2010

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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.
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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:

 

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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:

 

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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.

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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).

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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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Stay in touch with our new IFRS on Point publication

04 Nov, 2010

Deloitte's IFRS Global Office now publishes IFRS on Point, which highlights the month's critical financial reporting developments.

IFRS on Point is published monthly and provides a great way to catch up on the main IFRS-related news stories of the month.

You can find our first edition here October 2010 edition (PDF 76k).

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FASB (old) Image

Roundtable meetings for the insurance contracts project – registration deadline extended

04 Nov, 2010

As reported earlier, the IASB and FASB plan to hold several public roundtable meetings in December 2010 for the Insurance Contracts project.

The deadline for registration as participant or observer has now been extended until 15 November 2010.

 

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IAASB releases report on International Standards on Auditing, issues further implementation support materials

04 Nov, 2010

The International Auditing and Assurance Standards Board (IAASB) has released a progress report on its project to monitor the implementation of its clarified International Standards on Auditing (ISAs).

The report highlights key findings from the first phase of the IAASB's initiative to develop a process for gathering information to help it evaluate the effective and consistent implementation of the 'clarified' ISAs — a new style for ISAs that is designed to be easier to understand, translate, and implement.

To promote awareness and understanding of the clarified ISAs, the IAASB also has released a second series of ISA modules, focusing on some of the new and more significantly revised ISAs. The ISA modules combine short video presentations, accompanying slides, and supporting notes explaining the key principles of, and major changes in, individual ISAs.

Click here for IFAC Press Release (IFAC website), which includes a link to download the report and IAS modules.

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