November

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG outreach on Financial Statement Presentation project – questionnaire

10 Nov, 2010

In July 2010, the IASB released on its website a staff draft of the exposure draft Financial Statement Presentation in order to solicit input and views from constituents, prior to publication of a final ED.

To assist the IASB in its efforts to gather views from European constituents, as well as to inform itself of whether, and to what extent, EFRAG preliminary views are representative of European views, EFRAG has organised outreach events throughout Europe in partnership with European National Standard Setters.

As part of the outreach activities, EFRAG has published a paper, which was intended to stimulate the debate by European constituents on the proposals included in the Draft ED. Prior to the outreach events, participants were asked to express their views on the issues through the use of a questionnaire.

IOSCO (International Organization of Securities Commissions) (dark gray) Image
IFAC (International Federation of Accountants) (lt gray) Image

IOSCO releases IFAC Monitoring Group report

09 Nov, 2010

The International Organization of Securities Commissions (IOSCO) has publicly released Review of the IFAC Reforms — Final Report.

The report was produced by the Monitoring Group into the so-called 'IFAC Reforms' aimed at strengthening the international auditing and assurance standards process to bolster public confidence in the work of auditors and in the financial reporting process.

The Monitoring Group is a consensus-based group of the regulatory and international public interest organisations responsible, inter alia, for monitoring the implementation of the IFAC Reforms. The members are the Basel Committee on Banking Supervision, the European Commission, the Financial Stability Board, the International Association of Insurance Supervisors, IOSCO and the World Bank. The International Forum of Independent Audit Regulators (IFIAR) is an observer. The Monitoring Group is chaired by IOSCO.

The IFAC Reforms were agreed by International Federation of Accountants (IFAC) in 2003 and included a more transparent audit and assurance standard setting process and the establishment of the Public Interest Oversight Board (PIOB) to oversee IFAC's public-interest activities. Our original story about the reforms, with more detail, is available here.

A summary of the report's recommendations is set out below:

Matters of Past Implementation: Virtually all of the changes called for by the Reforms have been implemented.

Matters for Near Term Action: There are several near term matters that are within the context of the Reforms which would bring enhancements to the standard-setting, oversight and monitoring work and thus further the aims of the Reforms with respect to diversity, transparency and accountability. Recommendations include changes to the appointment of, and information about, IFAC Boards members, the role of technical advisors, and the transparency of standard-setting processes.

Matters for Longer Term Analysis: There are two longer term matters that go beyond the context of the Reforms which the Monitoring Group will keep under review and consideration. These include the efficacy of standard-setting Boards operating within an accountant's professional membership organisation and whether monitoring groups for audit-related standards and international financial reporting standards should be combined.

Click for Review of the IFAC Reforms — Final Report (link to IOSCO website).

IFAC (International Federation of Accountants) (lt gray) Image

New IFAC appointments

08 Nov, 2010

The International Federation of Accountants (IFAC) has announced the following appointments:

  • Mr. Göran Tidström of Sweden has been appointed president of IFAC for a two-year term ending in November 2012
  • Mr. Warren Allen of New Zealand has been appointed deputy president (also for a two-year term), and also takes the role of chair of the Planning and Finance Committee
  • The election of three new members to the IFAC Board: Ramon Casals Creus (Spain), Ana Maria Elorrieta (Brazil) and Robert R Harris (United States)
  • The re-election of four Board members for a second term: Jelil Bouraoui (Tunisia), Robert Hodgkinson (United Kingdom), Japheth Katto (Uganda), and Olivia Faulkner Kirtley (United States).

The appointments were confirmed at the IFAC Council meeting being held in Kuala Lumpur, Malaysia. A number of new associates were also admitted to the organisation (from Bosnia and Herzegovina, Croatia, Republic of Macedonia, Russia and Sri Lanka).

Click for IFAC press release (link to IFAC website).

IASB Nov 2010 Image

Agenda for the November 2010 IASB meeting

08 Nov, 2010

The IASB's regular monthly meeting is scheduled for 16-18 November 2010 in London, part of it a joint meeting with the FASB.

You can access the agenda on our November 2010 IASB meeting page. We will also post Deloitte observer notes on this page as they are available.
IFRS Foundation (blue) Image

Trustees seek public comment on the future strategy of the IFRS Foundation

05 Nov, 2010

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today published a first-stage consultation document designed to solicit input on the strategy of the IFRS Foundation as it enters its second decade.

The Trustees initiated this review as a result of the second Constitution Review that was completed earlier this year.

The Trustees are seeking views of stakeholders on four strategic fronts:

  • the IFRS Foundation's mission
  • governance
  • the standard-setting process
  • financing of the IFRS Foundation

The Trustees invite public comment on the consultation document by 31 December 2010 and expect to conclude the strategy review during their meeting in March 2011. Click for:

 

IFRS IC (IFRS Interpretations Committee) (blue) Image

Notes from the November 2010 Interpretations Committee meeting

05 Nov, 2010

The IFRS Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday and Friday, 4-5 November 2010.

The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

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

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Newsletter on the IASB's request for views concerning transition and effective dates

05 Nov, 2010

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues request for views seeking input on transition and effective dates for certain IASB projects.

This newsletter describes the recently published request for views that seeks input from stakeholders on the time and effort that will be involved in implementing the new IFRSs expected to be issued next year. The request for views asks questions about the appropriate transition methods and effective dates for the future standards and includes considerations relating to convergence with US GAAP and first-time adopters of IFRSs.

Click for:

 

IFRS Foundation (blue) Image
XBRL (eXtensible Business Reporting Language) (mid blue) Image

IFRS Taxonomy 2010 updated for enhanced derecognition disclosure requirements for transfer transactions of financial assets

05 Nov, 2010

The IFRS Foundation today released an interim release for the IFRS Taxonomy 2010, which is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language).

This IFRS Taxonomy release reflects Disclosures – Transfers of Financial Assets (Amendments to IFRS 7), which was issued by the IASB in October 2010.

Click for:

 

IFAC (International Federation of Accountants) (lt gray) Image

IFAC proposes Public Interest Framework

05 Nov, 2010

The International Federation of Accountants (IFAC) has released an exposure draft entitled A Public Interest Framework for the Accountancy Profession.

The exposure draft proposes a principles-based framework for the 'public interest' concept, which can be applied to standard-setting, governance processes, policy analysis, and regulatory issues. Although mainly designed for use by IFAC itself, IFAC considers it may also be useful to the accountancy profession as well as to policymakers, regulators, and business leaders.

IFAC considers that the accountancy profession, in serving the public interest, should be evaluated against three criteria:

  • consideration of costs and benefits for society as a whole
  • adherence to democratic principles and processes
  • respect for cultural and ethical diversity.

Comments on the exposure draft are requested by 25 March 2011. Click for IFAC press release (link to IFAC website).

IASB (International Accounting Standards Board) (blue) Image
EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Agenda for November joint IASB/EFRAG meeting announced

05 Nov, 2010

The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) will hold a joint meeting in London on 12 November 2010.

The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) will hold a joint meeting in London on 12 November 2010.

Presented below is the agenda for the meeting.

IASB/EFRAG joint meeting
12 November 2010, London
  • Is there a June 2011 deadline?
  • Revenue recognition
  • Leases
  • Financial instruments
    • Hedge accounting
    • Impairment
    • Other financial instruments issues
  • Consolidation
  • Insurance
  • Financial statements presentation (including OCI)

Click for EFRAG press release (link to EFRAG website).

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