 Sep 2011 14:40 +0200 EFRAG Standards: IAS 12 IFRS Interpretations Committee Countries: Europe 2011-575 The deadline for candidates for a membership in EFRAG’s Technical Expert Group to submit their candidatures has now been extended until 10 October 2011. http://www.iasplus.com/pastnews/2011sep.htm#110927-1 Tue, 27 Sep 2011 11:40 +0200 EFRAG Countries: Europe 2011-574 Peter Elwin is an influential and respected analyst. This year he was voted #1 rated analyst in the Extel European Equity Research Awards. As Head of European Pensions, Valuations and Accounting research at JP Morgan Cazenove he provides advice to institutional clients in Europe and the US and to corporate clients in London. He is a member of the UK Accounting Standards Board, the Corporate Reporting Users' Forum and the IASB's Analyst Representative Group. In a wide-ranging interview with Robert Bruce he covers the whole range of current IFRS and financial reporting issues. http://www.iasplus.com/interview/1109elwin.htm Mon, 26 Sep 2011 11:30 +0930 IAS Plus Interviews Hoogervorst Tweedie IASB Global financial crisis Regulation and enforcement ESMA Countries: Europe Countries: Greece Countries: United States Standards: IAS 39 Standards: IFRS 9 Standards: IAS 19 IASB Projects: Financial instruments IASB Projects: Financial statement presentation IASB Projects: Impairment IASB Projects: Leases IASB Projects: Revenue IASB Projects: Insurance Monitoring Board Convergence UK ASB SEC XBRL Integrated reporting I2011-003 The IFRS Foundation has announced the publication of translations of many recently issued pronouncements into various languages, including Albanian, Macedonian, French, Georgian, Romanian and Spanish. Updated Arabic translations are also available. http://www.iasplus.com/pastnews/2011sep.htm#110926-1 Mon, 26 Sep 2011 10:45 +0930 IASB Translations Languages: Albanian Languages: Macedonian Languages: French Languages: Georgian Languages: Romanian Languages: Spanish Languages: Arabic IFRS for SMEs IASB Projects: Effective date of IFRS 9 IASB Projects: Agenda Consultation Standards: IAS 1 Standards: IAS 19 Standards: IAS 27 Standards: IAS 28 Standards: IFRS 10 Standards 2011-573 The IASB's regular monthly meeting was held on 19-22 September 2011 in London, some of which was a joint meeting with the FASB. We have posted Deloitte observer notes from the final sessions held on on Thursday, covering the following topics: annual improvements and review of the requests received by the IFRS Interpretations Committee. http://www.iasplus.com/pastnews/2011sep.htm#110923-3 Fri, 23 Sep 2011 13:00 -0400 IASB IASB meetings IASB Projects: Annual improvements IASB Projects: IFRS 1 government loans IFRS Interpretations Committee Standards: IAS 16 Standards: IAS 24 Standards: IFRS 2 Standards: IFRS 8 Standards: IAS 7 Standards: IAS 36 Standards: IAS 1 Standards: IAS 12 Standards: IFRS 1 2011-572 The IASB has posted to its website a mark-up version of IAS 19 'Employee Benefits' highlighting the amendments made to the previous version of IAS 19 to match the requirements in IAS 19 as issued in June 2011. http://www.iasplus.com/pastnews/2011sep.htm#110923-2 Fri, 23 Sep 2011 10:00 +0200 IASB Standards: IAS 19 IASB Projects: Post-employment benefits 2011-571 The Global Reporting Initiative (GRI) has issued a final Supplement providing guidance on sustainability reporting in the construction and real estate sectors, and also lent its support to the 'Corporate Sustainability Reporting Coalition', which is calling for the integration of sustainability information into annual reports and financial statements. http://www.iasplus.com/pastnews/2011sep.htm#110923-1 Fri, 23 Sep 2011 11:30 +0930 Sustainability reporting GRI United Nations Integrated reporting 2011-570 The IASB's regular monthly meeting is being held on 19-22 September 2011 in London, some of which is a joint meeting with the FASB. We have posted Deloitte observer notes from some of the sessions held on on the first three days of the meeting, covering the following topics: hedge accounting and impairment. http://www.iasplus.com/pastnews/2011sep.htm#110922-2 Thu, 22 Sep 2011 15:22 -0400 IASB IASB meetings FASB IASB Projects: Hedge accounting IASB Projects: Impairment IASB Projects: Financial instruments 2011-569 The European Commission's Expert Group on disclosure of non-financial information by EU companies held its second meeting on 12 September 2011. Minutes from that meeting are now available on the EC's website. http://www.iasplus.com/pastnews/2011sep.htm#110922-1 Thu, 22 Sep 2011 10:55 +0200 Countries: Europe Sustainability reporting 2011-568 The IASB's regular monthly meeting is being held on 19-22 September 2011 in London, some of which is a joint meeting with the FASB. We have posted Deloitte observer notes from some of the sessions held on on the first three days of the meeting, covering the following topics: insurance contracts, asset and liability offsetting, hedge accounting and leases. http://www.iasplus.com/pastnews/2011sep.htm#110921-2 Thu, 22 Sep 2011 08:55 +0930 IASB IASB meetings FASB IASB Projects: Insurance IASB Projects: Offsetting IASB Projects: Hedge accounting IASB Projects: Financial instruments IASB Projects: Leases Standards: IAS 32 2011-567 The Monitoring Board has released a document summarising responses to its Consultative Report on the Review of the IFRS Foundation's Governance, published on 8 February 2011. http://www.iasplus.com/pastnews/2011sep.htm#110921-1 Wed, 21 Sep 2011 17:25 +0930 IASB IFRS Foundation Monitoring Board IFRS Trustees IFRS Foundation governance review 2011-566 The IASB's regular monthly meeting is being held on 19-22 September 2011 in London, some of which is a joint meeting with the FASB. We have posted Deloitte observer notes from some of the sessions held on on the first two days of the meeting, covering the following topics: leases, accounting for stripping costs in the production phase of a mine, accounting for put options over non-controlling interests, and an IFRS Interpretations Committee meeting update. http://www.iasplus.com/pastnews/2011sep.htm#110920-3 Wed, 21 Sep 2011 08:45 +0930 IASB IASB meetings FASB IASB Projects: Leases IFRIC Projects: Stripping costs IFRIC Projects: Puts over NCIs Interpretations: IFRIC 20 Standards: IAS 32 Standards: IAS 27 IFRS Interpretations Committee 2011-565 Deloitte's Global Sustainability and Climate Change Services Group has issued 'Integrated Reporting - A better view?' The publication provides a brief history of reporting trends, a discussion of common challenges, and some practical recommendations for the adoption of integrated reporting. http://www.iasplus.com/pastnews/2011sep.htm#110920-2 Wed, 21 Sep 2011 08:45 +0930 Integrated reporting IIRC Publications 2011-564 The first discussion paper outlining the proposed system of integrated reporting to bring all aspects of reporting together has been published. Our resident regular columnist, Robert Bruce, assesses the paper and its future development. http://www.iasplus.com/bruce/column110920.htm Tue, 20 Sep 2011 10:50 -0400 Robert Bruce Sustainability reporting Integrated reporting IIRC Countries: South Africa IASB Projects: Intangible assets B2011-014 The European Commission services have published a report on the responses received to the consultation of accounting regulatory committee members on the use of options within the European Accounting Directives. http://www.iasplus.com/pastnews/2011sep.htm#110920-1 Tue, 20 Sep 2011 10:00 +0200 Countries: Europe Differential reporting Countries: Austria Countries: Belgium Countries: Bulgaria Countries: Cyprus Countries: Czech Republic Countries: Germany Countries: Denmark Countries: Estonia Countries: Greece Countries: Spain Countries: Finland Countries: France Countries: Hungary Countries: Ireland Countries: Italy Countries: Lithuania Countries: Luxembourg Countries: Latvia Countries: Malta Countries: Netherlands Countries: Norway Countries: Poland Countries: Portugal Countries: Romania Countries: Sweden Countries: Slovakia Countries: Slovenia Countries: United Kingdom 2011-563 Deloitte's Global Office has issued IFRS in Focus - International Integrated Reporting Committee issues Discussion Paper on Integrated Reporting. The IFRS in Focus newsletter provides an overview of the IIRC's Discussion Paper, Towards Integrated Reporting - Communicating Value in the 21st Century, which introduces proposals for the future development of corporate reporting and argues that a change is necessary, as there have been major changes in the way business is conducted and how businesses create value. http://www.iasplus.com/pastnews/2011sep.htm#110919-3 Mon, 19 Sep 2011 14:00 -0400 Integrated reporting IIRC IFRS in Focus Publications 2011-562 The IFRS Foundation has announced the publication of translations of six new and revised standards into Russian. The translated standards are the "package of five" new and revised standards addressing the accounting for consolidation, involvements in joint arrangements and disclosure of involvements with other entities published by the IASB in May 2011, IFRS 13, Fair Value Measurement, published in May 2011 and the amended IAS 19, Employee Benefits, published in June 2011. http://www.iasplus.com/pastnews/2011sep.htm#110919-2 Mon, 19 Sep 2011 14:00 -0400 Languages: Russian Translations 2011-561 The Institute of Chartered Accountants in India (ICAI) has published a number of exposure drafts which propose to adopt Indian Accounting Standard (Ind-AS) equivalents to the 'package of five' standards on consolidation, joint arrangements and disclosures issued by the IASB in May 2011. http://www.iasplus.com/pastnews/2011sep.htm#110919-1 Mon, 19 Sep 2011 11:25 +0930 Countries: India Convergence 2011-560 The European Financial Reporting Advisory Group (EFRAG) has released the September 2011 issue of its 'EFRAG Update' newsletter. http://www.iasplus.com/pastnews/2011sep.htm#110916-1 Fri, 16 Sep 2011 13:00 +0200 EFRAG IASB Projects: Financial instruments Countries: Europe 2011-559 The latest IASB work plan timetable, as of 14 September, has been released and shows revised 'current best estimates' for its progress. The IASB has updated the expected timetable for Financial Instruments: Impairment to be for the fourth quarter of 2011 or 2012 (previously targeted in the fourth quarter of 2011). http://www.iasplus.com/pastnews/2011sep.htm#110915-2 Thu, 15 Sep 2011 14:07 -0400 IASB Work plan IASB Projects: Impairment IASB Projects: Financial instruments 2011-558 The European Financial Reporting Advisory Group (EFRAG) will conduct field-testing of the new requirements on joint arrangements (IFRS 11 and IFRS 12 ) and the new requirements on consolidation (IFRS 10 and IFRS 12), all published by the IASB in May 2011. http://www.iasplus.com/pastnews/2011sep.htm#110915-1 Thu, 15 Sep 2011 11:15 +0200 Countries: Europe EFRAG IASB IASB Projects: Consolidation IASB Projects: Joint arrangements Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 2011-557 The Financial Supervisory Authority of Norway and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered into a cooperative agreement, which "provides a basis for the resumption of joint inspections of PCAOB-registered accounting firms that are located in Norway and that audit, or participate in audits, of companies whose securities trade in U.S. markets". http://www.iasplus.com/pastnews/2011sep.htm#110914-3 Wed, 14 Sep 2011 16:45 -0400 Countries: Norway Countries: United States PCAOB 2011-556 The New Zealand External Reporting Board (XRB) has released three documents outlining proposals for a new Accounting Standards Framework for New Zealand. The proposals include a multi-standard framework (based on IFRSs and IPSAS, but not the IFRS for SMEs), where the standards to be applied would depend on the nature and classification of the entity. http://www.iasplus.com/pastnews/2011sep.htm#110914-2 Wed, 14 Sep 2011 16:35 +0930 Countries: New Zealand Countries: Australia IPSASB IFRS for SMEs Convergence 2011-555 July 2011 marked the tenth anniversary of the establishment of the the Japanese Financial Accounting Standards Foundation (FASF) and the Accounting Standards Board of Japan (ASBJ). The President of the FASF (Toshitaka Hagiwara) and Chairman of the ASBJ (Ikuo Nishikawa) have both written articles to commemorate the anniversary, in which they provide an assessment of the past achievements of the organisations, and commentary on the challenges going forward, including Japan's possible adoption of IFRSs. http://www.iasplus.com/pastnews/2011sep.htm#110914-1 Wed, 14 Sep 2011 13:15 +0930 Countries: Japan Convergence 2011-554 Deloitte's IFRS Global Office has published an updated checklist of the requirements of IAS 34 'Interim Financial Reporting', formatted to allow the recording of a review of interim financial statements, with a place to indicate yes/no/not-applicable for each item. http://www.iasplus.com/pastnews/2011sep.htm#110913-2 Tue, 13 Sep 2011 18:05 +0930 Publications Standards: IAS 34 Checklists 2011-553 The Global Reporting Initiative (GRI) and the International Organization for Standardization (ISO) have signed a Memorandum of Understanding (MoU) to increase their co-operation on sustainability matters. http://www.iasplus.com/pastnews/2011sep.htm#110913-1 Tue, 13 Sep 2011 13:40 +0930 Sustainability reporting GRI 2011-552 The IFRS Interpretations Committee met in London on 8-9 September 2011. We have posted Deloitte observer notes from the topics discussed on the second day of the meeting. http://www.iasplus.com/pastnews/2011sep.htm#110912-3 Mon, 12 Sep 2011 11:15 -0400 IFRS Interpretations Committee 2011-551 The agenda has been released for the IASB's regular monthly meeting scheduled for 19-22 September 2011 in London, part of it a joint meeting with the FASB. http://www.iasplus.com/pastnews/2011sep.htm#110912-2 Mon, 12 Sep 2011 15:15 +0200 IASB IASB meetings FASB 2011-550 The International Integrated Reporting Committee (IIRC) has released a Discussion Paper 'Towards Integrated Reporting – Communicating Value in the 21st Century'. The IIRC seeks to bring together world leaders from the corporate, investment, accounting, securities, regulatory, academic, civil society and standard-setting sectors to develop a new approach to reporting. http://www.iasplus.com/pastnews/2011sep.htm#110912-1 Mon, 12 Sep 2011 12:15 +0930 IIRC Sustainability reporting Integrated reporting 2011-549 The IFRS Interpretations Committee met in London on 8-9 September 2011. We have posted Deloitte observer notes from the topics discussed on the first day of the meeting. http://www.iasplus.com/pastnews/2011sep.htm#110909-4 Sat, 10 Sep 2011 09:03 +0930 IFRS Interpretations Committee 2011-548 The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on the IASB Exposure Draft, Mandatory Effective Date of IFRS 9. In this draft letter, EFRAG agrees that there should be a delay in the effective date of IFRS 9 'Financial Instruments', but expresses concern about the revised effective date of 1 January 2015. http://www.iasplus.com/pastnews/2011sep.htm#110909-3 Fri, 09 Sep 2011 17:15 -0400 EFRAG IASB Projects: Financial instruments Standards: IFRS 9 IASB Projects: Effective date of IFRS 9 2011-547 Deloitte (Canada) is hosting a IFRS quarterly technical update webcast on 27 September 2011. One of a series of quarterly updates with a focus on combining technical knowledge with practical experience, the webcast will discuss some of those IFRS requirements that are effective for 2011 as well as a review of recently and soon to be issued IFRSs, changes to the IASB project plan, and an update on regulatory matters. http://www.iasplus.com/pastnews/2011sep.htm#110909-2 Fri, 09 Sep 2011 13:55 +0930 Webcasts Countries: Canada 2011-546 The IFRS Foundation has announced that 'A Guide through IFRS July 2011' will be available in October 2011. http://www.iasplus.com/pastnews/2011sep.htm#110909-1 Fri, 09 Sep 2011 09:55 +0930 IASB 2011-545 The IASB has posted to its website effect analyses for IFRS 10 'Consolidated Financial Statements' (including IFRS 12 'Disclosure of Interests in Other Entities') and IFRS 11 'Joint Arrangements'. http://www.iasplus.com/pastnews/2011sep.htm#110908-2 Thu, 08 Sep 2011 13:55 +0200 IASB IASB Projects: Consolidation IASB Projects: Joint arrangements Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 IASB effect analyses 2011-544 The Global Reporting Initiative (GRI) has called for comments on the proposed 'fourth generation' of its Sustainability Reporting Guidelines ('G4') and the first version of GRI's Guidelines tailored specifically for a country (Brazil). http://www.iasplus.com/pastnews/2011sep.htm#110908-1 Thu, 08 Sep 2011 13:55 +0930 Sustainability reporting Countries: Brazil GRI 2011-543 We've updated our summary of new and amended pronouncements document to provide a high level overview of new and revised accounting pronouncements that should be considered for financial reporting periods ending on or after 30 September 2011. The resource provides a brief summary of each pronouncement, and indicates whether it must be mandatorily applied for the first time at 30 September 2011, or whether it may be optionally applied, for various quarter ends. http://www.iasplus.com/pastnews/2011sep.htm#110907-1 Wed, 07 Sep 2011 15:15 -0400 Publications Standards 2011-542 The IFRS in Focus newsletter provides an overview of the IASB's Exposure Draft ED/2011/4 'Investment Entities', which proposes to define 'investment entities' as a separate type of entity that would be exempt from the consolidation accounting requirements in IFRS 10 'Consolidated Financial Statements'. http://www.iasplus.com/pastnews/2011sep.htm#110906-2 Tue, 06 Sep 2011 16:30 -0400 IFRS in Focus Publications Exposure drafts IASB Projects: Investment entities Standards: IFRS 10 Standards: IFRS 12 Standards: IAS 28 2011-541 Recent submissions to the SEC on adopting IFRS have focused on global issues. Our resident regular columnist, Robert Bruce, reports on the arguments being aired. http://www.iasplus.com/bruce/column110906.htm Tue, 06 Sep 2011 13:00 +0200 Robert Bruce Convergence Countries: United States B2011-013 The Chinese Institute of CPAs and the Hong Kong Institute of CPAs (HKICPA) have signed a joint declaration which promises the ongoing convergence of auditing standards between the Chinese mainland and Hong Kong. http://www.iasplus.com/pastnews/2011sep.htm#110906-1 Tue, 06 Sep 2011 17:05 +0930 Countries: China Countries: Hong Kong Auditing 2011-540 Deloitte's IFRS Global Office has submitted a letter of comment on IASB Exposure Draft ED/2011/2 'Improvements to IFRSs'. We are generally in agreement with the intentions of the proposed amendments, but are concerned that some amendments may have unintended consequences. http://www.iasplus.com/pastnews/2011sep.htm#110905-1 Tue, 06 Sep 2011 08:10 +0930 Comment letters IASB Projects: Annual improvements 2011-539 The Federal Court of Australia has handed down penalty orders in a case involving financial reporting issues (the 'Centro case'). The penalty orders follow on from an earlier decision on 27 June 2011 where the Court found directors had breached their duties when they signed off on financial reports that failed to disclose significant matters. http://www.iasplus.com/pastnews/2011sep.htm#110902-1 Fri, 02 Sep 2011 13:45 +0930 Countries: Australia Corporate governance 2011-538 The UK's Financial Reporting Council (FRC) has issued two additional reports following discussions with companies, investors, auditors and other interested parties over the last six months. In these reports, the FRC notes that there is one common issue to be addressed: "audit is not meeting user and/or public expectations and . . . there is a need for greater transparency about the judgements made by management and auditors in the course of preparing and auditing financial statements". http://www.iasplus.com/pastnews/2011sep.htm#110901-2 Thu, 01 Sep 2011 15:50:00 -0400 UK FRC Auditing Countries: United Kingdom 2011-537 Recent developments concerning the IFRS for SMEs include the following: The IFRS for SMEs has been adopted in Mauritius and a new training module and new translations are available. http://www.iasplus.com/pastnews/2011sep.htm#110901-1 Thu, 01 Sep 2011 10:15:00 +0200 IFRS for SMEs Languages: Polish Languages: Macedonian Countries: Mauritius 2011-536 The IFRS Foundation has published IFRS Taxonomy 2011 interim release: common-practice concepts. http://www.iasplus.com/pastnews/2011aug.htm#110831-3 Wed, 31 Aug 2011 14:15 -0400 XBRL IFRS Foundation 2011-535 Several meetings of groups of standard setters in the field of accounting and financial reporting who support the IASB in the development of a single set of high quality international accounting standards are coming up in autumn. http://www.iasplus.com/pastnews/2011aug.htm#110831-2 Wed, 31 Aug 2011 11:30 +0200 WSS NSS AOSSG IASB 2011-534 The Financial Services Authority of Japan (FSA) has announced the finalisation of the removal of time limit for the use of United States Generally Accepted Accounting Principles (US GAAP) by certain Japanese entities. http://www.iasplus.com/pastnews/2011aug.htm#110831-1 Wed, 31 Aug 2011 13:50 +0930 Countries: Japan Convergence US GAAP 2011-533 The Financial Accounting Standards Board (FASB) and European Financial Reporting Advisory Group (EFRAG) have formally agreed to work together on their respective projects to develop a disclosure framework, with a view to creating a consistent framework for both United States and international GAAP. http://www.iasplus.com/pastnews/2011aug.htm#110830-1 Tue, 30 Aug 2011 15:55 +0930 FASB EFRAG Countries: United States Countries: Europe Disclosures 2011-532 The UK Department for Business, Innovation and Skills (BIS) and the Financial Reporting Council (FRC) have published a discussion paper with proposals to simplify the financial and corporate reporting requirements for the smallest businesses. http://www.iasplus.com/pastnews/2011aug.htm#110829-3 Mon, 29 Aug 2011 12:20 +0200 Countries: United Kingdom Discussion Paper Differential reporting 2011-531 Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met on 18-19 August 2011, in Tokyo, Japan. http://www.iasplus.com/pastnews/2011aug.htm#110829-2 Mon, 29 Aug 2011 13:25 +0930 Countries: Japan Countries: United States ASBJ FASB Convergence 2011-530 Following on from an earlier meeting on 30 June 2011, the Business Accounting Council of Japan (BAC) met on 25 August for the second time to continue discussions on IFRS in the presence of the Japanese Minister for Financial Services. http://www.iasplus.com/pastnews/2011aug.htm#110829-1 Mon, 29 Aug 2011 13:25 +0930 Countries: Japan Convergence 2011-529 The IFRS Foundation has announced the publication of translations of six new and revised standards into French. http://www.iasplus.com/pastnews/2011aug.htm#110828-1 Sun, 28 Aug 2011 11:35 +0930 Translations Languages: French Standards IFRS Foundation 2011-528 Deloitte's IFRS Global Office has submitted a letter of comment to the European Financial Reporting Advisory Group (EFRAG) on its Discussion Paper Considering the Effects of Accounting Standards. The comment letter highlights Deloitte's views on the contribution the discussion paper has in the methodology for effects analyses development as it relates to the IFRS Foundations Trustees' Strategy Review. http://www.iasplus.com/pastnews/2011aug.htm#110826-1 Fri, 26 Aug 2011 16:40 -0400 Comment letters EFRAG Countries: Europe Standards 2011-527 The International Accounting Standards Board (IASB) has published Exposure Draft ED/2011/4 'Investment Entities', proposing to define 'investment entities' as a separate type of entity that would be exempt from the consolidation accounting requirements in IFRS 10 'Consolidated Financial Statements'. http://www.iasplus.com/pastnews/2011aug.htm#110825-3 Fri, 26 Aug 2011 08:29 +0930 IASB Exposure drafts Standards: IFRS 10 Standards: IFRS 12 Standards: IAS 28 IASB Projects: Investment entities IASB Projects: Consolidation 2011-526 The European Financial Reporting Advisory Group (EFRAG), in partnership with European National Standard Setters and in close coordination with the IASB, will conduct field-testing of the revised IASB proposals on revenue recognition, which are expected to be published by the end of September 2011. http://www.iasplus.com/pastnews/2011aug.htm#110825-2 Thu, 25 Aug 2011 14:05 +0200 Countries: Europe IASB Projects: Revenue EFRAG 2011-525 A recent paper from Harvard Business School explores the international political dynamics of how countries approach the adoption of International Financial Reporting Standards (IFRS). http://www.iasplus.com/pastnews/2011aug.htm#110825-1 Thu, 25 Aug 2011 13:15 +0930 IFRS transition Academic papers Countries: United States Countries: Canada Countries: China Countries: Japan Countries: India Countries: Australia Countries: New Zealand Countries: Europe Convergence 2011-524 The agenda has been released for the IFRS Interpretations Committee meeting to be held in London on Thursday and Friday 8 and 9 September 2011. http://www.iasplus.com/pastnews/2011aug.htm#110824-3 Thu, 25 Aug 2011 08:50 +0930 IFRS Interpretations Committee Standards: IAS 7 Standards: IAS 12 Standards: IAS 16 Standards: IAS 24 Standards: IFRS 1 Standards: IFRS 3 Standards: IFRS 10 Standards: IFRS 11 2011-523 A new edition of the IASB's 'Investor Perspectives' is now available. Patricia McConnell, an IASB Board member, writes about the changes to pension accounting. http://www.iasplus.com/pastnews/2011aug.htm#110824-2 Wed, 24 Aug 2011 11:15 -0400 IASB Investor Perspectives Standards: IAS 19 IASB Projects: Post-employment benefits 2011-522 Deloitte (United States) is hosting two Dbriefs webcasts in early September on global financial reporting topics: the IASB-FASB leases project and sustainability reporting. http://www.iasplus.com/pastnews/2011aug.htm#110824-1 Wed, 24 Aug 2011 13:20 +0930 Webcasts Countries: United States IASB Projects: Leases Sustainability reporting 2011-521 The IFRS Foundation has recently announced the publication of translations into Hebrew, French and Spanish. http://www.iasplus.com/pastnews/2011aug.htm#110823-1 Tue, 23 Aug 2011 10:45 +0200 Languages: French Languages: Spanish Languages: Hebrew Translations 2011-520 The IFRS Foundation has published an eXtensible Business Reporting Language (XBRL) IFRS Taxonomy 2011 interim release incorporating the requirements of 'Presentation of Items of Other Comprehensive Income' (Amendments to IAS 1) and IAS 19 'Employee Benefits', which were issued by the IASB in June 2011. http://www.iasplus.com/pastnews/2011aug.htm#110822-1 Mon, 22 Aug 2011 09:45 +0930 XBRL Standards: IAS 1 Standards: IAS 19 2011-519 The Australian Accounting Standards Board (AASB) has launched a survey of users of financial statements on the initial accounting for intangible assets acquired in business combinations under IFRS 3 'Business Combinations' and IAS 38 'Intangible Assets' (or similar GAAP). http://www.iasplus.com/pastnews/2011aug.htm#110819-2 Fri, 19 Aug 2011 17:25 +0930 Countries: Australia Standards: IFRS 3 Standards: IAS 38 IASB Projects: Intangible assets 2011-518 The Canadian Bankers Association (CBA) has noted that regulators should carefully monitor the total regulatory burden, arguing too rapid an adoption of reform may place Canadian banks at competitive disadvantage, and noting the implementation of other reforms as well as Canada's current transition to IFRSs. http://www.iasplus.com/pastnews/2011aug.htm#110819-1 Fri, 19 Aug 2011 16:20 +0930 Countries: Canada Industries: Financial services 2011-517 The American Institute of Certified Public Accountants (AICPA) has submitted a comment letter to the US Securities and Exchange Commission (SEC). The letter expresses support for an "endorsement approach" similar to the one described in the SEC Staff Paper, and emphasises that US companies should be given an option to adopt IFRS, as long as they also remain compliant with US GAAP. http://www.iasplus.com/pastnews/2011aug.htm#110818-2 Thu, 18 Aug 2011 15:20 -0400 IFRS FASB SEC AICPA Convergence Countries: United States 2011-516 In an inaugural professorial lecture given at Victoria University in Wellington, New Zealand, Professor Rachel Baskerville looked closely at how technical complexity and the lack of concise English render international accounting standards difficult to translate. http://www.iasplus.com/pastnews/2011aug.htm#110818-1 Thu, 18 Aug 2011 11:25 +0200 Countries: New Zealand Translations 2011-515 Our resident regular columnist, Robert Bruce, has been along to see a veteran critic of accounting techniques and finds him happy with much but concerned about buybacks. http://www.iasplus.com/bruce/column110817.htm Wed, 17 Aug 2011 15:00 +0200 Robert Bruce Standards: IAS 33 Standards: IAS 32 B2011-012 We have today started announcing our news stories on Twitter. Access and follow our Twitter feed (@iasplus) to see the latest news stories as they are posted on IAS Plus. http://www.iasplus.com/pastnews/2011aug.htm#110817-2 Wed, 17 Aug 2011 17:05 +0930 Twitter 2011-514 The United States Public Company Accounting Oversight Board (PCAOB) has issued a concept release to solicit public comment on ways that auditor independence, objectivity and professional scepticism can be enhanced, including through mandatory rotation of audit firms. The proposals follow earlier proposals for audit reform in Europe http://www.iasplus.com/pastnews/2011aug.htm#110817-1 Wed, 17 Aug 2011 16:25 +0930 PCAOB Countries: United States Auditing 2011-513 The European Securities and Markets Authority (ESMA) has published its eleventh batch of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information. http://www.iasplus.com/pastnews/2011aug.htm#110816-1 Tue, 16 Aug 2011 10:35 -0400 ESMA Regulation and enforcement Countries: Europe Standards: IFRS 5 Standards: IAS 39 Standards: IFRS 8 Interpretations: IFRIC 17 Standards: IAS 40 Standards: IFRS 7 Standards: IAS 1 2011-512 Deloitte's IFRS Global Office has submitted letters of comment on four tentative agenda decisions discussed at the July 2011 IFRS Interpretations Committee meeting, in relation to IAS 27 'Consolidated and Separate Financial Statements' and IFRS 3 'Business Combinations'. http://www.iasplus.com/pastnews/2011aug.htm#110815-1 Tue, 16 Aug 2011 09:25 +0930 IFRS Interpretations Committee IFRIC meetings Standards: IFRS 3 Standards: IAS 27 IASB Projects: Common control 2011-511 Deloitte's UK Financial Services Industry group has issued an IFRS 9 'Financial Instruments' Status Update paper. The paper summarises where the International Accounting Standards Board (IASB) is in its project to replace IAS 39 'Financial Instruments: Recognition and Measurement'. http://www.iasplus.com/pastnews/2011aug.htm#110812-2 Fri, 12 Aug 2011 14:10 +0200 IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Impairment IASB Projects: Derecognition IASB Projects: Effective dates IASB Projects: Effective date of IFRS 9 Standards: IAS 39 Standards: IFRS 9 Publications 2011-510 We've released a summary of audience questions submitted during our Dbriefs webcast 'IFRS: Important Developments' held on 27 July 2011, together with our suggested responses. Topics covered include hedge accounting, leases, revenue recognition, fair value measurement, and the effective date of IFRS 9 http://www.iasplus.com/pastnews/2011aug.htm#110812-1 Thu, 11 Aug 2011 14:50 +0930 Webcasts IASB Projects: Hedge accounting IASB Projects: Leases IASB Projects: Revenue IASB Projects: Fair value measurement IASB Projects: Effective date of IFRS 9 Standards: IFRS 13 Standards: IFRS 9 2011-509 The Organisation for Economic Co-operation and Development (OECD) has released the 2011 edition of its 'Pension Markets in Focus' publication, which includes highlights of the likely impacts of the recent changes to IAS 19 'Employee Benefits'. http://www.iasplus.com/pastnews/2011aug.htm#110811-1 Thu, 11 Aug 2011 11:45 +0930 OECD Standards: IAS 19 IASB Projects: Post-employment benefits 2011-508 Deloitte and Touche LLP (United States) has submitted a comment letter to the US Securities and Exchange Commission (SEC). The letter expresses support of IFRS and the convergence efforts of the IASB and the FASB. The letter supports an "endorsement approach" similar to the one described in the SEC Staff Paper. http://www.iasplus.com/pastnews/2011aug.htm#110810-3 Wed, 10 Aug 2011 16:40 -0400 IFRS FASB SEC Convergence Countries: United States Comment letters 2011-507 A near final draft of IFRIC Interpretation 20 'Stripping Costs in the Production Phase of a Surface Mine' has been posted to the IASB's website. http://www.iasplus.com/pastnews/2011aug.htm#110810-2 Wed, 10 Aug 2011 15:00 +0200 IFRIC IFRS Interpretations Committee IFRIC Projects: Stripping costs Interpretations: IFRIC 20 2011-506 The IFRS Foundation has announced that a Polish translation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) 2009 has now been published online. http://www.iasplus.com/pastnews/2011aug.htm#110810-1 Wed, 10 Aug 2011 10:00 +0200 IFRS for SMEs IFRS Foundation Languages: Polish Translations 2011-505 A new edition of the IASB's 'Investor Perspectives' is now available. Ian Mackintosh, the Vice-Chair of the IASB, writes about the IASB consultation on its future work programme. http://www.iasplus.com/pastnews/2011aug.htm#110806-1 Sat, 06 Aug 2011 11:00 +0200 IASB Investor Perspectives IASB Projects: Agenda Consultation 2011-504 Today, the International Accounting Standards Board (IASB) published an exposure draft proposing to push back the mandatory effective date of IFRS 9 Financial Instruments from 1 January 2013 to 1 January 2015. http://www.iasplus.com/pastnews/2011aug.htm#110804-3 Thu, 04 Aug 2011 11:15 -0400 Standards: IFRS 9 IASB Projects: Financial instruments IASB Projects: Effective date of IFRS 9 2011-503 The Financial Services Authority of Japan (FSA) yesterday proposed a draft regulation on the use of US GAAP in Japan that would extend the current option to use US GAAP beyond 2016. http://www.iasplus.com/pastnews/2011aug.htm#110804-2 Thu, 04 Aug 2011 10:45 -0400 Convergence Countries: Japan US GAAP 2011-502 Deloitte's Global Financial Service Industry (GFSI) group has published 'IFRS 9 Impairment Survey 2011', an inaugural global banking survey based on the views of 56 major banking groups on the topic of loan impairment. http://www.iasplus.com/pastnews/2011aug.htm#110804-1 Thu, 04 Aug 2011 09:40 +0930 Publications Standards: IFRS 9 Standards: IAS 39 IASB Projects: Financial instruments IASB Projects: Impairment 2011-501 The IFRS Foundation Trustees' Due Process Oversight Committee (DPOC) has posted to their website a summary of the conclusions of their meeting in New York on 12 July 2011. http://www.iasplus.com/pastnews/2011aug.htm#110803-6 Wed, 03 Aug 2011 15:05 -0400 IFRS Foundation IFRS Trustees IASB Projects: Agenda Consultation IASB effect analyses IFRS Interpretations Committee EEG 2011-500 The IFRS Foundation announced the dates for its conference in South America, which will be held in Sao Paulo, Brazil on Thursday, 27 October 2011 and Friday, 28 October 2011. http://www.iasplus.com/pastnews/2011aug.htm#110803-5 Wed, 03 Aug 2011 11:20 -0400 IFRS Foundation Countries: Brazil Countries: South America 2011-499 On 4 August 2011, the staff of the IASB will present a short webcast to provide an update on the general hedge accounting project. http://www.iasplus.com/pastnews/2011aug.htm#110803-4 Wed, 03 Aug 2011 13:30 +0200 IASB Webcasts IASB Projects: Financial instruments IASB Projects: Hedge accounting 2011-498 As part of the follow-up analysis of the comments received on the public consultation on country-by-country reporting by multinational companies, the DG Internal Market and Services of the European Commission asked the European Financial Reporting Advisory Group (EFRAG) to provide assistance in collecting evidence useful for assessing the administrative costs associated with implementing the two options suggested. EFRAG's report is now available. http://www.iasplus.com/pastnews/2011aug.htm#110803-3 Wed, 03 Aug 2011 13:00 +0200 Sustainability reporting Countries: Europe IASB Projects: Extractive activities EFRAG 2011-497 The European Commission's Expert Group on disclosure of non-financial information by EU companies held its first meeting on 11 July 2011. Minutes from that meeting are now available on the EC's website. http://www.iasplus.com/pastnews/2011aug.htm#110803-2 Wed, 03 Aug 2011 10:05 +0200 Countries: Europe Sustainability reporting 2011-496 Deloitte's Global Office has issued an IFRS in Focus Newsletter, providing an overview of the IASB's Agenda Consultation 2011, and noting the important enhancement it provides to the IASB's due processes. http://www.iasplus.com/pastnews/2011aug.htm#110803-1 Wed, 03 Aug 2011 15:05 +0930 IASB Projects: Agenda Consultation IFRS in Focus Publications 2011-495 On 26 July 2011, the Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) was established in Beijing. EEG founding members are all emerging economies from the G20 and Malaysia. http://www.iasplus.com/pastnews/2011aug.htm#110802-1 Tue, 02 Aug 2011 12:15 +0200 IASB EEG Countries: Argentina Countries: Brazil Countries: China Countries: India Countries: Indonesia Countries: Mexico Countries: Russia Countries: Saudi Arabia Countries: South Africa Countries: South Korea Countries: Turkey Countries: Malaysia 2011-494 The IFRS Foundation Trustees have posted to their website a summary of the conclusions of their quarterly meeting in New York on 13 and 14 July 2011. http://www.iasplus.com/pastnews/2011aug.htm#110801-4 Mon, 01 Aug 2011 16:15 -0400 IFRS Foundation 2011-493 The IASB held a special meeting on 28 July 2011 in London. We have posted Deloitte observer notes from the meeting where the following topics were discussed: revenue recognition, hedge accounting, effective date of IFRS 9 and offsetting. http://www.iasplus.com/pastnews/2011aug.htm#110801-3 Mon, 01 Aug 2011 14:20 +0200 IASB IASB meetings IASB Projects: Financial instruments IASB Projects: Offsetting Standards: IFRS 9 IASB Projects: Effective date of IFRS 9 IASB Projects: Revenue IASB Projects: Hedge accounting 2011-492 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. A new update is now available. http://www.iasplus.com/pastnews/2011aug.htm#110801-2 Mon, 01 Aug 2011 10:40 +0200 Countries: United Kingdom Webcasts Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Standards: IAS 19 Standards: IAS 1 UK GAAP 2011-491 The IASB has published a report which presents an analysis of the effects of IFRS 11 'Joint Arrangements' (and related disclosures included in IFRS 12 'Disclosure of Interests in Other Entities'), including the IASB's expectations of how the IFRS will affect the accounting for current and new joint arrangements according to their structure and legal forms. http://www.iasplus.com/pastnews/2011aug.htm#110801-1 Mon, 01 Aug 2011 11:20 +0930 Standards: IFRS 11 Standards: IFRS 12 IASB IASB effect analyses 2011-490 A new IAS Plus resource is now available to assist entities with their financial reporting at 30 June 2011. A new dedicated page provides a high level overview of new and revised accounting pronouncements that should be considered for financial reporting periods ending on or after 30 June 2011, indicating which are mandatorily applicable for various quarter ends. http://www.iasplus.com/pastnews/2011jul.htm#0731-1 Sun, 31 Jul 2011 13:00 +0930 Publications Standards 2011-489 In a recent speech in China, the IASB chairman, Hans Hoogervorst, laid out what he sees as the IASB's priorities for the future. Mr. Hoogervorst provided details on the following four priorities: Completing the convergence programme with the US, Consulting on the post-convergence agenda, Delivering global standards, and strengthening institutional relationships. http://www.iasplus.com/pastnews/2011jul.htm#0729-2 Fri, 29 Jul 2011 17:14 -0400 Hoogervorst Convergence Countries: United States Countries: China IASB Projects: Agenda Consultation 2011-488 The European Securities and Markets Authority (ESMA) has published a public statement on disclosures related to sovereign debt to be included in IFRS financial statements. http://www.iasplus.com/pastnews/2011jul.htm#0729-1 Fri, 29 Jul 2011 17:14 -0400 ESMA Countries: Europe Standards: IAS 1 Standards: IAS 10 Standards: IAS 34 Standards: IFRS 7 2011-487 The Trustees of the IFRS Foundation have announced that Wayne Upton will take over as Chair of the IFRS Interpretations Committee from Robert Garnett. The appointment is effective immediately. http://www.iasplus.com/pastnews/2011jul.htm#0728-4 Thu, 28 Jul 2011 12:20 +0200 IFRS Interpretations Committee 2011-486 We are introducing a new way of announcing the issuance of Deloitte publications. Starting from today, we are maintaining a summary of the latest publications on a dedicated page. The summary is sortable and the information shown can be customised, allowing publications of interest to be more readily identified. http://www.iasplus.com/pastnews/2011jul.htm#0728-3 Thu, 28 Jul 2011 12:00 +0200 Publications 2011-485 The IFRS Foundation has published an eXtensible Business Reporting Language (XBRL) IFRS Taxonomy 2011 interim release incorporating the requirements of IFRS 12 'Disclosure of Interests in Other Entities' and IFRS 13 'Fair Value Measurement'. http://www.iasplus.com/pastnews/2011jul.htm#0728-2 Thu, 28 Jul 2011 15:40 +0930 XBRL Standards: IFRS 12 Standards: IFRS 13 2011-484 The IASB has again updated the agenda for its special meeting being held in London on 28 July 2011. A session has been added to discuss sweep issues related to the exposure draft of the proposed change in the effective date of IFRS 9 'Financial Instruments'. http://www.iasplus.com/pastnews/2011jul.htm#0728-1 Thu, 28 Jul 2011 13:55 +0930 IASB IASB meetings Standards: IFRS 9 IASB Projects: Effective date of IFRS 9 2011-483 For the first time the IASB has opened up its agenda to formal consultation. Our regular resident columnist Robert Bruce takes a look at what this means and what may happen in the future. http://www.iasplus.com/bruce/column110727.htm Wed, 27 Jul 2011 15:00 +0200 Robert Bruce IASB Work plan IASB Projects: Agenda Consultation B2011-011 EFRAG has issued a letter to the IASB on the comments on the 'Paper Financial Statement Presentation', which complements the feedback on the meeting with European constituents published in February 2011 and completes the overall picture of the European views on the IASB's tentative decisions in respect of the 'Financial Statement Presentation' project. http://www.iasplus.com/pastnews/2011jul.htm#0727-3 Wed, 27 Jul 2011 13:15 +0200 EFRAG IASB Projects: Financial statement presentation Countries: Europe 2011-482 The IASB has updated the agenda for its special meeting being held in London on 28 July 2011, adding sessions on Revenue Recognition and Asset and Liability Offsetting to the previously announced session on Hedge Accounting. http://www.iasplus.com/pastnews/2011jul.htm#0727-2 Wed, 27 Jul 2011 16:10 +0930 IASB IASB meetings Work plan IASB Projects: Revenue IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Offsetting 2011-481 The IASB has published an updated work plan, reflecting recently issued documents and incorporating the effects of its recent decisions. The revised work plan states the finalisation of the various IFRSs is now expected sometime in 2012 (rather than in the first half of 2012), with some projects now having no stated targeted completion date. http://www.iasplus.com/pastnews/2011jul.htm#0727-1 Wed, 27 Jul 2011 16:10 +0930 IASB Work plan IASB Projects: Leases IASB Projects: Revenue IASB Projects: Financial statement presentation IASB Projects: Consolidation IASB Projects: Investment entities IASB Projects: Insurance IASB Projects: Agenda Consultation 2011-480 The International Accounting Standards Board (IASB) launched today a public consultation to seek broad public input on the strategic direction and overall balance of its future work programme. http://www.iasplus.com/pastnews/2011jul.htm#0726-1 Tue, 26 Jul 2011 11:55 +0200 IASB IASB Projects: Agenda Consultation 2011-479 Deloitte's IFRS Global Office has submitted a letter of comment on the IFRS Foundation Trustees' Report, IFRSs as a Global Standard: Setting a Strategy for the Foundation's Second Decade. The comment letter highlights Deloitte's views on the issues relating to governance of the Trustees' review and the Monitoring Board's concurrent and independent review of the IFRS Foundation's governance. http://www.iasplus.com/pastnews/2011jul.htm#0725-3 Mon, 25 Jul 2011 11:55 -0400 Comment letters IFRS Foundation IFRS Trustees Monitoring Board IFRS Foundation governance review 2011-478 A Global Financial Reporting Dbriefs Webcast is scheduled to be held on Wednesday, 27 July 2011, discussing the unprecedented pace of standard-setting developments at the International Accounting Standards Board (IASB). http://www.iasplus.com/pastnews/2011jul.htm#0725-2 Mon, 25 Jul 2011 15:45 +0930 Webcasts 2011-477 The Nigerian Federal Minister of Trade & Investment, Dr. Olusegun Aganga, has announced the signing of the law necessary for Nigeria to implement International Financial Reporting Standards (IFRSs). http://www.iasplus.com/pastnews/2011jul.htm#0725-1 Mon, 25 Jul 2011 15:00 +0930 Countries: Nigeria Convergence 2011-476 The IASB's regular monthly meeting is being held on 20-22 July 2011 in London, much of it a joint meeting with the FASB. We have posted Deloitte observer notes from some of the sessions held on Thursday and Friday, where the following topics were discussed: leases, ICAS/NZICA disclosure report, effective dates, IFRS Interpretation Committee update, replacement of IAS 39, asset and liability offsetting, and hedge accounting. http://www.iasplus.com/pastnews/2011jul.htm#0722-3 Fri, 22 Jul 2011 15:15 -0400 IASB IASB meetings FASB IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Effective dates IFRS Interpretations Committee IASB Projects: Offsetting IASB Projects: Hedge accounting Disclosures NZICA ICAS IFRS Interpretations Committee 2011-475 The IASB has decided to postpone the mandatory application of IFRS 9 until 2015. This decision will be communicated in an Exposure Draft which will have a comment period of 60 days. http://www.iasplus.com/pastnews/2011jul.htm#0722-2 Fri, 22 Jul 2011 11:50 +0200 IASB IASB Projects: Financial instruments IASB Projects: Effective date of IFRS 9 Standards: IFRS 9 2011-474 The Institute of Chartered Accountants of Scotland (ICAS) and the New Zealand Institute of Chartered Accountants (NZICA) have released a report from their project focused on reducing the volume of disclosure requirements in International Financial Reporting Standards (IFRSs). The report has been presented to the IASB and an education session on it is being held at this week's IASB meeting. http://www.iasplus.com/pastnews/2011jul.htm#0722-1 Fri, 22 Jul 2011 16:30 +0930 IASB IASB meetings Countries: United Kingdom Countries: Scotland Countries: New Zealand Disclosures NZICA ICAS 2011-473 The IASB and FASB have announced their intention to re-expose their revised proposals for a common leasing standard. http://www.iasplus.com/pastnews/2011jul.htm#0721-5 Fri, 22 Jul 2011 09:05 +0930 IASB FASB IASB Projects: Leases Exposure drafts 2011-472 The IASB's regular monthly meeting is being held on 20-22 July 2011 in London, much of it a joint meeting with the FASB. We have posted Deloitte observer notes from some of the sessions held on Wednesday and Thursday, where the following topics were discussed: leases, financial instrument impairment, insurance contracts and asset and liability offsetting. Further changes have also been made to the agenda for the meeting. http://www.iasplus.com/pastnews/2011jul.htm#0721-4 Fri, 22 Jul 2011 09:05 +0930 IASB IASB meetings FASB IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Insurance IASB Projects: Offsetting 2011-471 The IASB is holding a special meeting in London on 28 July 2011. The topic to be discussed at the meeting is Financial Instruments - Hedge Accounting. Meeting time is 13:30 to 18:15 (London time). http://www.iasplus.com/pastnews/2011jul.htm#0721-3 Thu, 21 Jul 2011 10:58 -0400 IASB IASB meetings IASB Projects: Hedge accounting 2011-470 The Accounting Standards Board (ASB) and Auditing Practices Board (APB) of the United Kingdom Financial Reporting Council (FRC) have published a paper confirming their view that the true and fair requirement remains of fundamental importance in both UK GAAP and IFRS. http://www.iasplus.com/pastnews/2011jul.htm#0721-2 Thu, 21 Jul 2011 17:20 +0930 Countries: United Kingdom UK FRC UK GAAP 2011-469 The IASB's regular monthly meeting is being held on 20-22 July 2011 in London, much of it a joint meeting with the FASB. We have posted Deloitte observer notes from the IASB only sessions held on Wednesday, discussing hedge accounting and future agenda consultation. http://www.iasplus.com/pastnews/2011jul.htm#0721-1 Thu, 21 Jul 2011 11:38 +0930 IASB IASB meetings IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Agenda Consultation 2011-468 The German Institute of Auditors (IDW) has published a press release regarding the treatment of Greek sovereign debt in interim financial statements at 30 June 2011 in light of current developments, concluding 'a need for recognition of impairments'. http://www.iasplus.com/pastnews/2011jul.htm#0720-2 Thu, 21 Jul 2011 08:55 +0930 Countries: Greece IASB Projects: Impairment Countries: Germany Standards: IFRS 9 Standards: IAS 39 2011-467 The European Securities and Markets Authority (ESMA) has published a public statement on retrospective adjustments to financial statements following rejection notes published by the IFRS Interpretations Committee (Committee). http://www.iasplus.com/pastnews/2011jul.htm#0720-1 Thu, 21 Jul 2011 08:55 +0930 IFRS Interpretations Committee ESMA Countries: Europe 2011-466 The Private Sector Task Force of Regulated Professions and Industries has published an interim report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G20. The report focuses on the private sector's point of view in regards to global regulatory convergence. http://www.iasplus.com/pastnews/2011jul.htm#0719-3 Tue, 19 Jul 2011 14:05 -0400 Convergence G20 Countries: Argentina Countries: Australia Countries: Brazil Countries: Canada Countries: China Countries: France Countries: Germany Countries: India Countries: Indonesia Countries: Italy Countries: Japan Countries: Mexico Countries: Russia Countries: Saudi Arabia Countries: South Africa Countries: South Korea Countries: Turkey Countries: United Kingdom Countries: United States Regulation and enforcement 2011-465 The European Financial Reporting Advisory Group (EFRAG) has released the July 2011 issue of its EFRAG Update newsletter. http://www.iasplus.com/pastnews/2011jul.htm#0719-2 Tue, 19 Jul 2011 14:15 +0200 EFRAG Countries: Europe Standards: IAS 19 Standards: IAS 1 IASB Projects: Comprehensive income IASB Projects: Annual improvements Standards: IAS 12 Standards: IAS 32 2011-464 The International Valuation Standards Council (IVSC) has published new International Valuation Standards (IVS). The new IVS update the previous version published in 2007, and cover valuation of a wide range of assets for financial reporting and other purposes. http://www.iasplus.com/pastnews/2011jul.htm#0719-1 Tue, 19 Jul 2011 11:35 +0930 IVSC Standards: IFRS 3 Standards: IAS 38 Standards: IAS 39 Standards: IFRS 9 2011-463 The US Financial Accounting Standards Board (FASB) has published FASB in Focus - Private Companies: The Path to a Differential Standard-Setting Framework. In the report, the FASB staff provides details about its initial assessment of "how and why the needs of those who use private company financial statements differ from those who use public company financial statements and how the cost-benefit considerations of financial reporting vary between private companies and public companies." http://www.iasplus.com/pastnews/2011jul.htm#0718-1 Mon, 18 Jul 2011 16:08 -0400 FASB Countries: United States Differential reporting Blue Ribbon Panel 2011-462 New publications available from Deloitte include an IFRS on Point; French, Spanish, and Japanese translations of various IFRS publications; Polish newsletter on IFRSs 10, 11, and 12; and iGAAP newsletter. http://www.iasplus.com/pastnews/2011jul.htm#0715-3 Fri, 15 Jul 2011 16:28 -0400 Countries: Australia Countries: Canada Countries: Japan Countries: Poland Languages: French Languages: Spanish Translations Publications IFRS on Point iGAAP 2011-461 The European Banking Authority (EBA) published the results of its 'stress tests' of 90 European banks. http://www.iasplus.com/pastnews/2011jul.htm#0715-2 Fri, 15 Jul 2011 14:35 -0400 EBA Countries: Europe Global financial crisis 2011-460 The IFRS Foundation Trustees met in public session in New York on 14 July 2011. Topics discussed were 'Report of the Due Process Oversight Committee', 'IASB Chairman's report', 'IFRS for SMEs', 'Advisory Council Chairman's report' and 'Executive Committee'. http://www.iasplus.com/pastnews/2011jul.htm#0715-1 Fri, 15 Jul 2011 16:10 +0200 IFRS Foundation IFRS Trustees IFRS for SMEs 2011-459 The agenda for the IASB meeting in London on 20-22 July 2011 has been changed again. There have been changes to the timing and running order on Wednesday 20 and Thursday 21 July. http://www.iasplus.com/pastnews/2011jul.htm#0714-3 Thu, 14 Jul 2011 12:20 +0200 IASB IASB meetings FASB 2011-458 The IFRS Foundation Monitoring Board met in public session in New York on 13 July 2011. Topics discussed were the 'Monitoring Board Governance Review', the 'IFRS Foundation Due Process Oversight Committee' and 'Budget and Financing'. http://www.iasplus.com/pastnews/2011jul.htm#0714-2 Thu, 14 Jul 2011 11:20 +0200 Monitoring Board IFRS Foundation IFRS Foundation governance review 2011-457 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. Currently, twelve IASB pronouncements await endorsement action. http://www.iasplus.com/pastnews/2011jul.htm#0714-1 Thu, 14 Jul 2011 10:00 +0200 Countries: Europe EFRAG Standards: IFRS 9 Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Standards: IAS 27 Standards: IAS 28 Standards: IFRS 7 Standards: IAS 12 Standards: IFRS 1 Standards: IAS 1 Standards: IAS 19 2011-456 Hans Hoogervorst's first public speech since becoming IASB Chairman set out an agenda for resolute action and an aspiration to set financial reporting at the heart of global economic activity. Our resident regular columnist, Robert Bruce, provides his take on what the speech means for the future, and during this time of European financial upheaval. http://www.iasplus.com/pastnews/2011jul.htm#0713-4 Wed, 13 Jul 2011 14:00 -0400 IASB Robert Bruce Hoogervorst Countries: Switzerland Countries: United States Countries: Greece Standards: IFRS 9 2011-455 The IASB has posted to its website two presentations from the Zurich IFRS conference held on Tuesday 5 July 2011 and Wednesday 6 July 2011: one presentation on Leases and one on Revenue recognition. http://www.iasplus.com/pastnews/2011jul.htm#0713-3 Wed, 13 Jul 2011 11:05 +0200 IASB Projects: Leases IASB Projects: Revenue 2011-454 The International Accounting Education Standards Board (IAESB) has released for public exposure a proposed revision of International Education Standard (IES) 5, 'Practical Experience Requirements for Aspiring Professional Accountants'. http://www.iasplus.com/pastnews/2011jul.htm#0713-2 Wed, 13 Jul 2011 10:15 +0200 Accounting education IAESB 2011-453 The IASB Financial Instruments Working Group (FIWG) will meet at the IASB's offices in London on 5 August 2011 from 13:00am to 16:00pm London time. The meeting will be open to public observation and will be webcast. An agenda for the meeting has not yet been announced. http://www.iasplus.com/pastnews/2011jul.htm#0713-1 Wed, 13 Jul 2011 09:15 +0200 IASB Projects: Financial instruments 2011-452 As announced earlier, standard setting in New Zealand has been restructured. The New Zealand Accounting Standards Review Board (ASRB) has been replaced by the External Reporting Board (XRB). The change became effective 1 July 2011. http://www.iasplus.com/pastnews/2011jul.htm#0712-1 Tue, 12 Jul 2011 10:15 +0200 Countries: New Zealand 2011-451 The agenda for the IASB meeting in London on 20-22 July 2011 has been changed. The session on Replacement of IAS 39 for Wednesday, 20 July 2011 has been moved to Friday, 22 July 2011. http://www.iasplus.com/pastnews/2011jul.htm#0711-3 Mon, 11 Jul 2011 16:15 -0400 IASB IASB meetings FASB 2011-450 The SEC held roundtable discussions with representatives from investors, smaller public companies, and regulators to discuss benefits and challenges related to potentially incorporating IFRSs in the United States financial reporting system. http://www.iasplus.com/pastnews/2011jul.htm#0711-2 Mon, 11 Jul 2011 12:00 -0400 SEC IASB Countries: United States Convergence 2011-449 On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a speech on global progress in the use of the Clarified International Standards on Auditing (ISAs) at the 2011 annual conference on Accounting and Accountability for Regional Economic Growth in Latin America and the Caribbean. In his speech entitled 'International Auditing and Assurance Standards: Implementation Challenges and Success Factors' Schilder showed that during the last year alone the number of jurisdictions that already are using the ISAs or have committed to using them in the near future has more than doubled. http://www.iasplus.com/pastnews/2011jul.htm#0711-1 Mon, 11 Jul 2011 08:50 +0200 IAASB Auditing Countries: Brazil Countries: Bahamas Countries: Barbados Countries: Canada Countries: Cayman Islands Countries: Costa Rica Countries: Guyana Countries: Jamaica Countries: Mexico Countries: Nicaragua Countries: Panama Countries: Trinidad and Tobago Countries: Uruguay Countries: United States Countries: Puerto Rico Countries: Albania Countries: Belgium Countries: Croatia Countries: Cyprus Countries: Czech Republic Countries: Denmark Countries: Estonia Countries: Finland Countries: Georgia Countries: Greece Countries: Hungary Countries: Iceland Countries: Ireland Countries: Kosovo Countries: Latvia Countries: Lithuania Countries: Luxembourg Countries: Malta Countries: Netherlands Countries: Norway Countries: Serbia Countries: Slovakia Countries: Sweden Countries: Switzerland Countries: Turkey Countries: United Kingdom Countries: Australia Countries: Bangladesh Countries: China Countries: Hong Kong Countries: India Countries: Japan Countries: Kazakhstan Countries: Malaysia Countries: Mongolia Countries: Nepal Countries: New Zealand Countries: Pakistan Countries: Philippines Countries: Singapore Countries: South Korea Countries: Sri Lanka Countries: Botswana Countries: Kenya Countries: Lebanon Countries: Lesotho Countries: Malawi Countries: Mauritius Countries: Namibia Countries: South Africa Countries: Swaziland Countries: Tanzania Countries: Tunisia Countries: Uganda Countries: United Arab Emirates Countries: Zambia Countries: Zimbabwe 2011-448 The IFRS Foundation under which the IASB operates has published its Annual Report for 2010. Next to the section on 'Financials' the report also contains sections on the 'Trustees of the IFRS Foundation' and the 'Activities of the IFRS Foundation'. http://www.iasplus.com/pastnews/2011jul.htm#0709-1 Sat, 09 Jul 2011 08:40 +0200 IFRS Foundation IFRS Trustees 2011-447 We have posted notes from the IFRS Interpretations Committee meeting in London on 7-8 July 2011. Topics discussed included accounting for production phase stripping costs in the mining industry, review of tentative decisions from the May meeting and discussion of new and continuing items on the agenda. http://www.iasplus.com/pastnews/2011jul.htm#0708-2 Fri, 08 Jul 2011 15:45 -0400 IFRIC IFRS Interpretations Committee IFRIC meetings IFRIC Projects: Stripping costs Standards: IAS 16 Standards: IFRS 3 IASB Projects: Post-employment benefits IASB Projects: Consolidation IASB Projects: Liabilities IASB Projects: Joint arrangements 2011-446 New publications available from Deloitte include an insurance webcast; an update to revenue recognition project for the consumer business industry; French and Japanese translations of various IFRS publications; summaries prepared by Deloitte (Australia) and Deloitte (United States) on recent financial reporting developments and a Heads Up newsletter from Deloitte (United States) on XBRL submissions to the SEC. http://www.iasplus.com/pastnews/2011jul.htm#0708-1 Fri, 08 Jul 2011 15:45 -0400 Countries: Australia Countries: Canada Countries: Japan Countries: United States Languages: French Languages: Japanese IASB Projects: Consolidation IASB Projects: Insurance IASB Projects: Revenue Industries: Consumer business Translations XBRL Publications Accounting Roundup Heads Up 2011-445 The UK Accounting Standards Board (ASB) of the Financial Reporting Council (FRC) has published Amendments to FRS 29 (IFRS 7) 'Financial Instruments: Disclosures': Disclosures — Transfers of Financial Assets. The goal of the Amendments is to improve the disclosures on transfers of financial assets. http://www.iasplus.com/pastnews/2011jul.htm#0707-2 Thu, 07 Jul 2011 15:00 -0400 Countries: United Kingdom IASB Projects: Financial instruments Standards: IFRS 7 UK GAAP 2011-444 A Global Financial Reporting Dbriefs Webcast is scheduled to be held on Wednesday, 27 July 2011, discussing the unprecedented pace of standard-setting developments at the International Accounting Standards Board (IASB). http://www.iasplus.com/pastnews/2011jul.htm#0707-1 Thu, 07 Jul 2011 11:55 +0930 Webcasts 2011-443 Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), was a keynote speaker at the IFRS Foundation conference currently being held in Zurich. He spoke about financial stability, investor protection, a level playing field in financial supervision, the supervision of credit rating agencies and a single rulebook for financial markets and showed the links between these topics and financial reporting. http://www.iasplus.com/pastnews/2011jul.htm#0706-2 Wed, 06 Jul 2011 12:45 +0200 ESMA IFRS Foundation Standards: IFRS 7 Standards: IFRS 9 Standards: IAS 39 2011-442 CPA Australia, one of the professional accounting organisations in Australia, has released a report entitled 'The Social Responsibility of Corporations - Recent trends and future developments in the promotion of responsible business practices', which includes recommendations related to integrated and sustainability reporting. http://www.iasplus.com/pastnews/2011jul.htm#0706-1 Wed, 06 Jul 2011 11:45 +0930 Sustainability reporting Countries: Australia Integrated reporting 2011-441 The Islamic Finance Working Group of the Asian-Oceanian Standard Setters Group (AOSSG) is conducting a survey to collate information and receive feedback regarding the standards that would apply to the financial reporting of Islamic financial transactions in the standard-setting jurisdictions of Asia-Oceania. http://www.iasplus.com/pastnews/2011jul.htm#0705-5 Tue, 05 Jul 2011 14:30 +0200 Islamic finance Islamic accounting AOSSG Countries: Asia-Pacific 2011-440 The UK Government has announced that the application of IAS 27 will be extended to all National Health Service (NHS) organisations from 1 April 2013. This application had been deferred since the adoption of International Financial Reporting Standards across central government on 1 April 2009. http://www.iasplus.com/pastnews/2011jul.htm#0705-4 Tue, 05 Jul 2011 12:30 +0200 IFRS transition Countries: United Kingdom 2011-439 With many Canadian companies currently in their first year of reporting under IFRSs, the Canadian Accounting Standards Board (AcSB) has recently released a publication setting out its rationale and process for adopting IFRSs, rather than alternative frameworks such as United States Generally Accepted Accounting Practices (US GAAP), or retaining a separate domestic Canadian GAAP. http://www.iasplus.com/pastnews/2011jul.htm#0705-3 Tue, 05 Jul 2011 15:30 +0930 Convergence Countries: Canada AcSB 2011-438 Deloitte (New Zealand) has released two new publications in its 'Financial Reporting Survey' series. The first discusses financial statement disclosures (among other results, finding an increase in the volume of disclosures over previous years) and the second considers the practice of reporting underlying profit. http://www.iasplus.com/pastnews/2011jul.htm#0705-2 Tue, 05 Jul 2011 14:45 +0930 Publications Countries: New Zealand Disclosures Underlying profit 2011-437 The agenda has been released for the IASB's regular monthly meeting scheduled for 20-22 July 2011 in London, much of it a joint meeting with the FASB. http://www.iasplus.com/pastnews/2011jul.htm#0705-1 Tue, 05 Jul 2011 12:05 +0930 IASB IASB meetings FASB 2011-436 The IASB has posted to its website a welcome message from the new IASB chairman, Hans Hoogervorst. http://www.iasplus.com/pastnews/2011jul.htm#0704-2 Mon, 04 Jul 2011 15:50 +0200 IASB Hoogervorst 2011-435 The agenda for the IFRS Interpretations Committee in London on Thursday and Friday 7 and 8 July 2011 has been revised. A number of agenda items have been reordered and the length of the meeting on the second day extended to add a new administrative session topic. http://www.iasplus.com/pastnews/2011jul.htm#0704-1 Mon, 04 Jul 2011 13:55 +0930 IFRS Interpretations Committee 2011-434 Following on from remarks made by the Minister for Financial Services of Japan in June, the Business Accounting Council of Japan (BAC) has resumed discussions on the possible adoption of IFRSs in Japan. In a two-hour meeting held on 30 June 2011, neither a clear consensus or a definite future plan were established. http://www.iasplus.com/pastnews/2011jul.htm#0702-2 Sat, 02 Jul 2011 13:50 +0930 Convergence Countries: Japan 2011-433 New publications available from Deloitte include 'IFRS in Focus' newsletters on the IASB's amendments to IAS 1 and exposure draft of annual improvements; Spanish, Chinese and Japanese translations of various 'IFRS in Focus', 'IFRS Project Insights' and 'IFRS Industry Insights' publications; a new newsletter from Deloitte (Poland) and two new Heads Up publications from Deloitte (United States). http://www.iasplus.com/pastnews/2011jul.htm#0702-1 Sat, 02 Jul 2011 12:55 +0930 Publications IFRS in Focus IFRS Project Insights IFRS Industry Insights Heads Up Languages: Spanish Languages: Chinese Languages: Japanese Languages: Polish Countries: Colombia Countries: China Countries: Japan Countries: Poland Standards: IAS 1 IASB Projects: Annual improvements Translations 2011-432 The IASB has published an updated work plan, outlining the expecting finalisation of its projects, with many of the major projects not expected to result in a finalised IFRS until the second half of 2012. http://www.iasplus.com/pastnews/2011jul.htm#0701-3 Fri, 01 Jul 2011 17:10 +0930 IASB Work plan IASB Projects: Revenue IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Hedge accounting IASB Projects: Offsetting IASB Projects: Investment entities IASB Projects: Insurance IASB Projects: Agenda Consultation 2011-431 United States Securities Exchange Commission (SEC) has announced the panelists and final agenda for the International Financial Reporting Standards (IFRS) Roundtable to be held in Washington, DC on 7 July 2011. http://www.iasplus.com/pastnews/2011jul.htm#0701-2 Fri, 01 Jul 2011 17:10 +0930 Convergence SEC Countries: United States 2011-430 1 July 2011 sees the changing of the guard at the IASB. Sir David Tweedie's ten-year tenure as Chairman came to an end and a new Chairman took over. To mark this event IAS Plus brings its readers an exclusive and extensive interview with Hans Hoogervorst, the new IASB Chairman, while Robert Bruce, regular resident columnist for IAS Plus, provides an assessment of the prospects for change. http://www.iasplus.com/pastnews/2011jul.htm#0701-1 Fri, 01 Jul 2011 08:30 +0930 IASB Robert Bruce Hoogervorst Tweedie IAS Plus Interviews 2011-429 United States Securities Exchange Commission (SEC) Commissioner Kathleen L. Casey has supported the adoption of IFRS in the United States in a recent speech. Ms Casey also discussed the possibility of an 'opt out' for issuers, perhaps on a permanent basis. http://www.iasplus.com/pastnews/2011jun.htm#0630-1 Thu, 30 Jun 2011 15:50 +0930 Convergence Countries: United States SEC 2011-428 The IASB has posted to its website a new batch of 'Editorial Corrections to IFRSs'. http://www.iasplus.com/pastnews/2011jun.htm#0629-3 Wed, 29 Jun 2011 12:45 -0400 IASB Editorial corrections IFRS for SMEs Standards: IFRS 10 Standards: IFRS 11 Standards: IAS 19 Standards: IAS 1 2011-427 We have published the tenth edition of our popular guide to IFRSs – 'IFRSs In Your Pocket 2011'. http://www.iasplus.com/pastnews/2011jun.htm#0629-2 Wed, 29 Jun 2011 15:45 +0930 Publications IFRS in your pocket 2011-426 The Malaysian Accounting Standards Board (MASB) has issued an exposure draft, MASB Exposure Draft 75 'IFRS-compliant Financial Reporting Standards' (FRS) as part of achieving full convergence of Malaysian accounting requirements with with IFRS on 1 January 2012. http://www.iasplus.com/pastnews/2011jun.htm#0629-1 Wed, 29 Jun 2011 15:45 +0930 Convergence Countries: Malaysia 2011-425 As part of its ongoing redeliberations, the UK Accounting Standards Board (ASB) has tentatively agreed to a number of amendments to its proposed revised differential reporting framework, to reduce its impacts on certain entities and extend its proposed application date. http://www.iasplus.com/pastnews/2011jun.htm#0628-4 Tue, 28 Jun 2011 20:40 +0930 Countries: United Kingdom UK ASB Differential reporting 2011-424 The Singapore Exchange (SGX) has introduced a 'Sustainability Reporting Guide' for its listed companies. http://www.iasplus.com/pastnews/2011jun.htm#0628-3 Tue, 28 Jun 2011 12:00 +0930 Sustainability reporting Countries: Singapore 2011-423 The IFRS Foundation Trustees will meet in New York on Wednesday and Thursday, 13 and 14 July 2011. The tentative agenda is now available. http://www.iasplus.com/pastnews/2011jun.htm#0628-2 Tue, 28 Jun 2011 12:00 +0930 IFRS Foundation IFRS Trustees 2011-422 The Singapore Accounting Standards Council (ASC) has issued an Charities Accounting Standard (CAS), which is tailored to meet the needs of the charity sector and its stakeholders. http://www.iasplus.com/pastnews/2011jun.htm#0628-1 Tue, 28 Jun 2011 12:00 +0930 IFRS for SMEs Countries: Singapore Differential reporting 2011-421 Deloitte and the Global Reporting Initiative (GRI) have announced a collaboration to work on a new eXtensible Business Reporting Language (XBRL) taxonomy for sustainability reporting. http://www.iasplus.com/pastnews/2011jun.htm#0627-1 Mon, 27 Jun 2011 17:15 +0930 Sustainability reporting XBRL GRI 2011-420 The IFRS Interpretations Committee will meet at the IASB's offices in London on Thursday and Friday 7 and 8 July 2011. The meeting is open to the public and will be webcast. The tentative agenda for the meeting has been released. http://www.iasplus.com/pastnews/2011jun.htm#0627-1 Mon, 27 Jun 2011 12:15 +0930 IFRS Interpretations Committee 2011-419 New publications available from Deloitte include a new publication on joint arrangements in the energy and resources industry, an 'IFRS in Focus' newsletter on the amendments to IAS 1 (together with a Japanese translation of the newsletter), Deloitte comment letter on recent IFRIC agenda decisions, French translations of 'IFRS on Point' and 'IFRS in Focus', a webcast from Japan on the 'package of five' standards on consolidation, joint arrangement and disclosures, a Polish newsletter with an update on accounting for financial instruments, a new edition of 'Insurance Accounting Newsletter' and an 'EITF Snapshot' from Deloitte (United States). http://www.iasplus.com/pastnews/2011jun.htm#0626-1 Mon, 27 Jun 2011 08:25 +0930 Publications IFRS in Focus IFRS on Point EITF Comment letters Standards: IAS 1 Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 IASB Projects: Financial instruments IFRS Interpretations Committee Languages: French Languages: Japanese Languages: Polish Industries: Energy and resources 2011-418 The Trustees of the IFRS Foundation has announced its plans regarding the future of the IFRS Advisory Council's memberships. http://www.iasplus.com/pastnews/2011jun.htm#0624-3 Fri, 24 Jun 2011 16:10 -0400 IFRS Trustees IFRS Advisory Council 2011-417 Today IAS Plus launches a new series of interviews with leading figures in global accounting and business with a far-reaching and detailed interview with Sir David Tweedie, outgoing Chairman of the IASB. http://www.iasplus.com/pastnews/2011jun.htm#0624-2 Fri, 24 Jun 2011 11:15 +0200 Robert Bruce IAS Plus Interviews Tweedie 2011-416 The SME Implementation Group (SMEIG) has published its first final question and answer (Q&A) guidance on the IFRS for SMEs. Q&As are non-mandatory guidance. http://www.iasplus.com/pastnews/2011jun.htm#0624-1 Fri, 24 Jun 2011 11:15 +0200 IFRS for SMEs SME Implementation Group 2011-415 PCAOB reports that 894 non-U.S. firms located in 86 jurisdictions were registered with the PCAOB. http://www.iasplus.com/pastnews/2011jun.htm#0623-5 Thu, 23 Jun 2011 17:15 -0400 PCAOB Countries: United States Regulation and enforcement 2011-414 The Colombian Consejo Técnico de la Contaduría Pública (Technical Council of Public Accounting) has submitted an official proposal to the Colombian Ministers of Finance and Commerce regarding the strategic direction of adopting international accounting and auditing standards in Colombia. http://www.iasplus.com/pastnews/2011jun.htm#0623-4 Thu, 23 Jun 2011 17:15 -0400 Countries: Colombia Languages: Spanish Convergence IAASB Auditing 2011-413 The IASB has posted a Staff Paper on its website discussing the application date of IFRS 9, which is scheduled to be discussed at the IASB's meeting on 20-22 July 2011. http://www.iasplus.com/pastnews/2011jun.htm#0623-3 Thu, 23 Jun 2011 15:00 +0930 IASB IASB meetings Standards: IFRS 9 IASB Projects: Effective dates IASB Projects: Effective date of IFRS 9 2011-412 The United States Public Company Accounting Oversight Board (PCAOB) has issued a 'concept release' discussing alternatives for changing the auditor's reporting model. http://www.iasplus.com/pastnews/2011jun.htm#0623-2 Thu, 23 Jun 2011 11:20 +0930 Auditing PCAOB Countries: United States 2011-411 The International Accounting Education Standards Board (IAESB) has released for public exposure a proposed revision of International Education Standard (IES) 1, 'Entry Requirements to a Program of Professional Accounting Education'. http://www.iasplus.com/pastnews/2011jun.htm#0623-1 Thu, 23 Jun 2011 11:20 +0930 Accounting education IAESB 2011-410 The International Accounting Standards Board (IASB) has published to its website an exposure draft (ED) of proposed amendments to five International Financial Reporting Standards (IFRSs) under its annual improvements project. http://www.iasplus.com/pastnews/2011jun.htm#0622-2 Wed, 22 Jun 2011 12:30 +0200 IASB IASB Projects: Annual improvements Exposure drafts Standards: IFRS 1 Standards: IAS 1 Standards: IAS 16 Standards: IAS 32 Standards: IAS 12 Standards: IAS 34 2011-409 Next Monday, the IASB will give a webcast introducing the amended version of IAS 19 including a live question and answer session. http://www.iasplus.com/pastnews/2011jun.htm#0622-1 Wed, 22 Jun 2011 11:50 +0200 IASB Projects: Post-employment benefits IASB Webcasts Standards: IAS 19 2011-408 The Japanese Minister for Financial Services, Shozaburo Jimi, has outlined a number of changes in relation to the possible adoption of International Financial Reporting Standards (IFRSs) in Japan. http://www.iasplus.com/pastnews/2011jun.htm#0621-2 Tue, 21 Jun 2011 18:50 +0930 Convergence Countries: Japan US GAAP 2011-407 A summary of recent developments in integrated reporting, sustainability reporting, and related topics, including: outcomes from a International Integrated Reporting Committee (IIRC) roundtable on integrated reporting held on Friday 17 June 2011, IFRS Advisory Council consideration of Integrated Reporting, a report on global adoption of integrated reporting, a report on 'natural capital', and carbon reporting in the United Kingdom. http://www.iasplus.com/pastnews/2011jun.htm#0621-1 Tue, 21 Jun 2011 13:25 +0930 Sustainability reporting IIRC IFRS Advisory Council Countries: United Kingdom Integrated reporting 2011-406 James L. Kroeker, Chief Accountant of the United States Securities Exchange Commission (SEC) has provided comment on the IFRS-US GAAP convergence process being undertaken by the IASB and FASB. http://www.iasplus.com/pastnews/2011jun.htm#0620-3 Mon, 20 Jun 2011 14:45 +0930 Convergence Countries: United States SEC IASB FASB 2011-405 The IASB has formally announced that it will be undertaking for the first time a public agenda consultation on its future work plan. http://www.iasplus.com/pastnews/2011jun.htm#0620-2 Mon, 20 Jun 2011 14:25 +0930 IASB IASB Projects: Agenda Consultation 2011-404 The agenda has been released for the IFRS Advisory Council Meeting being held in London on 20-21 June 2011. http://www.iasplus.com/pastnews/2011jun.htm#0620-1 Mon, 20 Jun 2011 13:35 +0930 IFRS Advisory Council EFRAG Countries: Europe IASB Projects: Leases IASB Projects: Revenue Translations Underlying profit Monitoring Board IFRS Trustees Integrated reporting IFRS Foundation governance review 2011-403 New publications available from Deloitte include updated IFRS Project Insights on asset and liabilities, impairment, insurance contracts, leases, and revenue recognition; Spanish translations of IFRS industry insight and Heads Up publications; a German language newsletter explaining the IASB's fair value measurement standard; Japanese webcast on the summary of the May 2011 IASB meeting; Accounting Alert from Deloitte (New Zealand); and a Heads Up from Deloitte (United States). http://www.iasplus.com/pastnews/2011jun.htm#0617-3 Fri, 17 Jun 2011 15:10 -0400 Publications IASB Projects: Financial instruments IASB Projects: Revenue IASB Projects: Fair value measurement IASB Projects: Insurance Countries: United States Countries: Germany Countries: New Zealand Languages: German Languages: Japanese Languages: Spanish 2011-402 The European Financial Reporting Advisory Group (EFRAG) has released the June 2011 issue of its EFRAG Update newsletter. http://www.iasplus.com/pastnews/2011jun.htm#0617-2 Fri, 17 Jun 2011 11:05 -0400 EFRAG Countries: Europe Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IAS 27 Standards: IAS 28 Standards: IAS 1 Standards: IAS 19 IASB Projects: Revenue IASB Projects: Leases IASB Projects: Common control Disclosures IFRS Foundation 2011-401 The Australian Accounting Standards Board (AASB) has announced an extension of the closing date for the AASB staff research questionnaire for preparers, advisors, auditors and regulators on initial accounting for intangible assets acquired in business combinations. http://www.iasplus.com/pastnews/2011jun.htm#0617-1 Fri, 17 Jun 2011 17:25 +0930 IASB Projects: Intangible assets Standards: IFRS 3 Standards: IAS 38 Countries: Australia 2011-400 The IASB has amended two standards which are key planks in achieving its work plan, introducing new requirements on the presentation of comprehensive income and the accounting for employee benefits. http://www.iasplus.com/pastnews/2011jun.htm#0616-5 Thu, 16 Jun 2011 11:12 -0400 IASB IASB Projects: Comprehensive income IASB Projects: Post-employment benefits Standards: IAS 1 Standards: IAS 19 2011-399 The IASB's regular monthly meeting was held on 13-15 June 2011 in London, much of it a joint meeting with the FASB. We've posted Deloitte further observer notes from the meeting, covering the session on insurance contracts. http://www.iasplus.com/pastnews/2011jun.htm#0616-4 Thu, 16 Jun 2011 09:05 -0400 IASB IASB meetings FASB IASB Projects: Insurance 2011-398 The IASB and EFRAG have issued a press release on their joint meeting held on 14 June 2011 to discuss the completion of the IASB's work plan and the future agenda of the IASB. These meetings take place on a regular basis and are used to discuss European ideas and input into projects on the IASB's agenda. http://www.iasplus.com/pastnews/2011jun.htm#0616-3 Thu, 16 Jun 2011 14:00 +0200 IASB IASB meetings EFRAG Work plan IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Offsetting IASB Projects: Impairment 2011-397 Deloitte's IFRS Global Office has submitted a letter of comment on a number of SME Implementation Group draft Q&As on the interpretation of 'public accountability' in the context of the scope of the 'IFRS for SMEs', and addresses wider issues on the Q&A setting process. http://www.iasplus.com/pastnews/2011jun.htm#0616-2 Thu, 16 Jun 2011 17:00 +0930 Comment letters IFRS for SMEs SME Implementation Group 2011-396 The International Integrated Reporting Committee (IIRC) has called for expressions of interest from companies interested in participating in its Integrated Reporting Pilot Programme. http://www.iasplus.com/pastnews/2011jun.htm#0616-1 Thu, 16 Jun 2011 14:55 +0930 Sustainability reporting IIRC Integrated reporting 2011-395 The IASB's regular monthly meeting was held on 13-15 June 2011 in London, much of it a joint meeting with the FASB. We've posted Deloitte further observer notes from the meeting, covering the sessions on insurance contracts, the IASB-EFRAG meeting, leases, financial instrument impairment, revenue recognition, investment entities, annual improvements and agenda consultation. http://www.iasplus.com/pastnews/2011jun.htm#0615-4 Thu, 16 Jun 2011 09:15 +0930 IASB IASB meetings FASB EFRAG IASB Projects: Insurance IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Revenue IASB Projects: Consolidation IASB Projects: Investment entities IASB Projects: Annual improvements IASB Projects: Agenda Consultation 2011-394 The IASB and FASB have decided to re-expose the Revenue Recognition ED. Although both Boards agreed that according to the criteria for the consultation process a re-exposure is not necessary, they supported a re-exposure since (a) a large number of changes were made and (b) revenues are the top line in the comprehensive income statement and everything else evolves from there. http://www.iasplus.com/pastnews/2011jun.htm#0615-3 Wed, 15 Jun 2011 14:15 +0200 IASB IASB Projects: Revenue Exposure drafts 2011-393 On 23 and 24 May 2011 the 5th IFRS International Forum took place in Kuta, Bali. Chairman of IASB Sir David Tweedie as well as other IASB Members, Warren McGregor and Tatsumi Yamada attended this event. The IASB has posted to its website a communiqué released after the Forum. http://www.iasplus.com/pastnews/2011jun.htm#0615-2 Wed, 15 Jun 2011 11:15 +0200 IASB AOSSG Countries: Asia-Pacific Countries: Indonesia Countries: Malaysia Countries: Singapore Tweedie Convergence 2011-392 The IASB's regular monthly meeting is being held on 13-15 June 2011 in London, much of it a joint meeting with the FASB. We've posted Deloitte observer notes from parts of days 1 and 2 of the meeting, covering the following topics: investment property (FASB project), leases, classification and measurement of financial instruments (FASB project) and revenue recognition. http://www.iasplus.com/pastnews/2011jun.htm#0615-1 Wed, 15 Jun 2011 10:15 +0930 IASB IASB meetings FASB Standards: IAS 40 IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Revenue 2011-391 The IFRS Foundation has announced new and forthcoming translations of IASB publications. http://www.iasplus.com/pastnews/2011jun.htm#0614-3 Tue, 14 Jun 2011 17:15 -0400 IASB Translations Languages: German Languages: Portuguese Languages: Russian Languages: Spanish Languages: Turkish Languages: Japanese 2011-390 Today, the US FASB launched a new system to provide transparency for users of eXtensible Business Reporting Language (XBRL) and to allow stakeholders to easily submit comments on the US GAAP Financial Reporting Taxonomy. The new Taxonomy Online Review and Comment System allows users to provide feedback in 'real time' by submitting comments directly on the entire Development Taxonomy. http://www.iasplus.com/pastnews/2011jun.htm#0614-2 Tue, 14 Jun 2011 14:30 -0400 FASB XBRL Webcasts US GAAP 2011-389 In May 2011, EFRAG and the European National Standard Setters jointly organised meetings in eight European cities in order to inform European constituents of, and obtain their feedback on, the direction taken by the IASB in its re-deliberations on the Revenue Recognition and Leases projects. EFRAG has now published an executive summary of the feedback received during the meetings with European constituents. http://www.iasplus.com/pastnews/2011jun.htm#0614-1 Tue, 14 Jun 2011 10:00 +0200 IASB IASB Projects: Revenue EFRAG IASB Projects: Leases IASB Projects: Insurance Countries: Europe 2011-388 The agenda for the IASB meeting in London on 13-15 June 2011 has been changed. A new session on Agenda Consultation: Proposed Timetable has been added to the agenda on Wednesday, 15 June. This session is scheduled for 2:20-2:35pm (London time). Also, the agenda for the joint meeting with the European Financial Reporting Advisory Group (EFRAG) has been announced. http://www.iasplus.com/pastnews/2011jun.htm#0613-2 Mon, 13 Jun 2011 17:30 -0400 IASB IASB meetings EFRAG 2011-387 New publications available from Deloitte include updated IFRS Project Insights on insurance contracts; the May edition of IFRS on Point; 'Reduced Disclosure Requirements - Model Financial Statements' prepared by Deloitte (Australia); French translations of IFRS on Point and IFRS in Focus publications; Chinese translations of IFRS in Focus publications; and a German language newsletter explaining the IASB's "package of five" standards. http://www.iasplus.com/pastnews/2011jun.htm#0613-1 Mon, 13 Jun 2011 16:30 -0400 Publications IFRS on Point IFRS for SMEs IASB Projects: Joint arrangements IASB Projects: Fair value measurement IASB Projects: Insurance IASB Projects: Consolidation Model financial statements Countries: Australia Countries: Canada Countries: China Countries: Germany Languages: Chinese Languages: French Languages: German 2011-386 The IASB and the Accounting Standards Board of Japan (ASBJ) have announced their achievements under their August 2007 Memorandum of Understanding (MoU), known as the Tokyo Agreement, to improve International Financial Reporting Standards (IFRSs) and Japanese generally accepted accounting principles (GAAP) and to bring about their convergence. The announcement results from a meeting between the IASB and ASBJ held in Tokyo on 6-7 June 2011. http://www.iasplus.com/pastnews/2011jun.htm#0611-1 Sat, 11 Jun 2011 12:10 +0930 Convergence Countries: Japan IASB ASBJ 2011-385 The IASB's regular monthly meeting is scheduled for 13-15 June 2011 in London, much of it a joint meeting with the FASB. An updated agenda for the meeting is now available. http://www.iasplus.com/pastnews/2011jun.htm#0610-2 Fri, 10 Jun 2011 21:30 +0200 IASB IASB meetings FASB 2011-384 The June edition of 'Accountancy Magazine' includes an article discussing the 'IFRS Monitoring Board' governance review issued in February 2011. http://www.iasplus.com/pastnews/2011jun.htm#0610-1 Fri, 10 Jun 2011 17:15 +0200 Monitoring Board IFRS Foundation ICAEW IFRS Foundation governance review 2011-383 Paul Pacter: Developing accounting standards consistent with the CFA Institute’s vision. http://www.iasplus.com/pastnews/2011jun.htm#0609-3 Thu, 09 Jun 2011 18:15 +0200 IASB Investor Perspectives IASB Projects: Offsetting CFA Institute IASB Projects: Conceptual Framework Standards: IAS 37 Standards: IFRS 13 IASB Projects: Comprehensive income Standards: IAS 7 Standards: IAS 1 Management commentary 2011-382 On 29 October 2010, the UK Accounting Standards Board (ASB) published its proposals for the future of financial reporting in the UK and Republic of Ireland including a proposal that pension schemes should be classified as tier 1 in the ASB tier structure and would have to report under IFRSs. Deloitte (United Kingdom) has conducted a poll to find out whether the pensions industry supports the proposals of the ASB. http://www.iasplus.com/pastnews/2011jun.htm#0609-2 Thu, 9 Jun 2011 14:15 +0200 Countries: United Kingdom Differential reporting 2011-381 The IASB has announced a special IASB meeting on 1 July 2011. Further details and topics to be discussed have not been communicated yet. http://www.iasplus.com/pastnews/2011jun.htm#0609-1 Thu, 9 Jun 2011 12:15 +0200 IASB IASB meetings 2011-380 The Asian-Oceanian Standard-Setters Group (AOSSG) has published today 'A Vision Paper of the Asian-Oceanian Standard-Setters Group 2011 – A Driving Wind for IFRS from Asia-Oceania'. The paper describes activities of the AOSSG to date and future activities for the medium- and long-term. http://www.iasplus.com/pastnews/2011jun.htm#0608-1 Wed, 8 Jun 2011 14:15 +0200 AOSSG Countries: Asia-Pacific Convergence 2011-379 The IASB has released a Near Final Draft (NFD) of amendments to IAS 1 'Presentation of Financial Statements' to change how components of other comprehensive income (OCI) are presented. http://www.iasplus.com/pastnews/2011jun.htm#0607-2 Tue, 7 Jun 2011 18:15 -0400 IASB IASB Projects: Comprehensive income Standards: IAS 1 2011-378 The IASB's regular monthly meeting is scheduled for 13-15 June 2011 in London, much of it a joint meeting with the FASB. The agenda for the meeting is now available. http://www.iasplus.com/pastnews/2011jun.htm#0607-1 Tue, 7 Jun 2011 11:55 +0200 IASB IASB meetings FASB 2011-377 The main US regulator, the SEC, has released a staff paper on the middle way of 'condorsement'. Our resident regular columnist, Robert Bruce, assesses its place in the future of US financial reporting. http://www.iasplus.com/bruce/column110607.htm Tue, 7 Jun 2011 09:55 +0200 Robert Bruce Convergence SEC Countries: United States B2011-008 The IASB has released a Near Final Draft (NFD) of amendments to its standard on accounting for pensions and other postretirement benefits. http://www.iasplus.com/pastnews/2011jun.htm#0606-4 Mon, 6 Jun 2011 14:00 +0200 IASB IASB Projects: Post-employment benefits Standards: IAS 19 2011-376 The International Valuation Standards Committee (IVSC) has released revised proposals for a 'Code of Ethical Principles' aimed at providing better regulation of the global valuation profession. http://www.iasplus.com/pastnews/2011jun.htm#0606-3 Mon, 6 Jun 2011 15:45 +0930 IVSC 2011-375 The XBRL Assurance Task Force of the AICPA Assurance Services Executive Committee (ASEC) has issued an exposure draft titled 'Proposed Principles and Criteria for XBRL-Formatted Information'. The exposure draft includes a set of principles and criteria for preparers, reviewers, and practitioners to use in evaluating information formatted in eXtensible Business Reporting Language (XBRL). http://www.iasplus.com/pastnews/2011jun.htm#0606-2 Mon, 6 Jun 2011 14:30 +0930 XBRL Countries: United States AICPA 2011-374 The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has announced appointments and reappointments to the IFRS Interpretations Committee. http://www.iasplus.com/pastnews/2011jun.htm#0606-1 Mon, 6 Jun 2011 12:25 +0930 IFRS Interpretations Committee IFRIC 2011-373 New publications available from Deloitte include updated IFRS Project Insights on hedge accounting, comprehensive income, leases and revenue recognition; IFRS Industry Insights on revenue in the manufacturing industry; the May edition of 'Monthly Roundup' from Deloitte Australia; a Chinese translation of the IFRS in Focus on IFRS 11; Japanese translations of IFRS Industry Insights on revenue (consumer business, manufacturing) and leases (shipping, real estate); and an Accounting Roundup and Heads Up publication from Deloitte (United States). http://www.iasplus.com/pastnews/2011jun.htm#0605-1 Mon, 6 Jun 2011 09:15 +0930 Publications IASB Projects: Joint arrangements IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Comprehensive income IASB Projects: Financial statement presentation IASB Projects: Leases IASB Projects: Revenue Heads Up Accounting Roundup Countries: Australia Countries: Japan Countries: China Countries: United States Languages: Japanese Industries: Manufacturing Industries: Consumer business Industries: Shipping Industries: Real estate 2011-372 The IFRS Foundation has published for public comment an exposure draft of the 'IFRS Taxonomy 2011 interim release: common-practice concepts'. http://www.iasplus.com/pastnews/2011jun.htm#0603-4 Fri, 3 Jun 2011 16:18 +0930 XBRL IFRS Foundation 2011-371 Deloitte (Canada) is holding a quarterly technical update webcast on Tuesday, 21 June 2011. Discussion will include key issues related to reporting under IFRS, including special tips and reminders for second quarter reporting and an update on recently issued new IFRS standards. http://www.iasplus.com/pastnews/2011jun.htm#0603-3 Fri, 3 Jun 2011 16:18 +0930 Webcasts Countries: Canada IFRS transition 2011-370 The Financial Accounting Standards Board (FASB) has announced the launch of an educational 'IN FOCUS' webcast series focusing on financial accounting and reporting developments of importance to the FASB's stakeholders, such as recently issued final standards, Exposure Drafts, or changes to the US GAAP Financial Reporting Taxonomy. http://www.iasplus.com/pastnews/2011jun.htm#0603-2 Fri, 3 Jun 2011 16:18 +0930 FASB Webcasts Countries: United States 2011-369 The IASB held a special meeting in London on 31 May - 2 June 2011, much of which was a joint meeting with the FASB. We've posted the remaining Deloitte observer notes from the meeting, covering the following topics: hedge accounting, asset and liability offsetting, leases, and financial statement presentation (other comprehensive income). http://www.iasplus.com/pastnews/2011jun.htm#0603-1 Fri, 3 Jun 2011 10:55 +0930 IASB IASB meetings FASB IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Offsetting IASB Projects: Leases IASB Projects: Financial statement presentation IASB Projects: Comprehensive income 2011-368 The Organisation for Economic Co-operation and Development (OECD) has published 'Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas' which includes reference to the disclosure of taxes, fees, and royalties related to mineral extraction, trade and export from conflict-affected and high-risk areas paid to governments. http://www.iasplus.com/pastnews/2011jun.htm#0602-1 Thu, 2 Jun 2011 15:15 +0930 Industries: Energy and resources IASB Projects: Extractive activities OECD 2011-367 The IASB is holding a special meeting in London on 31 May - 2 June 2011, much of which is a joint meeting with the FASB. We've posted Deloitte observer notes from the insurance contracts and revenue recognition sessions from the first day of the meeting. http://www.iasplus.com/pastnews/2011jun.htm#0601-3 Wed, 1 Jun 2011 16:40 -0400 IASB meetings IASB Projects: Insurance IASB Projects: Revenue 2011-366 The Trustees of the IFRS Foundation will hold strategy review roundtables on 7 June in Tokyo, 8 June in Hong Kong, 13 June in New York, and 21-22 June in London. Registration for these sessions is now available on the IASB website. http://www.iasplus.com/pastnews/2011jun.htm#0601-2 Wed, 1 Jun 2011 15:10 -0400 IFRS Foundation IFRS Trustees Monitoring Board Countries: Japan Countries: Hong Kong Countries: United States Countries: United Kingdom 2011-365 A new edition of the IASB's 'Investor Perspectives' is now available; Patricia McConnell discusses offsetting. http://www.iasplus.com/pastnews/2011jun.htm#0601-1 Wed, 01 Jun 2011 12:15 +0200 IASB Investor Perspectives IASB Projects: Financial instruments IASB Projects: Offsetting 2011-364 The agenda for the special IASB meeting in London on 31 May – 2 June 2011 has been changed. Today's session on Leases has been removed from the agenda and the session on Revenue recognition has been brought forward. The meeting now ends at 4:00pm (London time). http://www.iasplus.com/pastnews/2011may.htm#0531-5 Tue, 31 May 2011 14:15 +0200 IASB IASB meetings 2011-363 In June 2010, unresolved questions of financing and membership basis had led the Accounting Standards Committee of Germany (ASCG) to terminate, effective 31 December 2010, the standardisation agreement with Germany's Ministry of Justice. After months of debate and renewed efforts to find sustainable financing, a solution to the problems were found yesterday. http://www.iasplus.com/pastnews/2011may.htm#0531-4 Tue, 31 May 2011 14:15 +0200 Countries: Germany Countries: Europe 2011-362 The IASB has uploaded to its site an article on the due process, which defines how the IASB goes about its work and discharges its responsibilities to act in the public interest at all times. http://www.iasplus.com/pastnews/2011may.htm#0531-3 Tue, 31 May 2011 12:15 +0200 Robert Bruce IFRS Foundation 2011-361 Yesterday, IAS PLUS.de, the German language edition of IAS Plus, reached the milestone of two million unique readers since the start of the page; an average of 55.000 unique readers now go to the site every month. http://www.iasplus.com/pastnews/2011may.htm#0531-2 Tue, 31 May 2011 12:10 +0200 Languages: German Countries: Europe 2011-360 The Organisation for Economic Co-operation and Development (OECD) has published a 2011 update to its Guidelines for Multinational Enterprises. The update includes specific consideration of the need for entities to comply with disclosure requirements, both from a financial and non-financial perspective. http://www.iasplus.com/pastnews/2011may.htm#0531-1 Tue, 31 May 2011 17:10 +0930 OECD Sustainability reporting 2011-359 A special edition Dbriefs webcast is being held on 13 June 2011 to discuss the recent U.S. Securities and Exchange Commission (SEC) workplan update about International Financial Reporting Standards (IFRS). http://www.iasplus.com/pastnews/2011may.htm#0530-5 Mon, 30 May 2011 17:18 +0930 Convergence Countries: United States Webcasts 2011-358 The IASB has posted to its website a new batch of 'Editorial Corrections to IFRSs'. http://www.iasplus.com/pastnews/2011may.htm#0530-4 Mon, 30 May 2011 17:18 +0930 IASB Editorial corrections Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 13 2011-357 The Sustainability Group of the Federation of European Accountants (FEE) has issued a guide to commonly used sustainability reporting guidance documents when considering the identification and use of environmental, social and governance (ESG) indicators. http://www.iasplus.com/pastnews/2011may.htm#0530-3 Mon, 30 May 2011 17:18 +0930 Sustainability reporting Countries: Europe FEE 2011-356 The IASB has uploaded to its site an article on the financing of IFRS Foundation. Financial journalist Robert Bruce, who is also the regular resident commentator for IAS Plus, discusses the need for the IFRS Foundation to raise effective and sufficient funding but at the same time ensure its independence is not impaired. http://www.iasplus.com/pastnews/2011may.htm#0530-2 Mon, 30 May 2011 17:18 +0930 IFRS Foundation Robert Bruce 2011-355 New publications available from Deloitte include updated IFRS Project Insights on insurance contracts; IFRS in Focus newsletter on IFRS 10; a number of Accounting Alerts from Deloitte (Australia) on various financial reporting topics for June 2011; Spanish and/or Japanese translations of IFRS in Focus newsletters on IFRS 10, IFRS 11, IFRS 12 and IFRS 13, further Japanese translations of 'IFRIC Review' and 'Insurance Accounting Newsletter'; and an Accounting Roundup and Heads Up publication from Deloitte (United States). http://www.iasplus.com/pastnews/2011may.htm#0530-1 Mon, 30 May 2011 17:18 +0930 Publications IASB Projects: Consolidation IASB Projects: Joint arrangements IASB Projects: Insurance IASB Projects: Fair value measurement Heads Up Standards: IFRS 10 Standards: IFRS 10 Standards: IFRS 12 Standards: IFRS 13 Countries: Australia Countries: Japan Countries: Colombia Countries: United States Languages: Spanish Languages: Japanese 2011-354 A paper released by the Staff of the U.S. Securities and Exchange Commission (SEC) outlines one possible approach ("condorsement") for the adoption of IFRS in the United States. http://www.iasplus.com/pastnews/2011may.htm#0527-1 Fri, 27 May 2011 10:55 +0930 Convergence Countries: United States SEC 2011-353 IASB Board Member, Mr. Prabhakar Kalavacherla (PK), has called for India to consider allowing Indian companies the option of using full IFRS in financial statements. http://www.iasplus.com/pastnews/2011may.htm#0526-2 Thu, 26 May 2011 11:30 +0200 IASB Countries: India Convergence 2011-352 The agenda for the special IASB meeting in London on 31 May - 2 June 2011 has been changed. The IASB only session on Asset and Liability Offsetting on Thursday 2 June has been removed from the agenda and the meeting time shortened to end at 4:30pm (London time). http://www.iasplus.com/pastnews/2011may.htm#0526-1 Thu, 26 May 2011 14:40 +0930 IASB IASB meetings 2011-351 The International Integrated Reporting Committee (IIRC) met in New York on Friday 13th May 2011. At the meeting, the IIRC reviewed a draft Discussion Paper on Integrated Reporting which is due to be published for public consultation in June. http://www.iasplus.com/pastnews/2011may.htm#0525-2 Wed, 25 May 2011 16:45 +0930 Sustainability reporting IIRC Integrated reporting 2011-350 The IFRS Foundation has announced the publication of Russian translations of IFRS and the IFRS for SMEs. http://www.iasplus.com/pastnews/2011may.htm#0525-1 Wed, 25 May 2011 16:45 +0930 IFRS Foundation Translations Standards IFRS for SMEs Languages: Russian Countries: Russia 2011-349 The IASB is holding a special meeting in London on 31 May - 2 June 2011, much of which is a joint meeting with the FASB. The agenda is now available. http://www.iasplus.com/pastnews/2011may.htm#0523-2 Mon, 23 May 2011 16:20 -0400 IASB IASB meetings IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Leases IASB Projects: Hedge accounting IASB Projects: Offsetting 2011-348 The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), have posted to their website a summary strategy review response analysis. http://www.iasplus.com/pastnews/2011may.htm#0523-1 Mon, 23 May 2011 15:30 -0400 IFRS Trustees Trustees strategy review 2011-347 Deadlines are falling by the wayside in the IASB and FASB convergence programme. But, as Robert Bruce, our resident regular columnist points out, this is not necessarily a bad thing. http://www.iasplus.com/bruce/column110523.htm Mon, 23 May 2011 09:55 +0930 Convergence IASB FASB Countries: United States Robert Bruce Convergence B2011-007 New publications available from Deloitte include updated IFRS Project Insights on leases, impairment, revenue recognition and offsetting; an IFRS Industry Insights on the revenue recognition project as it relates to the consumer business industry; IFRS in Focus newsletters on IFRS 11, 12 and 13; a Spanish translation of a financial instruments publication; a recorded Japanese webcast on the April 2011 IASB meetings; as well as a Japanese translation of the IFRS in Focus on IFRS 11. http://www.iasplus.com/pastnews/2011may.htm#0520-4 Fri, 20 May 2011 15:30 -0400 IASB Projects: Leases IASB Projects: Impairment IASB Projects: Revenue IASB Projects: Fair value measurement IASB Projects: Joint arrangements IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Offsetting Industries: Consumer business Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 Languages: Spanish Languages: Japanese 2011-346 The IASB held its regular monthly meeting in London on 17-19 May 2011, much of which was a joint meeting with the FASB. We've posted the remaining Deloitte observer notes of the meeting, including the discussion on leases. http://www.iasplus.com/pastnews/2011may.htm#0520-3 Fri, 20 May 2011 11:10 -0400 IASB meetings IASB Projects: Leases 2011-345 On 11 May 2011, we hosted a Deloitte Dbriefs webcast on global financial reporting, entitled 'IFRS Public Policy Update: What Does the Future Hold?'. A 'Q&A Report' has been published containing a summary of audience questions submitted during the live webcast and our suggested responses. Topics covered include the impact of IFRSs in developing countries, the US SEC's decision on adopting IFRSs, and the likelihood of re-exposure of the proposals in the IASB's major projects. http://www.iasplus.com/pastnews/2011may.htm#0520-2 Fri, 20 May 2011 16:05 +0930 Webcasts Countries: United States Convergence IASB Projects: Leases IASB Projects: Revenue IASB Projects: Insurance 2011-344 At a recent conference, Ian Ball, Chief Executive Officer of the International Federation of Accountants (IFAC), discussed the importance of transparency in government financial reporting. http://www.iasplus.com/pastnews/2011may.htm#0520-1 Fri, 20 May 2011 16:05 +0930 IFAC IPSASB Public sector 2011-343 The IASB held its regular monthly meeting in London on 17-19 May 2011, much of which was a joint meeting with the FASB. We've posted further Deloitte observer notes from a number of sessions of the meeting, discussing insurance contracts, revenue recognition (expanded notes), IFRS Interpretations Committee, and Annual Improvements. http://www.iasplus.com/pastnews/2011may.htm#0519-5 Thu, 19 May 2011 15:45 -0400 IASB IASB meetings FASB IASB Projects: Insurance IASB Projects: Revenue IFRS Interpretations Committee IASB Projects: Annual improvements 2011-342 The IASB has announced that there will be no public Board sessions on Friday 20 May. The session on Asset and Liability Offsetting has been cancelled. http://www.iasplus.com/pastnews/2011may.htm#0519-4 Thu, 19 May 2011 12:25 +0200 IASB IASB meetings 2011-341 The IASB will provide updates on the statuses of both the impairment and the hedge accounting projects in a live webcast on 24 May 2011. http://www.iasplus.com/pastnews/2011may.htm#0519-3 Thu, 19 May 2011 11:25 +0200 IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Hedge accounting IASB Webcasts 2011-340 Deloitte's IFRS Global Office has published an 'IFRS in Focus' Newsletter – 'IASB issues new standard on joint arrangements' describing the new standard published last week. http://www.iasplus.com/pastnews/2011may.htm#0519-2 Thu, 19 May 2011 11:15 +0200 Standards: IFRS 11 IASB Projects: Joint arrangements Publications IFRS in Focus 2011-339 The European Financial Reporting Advisory Group (EFRAG) has released the May 2011 issue of its 'EFRAG Update' newsletter offering a summary of recent EFRAG decisions and discussions. http://www.iasplus.com/pastnews/2011may.htm#0519-1 Thu, 19 May 2011 10:55 +0200 EFRAG Countries: Europe IASB Projects: Consolidation IASB Projects: Joint arrangements IASB Projects: Fair value measurement IASB Projects: Financial instruments IASB Projects: Common control IASB Projects: Income taxes 2011-338 The IASB is holding its regular monthly meeting in London on 17-20 May 2011, much of which is a joint meeting with the FASB. We've posted Deloitte observer notes from some of the sessions on days 1 and 2 of the meeting, discussing revenue recognition and impairment of financial assets. http://www.iasplus.com/pastnews/2011may.htm#0518-5 Thu, 19 May 2011 08:55 +0930 IASB IASB meetings FASB IASB Projects: Revenue IASB Projects: Financial instruments IASB Projects: Impairment 2011-337 The IASB will introduce the four new International Financial Reporting Standards in two sets of live webcasts, each comprising of morning and afternoon sessions. Webcasts will be held on Monday, 23 May for IFRS 13, and Wednesday, 25 May for IFRSs 10, 11 and 12. http://www.iasplus.com/pastnews/2011may.htm#0518-4 Wed, 18 May 2011 12:10 -0400 Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IFRS 13 IASB Webcasts 2011-336 A new edition of the IASB's 'Investor Perspectives' is now available; Patrick Finnegan discusses consolidation. http://www.iasplus.com/pastnews/2011may.htm#0518-3 Wed, 18 May 2011 13:15 +0200 IASB Investor Perspectives IASB Projects: Consolidation 2011-335 The IASB has again revised the agenda for its regular meeting scheduled for 17-20 May 2011 in London. The hedge accounting meeting has been cancelled, annual improvements the Interpretations Committee update have been moved forward to Thursday, asset and liability offsetting has been moved forward on Friday and the revenue recognition session scheduled for Thursday and the leases session scheduled for Wednesday have swapped places. http://www.iasplus.com/pastnews/2011may.htm#0518-2 Wed, 18 May 2011 11:25 +0200 IASB IASB meetings 2011-334 The IASB has published an updated work plan as a result of the issue of the 'suite of five' standards on consolidation, joint arrangements and disclosures and IFRS 13 'Fair Value Measurement'. http://www.iasplus.com/pastnews/2011may.htm#0518-1 Wed, 18 May 2011 11:35 +0930 IASB Convergence IASB Projects: Financial instruments IASB Projects: Offsetting IASB Projects: Impairment IASB Projects: Leases IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Comprehensive income IASB Projects: Post-employment benefits IASB Projects: Annual improvements IASB Projects: Investment entities 2011-333 The IASB is holding its regular monthly meeting in London on 17-20 May 2011, much of which is a joint meeting with the FASB. We've posted partial Deloitte observer notes from day 1 of the meeting, covering asset and liability offsetting. http://www.iasplus.com/pastnews/2011may.htm#0517-5 Wed, 18 May 2011 09:25 +0930 IASB IASB meetings FASB IASB Projects: Financial instruments IASB Projects: Offsetting 2011-332 The IASB has posted to its website a new batch of Editorial Corrections to IFRSs. This batch makes editorial corrections and changes to IFRS 10, IFRS 11, IFRS 12 and Bound Volume (Red Book) 2011. http://www.iasplus.com/pastnews/2011may.htm#0517-4 Tue, 17 May 2011 13:45 -0400 Editorial corrections Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards IASB 2011-331 The IFRS Foundation seeks candidates to fill vacancies for Trustees that will become available in January 2012. It is seeking Trustees from Asia/Oceania, Europe and North America. http://www.iasplus.com/pastnews/2011may.htm#0517-3 Tue, 17 May 2011 12:10 +0200 IFRS Foundation IFRS Trustees 2011-330 The International Auditing and Assurance Standards Board (IAASB) today released its consultation paper, 'Enhancing the Value of Auditor Reporting: Exploring Options for Change', to obtain views on enhancing the quality, relevance and value of auditor reporting on an international basis. http://www.iasplus.com/pastnews/2011may.htm#0517-2 Tue, 17 May 2011 16:45 +0930 IAASB Auditing 2011-329 CPA Australia and the Institute of Chartered Accountants in Australia, together with the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC), hosted a forum for local professional accountants in Melbourne, Australia on 13 May 2011. The focus of the forum was on how professional accountants in business can support their organisations to improve governance practices through the integration of financial and non-financial information into their reporting, including a focus on environment, social, and governance (ESG) factors. http://www.iasplus.com/pastnews/2011may.htm#0517-1 Tue, 17 May 2011 16:45 +0930 Sustainability reporting Countries: Australia Integrated reporting Corporate governance 2011-328 New publications available from Deloitte include updated IFRS Project Insights on hedge accounting and insurance contracts, an IFRS Industry Insights on the leases project as it relates to the financial services industry, as well as a Japanese translation of another IFRS Industry Insights on the leases project updating the manufacturing industry. Also, Deloitte (United States) released Heads Up newsletters on fair value measurements and financial instruments. http://www.iasplus.com/pastnews/2011may.htm#0516-6 Mon, 16 May 2011 14:30 -0400 Heads Up Standards: IFRS 13 IASB Projects: Hedge accounting IASB Projects: Leases IASB Projects: Financial instruments Languages: Japanese 2011-327 The IASB has again revised the agenda for its regular meeting scheduled for 17-20 May 2011 in London. The only change is to remove the session on hedge accounting from Friday 20 May. http://www.iasplus.com/pastnews/2011may.htm#0516-5 Mon, 16 May 2011 16:55 +0930 IASB IASB meetings 2011-326 The National Standard Setters (NSS) have released a report from their March 2011 meeting. The NSS is a grouping of national accounting standard-setters from around the world, plus other organisations that have a close involvement in financial reporting issues. http://www.iasplus.com/pastnews/2011may.htm#0516-4 Mon, 16 May 2011 16:55 +0930 NSS IASB Projects: Financial instruments IASB Projects: Offsetting IASB Projects: Impairment IASB Projects: Hedge accounting IASB Projects: Effective dates Standards: IAS 41 IASB Projects: Leases IASB Projects: Revenue IASB Projects: Income taxes IASB Projects: Common control IASB Projects: Intangible assets Disclosures EFRAG Countries: Australia Countries: Austria Countries: Belgium Countries: Brazil Countries: Canada Countries: France Countries: Germany Countries: Hong Kong Countries: India Countries: Italy Countries: Japan Countries: Malaysia Countries: Mexico Countries: Netherlands Countries: New Zealand Countries: Norway Countries: Republic of Korea Countries: Saudi Arabia Countries: Singapore Countries: South Africa Countries: Spain Countries: Switzerland Countries: Syria Countries: Taiwan Countries: United Kingdom Countries: United States Countries: Europe IASB IPSASB 2011-325 The Australian Accounting Standards Board (AASB) has released a number a standards to give effect to 'Phase 1' of the joint harmonisation programme being undertaken by the AASB and the New Zealand Accounting Standards Review Board (ASRB). http://www.iasplus.com/pastnews/2011may.htm#0516-3 Mon, 16 May 2011 16:55 +0930 Countries: Australia Countries: New Zealand Convergence 2011-324 The Financial Accounting Foundation (FAF), the oversight body of the US Financial Accounting Standards Board (FASB), will host a webcast on Friday, 20 May 2011 to discuss the next phase of its post-implementation review process for financial accounting and reporting standards. http://www.iasplus.com/pastnews/2011may.htm#0516-2 Mon, 16 May 2011 16:55 +0930 FASB Countries: United States IASB 2011-323 The IASB held a special meeting in London on 11-12 May 2011, which was a joint meeting with the FASB. We've posted the remaining Deloitte observer notes of the meeting, including the discussions on leases, insurance contracts, and hedge accounting. http://www.iasplus.com/pastnews/2011may.htm#0516-1 Mon, 16 May 2011 16:55 +0930 IASB meetings IASB Projects: Insurance IASB Projects: Leases IASB Projects: Hedge accounting 2011-322 A number of Deloitte podcasts have been published on the new IFRSs issued by the IASB: the 'suite of five standards' on consolidation, joint ventures and disclosures, and the new standard on fair value measurement. Each of the podcasts discusses the key changes and provides insights into the likely effect they will have in practice. http://www.iasplus.com/pastnews/2011may.htm#0512-7 Thu, 12 May 2011 17:05 +0200 IASB IASB Projects: Consolidation IASB Projects: Joint arrangements IASB Projects: Fair value measurement Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 13 2011-321 The IASB has issued IFRS 13 'Fair Value Measurement', which replaces the guidance on fair value measurement in existing IFRS accounting literature with a single standard. http://www.iasplus.com/pastnews/2011may.htm#0512-6 Thu, 12 May 2011 17:05 +0200 IASB IASB Projects: Fair value measurement Standards Standards: IFRS 13 2011-320 The IASB has published its "package of five" new and revised standards addressing the accounting for consolidation, involvements in joint arrangements and disclosure of involvements with other entities. http://www.iasplus.com/pastnews/2011may.htm#0512-5 Thu, 12 May 2011 16:25 +0200 IASB IASB Projects: Consolidation IASB Projects: Joint arrangements Disclosures Standards Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IAS 27 Standards: IAS 28 2011-319 The New Zealand Accounting Standards Review Board (ASRB) has approved the release of two standards which more closely harmonise New Zealand equivalents to International Financial Reporting Standards (NZ-IFRS) with both International Financial Reporting Standards (IFRSs) and Australian Accounting Standards. http://www.iasplus.com/pastnews/2011may.htm#0512-4 Thu, 12 May 2011 17:45 +0930 Countries: New Zealand Countries: Australia Convergence 2011-318 The IASB has again revised the agenda for its regular meeting scheduled for 17-20 May 2011 in London. The only change is to swap the order of the discussion on Insurance Contracts and Asset and Liability Offsetting on Tuesday 17 May so they are now being held in that order. http://www.iasplus.com/pastnews/2011may.htm#0512-3 Thu, 12 May 2011 17:45 +0930 IASB IASB meetings FASB 2011-317 The International Valuation Standards Council ('IVSC') has issued the latest edition of its 'E-Newsletter', which includes an update on the IVSC's work on guidance for the determination of the fair value of financial instruments. http://www.iasplus.com/pastnews/2011may.htm#0512-2 Thu, 12 May 2011 14:30 +0930 IVSC IASB Projects: Financial instruments Standards: IAS 39 Standards: IFRS 9 Standards: IFRS 7 Standards: IFRS 13 2011-316 The Global Reporting Initiative (GRI) has released information suggesting that more companies are having their sustainability reports assured, which is considered to result in more accurate and trustworthy data. http://www.iasplus.com/pastnews/2011may.htm#0512-1 Thu, 12 May 2011 14:30 +0930 Sustainability reporting GRI Auditing 2011-315 The IASB is holding a special meeting in London on 11-12 May 2011, which is a joint meeting with the FASB. We've posted Deloitte observer notes from revenue recognition session from the first day of the meeting. http://www.iasplus.com/pastnews/2011may.htm#0511-2 Wed, 11 May 2011 14:00 -0400 IASB meetings FASB IASB Projects: Revenue 2011-314 The IASB has revised the agenda for its regular meeting scheduled for 17-20 May 2011 in London. http://www.iasplus.com/pastnews/2011may.htm#0511-1 Wed, 11 May 2011 17:00 +0930 IASB IASB meetings FASB 2011-313 New publications available from Deloitte include a new IFRS on Point newsletter, an IFRS Project Insights Update on insurance contracts, an Australian model financial statements publication, the Monthly Roundup for April 2011 issued by Deloitte Australia, German translations of the March and April 2011 issues of the Insurance Accounting Newsletter, a Japanese summary of the April 2011 IASB-FASB progress report on convergence, a Japanese translation of Accounting in the Telecommunications Industry, Accounting Roundup for April 2011, and a Heads Up on repurchase agreements issued by Deloitte United States. http://www.iasplus.com/pastnews/2011may.htm#0509-2 Mon, 9 May 2011 10:30 -0400 Publications Countries: United States Countries: Japan Countries: Australia Countries: Germany Translations IFRS on Point Languages: Japanese Languages: German 2011-312 The Pan-African Federation of Accountants (PAFA) was launched at an event held in Dakar, Senegal, on May 5, 2011. http://www.iasplus.com/pastnews/2011may.htm#0509-1 Mon, 09 May 2011 16:35 +0930 Countries: Africa IFAC PAFA Countries: Benin Countries: Botswana Countries: Burundi Countries: Cameroon Countries: Congo Brazzaville Countries: Democratic Republic of Congo Countries: Ethiopia Countries: Gambia Countries: Ghana Countries: Guinea Bissau Countries: Ivory Coast Countries: Kenya Countries: Lesotho Countries: Liberia Countries: Libya Countries: Malawi Countries: Mali Countries: Mauritius Countries: Morocco Countries: Namibia Countries: Niger Countries: Nigeria Countries: Rwanda Countries: Senegal Countries: Sierra Leone Countries: South Africa Countries: Sudan Countries: Swaziland Countries: Tanzania Countries: Togo Countries: Tunisia Countries: Uganda Countries: Zambia Countries: Zimbabwe 2011-311 The IASB's regular monthly meeting is scheduled for 17-20 May 2011 in London, much of it a joint meeting with the FASB. The agenda for the meeting is now available. http://www.iasplus.com/pastnews/2011may.htm#0507-1 Sat, 07 May 2011 17:15 +0200 IASB IASB meetings FASB 2011-310 We have posted notes from the IFRS Interpretations Committee meeting in London on 5-6 May 2011. Topics discussed included accounting for production phase stripping costs in the mining industry and contingent pricing of property, plant and equipment and intangible assets. http://www.iasplus.com/pastnews/2011may.htm#0506-3 Fri, 06 May 2011 15:28 -0400 IFRIC IFRS Interpretations Committee IFRIC meetings IFRIC Projects: Stripping costs IFRIC Projects: Contingent pricing Standards: IAS 16 IASB Projects: Intangible assets 2011-309 The Institute of Chartered Accountants of Scotland (ICAS) has posted to its website a study on translation issues in connection with IFRSs. The authors explore the question whether a truly global accounting system is possible considering the fact that translations into different languages and ways of thinking are necessary to achieve this. http://www.iasplus.com/pastnews/2011may.htm#0506-1 Fri, 06 May 2011 17:05 +0930 Translations Convergence Research 2011-308 The Global Reporting Initiative (GRI) has announced the commencement of work on the next generation of the guidelines ("G4") and new proposed supplements for the media and oil and gas sectors. http://www.iasplus.com/pastnews/2011may.htm#0506-1 Fri, 06 May 2011 17:05 +0930 Sustainability reporting Industries: Oil and gas Industries: Media GRI 2011-307 The IASB and FASB are holding a special joint meeting in London on 11-12 May 2011. The agenda is now available. http://www.iasplus.com/pastnews/2011may.htm#0505-4 Thu, 5 May 2011 16:00 -0400 IASB meetings IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Leases IASB Projects: Hedge accounting 2011-306 The IASB and FASB held a meeting in London on 4 May 2011. We've posted Deloitte observer notes from the meeting including the discussion on insurance contracts. http://www.iasplus.com/pastnews/2011may.htm#0505-3 Thu, 5 May 2011 16:00 -0400 IASB meetings IASB Projects: Insurance 2011-305 As reported earlier, the European Financial Reporting Advisory Group (EFRAG) and the UK Accounting Standards Board (ASB) are hosting an event on 16 May in Brussels as a follow up to their 'Discussion Paper Considering the Effects of Accounting Standards'. The programme for this event is now available. http://www.iasplus.com/pastnews/2011may.htm#0505-2 Thu, 05 May 2011 11:40 +0200 EFRAG Countries: Europe UK ASB Countries: United Kingdom 2011-304 The Climate Disclosure Standards Board (CDSB) has published a report entitled 'Financial Institutions, Taking Greenhouse Gas Emissions into Account'. http://www.iasplus.com/pastnews/2011may.htm#0505-1 Thu, 05 May 2011 17:20 +0930 Sustainability reporting Industries: Financial services CDSB 2011-303 The Trustees of the IFRS Foundation will hold strategy review roundtables on 7 June in Tokyo, 8 June in Hong Kong, 13 June in New York, and 21-22 June in London. Registration for these roundtables is now possible. http://www.iasplus.com/pastnews/2011may.htm#0504-2 Wed, 4 May 2011 16:25 -0400 IFRS Foundation IFRS Trustees Monitoring Board 2011-302 The World Business Council for Sustainable Development (WBCSD) has launched a Corporate Ecosystem Valuation (CEV) Guide. http://www.iasplus.com/pastnews/2011may.htm#0504-1 Wed, 04 May 2011 16:15 +0930 Sustainability reporting 2011-301 The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2011-03 'Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements'. This ASU is intended to improve the accounting for repurchase agreements (repos) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. http://www.iasplus.com/pastnews/2011may.htm#0503-3 Tue, 03 May 2011 12:50 +0200 FASB IASB Projects: Financial instruments Countries: United States US GAAP 2011-300 The IASB and FASB held an additional meeting in London on 27 April 2011. We've now posted Deloitte observer notes on the insurance contracts discussion of the meeting. http://www.iasplus.com/pastnews/2011may.htm#0503-2 Tue, 03 May 2011 12:20 +0200 IASB meetings FASB IASB Projects: Insurance 2011-299 The New Zealand Accounting Standards Review Board (ASRB) and Financial Reporting Standards Board (FRSB) have agreed on a 'position statement' that all new New Zealand equivalents to International Financial Reporting Standards (NZ IFRSs) and amendments to existing NZ IFRSs with a mandatory effective date for annual reporting periods commencing on or after 1 January 2012 will be applicable to profit-oriented entities only. http://www.iasplus.com/pastnews/2011may.htm#0503-1 Tue, 03 May 2011 16:50 +0930 Countries: New Zealand Convergence Differential reporting 2011-252 The European Financial Reporting Advisory Group (EFRAG) has prepared summaries of the IASB's re-deliberations to date on the Revenue Recognition and Leases projects, highlighting the changes made from the Exposure Drafts published in 2010 and the concerns the changes are intended to resolve. http://www.iasplus.com/pastnews/2011may.htm#0502-4 Mon, 02 May 2011 14:40 +0200 EFRAG IASB Projects: Leases IASB IASB Projects: Revenue Countries: Europe 2011-251 The International Auditing and Assurance Standards Board (IAASB) has released for public comment a proposed revised International Standard on Assurance Engagements (ISAE) 3000, 'Assurance Engagements Other Than Audits or Reviews of Historical Financial Information', a broad ranging principles-based standard. http://www.iasplus.com/pastnews/2011may.htm#0502-3 Mon, 02 May 2011 17:10 +0930 IAASB Sustainability reporting Auditing 2011-250 The International Public Sector Accounting Standards Board (IPSASB) has released for comment an exposure draft (ED), 'Key Characteristics of the Public Sector with Potential Implications for Financial Reporting'. http://www.iasplus.com/pastnews/2011may.htm#0502-2 Mon, 02 May 2011 17:10 +0930 IPSASB 2011-249 The International Accounting Education Standards Board (IAESB) has released for public exposure a proposed revision of International Education Standard (IES) 6, 'Assessment of Professional Competence'. http://www.iasplus.com/pastnews/2011may.htm#0502-1 Mon, 02 May 2011 17:10 +0930 IAESB Accounting education 2011-248 New publications available from Deloitte include three IFRS industry insights, two US publications as well as one publication each from Canada and the UK. http://www.iasplus.com/pastnews/2011apr.htm#0429-2 Fri, 29 Apr 2011 16:15 -0400 Countries: Canada Countries: United Kingdom Countries: United States Publications 2011-247 The International Public Sector Accounting Standards Board (IPSASB) has published its 2011 'Handbook of International Public Sector Accounting Pronouncements'. It can be downloaded free of charge. http://www.iasplus.com/pastnews/2011apr.htm#0429-1 Fri, 29 Apr 2011 11:10 +0200 IPSASB 2011-292 The IASB and FASB are holding a special joint meeting in London on 4 May 2011. The agenda is now available. http://www.iasplus.com/pastnews/2011apr.htm#0428-4 Thu, 28 Apr 2011 16:55 -0400 IASB meetings IASB FASB IASB Projects: Insurance 2011-291 The IASB and FASB held a special joint meeting in London on 27 April 2011. We've posted Deloitte observer notes from the meeting including the discussion on hedge accounting; the insurance contracts discussion will be provided soon. http://www.iasplus.com/pastnews/2011apr.htm#0428-3 Thu, 28 Apr 2011 16:20 -0400 IASB FASB IASB meetings IASB Projects: Hedge accounting IASB Projects: Insurance 2011-290 The IFRS Foundation Trustees have posted to their website a summary of the conclusions of their quarterly meeting in London on 30 and 31 March 2011. http://www.iasplus.com/pastnews/2011apr.htm#0428-2 Thu, 28 Apr 2011 15:50 +0200 IFRS Foundation IFRS Trustees 2011-289 On 26 February 2011, the Legislative Decree no. 225/2010, converted into Law no. 10/2011, introduced modifications to article 4 of Decree 38/2005, stating that new IFRSs issued by the IASB and adopted by the EU after 1 January 2011 need to be endorsed by the Italian Ministry of Justice before they can be applied in the separate financial statements of Italian listed companies. http://www.iasplus.com/pastnews/2011apr.htm#0428-1 Thu, 28 Apr 2011 09:40 +0200 Countries: Italy Differential reporting 2011-288 The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today published a report on the strategy of the IFRS Foundation as it enters its second decade. http://www.iasplus.com/pastnews/2011apr.htm#0427-1 Wed, 27 Apr 2011 13:46 -0400 IFRS Foundation IFRS Trustees Monitoring Board 2011-287 Even though the meeting is still marked as 'tentative' the IASB has posted to its website a very insightful staff paper on Shariah-compliant leases for the IASB/FASB special meeting on 11 and 12 May 2011. http://www.iasplus.com/pastnews/2011apr.htm#0426-2 Tue, 26 Apr 2011 12:20 +0200 Islamic finance Islamic accounting IASB Projects: Leases IASB IASB meetings 2011-286 We remind you that comments on the Exposure Draft 'Offsetting Financial Assets and Financial Liabilities' are due on 28 April 2011. http://www.iasplus.com/pastnews/2011apr.htm#0426-1 Tue, 26 Apr 2011 08:30 +0200 Exposure drafts IASB Projects: Offsetting 2011-285 The European Financial Reporting Advisory Group (EFRAG) and the UK Accounting Standards Board (ASB), along with the European Commission (EC), will be hosting an event on 16 May in Brussels to (1) outline the proposals in Discussion Paper Considering the Effects of Accounting Standards, (2) provide an opportunity for EFRAG, the UK ASB, the EC and the IASB to present their views on how to consider effects to the standard-setting process, and (3) hear constituents views on the process and what other factors should be considered while in development of these proposals. http://www.iasplus.com/pastnews/2011apr.htm#0425-2 Mon, 25 Apr 2011 11:01 -0400 EFRAG UK ASB IASB Countries: Europe Countries: United Kingdom 2011-284 On 1 January 2011, the amended Accounting Act came into force in the Czech Republic. It brings a significant change in the use of IFRS as adopted by the EU for unlisted entities operating in the Czech Republic in terms of separate financial statements. http://www.iasplus.com/pastnews/2011apr.htm#0425-1 Mon, 25 Apr 2011 08:05 +0200 Countries: Czech Republic Countries: Europe Differential reporting 2011-283 The European Financial Reporting Advisory Group (EFRAG) has posted to its website a press release welcoming the extension of the convergence deadline the IASB and FASB announced earlier this month. http://www.iasplus.com/pastnews/2011apr.htm#0423-1 Sat, 23 Apr 2011 15:05 +0200 Convergence IASB FASB EFRAG Countries: Europe Countries: United States 2011-282 The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have published a progress report on improvements to International Financial Reporting Standards and US generally accepted accounting practices and their convergence. http://www.iasplus.com/pastnews/2011apr.htm#0421-6 Thu, 21 Apr 2011 12:05 -0400 Convergence IASB FASB IASB Projects: Consolidation IASB Projects: Joint arrangements IASB Projects: Financial instruments IASB Projects: Leases IASB Projects: Revenue IASB Projects: Insurance 2011-281 The IASB published a 'near final draft' of the forthcoming package of five new and revised standards addressing the accounting for consolidation, involvements in joint arrangements and disclosure of involvements with other entities. The final standards are expected to be published in the next few weeks. http://www.iasplus.com/pastnews/2011apr.htm#0421-5 Thu, 21 Apr 2011 09:55 -0400 IASB Projects: Consolidation IASB Projects: Joint arrangements IASB Standards: IFRS 10 Standards: IFRS 11 Standards: IFRS 12 Standards: IAS 27 Standards: IAS 28 2011-280 The IFRS Foundation Trustees' Due Process Oversight Committee (DPOC) has a new section dedicated to its work on the IASB's website. http://www.iasplus.com/pastnews/2011apr.htm#0421-4 Thu, 21 Apr 2011 14:00 +0200 IFRS Trustees IASB 2011-279 The IASB has posted to its website a new batch of Editorial Corrections to IFRSs. This batch makes editorial corrections and changes to IFRS 9, Bound Volume (Blue Book) 2011 and Bound Volume (Red Book) 2011. http://www.iasplus.com/pastnews/2011apr.htm#0421-3 Thu, 21 Apr 2011 11:00 +0200 Editorial corrections Standards IASB Standards: IFRS 9 2011-278 The IFRS Interpretations Committee will meet at the IASB's offices in London on Thursday and Friday 5 and 6 May 2011. The meeting is open to the public and will be webcast. The tentative agenda has been released. http://www.iasplus.com/pastnews/2011apr.htm#0421-2 Thu, 21 Apr 2011 17:00 +0930 IFRS Interpretations Committee IFRIC meetings 2011-277 The push towards the more widespread adoption of sustainability reporting continues, with two recent developments from the Global Reporting Initiative (GRI) and 'Carbon Action' (a new investor led initiative from the Carbon Disclosure Project (CDP)). http://www.iasplus.com/pastnews/2011apr.htm#0421-1 Thu, 21 Apr 2011 17:00 +0930 Sustainability reporting GRI 2011-276 The U.S. Securities and Exchange Commission (SEC) will hold a roundtable on 7 July in Washington to discuss benefits and challenges in incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers. http://www.iasplus.com/pastnews/2011apr.htm#0420-5 Wed, 20 Apr 2011 14:40 -0400 SEC Countries: United States Convergence 2011-275 Deloitte's IFRS Global Office has submitted a letter of comment on exposure draft ED/2011/01 Offsetting Financial Assets and Financial Liabilities. The comment letter expresses Deloitte's views on the IASB and FASB's efforts to converge presentation requirements for offsetting financial assets and financial liabilities. http://www.iasplus.com/pastnews/2011apr.htm#0420-4 Wed, 20 Apr 2011 10:38 -0400 Comment letters IASB Projects: Offsetting Exposure drafts 2011-274 The UK Accounting Standards Board has just released its latest effort aimed at encouraging the removal of clutter from financial reporting disclosures, but will it change the behaviours of those involved in producing the increasingly dense documentation? http://www.iasplus.com/bruce/column110420.htm Wed, 20 Apr 2011 11:55 +0200 Robert Bruce Countries: United Kingdom Countries: Europe Disclosures B2011-006 As reported earlier, the IASB and FASB are holding several public roundtable meetings in May 2011 to discuss the financial asset and financial liability offsetting project. Registration for the webcast of the London roundtable on 3 May 2011 is now possible. http://www.iasplus.com/pastnews/2011apr.htm#0420-3 Wed, 20 Apr 2011 11:00 +0200 IASB Projects: Offsetting IASB FASB IASB Projects: Financial instruments Countries: United Kingdom 2011-273 The Interoperable Taxonomy Architecture (ITA) Project has published an updated version of 'The Global Filing Manual'. The updates include new rules that relate specifically to iXBRL (Inline XBRL). http://www.iasplus.com/pastnews/2011apr.htm#0420-2 Wed, 20 Apr 2011 10:00 +0200 XBRL 2011-272 Romanian banks (listed and unlisted) are already required to prepare IFRS financial statements in parallel with Romanian GAAP. From 2012 onward, IFRSs will substitute local GAAP for banks completely and will become the sole base for accounting. http://www.iasplus.com/pastnews/2011apr.htm#0420-1 Wed, 20 Apr 2011 09:00 +0200 Countries: Romania Convergence 2011-271 New publications available from Deloitte include five updated IFRS Project insights on hedge accounting, impairment, insurance contracts, leases, and revenue recognition, an IFRS Industry Insights on the revenue recognition project as it relates to the telecommunications industry. Also, there is a recorded summary webcast of the March 2011 IASB meeting in Japanese. http://www.iasplus.com/pastnews/2011apr.htm#0419-1 Tue, 19 Apr 2011 17:00 -0400 IASB Projects: Impairment IASB Projects: Hedge accounting IASB Projects: Insurance IASB Projects: Leases IASB Projects: Revenue Languages: Japanese 2011-270 The IASB and FASB are holding a special joint meeting in London on 27 April 2011. The agenda is now available. http://www.iasplus.com/pastnews/2011apr.htm#0418-4 Mon, 18 Apr 2011 11:00 -0400 IASB meetings IASB Projects: Hedge accounting IASB Projects: Insurance IASB FASB 2011-269 The 'Journal of Accountancy' (JoA) has published a five-part series of articles discussing an interview with FASB Chairman Leslie Seidman. http://www.iasplus.com/pastnews/2011apr.htm#0418-3 Mon, 18 Apr 2011 17:30 +0930 Countries: United States FASB 2011-268 The Canadian Securities Administrators (CSA) have published CSA Staff Notice 52-328, 'Disclosures About Accounting Policies in the Year of Changeover to International Financial Reporting Standards'. http://www.iasplus.com/pastnews/2011apr.htm#0418-2 Mon, 18 Apr 2011 17:30 +0930 Countries: Canada Convergence 2011-267 The International Accounting Education Standards Board (IAESB) released for public exposure a proposed revision of International Education Standard (IES) 4, 'Professional Values, Ethics, and Attitudes' http://www.iasplus.com/pastnews/2011apr.htm#0418-1 Mon, 18 Apr 2011 17:30 +0930 IAESB Accounting education 2011-266 The G20 Finance Ministers and Central Bank Governors met in Washington DC on 14-15 April 2011. They agreed, among other things, to closely watch the progress of the IASB and FASB's convergence efforts. http://www.iasplus.com/pastnews/2011apr.htm#0416-2 Sat, 16 Apr 2011 13:10 +0200 G20 Convergence Countries: Argentina Countries: Australia Countries: Brazil Countries: Canada Countries: China Countries: France Countries: Germany Countries: India Countries: Indonesia Countries: Italy Countries: Japan Countries: Mexico Countries: Russia Countries: Saudi Arabia Countries: South Africa Countries: South Korea Countries: Turkey Countries: United Kingdom Countries: United States IASB FASB 2011-265 The IASB staff have prepared a short survey requesting feedback from investors regarding questions on the potential effective dates and transition methods of the following projects: Accounting for Financial Instruments, Leases, Revenue Recognition, and Accounting for Insurance Contracts. http://www.iasplus.com/pastnews/2011apr.htm#0416-1 Sat, 16 Apr 2011 12:30 +0200 IASB IASB Projects: Insurance FASB IASB Projects: Revenue IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Effective dates 2011-264 The IASB is holding its April meeting in London on 12-15 April 2011, much of it a joint meeting with the FASB. We've posted the remaining Deloitte observer notes of the meeting, where the following topics were discussed: financial instruments - hedge accounting and IFRS Interpretations Committee - update from last meeting. http://www.iasplus.com/pastnews/2011apr.htm#0415-5 Fri, 15 Apr 2011 15:32 -0400 IASB IASB meetings IFRIC IASB Projects: Financial instruments IASB Projects: Hedge accounting 2011-263 In November 2010, the European Commission started a public consultation in order to gather stakeholders' views on ways to improve the disclosure by enterprises of non-financial information (e.g. social and environmental). The Commission has now posted to its website the responses received and a summary report of the consultation. http://www.iasplus.com/pastnews/2011apr.htm#0415-4 Fri, 15 Apr 2011 12:00 +0200 Countries: Europe Sustainability reporting 2011-262 A Dbriefs webcast discussing the significant public policy implications of the move to a single set of global accounting standards is scheduled to be held on Wednesday, 11 May 2011. http://www.iasplus.com/pastnews/2011apr.htm#0415-3 Fri, 15 Apr 2011 16:00 +0930 Webcasts Convergence 2011-261 On 30 March 2011, a Deloitte Dbriefs webcast on global financial reporting was held, entitled 'IFRS: Important Developments'. A 'Q&A Report' has been published containing a summary of audience questions submitted during the live webcast, together with suggested answers. Topics covered include the IASB's forthcoming pronouncements on joint ventures, consolidation, and financial instruments, and consideration of the likely release of finalised pronouncements from the IASB. http://www.iasplus.com/pastnews/2011apr.htm#0415-2 Fri, 15 Apr 2011 16:00 +0930 Webcasts Standards: IFRS 11 Standards: IFRS 10 Standards: IFRS 13 IASB Projects: Consolidation IASB Projects: Joint arrangements IASB Projects: Financial instruments 2011-260 The International Accounting Education Standards Board (IAESB) has announced the completion of four research projects, which will inform its standard-setting agenda in the area of professional accountancy education. http://www.iasplus.com/pastnews/2011apr.htm#0415-1 Fri, 15 Apr 2011 16:00 +0930 IAESB Accounting education 2011-259 The IASB is holding its April meeting in London on 12-15 April 2011, much of it a joint meeting with the FASB. We've posted Deloitte observer notes from day 3 of the meeting, where the following topics were discussed: revenue recognition and financial instruments - impairments http://www.iasplus.com/pastnews/2011apr.htm#0414-3 Thu, 14 Apr 2011 16:50 -0400 IASB IASB meetings IASB Projects: Revenue IASB Projects: Financial instruments IASB Projects: Impairment 2011-258 The SME Implementation Group has published for public comment three questions and answer documents (QA) on draft guidance related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The three Q and As cover captive insurance subsidiaries, interpretation of 'traded in a public market', and investment funds with only a few participants http://www.iasplus.com/pastnews/2011apr.htm#0414-2 Thu, 14 Apr 2011 15:42 -0400 IFRS for SMEs SME Implementation Group 2011-257 In a recent podcast, Sir David Tweedie, Chairman of the IASB, and Leslie Seidman, Chairman of the FASB, discuss the achievements of the convergence project and the revised timeline for completing the remaining projects. The IASB and FASB will be extending the timeline for completing their convergence projects on revenue recognition, leases, financial instruments and insurance contracts. http://www.iasplus.com/pastnews/2011apr.htm#0414-1 Thu, 14 Apr 2011 15:42 -0400 Convergence IASB FASB Countries: United States IASB Projects: Revenue IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Insurance 2011-256 The IASB is holding its April meeting in London on 12-15 April 2011, much of it a joint meeting with the FASB. We've posted Deloitte observer notes from days 1 and 2 of the meeting, where the following topics were discussed: leases, revenue recognition, insurance contacts and financial instrument impairment. http://www.iasplus.com/pastnews/2011apr.htm#0413-2 Thu, 14 Apr 2011 08:55 +0930 IASB IASB meetings IASB Projects: Leases IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Financial instruments IASB Projects: Impairment 2011-255 The IFRS Foundation has published a set of 12 illustrative examples in XBRL for the IFRS Taxonomy 2011. In addition, the SEC has issued a no action' letter for US IFRS filers. http://www.iasplus.com/pastnews/2011apr.htm#0413-1 Wed, 13 Apr 2011 16:35 +0930 XBRL Countries: United States IFRS Foundation 2011-254 The European Financial Reporting Advisory Group (EFRAG) has released details of their meeting held on 6 to 8 April 2011. The meeting focused on IASB supplementary document to Exposure Draft Financial Instruments: Impairment, IASB Exposure Draft Revenue from Contracts with Customers, IASB Exposure Draft Leases, EFRAG Proactive project The Role of the Business Model in Financial Reporting, and EFRAG Proactive project Business Combinations under Common Control. http://www.iasplus.com/pastnews/2011apr.htm#0412-4 Tue, 12 Apr 2011 14:20 -0400 EFRAG Countries: Europe IASB Projects: Impairment IASB Projects: Revenue IASB Projects: Leases IASB Projects: Common control 2011-253 The IFRS Foundation has posted to its website a presentation 'The IFRS Foundation's Financial Position: 2010 Results and 2011 Budget'. 2010 resulted in an operating deficit of £1.3 million; the budget is balanced for 2011. http://www.iasplus.com/pastnews/2011apr.htm#0412-5 Tue, 12 Apr 2011 12:20 +0200 IFRS Foundation 2011-252 The IASB has announced several additional special IASB meetings in April and May. All of them are as yet marked as tentative: 27 and 28 April 2011, 4 May 2011, 11 and 12 May 2011 and 31 May 2011. http://www.iasplus.com/pastnews/2011apr.htm#0412-3 Tue, 12 Apr 2011 11:20 +0200 IASB meetings IASB 2011-251 The International Integrated Reporting Committee (IIRC) will be meeting in New York City on Friday 13th May 2011 and is also undertaking a pilot programme is to give organisations the opportunity to test and provide feedback on the development of the Integrated Reporting framework http://www.iasplus.com/pastnews/2011apr.htm#0412-2 Tue, 12 Apr 2011 16:20 +0930 Sustainability reporting IIRC Integrated reporting Countries: United States 2011-250 The European Commission has posted on its website the newest electronic English language version of its newsletter 'Single Market News', which includes an article 'Financial Reporting and Auditing - Time for change?' http://www.iasplus.com/pastnews/2011apr.htm#0412-1 Tue, 12 Apr 2011 16:20 +0930 Countries: Europe Auditing 2011-249 The Canadian Securities Administrators (CSA) have published a new version of National Instrument 43-101 'Standards of Disclosure for Mineral Projects', its related form and policy. http://www.iasplus.com/pastnews/2011apr.htm#0411-1 Mon, 11 Apr 2011 17:05 +0930 Countries: Canada Industries: Mining 2011-248 New publications available from Deloitte include a new edition of IFRS on Point summarising the IFRS accounting developments in March, four US publications as well as one publication each from Colombia, Spain and the UK. http://www.iasplus.com/pastnews/2011apr.htm#0409-1 Sat, 09 Apr 2011 11:45 +0200 Countries: Colombia Countries: Spain Countries: United Kingdom Countries: United States Publications 2011-247 The next meeting of the Leases Working Group will be held in London on Monday 11 April 2011. At this meeting, the IASB and FASB representatives will meet with members of the joint working group on lease accounting to discuss issues on the 2010 exposure draft on leases. http://www.iasplus.com/pastnews/2011apr.htm#0408-4 Fri, 8 Apr 2011 16:05 -0400 IASB Projects: Leases IASB FASB 2011-246 The UK House of Lords inquiry into the audit market was never intended to stray into the field of IFRS. But it did and their Lordships final report exhibits some confused thinking on the subject. http://www.iasplus.com/bruce/column110408.htm Fri, 8 Apr 2011 14:55 +0200 Robert Bruce Countries: United Kingdom Auditing Differential reporting UK GAAP B2011-005 The IFRS Foundation has announced that it will publish supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. http://www.iasplus.com/pastnews/2011apr.htm#0408-3 Fri, 8 Apr 2011 14:35 +0200 IFRS Foundation XBRL 2011-245 The staff of the UK Accounting Standards Board (ASB) has prepared case studies that are designed to help constituents assess the effect of the proposals for the future of financial reporting in the UK and Republic of Ireland published in October 2010. http://www.iasplus.com/pastnews/2011apr.htm#0408-2 Fri, 8 Apr 2011 12:45 +0200 Countries: United Kingdom UK GAAP Convergence UK ASB 2011-244 The European Federation of Accountants (FEE) has published a paper 'Combined Financial Statements: A Discussion Paper'. The paper is intended to enhance the public debate on the preparation of combined financial statements under IFRS. http://www.iasplus.com/pastnews/2011apr.htm#0408-1 Fri, 8 Apr 2011 11:45 +0200 Countries: Europe IASB Projects: Conceptual Framework IASB Projects: Consolidation FEE 2011-243 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/2011apr.htm#0407-4 Thu, 7 Apr 2011 15:45 -0400 Countries: United Kingdom Webcasts UK GAAP 2011-242 The Trustees of the IFRS Foundation have announced the appointment of Antonio Zoido as a Trustee of the IFRS Foundation. http://www.iasplus.com/pastnews/2011apr.htm#0407-3 Thu, 7 Apr 2011 14:30 +0200 IFRS Foundation IFRS Trustees 2011-241 The Trustees of the IFRS Foundation have announced that the unaccompanied IFRS 2011 are now available on the IASB's website. http://www.iasplus.com/pastnews/2011apr.htm#0407-2 Thu, 7 Apr 2011 12:00 +0200 IASB Standards 2011-240 On 6 April 2011, the Financial Services Agency (FSA) of Japan announced additional IFRSs designated for use by companies voluntarily applying IFRSs in Japan. http://www.iasplus.com/pastnews/2011apr.htm#0407-1 Thu, 7 Apr 2011 17:15 +0930 Countries: Japan Convergence 2011-239 The IASB held an additional meeting in London on 6 April 2011. We've posted Deloitte observer notes from the meeting where the IASB held an educational session on leases. http://www.iasplus.com/pastnews/2011apr.htm#0406-5 Thu, 7 Apr 2011 08:57 +0930 IASB IASB meetings IASB Projects: Leases 2011-238 The Swiss Federal Audit Oversight Authority and Financial Market Supervisory Authority and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered into a Statement of Protocol, establishing a cooperative framework for supervisory oversight of auditors that practice in each country. http://www.iasplus.com/pastnews/2011apr.htm#0406-4 Wed, 6 Apr 2011 11:46 -0400 PCAOB Countries: Switzerland Countries: United States Auditing 2011-237 The IASB's regular monthly meeting is scheduled for 12-15 April 2011 in London, much of it a joint meeting with the FASB. The agenda for the meeting is now available. http://www.iasplus.com/pastnews/2011apr.htm#0406-3 Wed, 6 Apr 2011 15:00 +0200 IASB IASB meetings FASB 2011-236 The Accounting Standards Board (ASB) of the United Kingdom Financial Reporting Council (FRC) has published a report 'Cutting Clutter: Combating clutter in annual reports'. The report follows on the from the issue of 'Louder than Words: Principles and Actions for Making Corporate Reports Less Complex and More Relevant', which was published in June 2009. http://www.iasplus.com/pastnews/2011apr.htm#0406-2 Wed, 6 Apr 2011 15:00 +0930 Countries: United Kingdom Disclosures 2011-235 The Ontario Securities Commission (OSC) has issued two high-level guides for analysts and investors on the impacts of IFRS. http://www.iasplus.com/pastnews/2011apr.htm#0406-1 Wed, 6 Apr 2011 15:00 +0930 Countries: Canada Convergence 2011-234 The IASB has issued Near-Final Draft: International Financial Reporting Standard X Fair Value Measurement. This IFRS defines fair value, sets out a single IFRS framework for measuring fair value, and requires disclosures about fair value measurements. http://www.iasplus.com/pastnews/2011apr.htm#0405-2 Tue, 5 Apr 2011 16:51 -0400 IASB Projects: Fair value measurement IASB Standards: IFRS 13 2011-233 We've posted Deloitte observer notes from the IFRS Foundation Trustees meeting in London on 31 March 2011 and the Monitoring Board and IFRS Foundation Trustees meeting on 1 April 2011. http://www.iasplus.com/pastnews/2011apr.htm#0405-1 Tue, 5 Apr 2011 17:00 +0930 IFRS Foundation Monitoring Board IASB 2011-232 In October 2010, the European Commission started a public consultation in order to gather stakeholders' views on country-by-country reporting by multinational companies. The Commission has now posted to its website the responses received and a summary report of the consultation. http://www.iasplus.com/pastnews/2011apr.htm#0404-1 Mon, 4 Apr 2011 11:50 +0200 Countries: Europe Sustainability reporting 2011-231 New publications available from Deloitte include an updated Project Insights for impairment, three Australian and a US publication as well as an invitation to listen to a webcast on the leases project from the real estate angle. http://www.iasplus.com/pastnews/2011apr.htm#0402-1 Sat, 2 Apr 2011 10:10 +0200 Countries: Australia Countries: United States IASB Projects: Impairment Publications 2011-230 The IASB and FASB are holding a special joint meeting in London on 6 April 2011. The agenda is now available. http://www.iasplus.com/pastnews/2011apr.htm#0401-5 Fri, 01 Apr 2011 17:20 -0400 IASB Projects: Leases IASB FASB IASB meetings 2011-229 Deloitte's IFRS Global Office has submitted a letter of comment on Supplement to Exposure Draft ED/2009/12 'Amortised Cost and Impairment'. The comment letter expresses Deloitte's views on the IASB and FASB's development of a more operational expected loss model. http://www.iasplus.com/pastnews/2011apr.htm#0401-4 Fri, 01 Apr 2011 17:20 -0400 Comment letters IASB Projects: Impairment Exposure drafts 2011-228 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/2011apr.htm#0401-3 Fri, 01 Apr 2011 10:00 +0200 Countries: Europe EFRAG Standards: IFRS 9 Standards: IFRS 7 Standards: IFRS 1 Standards: IAS 12 2011-227 The International Auditing and Assurance Standards Board (IAASB) has released its 2010 annual report. http://www.iasplus.com/pastnews/2011apr.htm#0401-2 Fri, 01 Apr 2011 16:45 +1030 IAASB Auditing 2011-226 The American Institute of Certified Public Accountants (AICPA) has introduced a new course of study leading to a 'Certificate of Educational Achievement in International Financial Reporting Standards'. http://www.iasplus.com/pastnews/2011apr.htm#0401-1 Fri, 01 Apr 2011 16:45 +1030 Countries: United States AICPA 2011-225 The IFRS Foundation Trustees are currently meeting in London. On the public part of the agenda were reports by the different bodies of the organisation. Tomorrow, on 1 April, the IFRS Foundation Trustees will meet with the Monitoring Board. http://www.iasplus.com/pastnews/2011mar.htm#0331-3 Thu, 31 Mar 2011 14:30 +0200 IFRS Foundation Monitoring Board 2011-224 The IASB intends to finalise its projects on revenue recognition, leases, insurance contracts and financial instruments in June 2011. The European National Standard Setters and EFRAG are organising outreach events throughout Europe in May 2011, in order to provide useful input to the IASB for completion of the projects and to ensure that the final standards are suitable for use in Europe. http://www.iasplus.com/pastnews/2011mar.htm#0331-2 Thu, 31 Mar 2011 11:30 +0200 Countries: Europe EFRAG IASB IASB Projects: Revenue IASB Projects: Leases IASB Projects: Insurance IASB Projects: Financial instruments 2011-224 Standard setting in New Zealand is currently undergoing transformation to a new regime. The New Zealand Accounting Standards Review Board (ASRB) and Financial Reporting Standards Board (FRSB) are being replaced with effect from 1 July 2011. http://www.iasplus.com/pastnews/2011mar.htm#0331-1 Thu, 31 Mar 2011 17:00 +1030 Countries: New Zealand 2011-223 We remind you that comments on the Supplement to Exposure Draft: Financial Instruments: Impairment and Consultative Report on the Review of the IFRS Foundation's Governance are due on 1 April 2011 and 8 April 2011, respectively. http://www.iasplus.com/pastnews/2011mar.htm#0330-3 Wed, 30 Mar 2011 16:30 -0400 IFRS Foundation IASB IASB Projects: Impairment Exposure drafts 2011-222 The UK House of Lords committee examining audit concentration and the role of audit has issued its report. http://www.iasplus.com/pastnews/2011mar.htm#0330-2 Wed, 30 Mar 2011 16:30 -0400 Countries: United Kingdom Auditing Convergence Differential reporting 2011-221 Hans Hoogervorst, incoming Chairman of the IASB, has responded to a warning from Mike Starr, SEC Deputy Chief Accountant, that the SEC would continue to refuse to allow company filings under IFRS to use XBRL. http://www.iasplus.com/pastnews/2011mar.htm#0330-1 Wed, 30 Mar 2011 16:30 -0400 XBRL SEC Hoogervorst Countries: United States 2011-220 The IASB held an additional meeting in London on 29 March 2011, some of which was a joint meeting with the FASB. We've posted Deloitte observer notes from the meeting discussing financial statement presentation (discontinued operations), financial instrument impairment and insurance contracts. http://www.iasplus.com/pastnews/2011mar.htm#0329-3 Wed, 30 Mar 2011 08:30 +1030 IASB IASB meetings FASB Discontinued operations IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Insurance IASB Projects: Discontinued operations IASB Projects: Financial statement presentation 2011-219 New publications available from Deloitte include an updated Project Insights for revenue recognition, a French translation of a recent IFRS on Point newsletter, a Japanese webcast summarising a recent IASB meeting and a Japanese translation of a recent IFRIC Review newsletter. http://www.iasplus.com/pastnews/2011mar.htm#0329-2 Tue, 29 Mar 2011 15:10 -0400 Countries: Canada Countries: Japan IASB Projects: Revenue Languages: French Languages: Japanese Translations Publications 2011-218 The IASB has updated the agenda for its meeting on 29 March 2011, adding an IASB only session on financial statement presentation (discontinued operations). The IASB and FASB have also tentatively announced an additional joint meeting to be held on 5-6 April 2011. http://www.iasplus.com/pastnews/2011mar.htm#0329-1 Tue, 29 Mar 2011 11:55 +1030 IASB IASB meetings FASB IASB Projects: Discontinued operations IASB Projects: Financial statement presentation 2011-217 Deloitte's IFRS Global Office has published Putting the Pieces Together: An Update on the IASB's Projects to Improve the Accounting for Financial Instruments and Other Related Projects. http://www.iasplus.com/pastnews/2011mar.htm#0328-6 Mon, 28 Mar 2011 16:30 -0400 IASB IASB Projects: Financial instruments Publications Standards: IFRS 9 IASB Projects: Fair value measurement IASB Projects: Consolidation IASB Projects: Investment entities IASB Projects: Impairment IASB Projects: Hedge accounting IASB Projects: Offsetting IASB Projects: Liabilities and equity 2011-216 The latest IASB work plan timetable, as of 28 March, has been released and shows revised 'current best estimates' for its progress. It shows that the IASB expects to ballot on its four big projects (financial instruments, leases, revenue recognition and insurance contracts) before the end of June this year. Finalised standards in a number of other projects are now due to be issued in April: financial statement presentation (other comprehensive income), consolidation, joint ventures and post-employment benefits http://www.iasplus.com/pastnews/2011mar.htm#0328-5 Mon, 28 Mar 2011 11:40 -0400 IASB IASB Projects: Financial instruments IASB Projects: Leases IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Consolidation IASB Projects: Comprehensive income IASB Projects: Joint arrangements IASB Projects: Post-employment benefits Work plan 2011-215 The IASB and FASB are holding an additional joint meeting in London on 29 March 2011 to discuss financial instrument impairment and insurance contracts. http://www.iasplus.com/pastnews/2011mar.htm#0328-4 Mon, 28 Mar 2011 17:10 +1030 IASB IASB meetings FASB IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Insurance 2011-214 The United Nations Conference on Trade and Development (UNCTAD) has released 'Corporate Governance in the Wake of the Financial Crisis - Selected international views', a compilation of perspectives on the corporate governance-related causes and remedies of the global financial crisis - including calls for global standard setting and sustainability reporting. http://www.iasplus.com/pastnews/2011mar.htm#0328-3 Mon, 28 Mar 2011 17:10 +1030 Global financial crisis Sustainability reporting Corporate governance 2011-213 The International Federation of Accountants (IFAC) has released a transcript of a speech by Ian Ball (IFAC Chief Executive Officer) entitled 'Trust and Accountability in Public Financial Management'. http://www.iasplus.com/pastnews/2011mar.htm#0328-2 Mon, 28 Mar 2011 17:10 +1030 IFAC IPSASB 2011-212 The framework followed by Canadian not-for-profit organisations (NPOs) is undergoing change. http://www.iasplus.com/pastnews/2011mar.htm#0328-1 Mon, 28 Mar 2011 17:10 +1030 Countries: Canada Convergence Differential reporting 2011-211 The IFRS Foundation has published the IFRS Taxonomy 2011. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language). http://www.iasplus.com/pastnews/2011mar.htm#0325-6 Fri, 25 Mar 2011 16:15 -0400 XBRL IFRS Foundation 2011-210 Deloitte's IFRS Global Office has submitted a letter of comment on the IFRS Foundation Monitoring Board's Consultative Report on the Review of the IFRS Foundation's Governance. The comment letter expresses Deloitte's views about the issues that are fundamental to the review of the IFRS Foundation's governance. http://www.iasplus.com/pastnews/2011mar.htm#0325-5 Fri, 25 Mar 2011 15:00 -0400 Comment letters IFRS Foundation IFRS Foundation governance review 2011-209 The International Organization of Securities Commissions (IOSCO) has released a transcript of a speech given by Jane Diplock, Chairman IOSCO Executive Committee, on 'Enhancing Financial Policy and Regulatory Cooperation - Responses to the Global Financial Crisis'. http://www.iasplus.com/pastnews/2011mar.htm#0325-4 Fri, 25 Mar 2011 15:50 +1030 IOSCO Global financial crisis Sustainability reporting Integrated reporting Auditing 2011-208 The Global Reporting Initiative (GRI) has released its 'G3.1 Sustainability Reporting Guidelines'. http://www.iasplus.com/pastnews/2011mar.htm#0325-3 Fri, 25 Mar 2011 15:50 +1030 Sustainability reporting GRI 2011-207 The UK Financial Reporting Council (FRC) has published a feedback statement summarising the responses to its August 2010 Discussion Paper 'Auditor Scepticism: Raising the Bar', including observations on the interaction of the judgement required in applying IFRSs and audit scepticism. http://www.iasplus.com/pastnews/2011mar.htm#0325-2 Fri, 25 Mar 2011 15:50 +1030 Auditing Countries: United Kingdom 2011-206 The Chartered Institute of Management Accountants (CIMA), headquartered in London, and the American Institute of Certified Public Accountants (AICPA), headquartered in New York, are launching a joint venture designed to give management accountancy a higher profile in the United States and promote its development across the world. http://www.iasplus.com/pastnews/2011mar.htm#0325-1 Fri, 25 Mar 2011 15:50 +1030 CIMA AICPA Countries: United States Management accounting 2011-205 The IASB and FASB held a joint meeting in Norwalk on 21-23 March 2011. We've posted the remaining Deloitte observer notes from the meeting, covering leases, financial instrument impairment and revenue recognition. http://www.iasplus.com/pastnews/2011mar.htm#0324-3 Fri, 25 Mar 2011 09:15 +1030 IASB IASB meetings FASB IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Revenue 2011-204 New publications available from Deloitte include a updated Project Insights for financial instruments: impairment, insurance contracts and leases, a special accounting alert on the Christchurch earthquake and a quarterly financial reporting update from Deloitte (New Zealand) and financial reporting survey results and a monthly insurance newsletter published by Deloitte (United Kingdom). http://www.iasplus.com/pastnews/2011mar.htm#0324-2 Thu, 24 Mar 2011 16:10 -0400 Countries: United Kingdom Countries: New Zealand IASB IASB Projects: Impairment IASB Projects: Leases IASB Projects: Insurance Financial reporting Publications 2011-203 In response to a request from the International Accounting Standards Board (IASB), the Institute of Chartered Accountants of Scotland (ICAS) and the New Zealand Institute of Chartered Accountants (NZICA) have launched a project with the aim of reducing the volume of disclosure requirements in International Financial Reporting Standards (IFRSs). http://www.iasplus.com/pastnews/2011mar.htm#0324-1 Thu, 24 Mar 2011 16:20 +1030 Countries: United Kingdom Countries: Scotland Countries: New Zealand IASB Disclosures 2011-202 The IASB and FASB are holding a joint meeting in Norwalk on 21-23 March 2011, continuing discussions held between the two boards as part of the regular IASB meeting held in London on 14-17 March. We've posted Deloitte observer notes from some of the first and second days of the meeting, covering revenue recognition, cross-cutting disclosure issues, insurance contracts and leases. http://www.iasplus.com/pastnews/2011mar.htm#0323-3 Thu, 24 Mar 2011 09:40 +1030 IASB IASB meetings FASB IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Leases 2011-201 The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) have released details of their meeting on 18 March, which aimed to review work on convergence projects. http://www.iasplus.com/pastnews/2011mar.htm#0323-2 Wed, 23 Mar 2011 16:00 -0400 EFRAG IASB IASB Projects: Leases IASB Projects: Financial instruments IASB Projects: Revenue IASB Projects: Insurance Countries: Europe 2011-200 A new study by the Certified General Accountants Association of Canada (CGA-Canada), 'The Effects of IFRS on Financial Ratios: Early Evidence in Canada', outlines the findings from a comparison of the financial statements of Canadian companies that early adopted IFRS and statements prepared under pre-changeover Canadian GAAP. http://www.iasplus.com/pastnews/2011mar.htm#0323-1 Wed, 23 Mar 2011 16:00 +1030 Countries: Canada Convergence 2011-199 New publications available from Deloitte include a new IFRIC Review newsletter, IFRS newsletters in Dutch and French from Deloitte (Belgium) and the third edition of iGAAP: IFRS for Canada. http://www.iasplus.com/pastnews/2011mar.htm#0322-3 Wed, 23 Mar 2011 09:40 +1030 Publications Countries: Belgium Countries: Canada iGAAP 2011-198 The IFRS Foundation is establishing a task force to examine detailed XBRL (eXtensible Business Reporting Language) tagging in IFRS financial statements, and is looking to work directly with preparers from listed companies from different industries and regions. http://www.iasplus.com/pastnews/2011mar.htm#0322-2 Tue, 22 Mar 2011 17:25 +1030 IASB XBRL IFRS Foundation 2011-197 The IASB has uploaded to its site an article on the history of IFRSs in Europe, written by Financial journalist Robert Bruce, who is also the regular resident commentator for IAS Plus. http://www.iasplus.com/pastnews/2011mar.htm#0322-1 Tue, 22 Mar 2011 17:25 +1030 IASB Robert Bruce Countries: Europe Hoogervorst Tweedie EFRAG 2011-196 We remind you that on 30 March 2011, Deloitte's IFRS Global Office is hosting a new webcast in its ongoing series of updates on global financial reporting. http://www.iasplus.com/pastnews/2011mar.htm#0321-4 Mon, 21 Mar 2011 16:22 -0400 Webcasts IASB IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Impairment IASB Projects: Offsetting IASB Projects: Consolidation IASB Projects: Joint arrangements 2011-195 The UK Accounting Standards Board (ASB) has published a Financial Reporting Exposure Draft, FRED 45, which sets out proposals to be included in a Financial Reporting Standard for Public Benefit Entities (FRSPBE) to accompany the proposed Financial Reporting Standard for Medium-size Entities (FRSME). http://www.iasplus.com/pastnews/2011mar.htm#0321-3 Mon, 21 Mar 2011 16:22 -0400 Countries: United Kingdom UK FRC Differential reporting UK GAAP 2011-194 The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released the second edition of the IFAC 'Sustainability Framework'. http://www.iasplus.com/pastnews/2011mar.htm#0321-2 Mon, 21 Mar 2011 17:20 +1030 Sustainability reporting IFAC Integrated reporting 2011-193 The Competitiveness (Internal Market, Industry, Research and Space) Council of the European Union, has raised country-by-country reporting by mining and oil and gas companies as part of its conclusions on tackling the challenges on raw materials and in commodity markets. http://www.iasplus.com/pastnews/2011mar.htm#0321-1 Mon, 21 Mar 2011 17:20 +1030 Countries: Europe IASB Projects: Extractive activities 2011-192 The IASB and FASB have announced plans to hold several public roundtable meetings in May 2011 to discuss the financial asset and financial liability offsetting project. http://www.iasplus.com/pastnews/2011mar.htm#0318-4 Fri, 18 Mar 2011 14:15 +1030 IASB FASB IASB Projects: Financial instruments IASB Projects: Offsetting 2011-191 The Accounting Standards Board of Japan (ASBJ) has released its latest summary of standards development and its project plan. http://www.iasplus.com/pastnews/2011mar.htm#0318-3 Fri, 18 Mar 2011 14:15 +1030 Countries: Japan ASBJ Convergence 2011-190 The New Zealand Accounting Standards Review Board (ASRB) has outlined a new accounting framework for New Zealand consisting of two sets of accounting standards for entities required to prepare general purpose financial reports. http://www.iasplus.com/pastnews/2011mar.htm#0318-2 Fri, 18 Mar 2011 14:15 +1030 Countries: New Zealand IPSASB Differential reporting 2011-189 A study by EDHEC Business School for the International Centre for Financial Regulation (ICFR), has highlighted differences in bank reporting under IFRS and under the Basel II regulations which lead to "significant variations" relating to capital adequacy and balance sheet leverage. http://www.iasplus.com/pastnews/2011mar.htm#0318-1 Fri, 18 Mar 2011 14:15 +1030 Basel Global financial crisis 2011-188 The IASB is holding its regular meeting in London on 14-18 March 2011. We've posted Deloitte observer notes from day 4 of the meeting, where financial instruments impairment, post-employment benefits and comprehensive income were discussed. http://www.iasplus.com/pastnews/2011mar.htm#0317-3 Fri, 18 Mar 2011 08:55 +1030 IASB IASB meetings IASB Projects: Financial instruments IASB Projects: Impairment IASB Projects: Post-employment benefits IASB Projects: Comprehensive income 2011-187 The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its Endorsement Advice Letter and Effects Study Report on the amendments to IFRS 7 'Financial Instruments: Disclosures - Transfers of Financial Assets'. http://www.iasplus.com/pastnews/2011mar.htm#0317-2 Thu, 17 Mar 2011 12:45 -0400 EFRAG IASB Projects: Financial instruments Standards: IFRS 7 Countries: Europe 2011-186 The IFRS Foundation announced the dates for its conference in Europe, which will be held in Switzerland at the Swissotel Zurich on Tuesday 5 July 2011 and Wednesday 6 July 2011. http://www.iasplus.com/pastnews/2011mar.htm#0317-1 Thu, 17 Mar 2011 11:30 -0400 IFRS Foundation Convergence Countries: Europe Countries: Switzerland 2011-185 The IASB is holding its regular meeting in London on 14-18 March 2011, some of which is a joint meeting with the FASB. We've posted additional Deloitte observer notes from the insurance contracts sessions from the earlier days of the meeting and the notes from day 3 of the meeting where hedge accounting was discussed. A number of changes have also been made to the agenda for the meeting, with some items being moved to Thursday 17 March 2011. http://www.iasplus.com/pastnews/2011mar.htm#0316-5 Thu, 17 Mar 2011 09:50 +1030 IASB IASB meetings IASB Projects: Insurance IASB Projects: Financial instruments IASB Projects: Hedge accounting FASB 2011-184 On 25 February 2011, the Russian government signed off an IFRS endorsement procedure (in Russian). According to the procedure, IFRSs will be endorsed for use in Russia by the Ministry of Finance. http://www.iasplus.com/pastnews/2011mar.htm#0316-4 Wed, 16 Mar 2011 15:10 -0400 Countries: Russia Convergence 2011-183 The FASB has released a podcast containing excerpts of a recent speech given by Chairman Leslie Seidman at a US Chamber of Commerce Event, 'The Future of Financial Reporting: Convergence or Not?' in Washington, DC. http://www.iasplus.com/pastnews/2011mar.htm#0316-3 Wed, 16 Mar 2011 14:00 -0400 FASB Convergence Countries: United States 2011-182 The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) will hold a joint meeting in London on 18 March 2011. http://www.iasplus.com/pastnews/2011mar.htm#0316-2 Wed, 16 Mar 2011 11:50 -0400 IASB EFRAG IASB meetings Countries: Europe Countries: United Kingdom 2011-181 The Compliance Advisory Panel (CAP) has released for comment the International Federation of Accountants' (IFAC) Proposed Member Body Compliance Program Strategy 2011-2014. http://www.iasplus.com/pastnews/2011mar.htm#0316-1 Wed, 16 Mar 2011 17:50 +1030 IFAC 2011-180 The IASB is holding its regular meeting in London on 14-18 March 2011, some of which is a joint meeting with the FASB. We've posted Deloitte observer notes from one session from the first day of the meeting and two sessions from the second day of the meeting, where leases and fair value measurement were discussed. http://www.iasplus.com/pastnews/2011mar.htm#0315-3 Tue, 15 Mar 2011 16:50 -0400 IASB FASB IASB meetings IASB Projects: Leases IASB Projects: Fair value measurement 2011-179 New publications available from Deloitte include a new IFRS on Point newsletter, French translations of Canadian versions of the 2010 global checklists, Spanish translations of IFRS in Focus newsletters, latest edition of Deloitte India's Tracking IFRS newsletter and a Roadmap on income taxes issued by Deloitte United States. http://www.iasplus.com/pastnews/2011mar.htm#0315-2 Tue, 15 Mar 2011 16:50 -0400 Publications Countries: United States Countries: Canada Countries: Colombia Countries: India Translations IFRS on Point Checklists IASB Projects: Income taxes Languages: French Languages: Spanish 2011-178 The Public Interest Oversight Board (PIOB), the oversight body for the Public Interest Activity Committees (PIACs) of the International Federation of Accountants (IFAC), has announced a number of new board appointments. http://www.iasplus.com/pastnews/2011mar.htm#0315-1 Tue, 15 Mar 2011 17:15 +1030 PIOB IFAC 2011-177 Accounting for sustainability and the integrated reporting which will bring it about is gaining traction around the world. As our regular resident columnist Robert Bruce reports, companies need to think long-term but act now. http://www.iasplus.com/bruce/column110314.htm Mon, 14 Mar 2011 16:00 -0400 Robert Bruce Sustainability reporting Financial reporting Integrated reporting B2011-004 Deloitte's IFRS Global Office has published IFRS Industry Insights: The Leases Project - An update for the shipping industry. http://www.iasplus.com/pastnews/2011mar.htm#0314-1 Mon, 14 Mar 2011 08:15 -0400 Publications IASB Projects: Leases Industries: Shipping 2011-176 We have posted notes from the IFRS Interpretations Committee meeting in London on 10-11 March 2011. Topics discussed included accounting for production phase stripping costs in the mining industry, share-based payment awards settled net of tax withholding and contingent pricing of property, plant and equipment and intangible assets. http://www.iasplus.com/pastnews/2011mar.htm#0311-2 Fri, 11 Mar 2011 17:10 -0500 IFRIC IFRS Interpretations Committee IFRIC meetings Industries: Energy and resources IFRIC Projects: Stripping costs IFRIC Projects: Contingent pricing Standards: IAS 16 Standards: IAS 38 Standards: IFRS 2 Presentation 2011-175 Deloitte (United States) is holding a two-day IFRS executive training program for United States executives to learn about key accounting issues and practical considerations related to IFRS implementation. http://www.iasplus.com/pastnews/2011mar.htm#0311-1 Fri, 11 Mar 2011 17:10 +1030 Countries: United States Convergence 2011-174 In a speech to the US Chamber of Commerce, IASB Chairman Sir David Tweedie discussed his vision for the future of financial reporting, which "includes IFRSs as the common basis of financial reporting for listed companies throughout the world, including the United States". http://www.iasplus.com/pastnews/2011mar.htm#0310-5 Thu, 10 Mar 2011 16:00 -0500 Convergence Tweedie Financial reporting Countries: United States 2011-173 The International Federation of Accountants (IFAC) has published a report, Integrating the Business Reporting Supply Chain, based on interviews with leading business figures around the world which points to the need for significant changes in financial reporting. http://www.iasplus.com/pastnews/2011mar.htm#0310-4 Thu, 10 Mar 2011 16:00 -0500 IFAC Financial reporting Integrated reporting Sustainability reporting 2011-172 The CFA Institute, a global association for investment professionals, has released a report entitled 'Financial Market Integrity Outlook: 2011', summarising the outcomes of a survey created to seek input from CFA Institute members on the outlook for ethical markets in 2011. http://www.iasplus.com/pastnews/2011mar.htm#0310-3 Thu, 10 Mar 2011 17:10 +1030 Global financial crisis CFA Institute Standards: IFRS 7 2011-171 The European Commission (EU) has commented on IFRS-US GAAP convergence in its comment letter on the IFRS Foundation Trustees' Public Consultation Status of Trustees' Strategy Review. http://www.iasplus.com/pastnews/2011mar.htm#0310-2 Thu, 10 Mar 2011 17:10 +1030 European Union Convergence Countries: United States Countries: Europe IFRS Foundation IFRS Trustees 2011-170 The United Nations (UN) Global Compact has officially launched the 'Differentiation Programme', a practical framework to help business participants improve sustainability performance and disclosure practices. http://www.iasplus.com/pastnews/2011mar.htm#0310-1 Thu, 10 Mar 2011 17:10 +1030 Sustainability reporting 2011-169 The IASB's regular monthly meeting is scheduled for 14-18 March 2011 in London, much of it a joint meeting with the FASB. In addition, the IASB and FASB are meeting in Norwalk on 21-23 March 2011. Many of the topics to be discussed are spread over both meetings. The agenda for the meetings is now available. http://www.iasplus.com/pastnews/2011mar.htm#0309-5 Thu, 10 Mar 2011 10:29 +1030 IASB IASB meetings FASB 2011-168 Deloitte's IFRS Global Office has submitted a letter of comment on Exposure Draft ED/2010/13 'Hedge Accounting'. http://www.iasplus.com/pastnews/2011mar.htm#0309-4 Wed, 9 Mar 2011 16:00 -0500 Comment letters IASB Projects: Hedge accounting Exposure drafts 2011-167 Deloitte's IFRS Global Office has published IFRS Industry Insights: The Leases Project - An update for the consumer business industry. http://www.iasplus.com/pastnews/2011mar.htm#0309-3 Wed, 9 Mar 2011 16:00 -0500 Publications IASB Projects: Leases Industries: Consumer business 2011-166 The IASB has posted to its website a new batch of Editorial Corrections to IFRSs. http://www.iasplus.com/pastnews/2011mar.htm#0309-2 Wed, 09 Mar 2011 17:20 +1030 Editorial corrections Standards IASB Standards: IFRS 9 2011-165 Deloitte's Japanese IFRS Center of Excellence has released updated IFRS e-learning resources in Japanese. http://www.iasplus.com/pastnews/2011mar.htm#0309-1 Wed, 09 Mar 2011 17:20 +1030 Countries: Japan Languages: Japanese e-learning 2011-164 The European Financial Reporting Advisory Group (EFRAG) has sent a joint letter to both the IASB and the FASB in which it calls on the two bodies to concentrate on agreeing a timetable for producing a finalised converged financial instruments standard. http://www.iasplus.com/pastnews/2011mar.htm#0308-4 Tue, 08 Mar 2011 15:00 -0500 EFRAG IASB Projects: Financial instruments FASB IASB Countries: Europe Standards: IFRS 9 Standards: IAS 39 2011-163 The European Securities and Markets Authority (ESMA) has issued summaries of its IFRS decisions on the classification of financial liabilities, government grants, presentation of financial instruments, income tax, classification in the cash flow statement, intangible assets and share-based payments. http://www.iasplus.com/pastnews/2011mar.htm#0308-3 Tue, 08 Mar 2011 15:00 -0500 ESMA Regulation and enforcement Standards: IAS 1 Standards: IAS 20 Standards: IAS 32 Standards: IAS 12 Standards: IAS 7 Standards: IAS 38 Standards: IFRS 2 2011-162 The Financial Accounting Foundation (FAF), responsible for the oversight of the Financial Accounting Standards Board (FASB), has announced that it will begin live video webcasting of all education sessions hosted by the Financial Accounting Standards Board (FASB). http://www.iasplus.com/pastnews/2011mar.htm#0308-2 Tue, 08 Mar 2011 17:00 +1030 Webcasts FASB FAF Countries: United States 2011-161 On 30 March 2011, Deloitte's IFRS Global Office is hosting a new webcast in its ongoing series of updates on global financial reporting. The webcast will discuss the IASB's evolving agenda, proposals on hedge accounting, impairment and offsetting and standards on consolidation and joint ventures. http://www.iasplus.com/pastnews/2011mar.htm#0308-1 Tue, 08 Mar 2011 13:35 +1030 Webcasts IASB IASB Projects: Financial instruments IASB Projects: Hedge accounting IASB Projects: Impairment IASB Projects: Offsetting IASB Projects: Consolidation IASB Projects: Joint arrangements 2011-160 The World Economic Forum (WEF) has released 'Accelerating the Transition towards Sustainable Investing - Strategic Options for Investors, Corporations and other Key Stakeholders'. http://www.iasplus.com/pastnews/2011mar.htm#0307-4 Mon, 07 Mar 2011 16:55 +1030 Sustainability reporting 2011-159 The International Federation of Accountants (IFAC) has published its 'Fourth Annual Global Leadership Survey'. http://www.iasplus.com/pastnews/2011mar.htm#0307-3 Mon, 07 Mar 2011 16:55 +1030 IFAC Global financial crisis Auditing IPSASB Corporate governance 2011-158 The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the formation of a Trustee Working Group to address the accounting standard setting for nonpublic entities. http://www.iasplus.com/pastnews/2011mar.htm#0307-2 Mon, 07 Mar 2011 16:55 +1030 Countries: United States IFRS for SMEs Differential reporting Blue Ribbon Panel 2011-157 The Canadian Institute of Chartered Accountants (CICA) has published a number of new or updated guides dealing with the assurance and other implications of Canada's transition to IFRSs. http://www.iasplus.com/pastnews/2011mar.htm#0307-1 Mon, 07 Mar 2011 16:55 +1030 Countries: Canada CICA IFRS transition Auditing 2011-156 The project to create a new leasing standard which would bring all leases on balance sheet has received considerable input from outreach activities and comments from constituents. As our regular resident columnist Robert Bruce reports, as the Boards re-deliberates, the importance of scope and recognising or presenting certain types of leases differently has come to the fore. http://www.iasplus.com/bruce/column110304.htm Fri, 04 Mar 2011 13:50 +0100 Robert Bruce IASB Projects: Leases B2011-003 New publications available from Deloitte include the Updated IASB Project Insights, Australian summary of financial reporting developments, Korean translations of IFRS in Focus newsletters, and Accounting Roundup issued by Deloitte United States. http://www.iasplus.com/pastnews/2011mar.htm#0303-4 Thu, 03 Mar 2011 17:05 -0500 Publications IFRS Insights Countries: Australia Countries: United States Translations IASB Projects: Revenue IASB Projects: Insurance IASB Projects: Leases IASB Projects: Financial statement presentation 2011-155 Deloitte has published a booklet summarising the provisions of all International Public Sector Accounting Standards (IPSAS) outstanding at 1 February 2011. http://www.iasplus.com/pastnews/2011mar.htm#0303-3 Thu, 03 Mar 2011 14:50 +0100 IPSASB Publications 2011-154 The February 2011 Trustees' meeting was held on 10 and 11 February in Tokyo, Japan. The Trustees have released a summary of the conclusions reached. http://www.iasplus.com/pastnews/2011mar.htm#0303-2 Thu, 03 Mar 2011 13:25 +0100 IFRS Foundation IFRS Trustees 2011-153 The Zambia Institute of Chartered Accountants (ZICA) has adopted a three-tier financial reporting framework for Zambia. http://www.iasplus.com/pastnews/2011mar.htm#0303-1 Thu, 03 Mar 2011 08:25 +0100 Countries: Zambia Differential reporting 2011-152 The IASB held an additional meeting in London on 1-2 March 2011, which is a joint meeting with the FASB. We've posted the remaining Deloitte observer notes from the meeting, discussing the following topics: revenue recognition, financial statement presentation, insurance contracts, leases and effective dates and transition methods. http://www.iasplus.com/pastnews/2011mar.htm#0302-5 Thu, 03 Mar 2011 09:35 +1030 IASB FASB IASB meetings IASB Projects: Revenue IASB Projects: Financial statement presentation IASB Projects: Insurance IASB Projects: Leases IASB Projects: Effective dates 2011-151 The IFRS Interpretations Committee will meet at the IASB's offices in London on Thursday and Friday 10 and 11 March 2011. The tentative agenda is now available. http://www.iasplus.com/pastnews/2011mar.htm#0302-4 Wed, 02 Mar 2011 16:20 -0500 IFRIC meetings IFRS Interpretations Committee 2011-150 The IASB is holding an additional meeting in London on 1-2 March 2011, which is a joint meeting with the FASB. We've posted Deloitte observer notes from the insurance contracts sessions from the first day of the meeting. http://www.iasplus.com/pastnews/2011mar.htm#0302-3 Wed, 02 Mar 2011 15:50 +1030 IASB FASB IASB meetings IASB Projects: Insurance 2011-149 The World Accounting Summit is to be held on 21-24 March 2011 in Dubai. The Summit brings together senior representatives from the global standards setters and major accounting associations as well as principal advisers to multinational companies and key users and preparers of financial statements. http://www.iasplus.com/pastnews/2011mar.htm#0302-2 Wed, 02 Mar 2011 12:00 +1030 Countries: Dubai Convergence Differential reporting 2011-148 The Financial Accounting Foundation (FAF) has announced the U.S. Securities and Exchange Commission (SEC) has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy. http://www.iasplus.com/pastnews/2011mar.htm#0302-1 Wed, 02 Mar 2011 12:00 +1030 Countries: United States XBRL SEC US GAAP 2011-147 On 25 January 2011, a meeting between the leaders of the standard setters of China, Japan and the Republic of Korea resulted in the signing of a Memorandum of Understanding (MoU), which seeks to strengthen and reinforce the communication and cooperation between the standard setters over the next several years. http://www.iasplus.com/pastnews/2011mar.htm#0301-1 Tue, 01 Mar 2011 17:00 +1030 Countries: China Countries: Japan Countries: Korea Convergence 2011-146 Readers interested in our articles prior to 1 March 2011 can find them in our archived RSS feed, available at http://www.iasplus.com/rss/rsshistory.xml http://www.iasplus.com/rss/rsshistory.xml Tue, 1 Mar 2011 00:00 -0100 Accessing feed history 2010-OLD