April

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Final notes from the April IASB meeting

20 Apr, 2012

The IASB held its regular monthly meeting on 16 – 19 April 2012 in London, part of it a joint meeting with the FASB. We have posted the final Deloitte observer notes from the sessions held on Wednesday and Thursday.

Click through for direct access to the notes:

Wednesday, 18 April 2012

Thursday, 19 April 2012

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

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Outcomes from recent Capital Markets Advisory Committee meeting

20 Apr, 2012

The IASB has released a summary of the Capital Markets Advisory Committee (CMAC) meeting which was held in London on 22 February 2012. The CMAC was previously known as the Analyst Representative Group (ARG) and is a group of professional financial analysts who regularly meet with members of the IASB to provide the views of professional investors on financial reporting issues.

The topics discussed at the meeting included:

  • EFRAG/FASB disclosure framework project — the committee was given a status update from the EFRAG and FASB on their respective disclosure framework project. Both have scheduled to release separate discussion papers in the second quarter of 2012.
  • Financial instruments — the committee shared their views on the IASB's and FASB's current tentative decision on the 'three-bucket' approach for the impairment of financial assets measured at amortised cost.
  • Leases — the committee voted on which of the three approaches on subsequently measuring lessee's right-of-use asset will be the most approriate. The votes were divided amongst the members with a slight edge going to the 'underlying asset' approach, which treats a lease contract as being equivalent to the purchase of the underlying asset being leased and is financed separately.
  • ESMA's materiality consultation paper — a presentation was given by the ESMA on their November 2011 consultation paper Considerations of materiality in financial reporting. The CMAC responded with a concerned whether the materiality guidance would challenge existing accounting requirements.
  • Investment entities — an overview of proposals on investment entities was given to the CMAC.
  • Revenue recognition — CMAC members were updated on the status of the revenue recognition project. Examples of proposed disclosures and results from a Securties Analysts Association of Japan's survey were given. The committee discussed the need for the boards to better understand the types of information on revenue that entities can provide at a reasonable cost.
  • Post-implementation review of IFRS 8 — the committee discussed whether IFRS 8 achieved its stated objectives and whether it has improved financial reporting.
  • IFRSs 10-12 effective date — The general view of CMAC members was that it would not be significantly detrimental to add an additional year to the effective dates.

Click for more information (link to IASB website).

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG conducts joint field-test on the general hedge accounting review draft

19 Apr, 2012

The European Financial Reporting Advisory Group (EFRAG), along with National Standard Setters in Europe, are conducting a joint field-test of the IASB's Review Draft on general hedge accounting.

According to EFRAG, the "main purposes of the field-test are to test the operationality of the proposals, whether the standard will operate as intended, and gather information to assess the quality and effects of the future accounting standard and the usefulness of the information that will result from applying the requirements, as well as to assess the level of effort required to implement and apply the requirements."

The IASB is expecting to issued the Review Draft by the end of June 2012. Parties interested in participating in the field-test should contact the EFRAG staff or their national point of contact by 30 June.*

Click for:

* The IASB previously indicated that the issuance of the Review Draft was expected in April 2012. The EFRAG originally had a participation deadline of 30 April to coincide with the issuance of the Review Draft, but updated the timing of the field test in early May 2012.

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Further notes from April IASB meeting

19 Apr, 2012

The IASB is holding its regular monthly meeting on 16 – 19 April 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the session held on Tuesday.

Click through for direct access to the notes:

Tuesday, 17 April 2012

Notes from the remaining sessions held on Wednesday and Thursday will be posted soon.

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

IFRS Foundation (blue) Image

IFRS Foundation translation update

18 Apr, 2012

The IFRS Foundation has announced the publication of the Arabic translation of IFRS for SMEs training Module 33 Related Party Disclosures.

The Arabic translation is available on the IASB's Arabic-language training modules webpage.

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XBRL Detailed Tagging Task Force — Call for participants

17 Apr, 2012

The IFRS Foundation intends to establish a voluntary XBRL Detailed Tagging Task Force and is looking for participants.

Together with the Industry Practice Project, the IFRS Foundation is establishing a task force to examine detailed XBRL tagging in IFRS financial statements, and is looking to work directly with preparers from public companies from different industries and regions. The IFRS Foundation is seeking participation from preparers of financial statements for public companies who report in IFRS. Participation from companies operating in all industries and geographical regions is encouraged.

Companies interested in participating in the task force should express their interest by 30 April. Participants will be chosen and notified by 7 May. The first meeting will take place on 14 May by teleconference.

For further information please go to the press release on the IASB's website.

XBRL (eXtensible Business Reporting Language) (mid blue) Image

XBRL Industry Practice Project — Call for participants

17 Apr, 2012

The IASB intends to establish a voluntary XBRL Industry Practice Project and is looking for participants.

In 2010 and 2011, the IFRS Foundation has been interacting with companies from various countries and industries to identify and develop extra concepts to the IFRS taxonomy reflecting common practices. The IFRS Foundation is now establishing a new project to examine and develop common industry practice concepts for the IFRS Taxonomy, and is looking to work directly with stakeholders across different industries and regions in order to increase comparability, reduce the number of XBRL extensions, and lower the burden on preparers. The process will be conducted by a joint programme of empirical analysis and interaction with industry representatives.

For 2012, the project will be limited to the following industries:

  • Financial Institutions,
  • Insurance Entities,
  • Extractive Industries (Mining, Oil & Gas).

The IASB is looking for participation from the following groups:

  • Preparers,
  • Users (Investors and Analysts),
  • Industry groups,
  • Regulators and Supervisors.

Application from all geographical regions is encouraged.

Companies interested in participating in this project should express their interest by 30 April. Participants will be chosen and notified by 7 May. The first meeting will take place on 18 May.

For further information please go to the press release on the IASB's website.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG to hold additional outreach meetings on proactive discussion papers

16 Apr, 2012

The European Financial Reporting Advisory Group (EFRAG) announced additional outreach meetings on 15 May 2012 in Warsaw regarding discussion papers 'Accounting for business combinations under common control' and 'Improving the Financial Reporting of Income Tax'.

The outreach event will be hosted by EFRAG, the UK Accounting Standard Board (ASB), the Italian Organismo Italiano di Contabilita (OIC), and the Polish Accounting Standards Committee (KSR). In addition, the event is organised with the National Chamber of Statutory Auditors (KiBR) and the Association of Accountants in Poland (SKwP).

The meeting is designed to gather feedback from users on the topics developed in the discussion papers. The feedback will then be used by the EFRAG, and the national standard setters in future work with the IASB that relates to income taxes and business combinations under common control. Registration is requested by 4 May 2012.

Click for EFRAG press release (link to EFRAG website).

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Notes from the April IASB meeting

16 Apr, 2012

The IASB held its regular monthly meeting on 16-19 April 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from some sessions held on Monday, covering the annual improvement cycle 2011-2013 and an update from the IFRS Interpretations Committee.

Click through for direct access to the notes:

Monday, 16 April 2012

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

IASB (International Accounting Standards Board) (blue) Image

Unaccompanied IFRSs 2012 available on the IASB website

13 Apr, 2012

The IFRS Foundation offers free access to the current year’s consolidated unaccompanied English language IFRSs and official interpretations. This includes IFRSs, IASs, IFRICs and SICs.

These are now available on the IASB's website along with their technical summaries as of 1 January 2012. Please see the IASB press release for further details.

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