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January

New public sector intangible assets standard

31 Jan 2010

The International Public Sector Accounting Standards Board (IPSASB) has issued IPSAS 31 'Intangible Assets'.

IPSAS 31 covers the accounting for and disclosure of intangible assets. It is primarily drawn from IAS 38 Intangible Assets. It also contains extracts from the SIC-32 Intangible Assets-Web Site Costs, adding application guidance and illustrations that have not yet been incorporated into the IAS.

At this point, IPSAS 31 does not deal with uniquely public sector issues, such as powers and rights conferred by legislation, a constitution, or by equivalent means; the IPSASB will reconsider the applicability of the standard to these powers and rights in the context of its conceptual framework project, which is currently in progress.

The IPSASB has also published Improvements to IPSASs, to conform with minor changes to IFRSs made by the IASB since the related IPSASs were originally released. These are part of a series of annual improvements that is modeled on a successful IASB annual update program.

Click for Press Release (PDF 22k).

 

Revised CEBS guidelines on supervisory disclosure

29 Jan 2010

The Committee of European Banking Supervisors (CEBS) has published revised Guidelines on Supervisory Disclosure.

CEBS'S framework for supervisory disclosure has been implemented at both EU and national levels since early 2007. This revision is the result of a public consultation in September 2009.

 

IASB amends IFRS 1 to add IFRS 7 disclosure exemption

29 Jan 2010

The International Accounting Standards Board (IASB) has 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. Click for IASB press release.

 

First of two IFRS 2010 bound volumes now available

28 Jan 2010

The IASB has published IFRS Consolidated Without Early Application – the first of two bound volumes (BV) of IFRSs for 2010. This volume (nicknamed the "Blue Book") contains all official pronouncements that are mandatory on 1 January 2010. It does not include IFRSs with an effective date after 1 January 2010. For example, the Blue Book does not include IFRS 9 Financial Instruments because it has an effective date of 1 January 2013. The Blue Book differs from the traditional BV, which includes all pronouncements issued at the publication date, including those that do not become mandatory until a future date.

The IASB intends to publish the traditional BV (the "Red Book") in the next two months or so (it will be printed in two books because of the amount of content). The Blue Book and the Red Book set will each sell for £60 plus shipping (academic, developing country, and volume discounts apply). You will find more information and ordering details in this Bound Volume Brochure for 2010(PDF 801k).

 

Two IASB-FASB advisory bodies to meet 12 Feb

25 Jan 2010

A meeting of the IASB/FASB Joint International Group (JIG) on Financial Statement Presentation and Financial Institutions Advisory Group (FIAG) will be held on Friday 12 February 2010 at the offices of the Financial Accounting Standards Board in Norwalk, CT USA.

The JIG consists of senior professionals with extensive experience in and responsibility for the preparation, analysis, audit, and regulation of financial statements. The Boards formed the FIAG in 2006 to assist them in addressing presentation issues from the perspective of those who analyse and prepare financial institution financial statements.

 

Two special IASB-FASB joint meetings in February

24 Jan 2010

In addition to the IASB's regular monthly meeting on 15-19 February 2010, the IASB will hold two special joint meetings with FASB at the IASB's offices in London on 2 and 10 February 2010.

The agendas for the meetings are as follows:

Agendas of special joint IASB-FASB meetings 2 and 10 February 2010, London

Tuesday 2 February 2010 from 12:00pm - 15:30pm (GMT)

 

Wednesday 10 February 2010 from 12:00pm - 14:00pm (GMT)

 

Model IFRS financial statements including IFRS 9

23 Jan 2010

Deloitte's IFRS Global Office has published a version of our illustrative IFRS financial statements for 2009 that illustrate early adoption of IFRS 9 'Financial Instruments', which was issued in November 2009. IFRS 9 is effective 1 January 2013, but early adoption is permitted starting in 2009.

Notes from January 2010 IASB meeting day 4

22 Jan 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the preliminary and unofficial notes taken by Deloitte observers at the meeting.

 

Newsletter on proposals for liability measurement

22 Jan 2010

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter — 'IASB refines proposals for the measurement of liabilities in IAS 37'.

On 5 January 2010, the IASB published for comment a revised exposure draft on measurement of liabilities that are within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. IAS 37 applies to liabilities not covered by other accounting standards, including liabilities to decommission assets, environmental liabilities, obligations under onerous contracts, and liabilities arising from legal disputes.

The comment deadline on the revised exposure draft is 12 April 2010. The IASB intends to replace IAS 37 in the third quarter of 2010. This IAS Plus newsletter explains the proposals in the revised ED.

Click for:

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.