July

Agenda for July 2010 IASB meeting

08 Jul, 2010

The IASB will hold its monthly meeting for July 2010 at its offices in London from 19 to 23 July 2010. Portions of the meeting are joint meetings with FASB.

The meeting will be open to public observation and will be webcast. Presented below is the agenda for the meeting. All meeting times are British Summer Time (BST).

IASB Board Meeting Agenda19-23 July 2010, London

Monday 19 July 2010

IASB-FASB Joint Meeting (13:00-19:00)

Tuesday 20 July 2010

IASB Meeting (10:45-16:45)

Wednesday 21 July 2010

IASB Meeting (09:15-16:45)

Thursday 22 July 2010

IASB Meeting (10:00-11:30)

IASB-FASB Joint Meeting (12:00-17:15)

Friday 23 July 2010

IASB Meeting (09:00-13:15)

Newsletter on fair value measurement disclosure proposals

07 Jul, 2010

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on Fair Value Measurement Disclosures.

On 29th June 2010, the International Accounting Standards Board (IASB) published ED/2010/7 Measurement Uncertainty Analysis Disclosure for Fair Value Measurements. This limited scope Exposure Draft forms part of the wider joint project to provide guidance on measuring fair value when required or permitted by IFRSs.
Click for:

 

Downloadable podcasts on hedge accounting and leasing models

07 Jul, 2010

IASB staff have posted several short podcasts on the leasing project and the hedging phase of the project to replace IAS 39 Financial Instruments: Recognition and Measurement.

These podcasts are the first in a series about the models being developed by the IASB.
  • The first hedge accounting podcasts provide an overview of the approach to phase III of the IAS 39 replacement project, the eligibility of derivatives as hedged items and background information on net positions in a hedging relationship.
  • The first two lease podcasts provide an overview of the proposed approach to accounting for leases, and additional detail on the proposed lessee accounting.
These short podcasts can be downloaded free of charge in MP3 format via the IASB Website or through iTunes (subscribe to the IASB financial reporting channel). IAS Plus Resources: Hedge Accounting Project Page, Leases Project Page.

 

Q&A report from recent Deloitte global financial reporting Dbriefs webcast

06 Jul, 2010

On 17 June 2010, we hosted a Deloitte Dbriefs webcast on global financial reporting, entitled IFRSs: How might developments at the IASB impact you? A 'Q&A Report' has been published containing a summary of audience questions submitted during the live webcast and our suggested answers.

Topics covered include the IASB's proposals on termination benefits, financial liabilities and comprehensive income, and the impact of changes on investor behaviour. The next global financial reporting Dbriefs webcast is scheduled for the next quarter. Click for:

 

Deloitte comment letter on financial instruments

06 Jul, 2010

Deloitte Touche Tohmatsu has submitted to the IASB our Letter of Comment (47k) on Exposure Draft 2009/12 Financial Instruments: Amortised Cost and Impairment. The ED, issued on 5 November 2009, proposes requirements for how to include credit loss expectations in the amortised cost measurement of financial assets.

We express concerns about the model proposed in the ED:

We agree with the Board's objective in this phase of the IASB project to replace IAS 39 Financial Instruments: Recognition and Measurement (IAS 39) to address weaknesses of the incurred loss model in IAS 39 that were highlighted during the global financial crisis. An impairment loss model that focuses on an assessment of recoverable cash flows reflecting all current information about the borrower's ability to repay would be an improvement on the current approach in IAS 39 which relies on identification of trigger events and often leads to a delay in loss recognition. However, we have concerns about the specific requirements proposed by the IASB, in particular those to determine, and allocate, the initial estimate of expected credit losses on a financial asset and to use a probability-weighted outcome approach. We believe that this approach will in many cases be unnecessarily complex. Further, the incorporation of potential future economic environments in estimating recoverable cash flows would be extremely complex, costly and burdensome to apply by preparers. The requirement in the ED to forecast future economic environments and events without providing sufficient guidance with respect to the level of objectivity, verifiability, or support for the underpinnings of these inputs presents significant challenges to internal auditors, external auditors, and regulators. Overall, we believe that the measurement principle would not be operational if the Board were to adopt the ED in its current form.

All of our past letters of comment to IASB, IFRIC, IASCF, IASC, and SIC are Here. Click here to go to our Financial Instruments – Comprehensive Project – Issues Relating to Impairment and Provisioning Project Page.

Amended IASB work plan

05 Jul, 2010

The IASB has posted on its website its Amended Work Plan and Project Timetable as of 2 July 2010.

The only change is that the ED on the consolidation of investment companies has been delayed to the fourth quarter 2010. A final IFRS on the consolidation of investment companies is still expected in the first quarter 2011. A staff draft of the IFRS intended to replace IAS 27 is expected to be posted on the IASB's website in the third quarter 2010; final standards regarding the replacement of IAS 27 and disclosures about unconsolidated SPEs are expected in the fourth quarter 2010. We have updated the IAS Plus Agenda Projects Page accordingly.

 

IASB and FASB to hold webcast on revenue proposals

03 Jul, 2010

On 8 July 2010 the IASB and the FASB will hold two joint webcasts to introduce the exposure draft Revenue from Contracts with Customers, which was published on 24 June 2010. The exposure draft is open for public comment until 22 October 2010. The webcasts will be followed by a question and answer session.

There is no charge to participate in the webcast, but registration is required.

  • Webcast Topic: Exposure draft 'Revenue from Contracts with Customers'
  • Date and Time: Thursday, 8 July 2010, 9.30am and again at 5:00pm (London time)
  • More Information and Registration: Click Here
  • IAS Plus Resources: IFRS in Focus Newsletter (97kb), Revenue Project Page

Updated EFRAG 'endorsement status report'

02 Jul, 2010

The European Commission has endorsed the IASB's 29 Januar 2010 Amendments to IFRS 1: Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters.

Consequently, the European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. Click to download the Endorsement Status Report as of 1 July 2010 (PDF 127k). Currently, the following five IASB pronouncements await endorsement action:
  • IFRS 9 Financial Instruments
  • Amendment to IFRIC 14 Prepayments of a Minimum Funding Requirement
  • IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
  • Revised IAS 24 Related Party Disclosures
  • Improvements to IFRSs
You can always find the endorsement status report Here.

 

iGAAP newsletter June 2010

02 Jul, 2010

Deloitte (United Kingdom) has published the June 2010 edition of their quarterly iGAAP Newsletter.

This newsletter covers the activities of the IASB and the UK Accounting Standards Board (ASB). Each issue includes updates on the activities of the IASB and the ASB, project timetables for both boards, links to new Deloitte publications, an interview of someone involved with IFRSs, and a table showing IFRSs issued but not yet effective or endorsed by the European Union. The interviewee for the June 2010 issue is Ken Wild, Deloitte's recently retired Global IFRS Leader. Click to download iGAAP Newsletter June 2010 (PDF 157k). Links to all past issues are on our United Kingdom Country Page.

 

Comprehensive summary of the IASB's project on fair value measurement

02 Jul, 2010

A comprehensive project summary, prepared by the IASB staff, has been posted to the fair value measurement project page of the IASB's site.

The project summary (PDF 951k) provides the background to the IASB's fair value measurement project and explains how the IASB plans to finalise an IFRS on fair value measurement. The summary also includes a comparison of the tentative decisions reached so far in the project with the proposals in the IASB's May 2009 exposure draft Fair Value Measurement and the proposals in the US Financial Accounting Standards Board's (FASB) exposure draft of a proposed Accounting Standards Update (ASU) Amendments for Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (link to FASB website).

 

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