April

European Union (old) Image

Responses to the EU consultation on country-by-country reporting

04 Apr, 2011

In October 2010, the European Commission started a public consultation in order to gather stakeholders' views on country-by-country reporting by multinational companies. Country-by-country reporting is a concept that would require multinational companies to disclose financial information on their operations in third countries in their annual financial statements.

The Commission has now posted to its website the responses received and a summary report of the consultation. The report states:

The overall result of the consultation shows a rather diverse pattern of opinions (especially on questions 1 to 3), reflecting the opinions of several categories of respondents: where preparers, accountants and auditors were in general opposed to requirements to report on a country-by-country basis, users and other respondents were in favour.

[...]

However, a detailed analysis shows that the industry most directly concerned – the extractive industry, in particular oil and gas – expressed in general a constructive view as they consider this to be conducive to improving domestic accountability and governance in resource-rich countries.
In March 2011, the Competitiveness (Internal Market, Industry, Research and Space) Council of the European Union had also come to the conclusion that country-by-country reporting by mining and oil and gas companies will help tackling the challenges on raw materials and in commodity markets.
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EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Updated EFRAG 'endorsement status report'

01 Apr, 2011

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 16 March 2011 (PDF 126k). Currently, the following four IASB pronouncements await endorsement action:
  • IFRS 9 Financial Instruments
  • Amendments to IFRS 7 Financial Instruments: Disclosures
  • Amendments to IAS 12 Deferred tax: Recovery of Underlying Assets
  • Amendments to IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-Time Adopters

 

International Auditing (lt green) Image

IAASB issues annual report

01 Apr, 2011

The International Auditing and Assurance Standards Board (IAASB) has released its 2010 annual report.

The report highlights the IAASB's ongoing work to promote the adoption and implementation of its clarified International Standards on Auditing (ISAs), and the issuance of a number of proposals in areas where there is demand for new and innovative assurance and related services other than audits of financial statements.

Click for IAASB press release (link to IFAC website).

Deloitte Comment Letter Image

Deloitte issues comment letter on the supplement to exposure draft on amortised cost and impairment

01 Apr, 2011

Deloitte's IFRS Global Office has submitted a letter of comment on Supplement to Exposure Draft ED/2009/12 'Amortised Cost and Impairment'.

The comment letter expresses Deloitte's views on the IASB and FASB's development of a more operational expected loss model. The following is an excerpt from the letter:

We are generally supportive of an approach that recognises lifetime expected credit losses for performing assets ('the good book') on a time proportional basis with a minimum floor and recognises immediately lifetime expected credit losses for assets that are identified as non-performing ('the bad book') in full…However, we are not supportive of the inclusion of a ‘higher of' test based on an assessment of credit losses expected in the ‘foreseeable future' for assets in the good book.

Click to Download our Comment Letter (PDF 115k). All of our past comment letters are here.

AICPA (American Institute of CPAs) (lt green) Image

AICPA introduces course in IFRS

01 Apr, 2011

The American Institute of Certified Public Accountants (AICPA) has introduced a new course of study leading to a 'Certificate of Educational Achievement in International Financial Reporting Standards'.

The AICPA supports the goal of one set of high-quality, globally accepted accounting standards and promotes a smooth transition from U.S. Generally Accepted Accounting Principles to IFRS for public companies. The U.S. Securities and Exchange Commission (SEC) is yet to make a decision on the adoption of IFRS.

Click for AICPA press release (link to AICPA website).

IASB Apr 2011 Image

Agenda for April IASB-FASB special meeting on 6 April 2011

01 Apr, 2011

The IASB and FASB are holding a special joint meeting in London on 6 April 2011.

You can access the agenda on our 6 April special joint meeting page.  We will also post Deloitte observer notes on this page as they are available.

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