This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.


IFRS XBRL taxonomy for 2012 is available

30 Mar 2012

The IFRS Foundation has published the IFRS Taxonomy 2012. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language).

The 2012 taxonomy is consistent with IFRSs as issued by the IASB at 1 January 2012, and it contains XBRL tags for all IFRS disclosure requirements.

Click here to access the IFRS Taxonomy files and accompanying materials on the IFRS Foundation's website.

Stay Tuned Online – IFRS and UK GAAP update

29 Mar 2012

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

Each update lasts no more than an hour, and sessions are normally held three times a year, approximately at the end of March, July, and November. We intend to make a recording of each session available on IAS Plus for a period of at least four months from the date of the presentation.

The following topics were covered in the March 2012 webcast:

  • The future of UK GAAP
  • New publications
  • Disclosure of auditors' remuneration
  • Other UK reporting developments
  • Latest IFRS developments

To access the recording click here.

Global banks react to developing accounting reform

29 Mar 2012

Deloitte has issued its 'Second Global IFRS Banking Survey – Q1 2012 A changing landscape'. The survey highlights the views of 56 major banking groups on accounting change.

The survey focuses on the implementation challenges of IFRS 9, including both the impairment proposals and classification and measurement, as well as the challenges of implementation of the new standards, IFRS 10, 12 and 13. The survey also summarises the views of banks on the wider implications of accounting change to regulatory capital, loan pricing, and canvasses views on convergence and the timetable for adoption of IFRS 9.

Deloitte will continue its series of surveys to capture the views of the banking industry over the coming months and years as the proposals become finalised and the implementation challenges develop.

Click for:

Monitoring Group and PIOB consult on governance of IFAC activities

29 Mar 2012

The Monitoring Group (MG) and the Public Interest Oversight Board (PIOB) have released consultation papers on the governance of various organisations operating under the auspices of the International Federation of Accountants (IFAC).

The aim of the Monitoring Group paper (MG paper) is to request views from stakeholders and the public at large on the governance of those institutions involved in the activity of issuing international standards for accountants in the fields of auditing and assurance, ethics and education, with the final goal of improving audit quality.

The Monitoring Group paper follows the completion in 2010 of an effectiveness review of the 2003 IFAC Reforms and aims to build on and completing the effectiveness review through a comprehensive governance review of the full architecture currently in place.

The MG paper presents a number of questions and recommendations across numerous IFAC organisations currently under PIOB oversight including the International Auditing and Assurance Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), the International Accounting Education Standards Board (IAESB) and the Compliance Advisory Panel (CAP), as well as PIOB's oversight of the Nomination Committee of IFAC.

The MG paper also acknowledges a need for independent oversight of the International Public Sector Accounting Standards Board (IPSASB), which could add to its credibility and facilitate wider international adoption of International Public Sector Accounting Standards (IPSAS). The report notes the increased importance of this oversight in light of the global financial crisis and sovereign debt issues, and recommends the IPSASB be subject to PIOB oversight, rather than creating an public sector exclusive oversight body.

The PIOB consultation paper seeks views on the review of its mission and medium and long-term strategy and explains the new oversight methodology developed and applied after the recommendations of the MG effectiveness review.

Comments on the consultation papers close on 28 June 2012. Click for press release (link to the IOSCO website).

FEE publishes survey on the accountancy profession in Europe

29 Mar 2012

The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has released a survey which provides a collection of key features on structure and organisation of the accountancy profession across 30 European countries.

The report from the survey, Key Features on Structure and Organisation of the Accountancy Profession across 30 European countries, provides general information by country on existing professions and titles, main activities, education and market access requirements.

The survey finds the rules regarding the pursuit of activities and services provided by professional accountants generally vary across Europe, with only statutory audit services achieving a certain level playing field due to harmonisation at EU level.

The survey is published as a summary, accompanied by a separate report for each of the thirty European countries it covers.

Click for access to the report (link to the FEE website).

New IFRS for SMEs training module

28 Mar 2012

The IFRS Foundation Education Initiative has developed a training module for Section 22 of the IFRS for SMEs 'Liabilities and Equity'.

Ultimately, the IFRS for SMEs training material will include 35 stand-alone modules – one for each section of the IFRS for SMEs. Currently, 28 modules are available. Most are also available in Arabic, Russian, Spanish, and Turkish.

Please click for more information on the Section 22 training module or access all training modules on the IASB website.

Deloitte comment letter on materiality in financial reporting

27 Mar 2012

Deloitte's IFRS Global Office has submitted a letter of comment to the ESMA in response to its Consultation Paper, 'Considerations of materiality in financial reporting'.

The letter notes that the majority of preparers and auditors have a good understanding of materiality and that existing standards provide an appropriate framework for understanding and applying materiality. The letter also outlines concerns about non-global standard setters providing 'elaboration or interpretation' of existing accounting standards.

Click for a full summary and our comment letter on materiality.

Insurance notes from the March IASB meeting

24 Mar 2012

The IASB held its regular monthly meeting on 20-21 March 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the insurance sessions held on Tuesday and Wednesday.

Click through for direct access to the notes:

Tuesday, 20 March 2012 (earlier sessions)

  • Insurance contracts (IASB)
    • Education session — Potential use of other comprehensive income (OCI) for presenting certain changes in an insurance liability
    • Loss recognition test

Wednesday, 21 March 2012 (earlier sessions)

  • Insurance contracts (IASB-FASB)
    • Separation of investment components from insurance contracts
    • Unit of account

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

IAASB issues updated standard on use of internal auditors

23 Mar 2012

The International Auditing and Assurance Standards Board (IAASB) has released a revised International Standard on Auditing (ISA) dealing with the use of internal auditors in external audits.

The revised ISA 610 Using the Work of Internal Auditors is the result of an exposure draft issued in July 2010 and is designed to enhance the performance of external auditors by enabling better consideration and leveraging, as appropriate, of the knowledge and findings of the internal audit function in making risk assessments, and strengthening the framework for the evaluation and, where appropriate, use of the work of internal auditors in obtaining audit evidence.

The revised pronouncement is effective for audits of financial statements for periods ending on or after 15 December 2013. Click for IAASB press release (link to IFAC website).

Rio+20 conference may call for mandatory sustainability reporting

23 Mar 2012

The United Nations Conference on Sustainable Development (UNCSD) to take place in Rio de Janeiro, Brazil, in June 2012 ('Rio+20') may result in a call for mandatory sustainability or integrated reporting by the world's largest companies.

Whilst the conference is primarily focused on sustainable development problems such as sustainable cities, energy, water, food and ecosystems, reporting aspects of sustainability are also included. The "zero draft" of the outcome document from the conference, which has recently been debated at negotiations held in New York in the lead up to the conference, contains the following as part of its 'framework for action':


We call for a global policy framework requiring all listed and large private companies to consider sustainability issues and to integrate sustainability information within the reporting cycle.

Click for access to the zero draft document (link to Rio+20 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.