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December

AAOIFI issues new accounting standard

30 Dec 2014

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a new accounting standard on investment accounts.

The new standard – Financial Accounting Standard No. 27 (FAS 27) Investment Accounts – updates and replaces two earlier standards (FAS 5 and FAS 6). It applies to investment accounts based on certain mudaraba contracts but does not apply to own equity instruments, wakala contracts, reverse murabaha, musharaka or sukuk. The new standard will be included in the next publication of AAOIFI standards scheduled for early 2015.

Please click for access to the corresponding press relase on the AAOIFI website.

FRC seeks new Conduct Committee candidates

30 Dec 2014

The Financial Reporting Council (FRC) is seeking three new candidates for its Conduct Committee. Successful candidates with the appropriate experience will be asked to participate in the Monitoring Sub-committee as well.

The FRC is looking for one new member with good experience as an auditor of a major public company, one with good experience as a finance director of a major public company and one from an investment background.

The closing date for applications is 23 January 2015.

Please click for more information on the FRC website.

Season's Greetings

24 Dec 2014

We wish all our readers a peaceful holiday and all the best for the New Year.

We look forward to seeing you again after the holidays and to continue to be your preferred accounting website in 2015.

'EFRAG Updates' for November and December

24 Dec 2014

The European Financial Reporting Advisory Group (EFRAG) has published the first EFRAG Updates following the reforms to its governance arrangements.

Following the governance reforms effective 31 October 2014 the format of the EFRAG Updates has changed. The updates are now published at the end of each month, and they are structured by meeting.

The November 2014 EFRAG Update reports on the meeting of the EFRAG Board on 21 November, the meeting of the EFRAG Technical Expert Group (EFRAG TEG) on 6 and 7 November, and the meeting of the EFRAG Consultative Forum of Standard Setters (EFRAG CFSS) on 25 November. Apart from technical discussions around IASB projects, the November Update features an overview of the Board discussions around EFRAG governance, the EFRAG work plan, and the approach to endorsement. Please click to download the November EFRAG Update from the EFRAG website.

The December 2014 EFRAG Update reports on the meeting of the EFRAG Board on 17 December and the meeting of the EFRAG Technical Expert Group (EFRAG TEG) on 2 and 3 December. Apart from technical discussions around IASB projects, the December Update reports on the EFRAG Board's discussions around the endorsement of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers.  Please click to download the December EFRAG Update from the EFRAG website.

December 2014 IASB meeting notes

23 Dec 2014

The International Accounting Standards Board (IASB) met at its offices in London on 16 December 2014, some of it a joint meeting with the FASB. We have posted all Deloitte observer notes from the meeting.

Click through for direct access to the notes:

Tuesday, 16 December 2014

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

Call for EFRAG TEG Applicants

23 Dec 2014

The European Financial Reporting Advisory Group (EFRAG) is calling for candidates for its Technical Expert Group (TEG) in order to fill two vacancies. EFRAG is looking for one preparer with industrial or commercial background and one auditor, preferably with specific insurance expertise.

The Board of the European Financial Reporting Advisory Group (EFRAG) recently announced the appointment of six new members of TEG, however, two vacancies still remain as under the new structure, EFRAG TEG consists of a maximum of 16 members. These vacancies should be fulfilled as of 1 April 2015 or as soon as possible thereafter. Please click for more information on the EFRAG website.

New appointments to the IFRS Interpretations Committee and Advisory Council

22 Dec 2014

The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has announced interim appointments to the IFRS Interpretations Committee and Advisory Council.

Effective immediately, Robert Uhl, a Deloitte (United States) Partner and National Director for Accounting Standards & Communications, has been appointed to the IFRS Interpretations Committee. Mr Uhl’s appointment follows the departure of Laurence Rivat and is therefore made in an interim capacity until 30 June 2015.

Effective 1 January 2015, Roger Marshall, Acting President of the European Financial Reporting Advisory Group (EFRAG) and non-executive Chairman of the Accounting Council of the United Kingdom Financial Reporting Council, has been appointed to represent EFRAG on the IFRS Advisory Council. Mr Marshall’s appointment is also made in an interim capacity until a permanent President of EFRAG is in place.

Click for the IFRS Foundation announcement (link to IASB website).

AAOIFI joins IASB consultative group for Sharia'a-compliant instruments and transactions

22 Dec 2014

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) met with IASB representatives on 16 December 2014 to discuss potential areas of cooperation. During the meeting, AAOIFI formally accepted membership in the IASB's consultative group on Sharia’a-compliant instruments and transactions. AAOIFI has also offered to arrange the next meeting of the consultative group in the first quarter of 2015 in the Arabian Gulf region.

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Sharia'a standards for Islamic financial institutions and the industry. It was founded in 1991 and has so far issued a total of 88 standards covering the areas Sharia'a, accounting, auditing, ethics, and governance for Islamic financial institutions.

Please click for the press release on the AAOIFI website.

IAASB releases its 2015-2019 strategy and 2015-2016 work plan

22 Dec 2014

The International Auditing and Assurance Standards Board (IAASB) has released its strategy for the five year period 2015-2019 and work programme for the 2015-2016 period designed to "illustrate the IAASB’s commitment to strengthening public confidence in financial reporting and contributing to the ongoing relevance of the financial statement audit".

The board's five-year Strategy is underpinned by three strategic objectives:

  • Develop and maintain high-quality International Standards on Auditing (ISAs) that are accepted as the basis for high-quality financial statement audits.
  • Ensure the IAASB’s suite of standards continues to be relevant in a changing world by responding to stakeholder needs.
  • Collaborate and cooperate with contributors to the financial reporting supply chain to foster audit quality and stay informed.

In terms of its 2015-2016 work plan, the IAASB is prioritising the following topics:

  • Completion of current projects
  • New initiatives on group audits, quality control, and special audit considerations relevant to financial institutions
  • Information gathering activities to inform future work
  • Liaison and dialogue with key stakeholders about audit quality and other topics
  • Development of a process for post-implementation reviews

Click for IAASB announcement (link to IFAC website), which also offers access to the strategy and work plan.

IAESB finalises proposals on audit engagement partner competence

22 Dec 2014

The International Accounting Education Standards Board (IAESB) has published a revised International Education Standard (IES) dealing with the professional competence of audit engagement partners.

IES 8 Professional Competence for Engagement Partners Responsible for Audits of Financial Statements outlines learning outcomes for professional competence that professional accountants are required to demonstrate when performing the role of an engagement partner responsible for audits of financial statements.

The new standard is effective from 1 July 2016 and is designed to be applied by member bodies of the International Federation of Accountants (IFAC), as they have the primary responsibility for ensuring their Initial Professional Development programmes meet the requirements.

Click for IAESB announcement (link to IFAC website), which also offers access to the revised standard.

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