Those summaries are intended as general information and are not a substitute for reading the entire Standard. Click to download Deloitte's IPSAS Summary Booklet (PDF 414k).

 

Members are expected to attend about six two-day meetings each year held in London. Membership is unpaid, but the IASC Foundation meets members' expenses of travel on IFRIC business. Click for More Information on IASB's website.

 

A separate taxonomy for the IFRS for SMEs will not be issued. The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). Comments on the proposed IFRS Taxonomy 2010 are invited by 22 April 2010. The proposed taxonomy and related material can be accessed Here. The final version is expected to be released at the end of April 2010.

 

• Consolidation
• Derecognition
• Fair Value Measurement
• Financial Instruments: Hedge Accounting
• Financial Instruments: Classification and Measurement
• Financial Instruments with the Characteristics of Equity
• Financial Statement Presentation
• Insurance Contracts
• Joint Ventures
• Leases
• Post-employment Benefits
• Rate Regulation
• Revenue Recognition

 

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting. The IASB held its own meeting during the morning, followed by a joint meeting with the FASB in the afternoon.

 

In other words, the amounts in those financial statements must be restated for changes in the general purchasing power of the reporting currency. For a number of years, the International Practices Task Force of the American Institute of CPAs has published unofficial guidance on the inflation status of countries that appear to be at or near the hyperinflation level. The AICPA (through its Center for Audit Quality) has just released CAQ Alert #2010-11 Monitoring Inflation Status of Certain Countries The Alert states the following view of the Task Force:

The following countries should continue to be considered highly inflationary as of 30 September 2009:

• Myanmar
• Zimbabwe

The following country should be considered highly inflationary for periods beginning on or after 1 December 2009:

• Venezuela

The following countries are on the Task Force's inflation 'watch list':

• Democratic Republic of Congo
• Ethiopia
• Guinea
• Iran
• Iraq
• Sao Tome and Principe
• Seychelles

Click to Download CAQ Alert #2010-11 (PDF 65k), which is copyright by Center for Audit Quality and posted on IAS Plus with their kind permission.

 

• One of the Letters (PDF 114k) addresses the effective dates and transition methodology in the major convergence standards. CCR states that the current proposed dates present challenges to realising a high quality implementation. They recommend that the Boards deliberate the effective dates and transition of the major convergence standards as a package, rather than on a standard-by-standard basis, because those standards are interdependent and will have a significant impact on companies. CCR cites Financial Statement Presentation, Leases, Pensions, and reporting cash flow from operations by the direct method as having the greatest impact on accounting information systems. CCR recommends:
  • Adopt a common effective date for the final converged standards that provides a three-year implementation period, allowing for early adoption.
  • Permit preparers as much flexibility as possible in choosing the manner of initial adoption (retroactive restatement, cumulative effect, or prospective).
• In the Other Letter (PDF 85k), CCR offers to assist the IASB and FASB with the ongoing MoU projects. CCR notes that these projects pose a 'multitude of potential challenges' including the reliability of information requested, the collection of such data in a global organisation, implementation and costs of systems changes in the disparate systems environment that exists in most companies. CCR proposes that FEI member companies provide corporate representatives to work as part of smaller resource groups with FASB and IASB project managers as convergence projects continue to evolve.

Click for FEI Press Release (PDF 14k)

To help boards and audit committees stay current on this important and evolving topic, Deloitte (United States) has published IFRS: What Should Boards and Audit Committees be Considering Now?It addresses key questions and includes some practical guidance and updates. Sections include:

• Foreword by Jim Quigley, Chief Executive Officer, Deloitte Touche Tohmatsu
• Where are we now?
• What are US companies doing today?
• What should boards and audit committees be considering?
• A practical 'Issues Guide' outlining some potential accounting differences between IFRS and US GAAP, as well as presenting questions the board and audit committee can raise with management

Click to download IFRS: What Should Boards and Audit Committees be Considering Now? (PDF 623k). Many other Deloitte IFRS publications are Here.

 

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

Acknowledging that a comprehensive standard on rate-regulated activities may be delayed, the IASB agreed to amend IFRS 1 quickly so that a first-time adopter with rate-regulated operations will be permitted to elect to use the carrying amount of items of property, plant, and equipment held, or previously held, for use in such operations as their deemed cost at the date of transition to IFRSs. This proposal has already been exposed and will be added to the batch of Annual Improvements to IFRSs expected to be finalised in April 2010.