October

Notes from special October IASB meeting

06 Oct, 2010

The IASB met in London on 5 October 2010 for a special meeting.

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. The next IASB meeting will be the regular monthly meeting currently scheduled for 18-22 October 2010.

EFRAG paper on Financial Statement Presentation ED

06 Oct, 2010

The European Financial Reporting Advisory Group (EFRAG) has issued a paper on the IASB's staff draft of the ED Financial Statement Presentation.

The paper (PDF 174k), which is based on EFRAG's preliminary views, is intended to stimulate the debate by European constituents on the proposals included in the Draft ED and will serve as a basis for the outreach events in Europe. EFRAG is jointly organising this outreach events with European National Standard Setters (NSS) from September to November 2010, in order to solicit constituents' views on the proposals included in the Draft ED and to provide feedback to the IASB on European views. The IASB will participate at these events.

New Heads Up on first phase of the joint IASB-FASB conceptual framework project

04 Oct, 2010

This Heads Up summarizes the first two chapters issued by the FASB and IASB of their joint eight-phase project to develop an improved, converged conceptual framework for financial accounting and reporting.

This single conceptual framework will serve as the foundation for the development of financial accounting and reporting guidance based on consistent principles. The new chapters are not a part of the FASB Accounting Standards Codification, which means they are not a source of authoritative GAAP.

Click to download:

 

Employee Benefits Working Group discussed ED Defined Benefit Plans

04 Oct, 2010

At the meeting of the IASB's Employee Benefits Working Group on 27 September 2010, IASB staff and Board members discussed with the working group the issues arising from the Exposure Draft Defined Benefit Plans (Proposed Amendments to IAS 19) and the responses received.

Preliminary and unofficial notes taken by Deloitte Observers for the entire meeting are now available on our Post-Employment Benefits Project Page.

 

Additional IASB meeting on 5 October 2010 – Agenda change

04 Oct, 2010

An additional point has been added to the agenda for tomorrow's IASB meeting:

Amendments to IFRS 7 Financial Instruments: Disclosures: Transition requirements — Amendment to IFRS 1. The updated agenda is available here.

Upcoming IASB/FASB roundtables – registration deadline extended

01 Oct, 2010

The registration deadline for participating in or observing the IASB/FASB roundtable meetings in November 2010 for the revenue recognition project has been extended till 8 October 2010.

The dates and places are as follows:

  • Thursday 4 November in Norwalk, Connecticut, USA
  • Monday 8 November in Kuala Lumpur, Malaysia
  • Wednesday 10 November in London, UK
  • Tuesday 23 November in Stanford, California, USA

More Information is available in the IASB's meeting diary.

Newsletter on IASB Exposure Draft on Deferred Tax

01 Oct, 2010

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on Deferred Tax: Recovery of Underlying Assets.

This newsletter describes the recent IASB proposal to amend IAS 12 Income Taxes. The exposure draft was developed in response to concerns in certain jurisdictions where application of this principle can be difficult or subjective. The exposure draft proposes an exception to IAS 12, which would require the measurement of deferred tax assets and deferred tax liabilities arising from certain assets on the presumption that the carrying amount of the asset will be recovered entirely through sale. The exception would apply to assets measured using the fair value model under IAS 40 or the revaluation model under IAS 16 and IAS 38.

Comments are due by 9 November 2010.

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Deloitte IFRS Podcast on financial instruments: classification and measurement

01 Oct, 2010

Andrew Spooner, lead IFRS financial instruments partner, and Bob Uhl, head of the US Accounting Standards group and IFRS Centre, debate the IASB and FASB's proposals for classification and measurement of financial instruments.

They debate the similarities and differences in the classification models proposed by both Boards (summary of IASB proposals; summary of FASB proposals). The discussion is chaired by Robert Bruce. The podcast is available for download here (19:30 mins, 23mb) or via iTunes; it is the first in a series that will be posted to IAS Plus.

 

Agenda for the additional IASB meeting on 5 October 2010

01 Oct, 2010

The IASB will hold an additional meeting on 5 October 2010 at its offices in London.

You can access the agenda on our 5 October 2010 IASB meeting page. We will also post Deloitte observer notes on this page as they are available.

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