2011

New issue of the IASB's Investor Perspectives

12 Jan, 2011

In April 2010, the Trustees of the IFRS Foundation and the IASB launched a programme to enhance investors' participation in the development of International Financial Reporting Standards (IFRSs).

One of the enhancements is a newsletter for investors. Board members Stephen Cooper, Patrick Finnegan and Patricia McConnell publish timely updates on financial reporting matters. A new issue of the Investor Perspectives is now available:

All Investor Perspectives are archived on the IASB's website.

New IASB webpages on risk components and the time value of options

12 Jan, 2011

To accompany the exposure draft on hedge accounting published in December 2010, the IASB staff are providing further information on key issues in the document to assist interested parties in understanding the proposals in the exposure draft.

Materials are now available on a webpage on the treatment of risk components and on a webpage on the time value of options. The comment deadline for the exposure draft is 9 March 2011.

 

IIRC round table series on integrated reporting

12 Jan, 2011

The International Integrated Reporting Committee (IIRC) has launched a series of round tables to be held in different regions in order to inform stakeholders about the IIRC's work and enable them to share their thinking on integrated reporting with the IIRC.

The first of the round table events is to be held on 19 January 2011 in Mumbai. The IIRC round table will be part of the "Responsible Investment: Mainstreaming of Environmental, Social, Governance Factors" event hosted by German Development Corporation (Deutsche Gesellschaft fr Technische Zusammenarbeit, GTZ) and the India focal point of the The Global Reporting Initiative (GRI).

The International Integrated Reporting Committee (IIRC) was formed in August 2010 and aims to create a globally accepted framework for accounting for sustainability, bringing together financial, environmental, social and governance information in an "integrated" format.

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IAASB proposes assurance standard to strengthen reporting on greenhouse gases

12 Jan, 2011

The International Auditing and Assurance Standards Board (IAASB) released for comment a proposed new International Standard on Assurance Engagements (ISAE) 3410 'Assurance Engagements on Greenhouse Gas Statements'.

The proposed standard addresses the practitioner's responsibilities in identifying, assessing, and responding to risks of material misstatement, and contains illustrative assurance reports on greenhouse gas statements. The proposed requirements and guidance also recognize that most engagements will be undertaken by a multidisciplinary team, so they address the need for the assurance practitioner to integrate experts – in engineering or environmental science, for example – into various stages of the engagement. Comments on the exposure draft are requested by 10 June 2011.
Click for IAASB press release (link to IFAC website).

 

Notes from January IFRS Interpretations Committee meeting

11 Jan, 2011

The IFRS Interpretations Committee met in London on 6-7 January 2011. We have posted Deloitte observer notes from the topics discussed at the meeting, as follows (click through for direct access to the notes for that particular topic):

IASB podcast on the Insurance Contracts project

11 Jan, 2011

The IASB has posted to its website a podcast on the latest developments concerning the insurance contracts project.

Warren McGregor, IASB member, summarises the discussions at the joint December Board meeting, considers the feedback received on the exposure draft/discussion paper and provides an overview of the planned discussions in January.

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FRC proposes enhancements to company reporting and audit

11 Jan, 2011

The UK's Financial Reporting Council (FRC) has published recommendations aimed at improving the dialogue between company boards and their shareholders.

The FRC's report, 'Effective Company Stewardship: Enhancing Corporate Reporting and Audit', contains seven key recommendations including the recommendations that companies should take advantage of technological developments to increase the accessibility of the annual report and its components and that there should be greater investor involvement in the process by which auditors are appointed. The overall aim of the recommendations is to provide more balanced and comprehensive information to investors. Click for FRC press release and the FRC's report(both links to FRC website).

 

ESMA becomes operational

11 Jan, 2011

The Board of Supervisors (BOS) of the European Securities and Markets Authority (ESMA) held its inaugural meeting today.

The meeting consisted of the election of Carlos Tavares as Vice-Chairman of ESMA. Tavares will be acting as the Chair of ESMA until the elected Chair of ESMA takes office. Also during the meeting, the BOS adopted rules and procedures that defined how ESMA will function and set up the Management Board. The ESMA also confirmed that all existing Level 3 measures issued by CESR will remain valid in their original status under ESMA.

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US and UK regulators reach an information sharing agreement

10 Jan, 2011

The United Kingdom's Professional Oversight Board (POB), a part of the FRC, and the Public Company Accounting Oversight Board of the United States (PCAOB) have signed an information sharing agreement aimed at increasing the cooperation on the oversight and inspection of audit firms.

The Statement of Protocol between the regulators intends to improve the accuracy and reliability of audit reports and help promote public trust in the audit process.

Click for the Statement of Protocol between PCAOB and POB (link to FRC website).

Newsletter on amendments to IFRS 1 related to severe hyperinflation

10 Jan, 2011

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues amendments to IFRS 1 on first-time adoption of IFRSs after period of severe hyperinflation.

The amendments provide guidance for entities emerging from severe hyperinflation that are either resuming the presentation of IFRS-compliant financial statements or presenting IFRS-compliant financial statements for the first time.

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