February

Notes from Special 2 Feb 2010 IASB meeting

03 Feb, 2010

The IASB and FASB held a special Joint Board meeting at the IASB's offices in London on Tuesday 2 February 2010. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

The IASB and FASB held a special Joint Board meeting at the IASB's offices in London on Tuesday 2 February 2010. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

Deloitte's iGAAP 2010–A Guide to IFRS Reporting

03 Feb, 2010

Deloitte has published iGAAP 2010–A Guide to IFRS Reporting.

This 2,918-page book sets out comprehensive guidance for entities reporting under IFRSs. The Guide:
  • focuses on the practical issues faced by reporting entities;
  • explains clearly the requirements of IFRSs;
  • adds interpretation and commentary where IFRSs are silent, ambiguous or unclear; and
  • provides many illustrative examples.
The Guide deals comprehensively with those new Standards that apply for periods beginning in 2009 and also covers those further pronouncements issued by the IASB up to 30 June 2009 that will apply from 2010. This edition of the manual includes new material dealing with:
  • IFRS 6 Exploration for and Evaluation of Mineral Resources;
  • the revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards (November 2008);
  • the amendment to IFRS 2 Group Cash-settled Share-based Payment Transactions (June 2009);
  • the amendment to IFRS 7 Improving Disclosures about Financial Instruments (March 2009);
  • the amendment to IAS 39 Eligible Hedged Items (July 2008);
  • the amendments to IAS 39 and IFRS 7 Reclassification of Financial Assets (October 2008);
  • the amendments to IFRIC 9 and IAS 39 Embedded Derivatives (March 2009);
  • Improvements to IFRSs issued in April 2009;
  • IFRIC 17 Distributions of Non-cash Assets to Owners;
  • IFRIC 18 Transfers of Assets from Customers; and
  • additional examples and guidance on issues arising in practice.
Orders may be placed via www.lexisnexis.co.uk/deloitte or call +44 (0) 845 370 1234. Click for Descriptive Booklet about This and Related iGAAP Publications for 2010(PDF 248k).

 

Accounting Roundup – January 2010

03 Feb, 2010

We have posted the January 2010 Edition of Accounting Roundup published by Deloitte & Touche LLP (United States).

The newsletter is now organised by topic rather than by standard-setter. Topics covered in this issue include:

Business Combinations

  • FASB Issues ASU on Not-for-Profit Mergers and Acquisitions
Consolidation
  • FASB Votes to Finalize Deferral of Statement 167 for Certain Investment Funds
  • FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10
  • FASB Issues ASU on Variable Interest Entities
Contingencies
  • IASB Reexposes Proposals for the Measurement of Liabilities in IAS 37
Earnings per Share
  • FASB Issues Guidance on Accounting for Distributions to Shareholders With Components of Stock and Cash
Fair Value Measurements and Disclosures
  • FASB Issues ASU on Improving Disclosures About Fair Value Measurements
  • AICPA Publishes Draft Issues Paper on Fair Value Measurements and Disclosures About Certain Issues Pertaining to Not-for-Profit Entities
Financial Instruments
  • FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income
Income Taxes
  • French Business Tax Law Change
Stock Compensation
  • FASB Issues ASU on Escrowed Share Arrangements and the Presumption of Compensation
Transfers and Servicing
  • FASB Issues ASU on Accounting for Transfers of Financial Assets
Industry Accounting
  • FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements
Other Accounting
  • Financial Reporting Considerations Related to Venezuela's Currency Exchange Controls and Highly Inflationary Status
  • FASB Proposes Amendments to Subsequent-Events Disclosure Requirements
  • FASB Publishes Revised Notice to Constituents About the Codification
  • FASB Issues Technical Corrections to SEC Content
  • AICPA Issues Technical Practice Aids
SEC Matters
  • SEC Approves Interpretive Guidance on 'Climate-Change' Disclosures
  • SEC Approves PCAOB Auditing Standard 7
  • SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures
  • SEC Issues Final Say-on-Pay Rules for TARP Companies
  • SEC Issues Compliance and Disclosure Interpretations on Proxy Disclosure Enhancements
Other Auditing
  • PCAOB Issues Staff Guidance
  • ASB Proposes Various Statements on Auditing Standards
  • AICPA Issues Guidance on Compilation and Review Engagements
  • AICPA's GAQC Issues Statement on Compliance Audits
GASB Matters
  • GASB Issues Final Statement on OPEB Measurements
  • GASB Issues Final Statement on Chapter 9 Bankruptcies
Other International
  • FCAG Issues Letter to G-20 on IASB and FASB Progress
  • IASB Issues Limited Exemption Amendment to IFRS 1
Click to view Accounting Roundup — January 2010. You will find past issues of Accounting Roundup Here.

 

Newsletter on amendment to IFRS 1

02 Feb, 2010

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters.

On 28 January 2010, the IASB amended IFRS 1 First-time Adoption of International Financial Reporting Standards to exempt first-time adopters of IFRSs from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7). The amendment gives first-time adopters the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers. The amendment is effective on 1 July 2010, with earlier application permitted. This newsletter explains the amendment. Click to view IAS Plus Update Newsletter – Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (PDF 75k). Past issues of all of our IAS Plus newsletters are Here.

 

Updated summary of IFRIC agenda rejections

01 Feb, 2010

We have updated our Summary of Issues Not Added to IFRIC's Agenda to reflect the IFRIC's final decisions at its January 2010 meeting not to add the following topics to its agenda.

Our summary now includes over 175 issues:
  • IFRS 2 Share-based Payment – Transactions in which the manner of settlement is contingent on future events
  • IFRS 4 Insurance Contracts and IAS 32 Financial Instruments: Presentation – Scope issue for REITs
  • IAS 18 Revenue – Receipt of a dividend of equity instruments
  • IAS 27 Consolidated and Separate Financial Statements – Combined financial statements and redefining the reporting entity
  • IAS 27 Consolidated and Separate Financial Statements – Presentation of comparatives when applying the 'pooling of interests' method
  • IAS 32 Financial Instruments: Presentation – Application of the 'fixed for fixed' condition
  • IAS 38 Intangible Assets – Amortisation method

 

Agenda for February 2010 SAC meeting

01 Feb, 2010

The Standards Advisory Council will meet with the IASB on Monday and Tuesday 22-23 February 2010 at the Renaissance Chancery Court Hotel, 252 High Holborn, London.

A draft agenda has been posted on the IASB's website and is summarised below. The SAC provides a forum for the IASB to consult a wide range of interested parties affected by the IASB's work, with the objective of:
  • advising the Board on agenda decisions and priorities in the Board's work,
  • informing the Board of the views of the organisations and individuals on the Council on major standard-setting projects, and
  • giving other advice to the Board or to the Trustees.

Standards Advisory Council Meeting Agenda22-23 February 2010, London

Monday 22 February 2010 (10:00am-17:30pm)

  • Welcome and Chairman's preview
  • Overview of last four months
    • IASB Activities
      • Report of the Chair and Vice-Chairs
      • Update on major projects that are the most challenging in terms of meeting the June 2011 deadline
      • Other activities
    • NSS update – Overview of the role that the National Standard Setters (NSS) plays, including major projects underway or proposed
    • EFRAG update – Overview of the role that the EFRAG plays, including major projects underway or proposed
    • SEC update – Update on recent developments at the SEC and the roadmap for IFRS adoption in the US
    • SAC Member activities
  • XBRL and its interaction with disclosure requirements
  • The IASB work plan post June 2011
  • Break-out Sessions (The IASB work plan post June 2011)

Tuesday 23 February 2010 (9:15am to 12:30pm)

  • The IASB work plan post June 2011 – Report back from the break-out sessions
  • Effects analysis – What is effects analysis?

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