August

Newsletter on insurance contracts proposals

12 Aug, 2010

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – Insurance Contracts. On 30 July 2010, the International Accounting Standards Board (IASB) published ED/2010/8 Insurance Contracts. This ED proposes a single IFRS that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis. The proposed IFRS would apply to writers of both insurance and reinsurance contracts.

Deloitte comment letters on tentative agenda decisions

12 Aug, 2010

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

We agree with the decision not to add the IFRS 1 project to the IFRS Interpretation Committee's agenda, and we agree that the IASB should clarify the guidance relating to the repeat application of IFRS 1 as part of its annual improvements project. We understand the reasons for the decision not to include the IAS 21 on the agenda, but we encourage the IASB to include this issue in a future review of IAS 21.

All of our past letters of comment to the IASB are Here.

IASB podcast and presentation on Financial Statement Presentation project

11 Aug, 2010

The IASB has released a podcast and web presentation on the Financial Statement Presentation project, a joint project with the FASB to improve the organisation and presentation of information in the financial statements by replacing IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows.

A staff draft of an exposure draft arising from the project was published on 1 July 2010 (see our earlier story) and, in response to constituent concerns, the IASB is currently undertaking 'outreach' activities and field testing of the proposals. The formal release of the ED is expected early in 2011, with a final IFRS expected later in 2011. Other aspects of the project are also considering discontinued operations and the presentation of comprehensive income.

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Employee Benefits Working Group to discuss ED Defined Benefit Plans

11 Aug, 2010

The next meeting of the IASB's Employee Benefits Working Group will be held on Monday 27 September 2010. At this meeting, staff and Board members will discuss with the working group the issues arising from the Exposure Draft Defined Benefit Plans (Proposed Amendments to IAS 19) and the responses received.

The proposals in the ED would amend the accounting for defined benefit plans through which some employers provide long-term employee benefits, such as pensions and post-employment medical care. In defined benefit plans, employers bear the risk of increases in costs and of possible poor investment performance. The ED proposes improvements to the recognition, presentation, and disclosure of defined benefit plans.

The working group meeting will be open to observers. For more details about the meeting and how to register as an observer see the IASB's website.

Webcast to discuss ED Revenue from Contracts with Customers

09 Aug, 2010

The staff of the IASB and FASB will hold a joint webcast on Thursday 12 August from 17:00 to 17:45 London time to discuss proposals in the Exposure Draft, Revenue from Contracts with Customers and their potential affect on the technology industry. The live webcast is free.

To register, go to the FASB website.

 

Deloitte webcast on global financial reporting

06 Aug, 2010

The pace of standard-setting developments at the IASB is unprecedented, and it is creating challenging times for financial and tax professionals. What developments should you know about now?

In this webcast from Deloitte's IFRS Global Office, we will discuss:
  • Updates on the IASB's evolving agenda and standard-setting activities
  • The IASB's exposure draft on revenue recognition
  • The IASB's exposure draft on leases
Stay informed about the latest developments from the IASB and their potential effects on your financial reporting and tax accounting.
  • Topic: IFRS: Important Third Quarter Developments
  • Date and time: 8 September, 9:00-10:00am London time (GMT +1), which is 4:00-5:00pm HKT (GMT +8)
  • Host: Joel Osnoss
  • Presenters: Phil Barden, Veronica Poole and Randall Sogoloff
  • More Info and Registration: Click Here

 

Conclusions of the July 2010 meeting of the IFRS Foundation Trustees

06 Aug, 2010

The Trustees of the IFRS Foundation, the body responsible for the promotion of International Financial Reporting Standards (IFRSs) and oversight of the International Accounting Standards Board (IASB), today announced the conclusions of their meeting in Washington, DC on 6 and 7 July 2010.

The Trustees received reports from the chairmen of the IASB, the IFRS Advisory Council and the Due Process Oversight Committee. They also discussed their strategic review:

Strategic Review:

After ten years of existence and with the number of countries adopting IFRSs growing, the Trustees agreed that it is an opportune moment to consider the organisation's strategy looking out over a ten-year time horizon. The Trustees' Executive Committee, led by the incoming Trustee Chair Tommaso Padoa-Schioppa, will lead the review on behalf of the Trustees. The review will consider the scope and mission of the IFRS Foundation, governance arrangements, the effectiveness of the standard-setting process and financing arrangements

Click for:

  • IFRS Foundation press release (PDF 18k) offering a summary of the conclusions reached at the meeting and providing links to the reports received

 

IFRS Taxonomy 2010 updated for latest annual Improvements to IFRSs

05 Aug, 2010

The IFRS Foundation today released the first interim release for the International Financial Reporting Standards (IFRS) Taxonomy 2010, which is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language).

This IFRS Taxonomy interim release reflects Improvements to IFRSs for the 2008-2010 project cycle, which was published in May 2010 as part of the IASB's annual improvements process.

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IFRS insurance accounting newsletter

05 Aug, 2010

Deloitte (United Kingdom) has published the August 2010 issue of Insurance Accounting Newsletter. This issue is titled 'The start of a new accounting era' and provides a detailed analysis of the main provisions in the Exposure Draft issued on 30 July by the IASB to revise substantially IFRS 4 Insurance Contracts.

IASB/EFRAG convergence meeting

04 Aug, 2010

On 26 August 2010 the International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) will meet in London.

These meetings take place twice a year and are used to discuss European ideas and input into projects on the IASB's agenda. The meeting will be open to public observation.
You can access the agenda on our August 2010 IASB/EFRAG meeting page.  We will also post Deloitte observer notes on this page as they are available

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