January

Financial institutions call for more climate change information

25 Jan, 2011

The United Nations Environment Programme Finance Initiative (UNEP FI) and the Sustainable Business Institute Germany (SBI) have released a report, Advancing adaptation through climate information services – Results of a global survey on the information requirements of the financial sector.

The report, sponsored by the German Federal Ministry of Education and Research, presents the results of an international survey undertaken by the Climate Change Working Group (CCWG) of the UNEP FI and the SBI. More than 60 institutions, from both developed and developing countries, took part in the survey.

The report concludes the availability of and access to climate change information remains insufficient. It notes the increasing financial relevance of climate change and highlights the fact that insurers and lenders need better information regarding the physical and economic impacts of the world's changing weather patterns.

The survey identified that information gaps can be closed by continued research towards more reliable climate modelling and forecasting, as well as enhanced translation of scientific knowledge and existing information into user-friendly information.

Click for press release (link to United Nations Environment Programme website).

Deadline reminder – Effective Dates and Transition Methods

25 Jan, 2011

We remind you that comments on the Request for views: Effective Dates and Transition Methods are due on 31 January 2011. With a number of major projects planned to be completed in 2011, the IASB and FASB are seeking views on whether or how to sequence effective dates in order to reduce the burden to interested parties.

New publications from the IAASB on financial statement disclosures and audit quality

24 Jan, 2011

The International Auditing and Assurance Standards Board (IAASB) has released two new documents:

  • A discussion paper, The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications, which highlights recent trends in the range, volume, and complexity of financial statement disclosures, and explores issues and practical challenges in preparing, auditing, and using them. The Discussion Paper has been prepared using the disclosures required by IFRSs as a frame of reference. Comments on the discussion paper close on 1 June 2011
  • A publication, Audit Quality: An IAASB Perspective, designed to stimulate further debate on audit quality and further the IAASB's efforts to facilitate robust audits in the public interest.

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

IASB and FASB cancel additional joint meeting on 26 January

24 Jan, 2011

The additional joint IASB and FASB meeting originally scheduled for Wednesday, 26 January 2011, has now been cancelled.

Additional joint meetings remain tentatively scheduled for Tuesday and Wednesday, 1 and 2 February 2011. The next confirmed meeting is the regular IASB meeting to be held 14-18 February 2011.

GRI publishes sustainability reporting guidelines in Arabic, launches Focal Point USA

24 Jan, 2011

The Global Reporting Initiative (GRI) has announced the launch of the GRI Sustainability Reporting Guidelines in Arabic.

The new Arabic Guidelines are a result of collaboration between GRI and The Egyptian Corporate Responsibility Center (ECRC).

The GRI Sustainability Reporting Framework is designed to enable large and small companies, non-profit organisations and government bodies worldwide to assess their sustainability performance and disclose the results. The Arabic Guidelines will enable organisations in the Middle East to be more transparent about their sustainability performance, supporting GRI's goal to "mainstream" sustainability reporting worldwide.

Also, GRI's Focal Point USA will be officially launched at the New York Stock Exchange on Monday 31 January 2011. The Focal Point USA began operations in October 2010 and aims to address the needs of the unique marketplace in the USA and to boost the quality and quantity of sustainability reports coming from US organizations. The rapidly upward trend in sustainability reporting globally, and particularly in Europe, has not been mirrored in the USA yet.

Click for GRI press releases (links to GRI website):

 

Deloitte publications update

24 Jan, 2011

The following Deloitte publications are now available:

Global publications

Deloitte (United States)

Deloitte (Canada)

Deloitte (Japan)

 

Updated EFRAG 'endorsement status report'

21 Jan, 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 17 January 2011 (PDF 195k). Currently, the following five IASB pronouncements await endorsement action:
  • IFRS 9 Financial Instruments
  • Amendments to IFRS 7 Financial Instruments: Disclosures
  • Improvements to IFRSs
  • 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.

Notes from Days 3 and 4 of the January IASB meeting

21 Jan, 2011

The IASB is meeting in London on 18-21 January 2011 for its regular January meeting, some of which is a joint meeting with the FASB.

We've posted further Deloitte observer notes from days three and four of the meeting (click through for direct access to the notes):

Thursday, 20 January 2011

Friday, 21 January 2011

  • Post-employment Benefits
    • Presentation of components of defined benefit cost
    • Interaction of IAS 19 Proposals and IAS 37

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

Notes from Days 2 and 3 of the January IASB meeting

21 Jan, 2011

The IASB is meeting in London on 18-21 January 2011 for its regular January meeting, some of which is a joint meeting with the FASB.

We've posted further Deloitte observer notes from days two and three of the meeting (click through for direct access to the notes):

Wednesday, 19 January 2011

  • Leases (IASB/FASB)
    • Preliminary comment letter analysis and redeliberation plan
    • How to define a lease and how to distinguish it from a service
  • Insurance Contracts (IASB/FASB)
    • Education session: The discount rate

Thursday, 20 January 2011

  • Revenue Recognition (IASB/FASB)
    • Perfunctory obligations, incidental obligations and marketing incentives
    • Determining the transfer of goods and services

Notes from the afternoon discussions on Thursday will be posted soon.

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

Additional Board meetings

21 Jan, 2011

The IASB has announced two additional Board meetings:

Wednesday, 26 January 2011, 13:00 - 15:00 GMT: Joint meeting with the FASB

  • Topic to be discussed: Leases
  • Further information and registration: Here (link to IASB website)

Tuesday and Wednesday, 1 and 2 February 2011 (tentative)

  • Meeting times and topics to be discussed yet to be announced

 

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