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IASB publishes IFRS Practice Statement on Management Commentary

08 Dec 2010

The International Accounting Standards Board (IASB) has today published an International Financial Reporting Standard (IFRS) Practice Statement 'Management Commentary', a broad, non-binding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs.

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.

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

2011 IFRS 'Blue Book' now available

08 Dec 2010

Further to our story on 22 November 2010, the IFRS Foundation has published the 2011 IFRS Consolidated without early application.

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.


IFAC and A4S community website on sustainability reporting

07 Dec 2010

The International Federation of Accountants (IFAC) and The Prince's Accounting for Sustainability Project (A4S) have created a 'community website' on sustainability reporting.

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.

One of the aspects of the site is a discussion forum on various topics. The forum is currently discussing "Accountants and integrated reporting - A look at key challenges". This online discussion is focused on reflections from the World Congress of Accountants held in Kuala Lumpur in November 2010 and seeks to answer the question "Integrated reporting means different things to different people. What do you think 'integrated reporting' should look like?" The outcomes from the discussion are expected to be passed onto the International Integrated Reporting Committee (IIRC) to take into account in its activities and recommendations on integrated reporting during 2011.

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Webinar on the IASB's exposure draft on hedge accounting

06 Dec 2010

On 15 December 2010, Deloitte (UK) and Reval are hosting a webinar to discuss the IASB's exposure draft on hedge accounting.

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.


Special December IASB meeting on 8 December

06 Dec 2010

The special joint IASB/FASB meeting on 8 December 2010 has been brought forward by one hour to 13:00 GMT.

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

IFRS Illustrative Financial Statements for 2010 with early adoption of IFRS 9

06 Dec 2010

We have posted Deloitte's IFRS Illustrative Financial Statements for 2010 with early adoption of IFRS 9.

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).


Live webcasts on ED Financial Instruments — Hedge Accounting

04 Dec 2010

On Monday 13 December staff of the IASB will present two webcasts about the ED Financial Instruments — Hedge Accounting which is expected to come out next week.

Three Deloitte publications issued

03 Dec 2010

Deloitte's Singapore Office has published Changes to the financial reporting framework in Singapore, which provides an update of the recent changes in the Singapore financial reporting framework. In The top 10 issues mining companies will face in the coming year, Deloitte professionals look ahead to 2011 and consider the trends that will affect the mining industry.

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

Notes from special December IASB meeting

03 Dec 2010

The IASB met in London on 3 December 2010 for a special meeting.

The topics discussed were as follows:

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.

Live webcasts on Management Commentary

03 Dec 2010

On Thursday 16 December staff of the IASB will present two webcasts about the IFRS Practice Statement Management Commentary which is expected to come out this month.

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).

Correction list for hyphenation

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