Management commentary is a narrative report, that accompanies but is presented outside of the financial statements, setting out management's explanation of the enterprise's financial condition, changes in financial condition, results of operations, and causes of changes in material line items. Many entities see management commentary as an important element of their communication with the capital markets, supplementing as well as complementing the financial statements.

The Practice Statement is not an IFRS. Consequently, entities applying IFRSs are not required to comply with the Practice Statement, unless specifically required by their jurisdiction. Furthermore, non-compliance with the Practice Statement will not prevent an entity's financial statements from complying with IFRSs, if they otherwise do so.

Click for:

• IASB press release (PDF 34k)
• Access to the Practice Statement (link to IASB's website)
• IASB project summary and feedback statement (PDF 66k)
• History of the IASB's management commentary project on IAS Plus

 

An entity may apply the Practice Statement to management commentary presented prospectively from 8 December 2010.

This volume (nicknamed the 'Blue Book') contains all official pronouncements that are mandatory on 1 January 2011. It does not include IFRSs with an effective date after 1 January 2011. The Blue Book sells for £60 plus shipping (academic, developing country, and volume discounts apply). The publication can be purchased through the IASB web store.

 

The objective of the website is to help business leaders, finance professionals, academics, professional accountancy bodies and others exchange ideas and share good practice on how environmental and social performance can be better connected with strategy and financial performance, and embedded into day-to-day operations and decision-making.

The webinar will take a closer look at how the proposals could affect corporates. The webinar will cover, among other items:

• The new effectiveness testing requirements
• A new way to account for financial options used for hedging
• Hedge accounting for risk components of non-financial items

This webinar is free of charge, however registration is required.

Topic: Hedge Accounting Exposure Draft: What the IASB's proposals really mean for corporates Date and time: Wednesday, 15 December 2010, 10:30 – 11:30 GMT More information on the webinar and registration: click here More information on IAS Plus: Our summary of the third stage of the IASB's project on Financial Instruments – Hedge Accounting

 

The topic to be discussed is still Financial Instruments: Impairment.

These model financial statements for the year ended 31 December 2010 illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs. They also illustrate the impact of the application of a number of new and revised Standards and Interpretations, including IFRS 9 Financial Instruments (as issued in November 2009 and revised in October 2010).

A PDF version of these model financial statements will be available soon and posted with our various IFRS model financial statements and related checklists, including translations, which are available Here

Click for Deloitte's IFRS Illustrative Financial Statements for 2010 with early adoption of IFRS 9 (ZIP of a Microsoft Word file 461k).

 

Topic: ED Financial Instruments — Hedge Accounting Date and time: Monday, 13 December 2010, 09:00 GMT and repeated 15:00 GMT More information on the webcast and registration: click here More information on IAS Plus: Our summary of the third stage of the IASB's project on Financial Instruments – Hedge Accounting

Finally, the IFRS Global Office issued IFRS Project Insights – Income Taxes, which provides an update on the Income Tax project. Click for:

• Changes to the financial reporting framework in Singapore (PDF 1,376k)
• The top 10 issues mining companies will face in the coming year (PDF 3,834k)
• IFRS Project Insights – Income Taxes (PDF 51k)

The topics discussed were as follows:

• Income Taxes
  • Scope of exception
  • Effective date

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the meeting. The next meeting (IASB/FASB joint) will be a special meeting on Financial Instruments: Impairment scheduled for 8 December 2010.

Management commentary is a narrative report that provides a context for the related financial statements. The Practice Statement will provide a broad, non-binding framework for the presentation of management commentary that relates to financial statements that have been prepared in accordance with International Financial Reporting Standards (IFRSs).