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Summary of the June 2017 joint CMAC-GPF meeting

23 Aug 2017

Representatives from the International Accounting Standards Board (IASB) met with both the Capital Markets Advisory Council (CMAC) and Global Preparers Forum (GPF) in London on 15 and 16 June 2017. Notes from the joint meeting have now been released.

Hyperinflationary economies - updated IPTF watch list available

23 Aug 2017

IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the AICPA's Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. The Task Force's criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

IPSASB consults on accounting for revenue and non-exchange expenses

23 Aug 2017

The International Public Sector Accounting Standards Board (IPSASB) has published a consultation paper on potential recognition and measurement approaches for revenue and non-exchange expenses. The paper proposes updating existing IPSAS 23 'Revenue from Non-Exchange Transactions (Taxes and Transfers)' as well as to replace current IPSAS dealing with revenue arising from exchange transactions and construction contracts with an IPSAS based on IFRS 15.

We comment on four IFRS Interpretations Committee tentative agenda decisions

21 Aug 2017

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions on IFRS 3, IAS 38, IAS 37, and IAS 28, as published in the June 2017 IFRIC Update.

Recent sustainability and integrated reporting developments

17 Aug 2017

A summary of recent developments at GRI/GSSB, CPA Canada, and IFA.

IAASB, IESBA, and IAESB outline need for more professional scepticism

15 Aug 2017

The International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), and the International Accounting Education Standards Board (IAESB) have jointly published 'Toward Enhanced Professional Skepticism'.

Outreach event on the principles of disclosure discussion paper in Hong Kong

11 Aug 2017

On 5 September 2017, the Hong Kong Institute of CPAs and the IASB will host a joint outreach event in Hong Kong on the IASB discussion paper DP/2017/1 'Disclosure Initiative — Principles of Disclosure'.

Recent sustainability and integrated reporting developments

04 Aug 2017

A summary of recent developments at IFAC, IIRC, AICPA, and SASB.

IASB posts webinar on the IFRS 17’s premium allocation approach

03 Aug 2017

The IASB has posted to its website a two-part webinar, ‘How does IFRS 17 measure insurance contracts with short coverage periods?’

ICAEW report on non-comparable disclosure under IFRS

03 Aug 2017

The Institute of Chartered Accountants in England and Wales (ICAEW) has released a report 'Disclosure quality and international comparability under IFRS: evidence from pension discount rates, impairment and capitalisation of development costs' that argues that non-comparable disclosure under IFRS is a problem.

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A roadmap to distinguishing liabilities from equity (2017)

published 21 Aug 2017

This Roadmap provides an overview of the guidance in ASC 480-10 and how to apply it in practice. That guidance requires (1) issuers to classify certain types of shares of stock and certain share-settled contracts as liabilities or, in some circumstances, as assets and (2) SEC registrants to classify certain types of redeemable equity instruments as temporary equity. For ease of reference, we have accompanied our discussion with the related authoritative text.

Deloitte comment letter on tentative agenda decision on IAS 28 — Acquisition of an associate or joint venture from an entity under common control

published 21 Aug 2017

We agree with the IFRS Interpretations Committee's decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision; however, we believe issues arising from common control transactions should be addressed holistically.

Deloitte comment letter on tentative agenda decision on IAS 37 — Costs considered in assessing whether a contract is onerous

published 21 Aug 2017

We agree with the IFRS Interpretations Committee's decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision.

Deloitte comment letter on tentative agenda decision on IAS 38 — Goods acquired for promotional activities

published 21 Aug 2017

We agree with the IFRS Interpretations Committee's decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision; however, we do not believe with the assertion that transaction described is within the scope of IAS 38.

Deloitte comment letter on tentative agenda decision on IFRS 3 — Acquisition of a group of assets that does not constitute a business

published 21 Aug 2017

We agree with the IFRS Interpretations Committee's decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision.

A roadmap to foreign currency transactions and translations (2017)

published 18 Aug 2017

This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance under ASC 830. Each chapter of the publication typically starts with a brief introduction and includes excerpts from ASC 830, Deloitte’s interpretations of those excerpts, and examples to illustrate the relevant guidance. The publication also addresses relevant SEC considerations and highlights from the meetings of the CAQ SEC Regulations Committee’s International Practices Task Force. In addition, the Roadmap identifies pending content (in certain circumstances) from recently issued ASUs.

A roadmap to accounting for noncontrolling interests (2017)

published 04 Aug 2017

This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance on noncontrolling interests.

IFRS Model Financial Statements for 2017 (German)

published 31 Jul 2017

Deloitte Germany has released 'International GAAP Holding AG Musterkonzernabschluss zum 31. Dezember 2017' - Model IFRS Financial Statements for 2017 in the German language.

The auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9

published 28 Jul 2017

The Global Public Policy Committee (GPPC) have issued a paper to promote high quality audits of the accounting for expected credit losses by globally systemically important banks.

IFRS on Point — June 2017

published 26 Jul 2017

IFRS on Point, published at the end of each month, highlights critical IFRS-related financial reporting developments.

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IASB meeting — 18–19 July 2017

Start: 18 Jul 2017 - End: 19 Jul 2017

The IASB met in public on Tuesday 18 and Wednesday 19 July 2017.

IASB meeting — 21–22 June 2017

Start: 21 Jun 2017 - End: 22 Jun 2017

The IASB met in public on Wednesday 21 and Thursday 22 June 2017.

IFRS Interpretations Committee meeting — 13 June 2017

Start: 13 Jun 2017 - End: 13 Jun 2017

The IFRS Interpretations Committee met in London on Tuesday 13 June 2017. The Committee discussed 11 issues — one on-going, five previously issued agenda decisions, and five new.

IASB meeting — 16–17 May 2017

Start: 16 May 2017 - End: 17 May 2017

The IASB met at its offices in London on 16–17 May 2017. There were six topics on the agenda.

IFRS Interpretations Committee meeting — 3 May 2017

Start: 03 May 2017 - End: 03 May 2017

The IFRS Interpretations Committee met via Video Conference Call on Wednesday 3 May 2017. They discussed one new issue and the staff also identified the new issues that have come to them that they are still analysing for future meetings.

IASB meeting — 24 and 27 April 2017

Start: 24 Apr 2017 - End: 27 Apr 2017

The IASB met at its offices in London on 24 and 27 April 2017. One session was held jointly with the FASB.

IASB meeting — 21–22 March 2017

Start: 21 Mar 2017 - End: 22 Mar 2017

The IASB met at its office in London on 21–22 March 2017.

IFRS Interpretations Committee meeting — 14-15 March 2017

Start: 14 Mar 2017 - End: 15 Mar 2017

The IFRS Interpretations Committee met in London on Tuesday and Wednesday 14-15 March 2017. The IFRS Interpretations Committee deliberated comment letters received on issues regarding IAS 19 and IFRS 11, finalised agenda decisions on IAS 2, IAS 12, IAS 28, and IFRS 10, and considered new issues on IAS 12, IAS 19, IAS 32, IAS 33, IAS 41, IFRS 1, and IFRS 9.