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2011

Final notes from the November IASB meeting

17 Nov 2011

The IASB's regular monthly meeting was held on 15-16 November 2011 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the remaining session held on Wednesday.

Click through for direct access to the notes:

Wednesday, 16 November 2011 (other sessions)

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

Deloitte comment letter on agenda consultation

17 Nov 2011

Deloitte's IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board (IASB) on its Request for Views on its Agenda Consultation 2011.

In the comment letter, we agree with the agenda and highlight several key points in the Board's strategic direction:

We agree with the Board that, as an immediate priority, it must dedicate all necessary resources to completion of the projects on revenue from contracts with customers, leases, insurance contracts and financial instruments. Given the scale of these four projects, a realistic allocation of significant resources to other projects can be made only once these priority projects have been substantially completed.

The continued development and refinement of the Conceptual Framework for Financial Reporting (2010) is critical to provide a clear set of principles to underpin individual standards. The Framework should, however, remain a ‘living document’ to be assessed as new standards are developed. In this way, the Framework can evolve as the global financial reporting environment changes.

The development of a clear framework for disclosures in financial statements is critical and urgent. This should be undertaken separately from, and with more urgency than, any project on presentation.

Click for our Comment Letter on Request for Views on its Agenda Consultation 2011.

Additional notes from the November IASB meeting

16 Nov 2011

The IASB's regular monthly meeting was held on 15-16 November 2011 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the insurance session held on the first day of the meeting, along with most of the sessions from the second day.

Click through for direct access to the notes:

Tuesday, 15 November 2011 (other sessions)

Wednesday, 16 November 2011

Notes from Wednesday's joint session on Insurance Contracts will be posted soon.

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

Notes from the November IASB meeting

15 Nov 2011

The IASB's regular monthly meeting was held on 15-16 November 2011 in in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from most of the sessions held on on the first day of the meeting, covering the following topics: annual improvements, operating segments, IFRS 10 — transitional requirements, IFRS 9 — targeted improvements, offsetting — effective dates, and leases.

Click through for direct access to the notes:

Tuesday, 15 November 2011 (other sessions)

Notes from the session on Insurance contracts will be posted soon.

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

IIRC restructures

15 Nov 2011

The International Integrated Reporting Committee (IIRC) has announced a number of changes to its organisational structure.

The changes include:

  • The IIRC will now be known as the International Integrated Reporting Council, rather than the International Integrated Reporting Committee
  • The IIRC will be supported by a strengthened secretariat operating through a not-for-profit company established for the purpose under the same name. The company's board will comprise Mervyn King as Chairman, Leslie Ferrar (Treasurer, Household of the Prince of Wales and the Duchess of Cornwall) and Christy Wood (Chairman of the Board of Governors, International Corporate Governance Network) as Deputy Chairs, together with Ian Ball (Chief Executive, International Federation of Accountants), Ernst Ligteringen (Chief Executive, Global Reporting Initiative), Jessica Fries (Director, The Prince's Accounting for Sustainability Project) and the IIRC's Chief Executive, Paul Druckman
  • An IIRC Governance Committee will also be established, with responsibilities relating to audit, nominations and executive remuneration for the company.

    Click for press release (link to IIRC website).

    EFRAG Update with summaries for the late October conference call and the November EFRAG TEG meeting

    14 Nov 2011

    The European Financial Reporting Advisory Group (EFRAG) has released the November 2011 issue of its EFRAG Update newsletter.

    On 26 October 2011, EFRAG held a meeting by public conference call. The EFRAG TEG meeting was held 7 to 8 November 2011. Highlights of the meetings were an Invitation to Comment relating to the endorsement of IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine for use in the European Union and the finalised EFRAG comment letter to the IASB on the Exposure Draft ED/2011/2 Improvements to IFRSs.

    Click for the EFRAG Update (PDF 349k, link to EFRAG website). 

    New IVSC appointments

    14 Nov 2011

    The International Valuation Standards Council (IVSC) has announced a number of new appointments, following the annual general meeting of the organisation held in Hong Kong on 5 November 2011.

    The new appointments include:

    • IVSC Board of Trustees - Frank Vettese (incoming Managing Partner & Chief Executive, Deloitte Canada), Akihiro Watanabe (GCA)
    • International Valuation Standards Board - Dr. Cindy Ma (Houlihan Lokey)
    • International Valuation Professional Board - Chris Mercer (Mercer Capital Management), Professor Nick French (Oxford Brookes University), Greg Forsythe (Deloitte Financial Advisory Services, moving from Vice-Chair to Chair), Roy Farthing (Ernst & Young, new Vice-Chair).

    Click for press release (link to IVSC website).

    Deloitte IFRS podcast on the new revenue recognition exposure draft

    14 Nov 2011

    Randall Sogoloff, Leader for Communications in the Deloitte IFRS Global Office, and Phil Barden, Leader for Deloitte’s Global Revenue Recognition team, discuss the new revenue recognition exposure draft Revenue from Contracts with Customers with Robert Bruce.

    They discuss the key changes that are proposed and provide insights into the likely effect they will have in practice.

    The podcast is available for download here (30 mins 13 mbs) or via iTunes; it is one of a series that will be posted to IAS Plus. All podcasts of the series are available on our Deloitte IFRS podcasts page.

    IASB and FASB publish revised revenue recognition exposure draft

    14 Nov 2011

    On 14 November 2011, the IASB and FASB published for comment Exposure Draft 'Revenue from Contracts with Customers', a revised draft standard that converges the revenue recognition standard for IFRSs and US GAAP.

    The goals of the exposure draft are to (1) improve financial reporting by creating a single revenue recognition standard, (2) clarify the principles for recognising revenue, and (3) create consistent principles that can be applied across various transactions, industries and capital markets.

    The core principles of the 2010 exposure draft have remain largely unchanged. However, the boards have clarified and simplified the proposal in a number of areas:

    • amending the principle for identifying separate performance obligations in a contract
    • adding criteria to determine when a performance obligation is satisfied over time and, hence, when revenue is recognised over time
    • simplifying the measurement of the transaction price
    • aligning the accounting for product warranties more closely with existing requirements
    • limiting the scope of the onerous test
    • adding practical expedients for retrospective application of the proposals
    • specifying the disclosures required for interim financial reports

    Comment letters on the revised exposure draft are due by 13 March 2012.

    Please click for:

    Online investor survey on the IASB's agenda consultation

    11 Nov 2011

    As part of its outreach activities in connection with its Request for Views Agenda Consultation 2011, the IASB has created an online survey to understand from the investor community which areas of accounting are in the most urgent need of improvement.

    The survey asks for views on the relative importance and urgency of the various projects suggested as additions to the IASB's agenda and, more generally, what works and doesn't work in financial statements.

    The IASB believes that the survey should take no longer than 20 minutes to complete. It is available until Monday 19 December 2011 via the IASB website. Comments on the IASB's agenda consultation are due by 30 November 2011.

    Click for our previous story on the IASB's future work programme.

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