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2011

Updated EFRAG 'endorsement status report'

21 Dec 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 21 December 2011 (PDF 199k). Currently, the following 14 IASB pronouncements await endorsement action:

  • IFRS 9 Financial Instruments
  • IFRS 10 Consolidated Financial Statements
  • IFRS 11 Joint Arrangements
  • IFRS 12 Disclosures of Interests in Other Entities
  • IFRS 13 Fair Value Measurement
  • IAS 27 Separate Financial Statements (2011)
  • IAS 28 Investments in Associates and Joint Ventures (2011)
  • 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
  • Amendments to IAS 1 Presentation of Items of Other Comprehensive Income
  • Amendments to IAS 19 Employee Benefits
  • Amendments to IFRS 7 Disclosures — Offsetting Financial Assets and Financial Liabilities
  • Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities
  • IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

EFRAG announces composition of the Technical Expert Group for April 2012

21 Dec 2011

The European Financial Reporting Advisory Group (EFRAG) has announced the new composition of their technical experts group (TEG) for April 2012. TEG is the operational arm of EFRAG.

Joanna Frykowska and Serge Pattyn were elected as new members of TEG. Mike Ashley was confirmed as Vice-Chairman of TEG. The previous TEG members who stood for re-election, Nicklas Grip, Nicolas de Paillerets, Hans Schoen and Andrea Toselli were reappointed.

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Roundtables on investment company proposals to be held early in 2012

20 Dec 2011

During February and March 2012, the IASB and FASB are holding a number of public roundtables on their proposals to exempt investment entities from consolidation.

The IASB published Exposure Draft ED/2011/4 Investment Entities on 25 August 2011, proposing to define 'investment entities' as a separate type of entity that would be exempt from the consolidation accounting requirements in IFRS 10 Consolidated Financial Statements. Comments on the Exposure Draft close on 5 January 2012.

Details of the roundtables, including the registration deadline, are set out in the table below:

 

Country Location Date Deadline
Canada Toronto 17 February 2012 27 January 2012
United Kingdom London 29 February 2012 8 February 2012
United States Norwalk 20 March 2012* 28 February 2012*
Malaysia Kuala Lumpur 27 March 2012 6 March 2012

* The date of the Norwalk roundtable was changed to 16 March 2012 in mid January 2012. The registration deadline was also brought forward to 24 February 2012.

Click for more information on the IASB's website.

IASB publishes proposed amendments to IFRS 10

20 Dec 2011

The IASB has published Exposure Draft ED/2011/7 'Transition Guidance (Proposed amendments to IFRS 10)' for public comment.

The proposed amendments address the transition guidance in IFRS 10 Consolidated Financial Statements by clarifying retrospective application. Comments on the exposure draft are due by 21 March 2012.

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Elke König to step down as member of the IASB

20 Dec 2011

The IASB has announced that effective 31 December 2011 Elke König is stepping down from the IASB.

She has been appointed as President of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the German Federal Financial Supervisory Authority.

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Final notes from the December IASB meeting

19 Dec 2011

The IASB's regular monthly meeting was held on 13-16 December 2011 in London, part of it a joint meeting with the FASB. We have posted additional Deloitte observer notes from the remaining sessions held on Thursday and Friday.

Click through for direct access to the notes:

Thursday, 15 December 2011

Friday, 16 December 2011

  • Insurance contracts (IASB-FASB)
    • Discounting of insurance liabilities for incurred claims
    • Unit of account
    • Onerous contracts

Click here to go to the preliminary and unofficial notes taken by deloitte observers for the entire meeting.

IAASB issues guidance on auditing financial instruments

19 Dec 2011

The International Auditing and Assurance Standards Board (IAASB) has released International Auditing Practice Note (IAPN) 1000, 'Special Considerations in Auditing Financial Instruments', to provide practical assistance to auditors when addressing valuation and other considerations pertaining to financial instruments.

IAPNs are non-authoritative documents that do not impose additional requirements on auditors beyond those included in the International Standards on Auditing (ISAs) and so are effectively immediately available for use. IAPN 1000 provides background information about financial instruments and discusses audit considerations such as planning, assessing and responding to audit risks, the valuation of financial instruments and appropriate internal controls related to financial instruments.

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

EFRAG asks for more time to consider IASB proposals

19 Dec 2011

The European Financial Reporting Advisory Group (EFRAG) has written to the IASB to request that the comment period on the Exposure Draft 'Revenue from Contracts with Customers' be extended by 60 days and that the comment period on the Review Draft on General Hedge Accounting is set such that constituents have three months, outside their year-end closing period, to respond and participate in field-testing activities.

The request follows an earlier EFRAG request for the IASB to consider a deferral of the effective date of the 'suite of standards' on consolidation, joint arrangement and disclosures (see our earlier story).

Click for access to the EFRAG letter (link to EFRAG website).

IASB podcast on insurance contracts

19 Dec 2011

The IASB has made a podcast on the current state of debate in the IASB/FASB joint project on insurance contracts available.

Stephen Cooper, IASB member and Andrea Pryde, Senior Technical Manager, report on developments in the project following the joint IASB/FASB meeting on 13-16 December. To listen to the podcast, please click here (link to IASB website).

Agenda for January IFRS Foundation Trustees meeting

18 Dec 2011

A tentative agenda has been released for the IFRS Foundation Trustees meeting to be held in Singapore on Thursday, 12 January 2012.

The tentative agenda is shown below. Agenda papers for the meeting will be made available on the IASB website.

 

Agenda for the IFRS Foundation meeting — Thursday, 12 January 2012

Thursday 12 January (13:45-16:00)

  • Report of the IASB Chair
  • Report of the Due Process Oversight Committee
  • Report of the Education and Content Services Committee
  • Public update on the Strategy Review

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