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May

Agenda for June 2010 Advisory Council meeting

31 May 2010

The IFRS Advisory Council (formerly called Standards Advisory Council, or SAC) will meet with the IASB on Monday and Tuesday, 21-22 June 2010, at the Renaissance Chancery Court Hotel in London.

The meeting is open to public observation. A draft agenda has been posted on the IASB's website and is summarised below. The Advisory Council 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.

IFRS Advisory Council Meeting Agenda — 21-22 June 2010, London

Monday 21 June 2010 (10:00am-17:30pm)

  • Welcome and Chairman's preview
  • Overview of last four months – Report of the Advisory Council Chair and Vice-Chairs
  • IASB Activities
    • Update on major projects that are the most challenging in terms of meeting the June 2011 deadline:
      • Financial Instruments
      • Financial Statement Presentation
      • Insurance
      • Leases
      • Revenue Recognition
      • Consolidation/derecognition
    • Other activities
  • Advisory Council Member activities
  • Advice to the IASB on the criteria for its agenda
  • The IASB work plan post June 2011 – Council will be asked to approve a report to the IASB setting out the Council's views on major issues
  • Recommendation to IASB on the process for its public consultation on its technical agenda post-June 2011
  • Financial Statement Presentation

Tuesday 22 June 2010 (11:15am to 14:00pm)

  • Criteria for Annual Improvements
  • Due process when IASB proposals are met with widespread resistance

IFRS Insights newsletter

30 May 2010

We have posted the IFRS Insights Newsletter for May-June 2010 from Deloitte & Touche LLP (United States).

IFRS Insights is a newsletter on IFRSs aimed at US companies. This issueincludes:
  • A look at practical lessons learned from companies that have already converted to IFRSs
  • IFRSs and statutory reporting
  • An update on the IASB's financial instrument project relative to hedge accounting
  • An industry update for oil and gas companies
We have permanent links to other IFRS Insights newsletters here.

 

Capital Markets: The Players and Activities

30 May 2010

The staff of FASB's Library compiles a listing of Capital Markets: The Players and Activities with many hyperlinks to websites of the 'players'.

They recently updated their list and have kindly given us permission to post it on IAS Plus. Click to download Capital Markets: The Players and Activities as of 21 May 2010 (PDF 50k). On IAS Plus we maintain a comprehensive 'Credit Crunch' Chronology with hyperlinks to source documents.

Updated EFRAG 'endorsement status report'

28 May 2010

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 28 May 2010 (PDF 58k).

Currently, the following seven 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
  • Amendments to IFRS 1 Additional Exemptions for First-time Adopters
  • Revised IAS 24 Related Party Disclosures
  • Amendment to IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters
  • Improvements to IFRSs.

You can always find the endorsement status report here.

 

IASB invites international comments on FASB FI proposals

28 May 2010

The IASB has Invited its International Constituents to submit comments to the FASB on the FASB's Financial Instruments Proposals.

The IASB is asking their constituents to submit comment letters on the FASB proposal. Feedback will be helpful to the FASB when it re-deliberates its proposals and finalises any requirements. The IASB will use that feedback when it considers how to reconcile any differences between IFRS requirements and US GAAP. Because this project is part of the global convergence project, it is important for the FASB to receive feedback on the proposed model from the international community.
Comment letters should be submitted directly to the FASB by 30 September 2010.
Click for:

 

Report on impairment of financial assets

27 May 2010

The IASB has posted on its website a summary of the discussions to date by the Expert Advisory Panel (EAP) on impairment of financial assets.

The EAP met on 24-25 May 2010 to discuss the operational challenges of the expected cash flow model that the IASB proposed in its November 2009 Exposure Draft Financial Instruments: Amortised Cost and Impairment. Click here to access the Summary of Expert Advisory Panel Discussions on the IASB's website.

 

Exposure Draft on statement of comprehensive income

26 May 2010

The IASB has published for public comment an exposure draft (ED) proposing to require that all entities present profit or loss and other comprehensive income (OCI) in separate sections of a single continuous statement.

This would amend IAS 1 Presentation of Financial Statements, which currently allows entities a choice of presenting results of operations either (a) in a single, continuous statement similar to the proposal in the ED or (b) in two separate statements – an income statement and a statement of comprehensive income. Other proposals in the ED include:
  • Items of OCI should be grouped on the basis of whether they will eventually be 'recycled' (reclassified) into the profit or loss section of the statement of comprehensive income.
  • Income tax on items presented in OCI would be allocated between items that might be subsequently 'recycled' and those that will not be 'recycled', if the items in OCI are presented before tax (which is an option).
  • The title of the statement of comprehensive income would be changed to 'Statement of profit or loss and other comprehensive income' when referred to in IFRSs, though entities could use another title (such as 'statement of comprehensive income').
The proposals were jointly developed with the US Financial Accounting Standards Board (FASB), which is also seeking public comment on changes to the presentation of OCI as part of their recent financial instruments proposals (see our earlier story).

The comment deadline on ED/2010/5 Presentation of Items of Other Comprehensive Income is 30 September 2010. Click for IASB Press Release (PDF 100k). Link to IAS Plus Project Page.

 

IASB webcast on leases

26 May 2010

On Thursday 10 June, IASB staff will host a live web presentation to provide an update on the IASB's project on Accounting for Leases.

Participants will have an opportunity to submit questions. There's no charge, but you must register:
  • Webcast Topic: IASB project on accounting for lease contracts
  • Date and Time: Thursday, 10 June 2010, 10:00am and repeated at 15:00pm London time
  • More Information and Registration: Click Here (IASB's website)

 

Agenda for special IASB meeting on 10 June

26 May 2010

The IASB will hold a special Board meeting at its offices in London on Thursday 10 June 2010 jointly with the US Financial Accounting Standards Board.

The meeting is open to public observation and will be webcast. Presented below is the agenda for the meeting.

IASB Special Board Meeting Agenda10 June 2010, London

IASB and FASB Joint Meeting 14:15-16:15pm (London time)

IASB Meeting 16:30-17:30pm (London time)

Agenda for special IASB meeting on 1 June

26 May 2010

The IASB will hold a special Board meeting at its offices in London on Tuesday 1 June 2010. A portion of the meeting will be a joint meeting with the US Financial Accounting Standards Board.

The meeting is open to public observation and will be webcast. Presented below is the agenda for the meeting.

IASB Special Board Meeting Agenda1 June 2010, London

IASB and FASB Joint Meeting 13:00-16:15pm (London time)

IASB Meeting 16:15-17:00pm (London time)

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