You can access the agenda on our 27 April 2011 special joint meeting page.  We will also post Deloitte observer notes on this page as they are available.

The final communiqué states:

"We will review at our next meeting progress made by the IASB and FASB towards completing their convergence project by the end of 2011 and look forward to the outcome of the ongoing IASB governance review process."

The full communiqué is available on the French Department of Trade and Industry's website.

Following this week's joint IASB-FASB meeting, Sir David Tweedie and Leslie Seidman had conceded that they need to extend the timetable for several of their projects. They maintained, however, that they intend to finish the convergence programme by end of 2011. See our previous article for more details.

Since only a limited number of responses was received, the boards directed the staff to undertake further outreach activities. The staff have now prepared a short survey that should take no longer than ten minutes to complete. This survey requests feedback from investors regarding questions on the potential effective dates and transition methods of the following projects: Accounting for Financial Instruments, Leases, Revenue Recognition, and Accounting for Insurance Contracts. Please go to the IASB's websitefor further information and access to the survey.

 

The topics to be covered include:

• The effect that the forthcoming change in IASB leadership may have on the IASB
• The IFRS Foundation governance and strategy reviews
• Public policy debates taking place worldwide, including the SEC's consideration of IFRS for U.S. registrants

Full details of the webcast are provided below:

Topic:	IFRS Public Policy Update: What Does the Future Hold?
Date and time:	Wednesday, 11 May 2011 9:00-10:00am London time (GMT +1), which is 4:00-5:00pm Hong Kong Time (GMT +8)
More information:	Click Here
Registration:	Click Here

social and environmental). In recent years, there have been calls to improve the comparability, reliability, and relevance of information disclosed by enterprises. The Commission has now posted to its website the responses received and a summary report of the consultation (link to EC website, please scroll down for comment letters and summary report). The report states:

A 'Q&A Report' has been published containing a summary of audience questions submitted during the live webcast, together with suggested answers. Topics covered include the IASB's forthcoming pronouncements on joint ventures, consolidation, and financial instruments, and consideration of the likely release of finalised pronouncements from the IASB.

The results of the four projects, supported by International Association for Accounting and Education Research (IAAER) and Association of Chartered Certified Accountants (ACCA), will provide insights into the IAESB's current project to review the International Education Standards. The IAAER is also supporting further research, with the ACCA agreeing to fund a second round of projects.

Click for the IAESB announcement (link to IFAC website).

We've posted the remaining Deloitte observer notes of the meeting (click through for direct access to the notes for each topic):

Thursday, 14 April 2011 (IASB)

• Financial Instruments — Hedge Accounting
• Eligibility of Equity Investments at Fair Value through Other Comprehensive Income as Hedged Items

Friday, 15 April 2011 (IASB)

• IFRS Interpretations Committee — update from last meeting
• Financial Instruments — Hedge Accounting
• Sub-LIBOR Issue
• Cash Instruments as Eligible Hedging Instruments
• Macro Hedge Accounting

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

In connection with the meeting, the IASB and FASB decided to extend the timetable for several of their projects. See our previous article for more details.

We've posted Deloitte observer notes from day 3 of the meeting (click through for direct access to the notes for each topic):

Thursday, 14 April 2011 (IASB-FASB)

• Revenue Recognition
• Sale and repurchase agreements — put options (paper 2E)
• Financial Instruments – Impairment
• Interest revenue recognition and definition of amortised cost
• Discounted vs. undiscounted expected losses

The notes for the session on hedge accounting will be posted soon.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

The IASB and FASB will be extending, by a few months, the timeline for completing their convergence projects on revenue recognition, leases, financial instruments and insurance contracts. Chairman Seidman explained that the delay is due to the significant amount of constructive feedback received and that it will take additional time to work through all the issues.

An extract from the transcript follows:

"... we have decided to extend the timetable for a few additional months to enable us to check whether our conclusions will last the test of time. We are also mindful of the G20 target, we have been reminded of that many times over the last few years, and we intend to try to finish this convergence programme by end of 2011. The June target has helped us to get there but at the same time it is clear that we need a little more time to check the conclusions, and to ensure that the standards are of the highest quality."

The IASB and FASB are expected to issue an updated convergence progress report shortly, which will be posted on the IASB and the FASB websites.

Click for the IASB announcement (link to IFRS website).