2010

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Model IFRS financial statements including IFRS 9

23 Jan, 2010

Deloitte's IFRS Global Office has published a version of our illustrative IFRS financial statements for 2009 that illustrate early adoption of IFRS 9 'Financial Instruments', which was issued in November 2009. IFRS 9 is effective 1 January 2013, but early adoption is permitted starting in 2009.

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Notes from January 2010 IASB meeting day 4

22 Jan, 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the preliminary and unofficial notes taken by Deloitte observers at the meeting.

 

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Newsletter on proposals for liability measurement

22 Jan, 2010

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter — 'IASB refines proposals for the measurement of liabilities in IAS 37'.

On 5 January 2010, the IASB published for comment a revised exposure draft on measurement of liabilities that are within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. IAS 37 applies to liabilities not covered by other accounting standards, including liabilities to decommission assets, environmental liabilities, obligations under onerous contracts, and liabilities arising from legal disputes.

The comment deadline on the revised exposure draft is 12 April 2010. The IASB intends to replace IAS 37 in the third quarter of 2010. This IAS Plus newsletter explains the proposals in the revised ED.

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Do banks need special accounting standards?

22 Jan, 2010

In a speech to the Institute of Chartered Accountants in England and Wales, Adair Turner, Chairman of the UK Financial Services Authority discussed the question: Banks are different: should accounting reflect that fact?

Mr Turner set out the issue as follows:

Whether that should be the case is now subject to intense debate, with two very different points of view.
  • And there is a demand that bank accounting standards must reflect the concerns of prudential regulators. There is a belief that banks are different, and that accounting standards need to recognise this.
  • Among many securities analysts and investors, however, and among some accounting standards setters, there is a belief that accounts are for investors and not for regulators, that they must tell the 'truth' as it exists at one particular point in time, and that any influence of prudential regulators on bank accounting standards could be a Trojan horse for a wider politicisation.
This tension exists even within the regulatory community. Around the table of the international Financial Stability Board, the prudential regulators and central banks are the most convinced that banks are different and that the accounting standards setters must listen to us. The pure securities regulators, conversely, tend to be more sympathetic to the 'accounts are for investors' philosophy. And indeed the tension exists within the accounting standards-setting bodies, complicating any progress towards the convergence of international accounting standards. The International Accounting Standards Board (IASB), under David Tweedie's leadership, has been sympathetic to the idea that it must be involved in close dialogue with the prudential regulators. The Financial Accounting Standards Board (FASB) has been more wedded to the 'accounts are for investors only' philosophy, and to the philosophy that banks, in their accounting, should be treated no differently from anybody else.
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Notes from January 2010 IASB meeting day 3

21 Jan, 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.

 

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Three new public sector financial instruments standards

20 Jan, 2010

The International Public Sector Accounting Standards Board (IPSASB) has published three new standards that cover all aspects of the accounting for and disclosure of financial instruments: IPSAS 28 'Financial Instruments: Presentation'; IPSAS 29 'Financial Instruments: Recognition and Measurement'; and IPSAS 30 'Financial Instruments: Disclosures'.

The new standards fill a significant gap in the IPSASB literature. They are drawn primarily from IFRSs but also address a number of public sector-specific issues, including financial guarantee contracts provided for nil or nominal consideration and concessionary loans.

The standards are effective for annual financial statements covering periods beginning on or after 1 January 2013. IPSASs 28-30 may be downloaded without charge from the IPSASB section of IFAC's Publications and Resources Site (web.ifac.org/publications). Click for Press release (PDF 28k).

 

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Notes from January 2010 IASB meeting day 2

20 Jan, 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.

 

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IFRS insurance accounting newsletter

20 Jan, 2010

Deloitte (United Kingdom) has published the January 2010 issue of Insurance Accounting Newsletter.

This issue is titled Insurance Global GAAP in the Making and focuses on decisions made on the insurance project during the joint meetings of the FASB and the IASB in December 2009 and January 2010. An appendix presents a summary of key decisions to date. Click to download Issue 10 of the Insurance Accounting Newsletter (PDF 118k). There are permanent links all issues of the newsletter on our Insurance Accounting Newsletters directory.

 

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IASCF Trustees to meet 26-27 January

20 Jan, 2010

The Trustees of the IASC Foundation, oversight body for the IASB, will meet on Tuesday and Wednesday, 26-27 January 2010, at the Caesar Park Hotel, Avenida Vieira Souto 460, Ipanema, Rio de Janeiro, Brasil.

The portion of the meeting on 26 January from 11:00am to 15:30pm is open to public observation. The agenda is below.

Agenda of the IASCF Trustees meeting - Public portion (26 January 2010)
  • 11:00-12:00 Second part of the Constitution Review
  • 12:00-12:45 Report of the Due Process Oversight Committee
  • 13:45-15:30 Report of the IASB Chairman

 

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Notes from January 2010 IASB meeting day 1

19 Jan, 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the first day of the meeting.

 

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