February

IFRS Foundation translation update

07 Feb, 2012

The IFRS Foundation has announced the publication of the Arabic translation of IFRS for SMEs training Module 7 'Statement of Cash Flows'.

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

IFRS Foundation appoints David Loweth as inaugural 'Director for Trustee Activities'

06 Feb, 2012

The Trustees of the IFRS Foundation have announced the appointment of David Loweth as Director for Trustee Activities.

Mr Loweth currently serves as Technical Director of the United Kingdom (UK) Accounting Standards Board (ASB). Before joining the UK ASB in 2004, Mr Loweth held various senior roles in the UK Treasury.

The Trustees have created the role of Director for Trustee Activities in response to the preliminary conclusions of their IFRS Foundation Strategy Review. The review called for higher levels of engagement and transparency between the IASB and the Trustees, particularly in the area of due process oversight. The review also recommends clearer separation of the roles and responsibilities of the Foundation and of the IASB. Mr Loweth will support the work of the Trustees as they fulfil these enhanced responsibilities.

Click for Trustees press release (link to IASB website).

IASB to publish next edition of the 'Red Book' in March

06 Feb, 2012

The International Accounting Standards Board (IASB) has announced that the 2012 edition of the Bound Volume of International Financial Reporting Standards(the 'Red Book') is expected to be available in March.

The 'Red Book' contains all official pronouncements issued at 1 January 2012, including all pronouncements with an effective date after 1 January 2012, but not the pronouncements they will replace. Accordingly, the 2012 edition contains pronouncements such as IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities and IFRS 13 Fair Value Measurements, but does not contain the superseded version of IAS 27 Consolidated and Separate Financial Statements.

More information is available on the IASB's 'register my interest' webpage (link to IASB website).

Deloitte comment letter on IFRS for SMEs Q&As

03 Feb, 2012

Deloitte's IFRS Global Office has submitted a letter of comment to the SME Implementation Group regarding Draft Q&A Section 11, Issue 1: Fallback to IFRS 9 Financial Instruments and Draft Q&A Section 30, Issue 1: Recycling of cumulative exchange differences on disposal of a subsidiary.

In the comment letter, we are concerned about the appropriateness of these draft Q&As for the following reasons:

  • both draft Q&As seek to restrict entities from adopting certain accounting policies which may be permitted, or indeed required, following the Board’s comprehensive review of the IFRS for SMEs. We do not believe that requiring a change in accounting policy which may be reversed within the next 2-3 years is useful to either preparers or users of the financial statements of SMEs; and
  • we do not consider publication of a high volume of draft Q&As (11 since February 2011) to be in keeping with the Board’s plan for periodic updating of the IFRS for SMEs. As such, we welcome the commitment made in the November 2011 IFRS for SMEs Update to issue few, if any, further Q&As before the next comprehensive review of the IFRS for SMEs.

In addition, we are concerned about the due process applied to the Q&As and whether it is consistent with other IASB or IFRS Foundation activities.

Click for our Comment Letter on IFRS for SMEs Q&As. All of our past comment letters are here.

IPSASB publishes consultation paper on the fourth phase of its conceptual framework project for public sector entities

01 Feb, 2012

The International Public Sector Accounting Standards Board (IPSASB) has released for comment an Consultation Paper, 'Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports'. The paper arises from the fourth and final phase of the IPSASB's conceptual framework project.

The paper explores concepts applicable to the presentation of information in the general purpose financial reports of public sector entities and considers presentation from the broader perspective of financial reporting rather than adopting a narrow focus just on the financial statements.

Although many of the concepts of International Public Sector Accounting Standards (IPSASs) are based on International Financial Reporting Standards (IFRSs), the IPSASB's conceptual framework project is not an IFRS convergence project, and its purpose is not to interpret the application of the IASB Framework to the public sector.

Comments on the Consultation Paper close on 31 May 2012. Click for the IPSASB announcement (link to IFAC website).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.