IVSC extends comment period on valuation uncertainty discussion paper

10 Jan, 2011

In an 'e-news' bulletin published late in December 2010, the International Valuation Standards Council (IVSC) announced an extension of the deadline for the receipt of comments on its Discussion Paper Valuation Uncertainty.

The Discussion Paper summarises the IVSC's preliminary views on the nature and causes of valuation uncertainty and on how this should be communicated to valuation users.

Comments on the Discussion Paper now close on 14 January 2011. Click for IVSC e-news (link to IVSC website).

IAASB seeks input on future strategy and work program

10 Jan, 2011

The International Auditing and Assurance Standards Board (IAASB) has released for comment its Proposed Strategy and Work Program for 2012—2014.

The proposed program is grouped into the following topic areas:

  • Developing and revising IAASB Standards:
  • Maintaining a commitment to the International Standards on Auditing (ISAs) and the audit (including having input into the IASB's projects and their impacts on auditing standards)
  • Enhancing public confidence through the development or revision of assurance and other standards that address demands of users of financial information, including greenhouse gas statements, XBRL, prospective information and integrated reporting
  • Responding to concerns about implementation of IAASB Standards
  • Ongoing outreach and other communication activities to promote adoption of IAASB Standards.

In addition, a number of consultation documents are expected over the coming weeks as the result of the IAASB's December 2010 meeting.

Comments on the Consultation Paper are requested by 4 April 2011. Click for press release (link to IFAC website).

Agenda for the January 2011 IASB meeting

10 Jan, 2011

The IASB will hold its monthly meeting for January 2011 at the IASB offices in London from 17 to 20 January 2011. The second, third and fourth days of the meeting are joint meetings with FASB.

You can access the agenda on our January 2011 IASB meeting page. We will also post Deloitte observer notes on this page as they are available


Trustees set out next steps on Trustee Chair and their Strategy Review

07 Jan, 2011

The Trustees of the IFRS Foundation, the oversight body of the IASB, today announced steps to be taken following the death of the Chairman of the Trustees Tommaso Padoa-Schioppa in December 2010.

The next meeting of the Trustees in Tokyo will be chaired by the Trustee vice-chairs Tsuguoki Fujinuma and Robert Glauber. At the meeting the Trustees will discuss interim leadership of the Trustees and the process of identifying a permanent chair. In both respects the Trustees will co-operate closely with the Monitoring Board. The Trustees have also reaffirmed their commitment to maintaining the existing time line for the strategy review.

  • In February/March 2011, the Trustees will analyse public comments and meet the IASB and the IFRS Advisory Council before reaching final conclusions.
  • In April 2011, the Trustees will publish a report of the strategy review with a comment period to provide guidance on actions to be implemented.
  • In July 2011, the Trustees will agree on a set of actions to be implemented, following public consultation. The Trustees will seek to co-ordinate this effort with the Monitoring Board's review.
  • After July 2011, the Trustees will conduct required due process to adopt changes in the IFRS Foundation's Constitution, if appropriate.

Click for IFRS Foundation press release with next steps on Trustee chair and the strategy review (PDF 43k).

Recent Deloitte publications

07 Jan, 2011

Deloitte's IFRS Global Office has issued IFRS in Focus.

This issue describes the recent IASB amendments to IFRS 1 related to the removal of fixed dates for first-time adopters.

In addition, Deloitte (Canada) has issued two publications: (1) Modle d'tats financiers prpars en conformit avec les IFRS (the French translation of the Model Financial Statements for 2010 publication; model financial statements in this translation reflect the early adoption of IFRS 9 as issued in November 2009 and revised in October 2010) and (2) the final 2010 edition of the Countdown to IFRS newsletter, which contains articles on IFRS in Canada, Lightyear's final transition check, and top-10 tips for public companies filing their first interim financial statements.

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Recent Deloitte publications

06 Jan, 2011

Deloitte's IFRS Global Office has issued two newsletters.

IFRS in Focus, describing the recent IASB amendments to IAS 12, and IFRS on Point, highlighting the month's important IFRS developments and information.

In addition, the December 2010/January 2011 IFRS Insights newsletter from Deloitte (United States) has been posted. IFRS Insights is a newsletter on IFRS aimed at US companies.

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ESMA work programme for 2011

06 Jan, 2011

The newly established European Securities and Markets Authority (ESMA) has published its first work programme.

Items 48 through 52 concern IFRSs with the objectives of investor protection and market integrity, transparency, and efficiency. Thus ESMA will monitor IFRS development and endorsement, map the application of requirements (e.g. IFRS 8) and consider post implementation work on IFRS 9. ESMA will also analyse the equivalence of the application of IFRS in China and India; a report on the results is to be expected in July 2011. Click for ESMA work programme for 2011 (PDF 116k, link to ESMA website).

The Effect Of Shariah Principles on Accounting Methods for Islamic Banks

04 Jan, 2011

Further to our story published yesterday, we make available a presentation by Daud Vicary Abdullah, Deloitte's Global Islamic Finance Leader.

The Effect Of Shariah Principles on Accounting Methods for Islamic Banks points out the rapid acceptance of Islamic finance, explains the fundamental principles and shows the three options for the way forward in Islamic accounting:
  • Exclusivity: Live side by side with its conventional counterpart; all Islamic financial institution transactions will be recorded by way of Islamic accounting
  • Harmonisation: International Financial Reporting Standards (IFRSs) are fine tuned; then certain exemptions are allowed/disallowed
  • Convergence: Applying IFRS in every aspect

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Three new European authorities for the supervision of financial activities start their work

03 Jan, 2011

As reported earlier, three new regulatory authorities offering direct EU supervision of systemically important financial institutions (the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)) have been established.

These new authorities have started their work on 1 January 2011. Michel Barnier, the European Commissioner responsible for Internal Market and Services, commented on the "turning point for the European financial sector":

With this new framework of financial supervision in Europe in place, we are putting into effect in practical terms the lessons learnt from the crisis. This framework is at the heart of the ongoing financial reforms.


This move forward also demonstrates that Europe is leading the way and upholding its international commitments. These new authorities will work with others across the world to ensure better global supervision.

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New IAS Plus page on Islamic accounting

03 Jan, 2011

We have created a new IAS Plus page offering background information on Islamic accounting and a history of recent developments in Islamic accounting requirements and practices.

Accounting Standards for financial reporting by Islamic financial institutions have to be developed because in some cases Islamic financial institutions encounter accounting problems because the existing accounting standards such as IFRSs or local GAAP were developed based on conventional institutions, conventional product structures or practices, and may be perceived to be insufficient to account for and report Islamic financial transactions. Sharia'a compliant transactions that observe the prohibition to charge interest may not have parallels in conventional financing and therefore, there may be significant accounting implications. Likewise, the Islamic finance industry is under considerable pressure to enhance practice and improve risk management systems and protect investors.

Click for our Islamic accounting page.

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