Revenue Recognition

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

Insurance Contracts

• Thursday 9 December in Tokyo, Japan
• Thursday 16 December in London, UK
• Monday 20 December in Norwalk, Connecticut, USA

Leases

• Friday 17 December in London, UK
• Monday 20 December in Hong Kong
• Wednesday 5 January in Chicago, Illinois, USA
• Thursday 6 January in Norwalk, Connecticut, USA

Registration will be opened shortly, and details of how to register to participate (including the deadline for registrations) will be announced soon on the IFRS Revenue Recognition, Insurance Contracts, and Leases project pages.

Usually hosted by local standard setters, these forums provide a way for the IASB to communicate with constituents on its plans and understand local jurisdictional impacts. Accordingly, these forums present a unique opportunity for constituents not only to better understand the IASB's proposals, but also to put forward their suggestions and concerns.

The table below summarises outreach meetings planned in the coming weeks:

Date	Location (Host)	Topics	More information
28 September 2010	Brussels, Belgium (EFRAG)	General update, Financial instruments, Revenue recognition, Leases	EFRAG site
4-5 October 2010	Singapore (Accounting Standards Council)	General update, Insurance contracts, Leases, Revenue recognition	ASC site
7-8 October 2010	Kuala Lumpur, Malaysia (Malaysian Accounting Standards Board)	Revenue recognition, Leases, Consolidation, Insurance contracts (latter by invitation only)	MASB site
11 October 2010	Paris, France (Autorité des Normes Comptables (ANC))	To be confirmed	To be confirmed
13 October 2010	Oslo, Norway (Norwegian Accounting Standards Board)	General update, Revenue recognition, Leases	NASB site
14 October 2010	Copenhagen, Denmark (Foreningen af Statsautoriserede Revisorer)	General update, Revenue recognition, Leases	To be confirmed

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

• Liabilities: IAS 37 Amendments (IASB only)
• Asset and liability offsetting
• Fair Value Measurement Guidance
• Emissions Trading Schemes
• Financial Instruments: Amortised Cost and Impairment – joint education session

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

As part of this process, the IASB will reconsider the proposal to require a risk adjustment and/or the need for further guidance on how to measure the risk adjustment. The IASB will also consider whether further action is needed to address concerns about the difficulties and risks of applying the proposals to US litigation. The IASB will continue to discuss the key issues identified from the comment letters received, subject to the pressures of finalising the existing MoU projects and hopes to publish an Exposure Draft by June 2011.

Detailed Deloitte observer notes from the meeting are available Here. More information on the project is available in our Liabilities: IAS 37 Amendments project page.

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

• Annual Improvements to IFRSs – 2009-2011
• Presenting IFRS Financial Statements after a Period of Severe Hyperinflation
• Management Commentary
• IAS 27 – Accounting for Put Options Written over Non-controlling Interests (Update from the Interpretations Committee)
• Financial Instruments with Characteristics of Equity
• Classification and Measurement of Financial Liabilities – Fair Value Option for Financial Liabilities
• Financial Instruments: Amortised Cost and Impairment

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

The September edition (PDF 83k) discusses the IFRIC meeting held on 2-3 September 2010.

All issues of IFRIC Review are available Here.

You can access all our Deloitte IFRS publications Here.

One of the enhancements is a newsletter for investors. Board members Stephen Cooper, Patrick Finnegan and Patricia McConnell publish timely updates on financial reporting matters. A new issue of the Investor Perspectives is now available:

• 10 September 2010 – Patricia McConnell: Financial Statement Presentation – are the proposals in the staff draft an improvement over the discussion paper?

Our summary now includes 187 issues:

• IFRS 1 First-time Adoption of International Financial Reporting Standards – Repeat application of IFRS 1
• IAS 21 The Effects of Changes in Foreign Exchange Rates – Repayments of investments and foreign currency translation reserve

The webinar discusses the Boards' rationale in developing the proposals, changes from the October 2008 Discussion Paper and changes from current practice.

The recorded webcast is presented by Patricia McConnell (IASB) and Marc Siegel (FASB). It is offered free of charge (registration is required) and will be available for viewing until 9 December 2010. Click for:

• Access to the webinar (link to IASB website)
• Our Financial Statement Presentation page.

 

The proposal would amend one aspect of IAS 12 Income Taxes. Under IAS 12, the measurement of deferred tax liabilities and deferred tax assets depends on whether an entity expects to recover an asset by using the asset or by selling the asset. In some cases, it is difficult and subjective to assess whether recovery will be through use or through sale. To provide a practical approach in such cases, the proposed amendment would introduce a presumption that an asset is recovered entirely through sale unless the entity has clear evidence that recovery will occur in another manner. The presumption would apply when investment properties, property, plant and equipment or intangible assets are remeasured at fair value or revalued at fair value.

Exposure draft ED/2010/11 Deferred Tax: Recovery of Underlying Assets is open for comment until 9 November 2010.

Click for:

• IASB press release (PDF 36k)
• Access to the ED on the IASB's website
• Summary of the decisions leading up to the publication of the ED