The formula linkbase can be used with software packages supporting the XBRL formula specification 1.0 and allows for additional validations of the reported facts. Developed in a generic manner, the IFRS Formula Linkbase 2012 can be used directly on the filings created, based on the IFRS Taxonomy (instance documents) or the company specific extensions to the IFRS Taxonomy (filer extension taxonomy and instance document). Guidance documentation for the formula linkbase is also available.

Technical changes in the 2012 version include (1) positive and negative formula validation is placed in separate files, (2) redundant members in the filter for the Dimension aggregation formulae are removed and (3) precondition expressions in the validation are  simplified (earnings per share formulae).

Click for the press release to access the Formula Linkbase 2012 on the IASB's website.

The report, entitled The value of extra-financial disclosure - What investors and analysts said is the result of a survey commissioned by the Global Reporting Initiative (GRI) and The Prince’s Accounting for Sustainability Project (A4S), and conducted by Radley Yeldar.  The survey involved a relatively small sample of investors and analysts but is considered "a useful snapshot of investor and analyst sentiment towards extra-financial disclosure at the present time".

Some of the findings from the survey included:

• Over 80% of the research sample believe that extra-financial information is very relevant or relevant to their investment decision‑making or analysis
• Investors and analysts use multiple sources to gather relevant financial and extra-financial information but show a strong preference for sources which are more comprehensive and specialised - with direct engagement with Board level representatives, followed by formal reporting channels such as the sustainability report, annual report or integrated report are most influential
• Over 80% of investors and analysts surveyed  believe that integrated reporting will deliver benefits to their analysis and company assessments - seeing integrated reporting as useful or very useful for increasing the reliability, accessibility, relevance and comparability of extra-financial information, as well as improving assessments of future company performance
• A majority of respondents were not familiar with eXtensible Business Reporting Language (XBRL), with less than 10% of those surveyed indicating they use XBRL and that it affects how they receive financial information.

Click for more information (link to GRI website).

The Trustees of the IFRS Foundation, the body responsible for the governance and oversight of the International Accounting Standards Board (IASB), discussed the following topics:

• Report of the Chairman of the IASB concerning the four main Memorandum of Understanding (MoU) and convergence projects as well as the progress the IASB was making in determining its future agenda.
• Report of the Chairman of the IFRS Advisory Council on the issues discussed at the June 2012 meeting of the Council and the draft Due Process Handbook.
• Report of the Chairman of the Due Process Oversight Committee on initial feedback received on the draft Due Process Handbook, which is being exposed for public comment, and on the comprehensive review of the IFRS for SMEs.
• Update on the IFRS for SMEs
• Regional outreach activity on whether and how to incorporate IFRSs into the US financial reporting regime.
• Meeting with the IFRS Foundation Monitoring Board regarding the progress made in following up the recommendations of their respective reviews of the governance and strategy of the organisation.

Please click for the full summary on the IASB's website. The next meeting of the Trustees of the IFRS Foundation is scheduled for 12 October 2012.

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

The IVSC had previously issued a Guidance Note, GN 12 The Valuation of Trade Related Property and had issued an exposure draft which proposed to update and reissue the guidance as part of its revamped valuation standards, which were ultimately issued in July 2011.

However,  the IVSC chose not to finalise the valuation standard on this topic because there were questions whether sufficient guidance on trade related property was already included in other valuation standards, a perceived confusion of a real property interest with a business, and the need to consider the need for specific valuation guidance of this type.

The discussion paper seeks constituent input as to whether it is practical and necessary to define a distinct category of real property for valuation purposes based on the degree to which the buildings or any other structures are specialised, and explores various issues in undertaking such a valuation.

The IVSC is seeking comments on the Discussion Paper by 31 October 2012.  Click for:

• IVSC press release (link to IVSC website)
• IVSC Discussion Paper The Valuation of Trade Related Property (link to IVSC website).

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 July 2012 webcast:

• Latest IFRS developments
• Other UK reporting developments
• Eurozone uncertainties
• The future for financial instruments

To access the recording click here.

The PIR process conducted by the FAF is independent of the standard-setting process of the FASB.  This differs from the PIR process for IFRSs where only the IASB conducts the PIR; there is no independent reviewing organisation.

The IASB expects to begin its PIR on business combinations (IFRS 3) later this year. The IASB and FASB worked together in developing their business combination standards as part of their convergence efforts. However, it is unclear at this time the extent to which the IASB and the FASB will coordinate their PIR processes.

More information on the FAF post-implementation review of Statement 141R is available on the FAF website.

The questionnaire developed by EFRAG and OIC focuses on the value to users of financial reporting based on the current requirements for the impairment test of goodwill (IAS 36). It is aimed to provide input for the post-implementation review in relation to the assessment of the current prohibition to amortise goodwill, which was a contentious issue when introducing IFRS 3 Business Combinations.

Interested parties are invited to complete the questionnaire before 30 September 2012. It is available through the press release on the EFRAG website.

The DPOC is responsible for approving due process and overseeing the IASB’s compliance with due process, and reviewing the Trustees’ fulfilment of their oversight function in accordance with the Constitution of the IFRS Foundation.

Please click for a summary of the meeting (link to IASB website).

The newsletter contains a summary from the EFRAG meetings held in July 2012. Highlights were the finalisation of the draft endorsement advice in relation to the amendments to IFRS 10 (transition guidance), the finalisation two draft comment letters to the IFRS Interpretations Committee (on levies and on put options) and the finalisation of EFRAG's comment letter on the IFRS Interpretations Committee rejection notice in relation to the restructuring of Greek government bonds.

Click for the EFRAG Update (link to EFRAG website).