January

IASB (International Accounting Standards Board) (blue) Image

New issue of the IASB's Investor Perspectives

31 Jan, 2012

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 entitled Investor Perspectives. A new edition is now available.

IASB Board member Patrick Finnegan discusses the IASB's agenda consultation:

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

ASB (UK Accounting Standards Board) (lt blue) Image
UKGAAP Image

Revised proposals published for a new reporting framework in United Kingdom

31 Jan, 2012

The United Kingdom Accounting Standards Board (ASB) has published three Financial Reporting Exposure Drafts (FREDs) setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland.

The three exposure drafts are:

  • FRED 46 Application of Financial Reporting Requirements (draft FRS 100)
  • FRED 47 Reduced Disclosure Framework (draft FRS 101)
  • FRED 48 The Financial Reporting Standard applicable in the UK and Republic of Ireland (draft FRS 102).

The reporting framework proposed by the FREDs would operate as follows:

  • entities required by law to apply EU-adopted IFRS must do so – previous proposals to require entities with 'public accountability' to apply EU-adopted IFRS in full have been discontinued
  • certain qualifying entities (mainly subsidiaries and ultimate parents) may apply the EU-adopted IFRS with reduced disclosures as set out in FRED 47 – these entities would apply the recognition and measurement requirements of EU-adopted IFRS in full but benefit from lower disclosure requirements
  • all other entities apply the draft standard set out in FRED 48 – these requirements would be based on the IFRS for SMEs but include modifications so that it fits better with the financial reporting requirements in the UK and Republic of Ireland, e.g. where an accounting treatment is permitted currently
  • retaining the financial reporting standard for smaller entities (FRSSE) – the ASB will consult further once the European Commission's proposals to change the financial reporting requirements for small and micro-sized entities are clarified.

Comment on the FREDs close on 30 April 2012. Click for:

IFRS Foundation (blue) Image

Summary of the January 2012 Trustees' meeting

30 Jan, 2012

The Trustees of the IFRS Foundation have announced the conclusions of their meeting in Singapore on 12 January 2012.

The Trustees discussed progress towards global adoption of IFRSs. They also received a report on the Due Process Oversight Committee (DPOC), reviewing due process and post-implementation review methodology. The Trustees' Nominating Committee and the Monitoring Board approved several nominations and reappointments to the Trustees. Hans Hoogervorst, Chairman of the IASB, gave the Trustees a detailed report on the work of the IASB since the last meeting in October 2011. The Trustees’ Executive Committee discussed the finalisation of the strategy review.

Click for:

2012jan Image

Final notes from the January IASB meeting

29 Jan, 2012

The IASB held its regular monthly meeting on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have now also posted Deloitte observer notes from the remaining impairment session held on Friday.

Click through for direct access to the notes:

Friday, 27 January 2012 (earlier sessions)

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

2012jan Image

Additional notes from the January IASB meeting

27 Jan, 2012

The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from three of the sessions held on Friday.

Click through for direct access to the notes:

Friday, 27 January 2012

Notes from Friday's Financial instruments: Impairment session will be posted on Monday.

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

IASB (International Accounting Standards Board) (blue) Image
FASB (old) Image

IASB and FASB seek to reduce differences in classification and measurement models for financial instruments

27 Jan, 2012

At today's joint IASB meeting with the Financial Accounting Standards Board (FASB), the Boards agreed to work together to find ways to reduce differences in their respective classification and measurement models for financial instruments.

The discussions will shape the FASB’s ongoing redeliberation of a proposed Accounting Standards Update on financial instruments, while the IASB will consider these discussions as part of its project to undertake limited-scope changes to IFRS 9, Financial Instruments.

Click for the press release on the IASB's website. Also, see our Classification and Measurement session notes taken by Deloitte observers at today's meeting for more information.

IFRS Foundation (blue) Image

Conclusions of the Trustees' Due Process Oversight Committee meeting

27 Jan, 2012

The IFRS Foundation Trustees' Due Process Oversight Committee (DPOC) has posted to their website a summary of the conclusions of their meeting in Singapore on 12 January 2012.

The DPOC discussed recommendations regarding the IASB's planned post-implementation review procedure, which begins with IFRS 8 Operating Segments. Post-implementation reviews are a mandatory due process step for all new IFRSs and major amendments to IFRSs.

Please click here to read the notes on the IFRS Foundation's website.

2012jan Image

Further notes from the January IASB meeting

27 Jan, 2012

The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions held on Thursday.

Click through for direct access to the notes:

Thursday, 26 January 2012

Notes from Friday's sessions will be posted soon.

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

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

Updated EFRAG 'endorsement status report'

27 Jan, 2012

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 26 January 2012 (PDF 199k).

Since the last report, draft endorsement advices have been issued for the amendments to IAS 32 and IFRS 7.

You can always find the endorsement status report Here.

2012jan Image

Notes from the January IASB meeting

26 Jan, 2012

The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the session held on the first day of the meeting.

Click through for direct access to the notes:

Wednesday, 25 January 2012

Notes from the Thursday's sessions will be posted soon.

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

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.