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February

UK ASB issues Financial Reporting Exposure Draft: Amendments to FRS 29

28 Feb 2011

The UK Accounting Standards Board (ASB) of the Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft: Proposed Amendments to FRS 29 (IFRS) 'Financial Instruments: Disclosures': Disclosures — Transfers of Financial Assets.

The goal of the exposure draft is to improve the disclosures on transfers of financial assets. The proposals incorporate new disclosure requirements that would help users of financial statements evaluate an entity's risk exposure arising from transfers of financial assets as well as any resulting impact on its financial position. The ASB has issued this exposure draft to keep FRS 29 aligned with the disclosure requirements in IFRS 7, which the IASB amended in October 2010.

Comments are due by 30 April 2011.

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New Deloitte guide to accounting for service concession arrangements

28 Feb 2011

Deloitte's IFRS Global Office has published IFRIC 12 Service concession arrangements – A pocket practical guide.

The Guide is intended to serve as an illustrative tool for the reader in the application of IFRIC 12 Service Concession Arrangements, providing analysis of the requirements of IFRIC 12 and practical guidance with examples that address some of the more complex issues around service concession arrangements. The Guide provides guidance on scope, the determination of the accounting model, specific characteristics of concessions that are common (take-or-pay arrangements, capacity availability, etc.) and much more.

Click for IFRIC 12 Service concession arrangements – A pocket practical guide (PDF 241k, 59 pages).

Takatsugu Ochi appointed as member of the IASB

25 Feb 2011

The Trustees of the IFRS Foundation have announced the appointment of Takatsugu (Tak) Ochi as a member of the IASB for an initial five-year term from 1 July 2011. The term is renewable for a further three-years.

Mr Ochi is currently Assistant General Manager, Financial Resources Management Group of Sumitomo Corporation. He is also a member of the IFRS Interpretations Committee, Secretary-General of the Nippon Keidanren (Japan Business Federation) Taskforce for early adoption of IFRS and an adviser to the Accounting Standards Board of Japan (ASBJ). Mr Ochi will relinquish existing roles upon joining the IASB.

Hans Hoogervorst, Chair-designate of the IASB, and Ian Mackintosh, Vice-Chair-designate of the IASB, will also begin their initial terms on 1 July 2011. The Trustees have also confirmed the reappointment of Philippe Danjou, to serve a second five-year term.

Click for IASB press release (PDF 35k).

Monitoring Board releases more details about governance review roundtables

24 Feb 2011

Further to our earlier story about the IFRS Foundation Monitoring Board consultation process around its 'Consultative Report on the Review of the IFRS Foundation's Governance', some further details have been released about the upcoming consultative roundtables.

The public roundtables are being held as follows:

  • Asia: Tokyo, Japan (venue to be determined), late March
  • Asia: Kuala Lumpur, Malaysia (Securities Commission Malaysia, 3 Persiaran Bukit Kiara, 50490 Kuala Lumpur), 22 March 2011
  • Europe: Brussels, Belgium (Albert Borschette Conference Centre (CCAB), Rm AB-2A, 36, rue Froissart, 1000 Brussels), 3 March 2011
  • The Americas: TBD

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We comment on the Trustees' strategy review

23 Feb 2011

Deloitte has submitted a comment letter on the IFRS Foundation Trustees' Public Consultation 'Status of Trustees' Strategy Review'.

We express the view that both the IFRS Foundation and the Monitoring Board should make an explicit statement in their governing documents that the primary purpose of general purpose financial reporting is to provide financial information about the reporting entity that is useful to capital market participants (i.e., existing and potential investors, lenders and other creditors) in making decisions about providing resources to the entity. Other users, including prudential regulators, may use general purpose financial reports, but those reports are not directed primarily to address their needs.

With respect to the governance of the IFRS Foundation, we support the three tier structure that is currently in place, but we would wish to see changes to both the Monitoring Board and the IFRS Foundation Trustees.

Click to download our comment letter on the IFRS Foundation Trustees' Public Consultation: Status of Trustees' Strategy Review (PDF 80k). All of our past comment letters are here.

Updated EFRAG 'endorsement status report'

23 Feb 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 22 February 2011 (PDF 125k). 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

You can always find the endorsement status report Here.

Deloitte comment letters on tentative agenda decisions

23 Feb 2011

Deloitte's IFRS Global Office has submitted letters of comment to the IFRS Interpretations Committee on two tentative agenda decisions:

In both cases we agree with the decision not to add the issues to the agenda. Click here to view all of our past letters of comment.

Verena Ross nominated as ESMA's first Executive Director

22 Feb 2011

The new European Securities and Markets Authority (ESMA) announced the nomination of Verena Ross as the first Executive Director of ESMA, subject to confirmation by the European Parliament.

The Executive Director will be responsible for the day-to-day management of ESMA and will serve a term of five years, renewable once.

Verena Ross is currently Director of the International Division at the UK Financial Services Authority (FSA). The Division carries out FSA's international work including the co-ordination of its EU and international committee work and provides strategic technical advice on EU and international policy issues.

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Agenda for the IASB/FASB joint special meeting

22 Feb 2011

The IASB and FAS will hold a joint special meeting at the IASB offices in London from 1 to 2 March 2011. Presented below is the agenda for the meeting.

You can access the agenda on our 1 to 2 March 2011 joint meeting page.  We will also post Deloitte observer notes on this page as they are available.

Meeting of IASB representatives with the Global Preparers Forum

21 Feb 2011

On 25 February 2011, IASB representatives will meet with the Global Preparers Forum.

The following topics will be discussed:
  • IASB work plan
  • Post-implementation review
  • IASB communications
  • Hedge accounting
  • Cross-cutting issues: Measuring uncertain future cash flows
  • Revenue Recognition
  • Lease accounting

Please go to the IASB's website for further information, access to the agenda papers and registration as an observer.

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