News

2013feb Image

Final notes from the February 2013 IASB meeting

26 Feb, 2013

The IASB's monthly meeting was held in London on 18-22 February 2013, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from Wednesday's session on Conceptual framework (recognition and derecognition), Thursday's sessions on Conceptual framework (measurement principles, Initial and subsequent measurement, and elements of financial statements – definition of equity and distinction between liabilities and equity instruments), and Friday's sessions on Bearer biological assets (IAS 41) and Rate-regulated activities.

Click through for direct access to the notes:

Wednesday, 20 February 2013

Thursday, 21 February 2013

Friday, 22 February 2013

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

IFRS Advisory Council (mid blue) Image

Notes from day 1 of the February 2013 IFRS Advisory Council meeting

26 Feb, 2013

The IFRS Advisory Council is currently meeting in London. We have posted the Deloitte observer notes from the first day of the meeting. The discussions included the impact of the newly created Accounting Standards Advisory Forum (ASAF) on the IFRS Advisory Council and the question of the membership criteria for the ASAF.

Yael Almog, Executive Director of the IFRS Foundation, explained in an extended session on the ASAF the background of the proposal and the results of the consultation and also stated that the Memorandum of Understanding and Terms of Reference would be amended to clarify that membership of the Forum would be open to jurisdictions that had not adopted IFRSs, but were otherwise qualified (i.e., had the technical capacity and infrastructure to make a significant contribution to the ASAF).

Please click to access the preliminary and unofficial notes taken by Deloitte observers during the first day of the meeting.

2013feb Image

Continued notes from the February 2013 IASB meeting

22 Feb, 2013

The IASB's monthly meeting is being held in London on 18-22 February 2013, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions on Conceptual framework and IFRIC issues (IAS 19) held on Thursday; and Guide for micro entities applying IFRS for SMEs and IFRIC issues (IFRS 7) held on Friday.

Click through for direct access to the notes:

Thursday, 21 February 2013

Friday, 22 February 2013

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

Gary Kabureck (50 x 80) Image

Gary Kabureck appointed to the IASB

22 Feb, 2013

The IFRS Foundation Trustees have announced the appointment of Gary Kabureck to serve as a member of the International Accounting Standards Board (IASB). Mr Kabureck will join the IASB in April 2013 for an initial term ending 30 June 2017, which will be renewable for a further three years. With the appointment of Mr Kabureck the IASB reaches for the first time its full size of 16 members.

Since 2001, Mr Kabureck has served as the Chief Accounting Officer (and since 2003 as a Corporate Vice President) for Xerox Corporation, a Fortune Global 500 company.  He is also an active member of Financial Executives International (FEI) and has served on a range of other advisory boards, including currently to the Public Company Accounting Oversight Board (PCAOB) and previously the US Financial Accounting Standards Board (FASB).

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

2013feb Image

More notes from the February 2013 IASB meeting

21 Feb, 2013

The IASB's February meeting is being held in London on 18-22 February 2013, some of it a joint meeting with the FASB. We have posted Deloitte additional observer notes from the sessions on Insurance contracts, Revenue recognition, and Leases, which were held on Tuesday and Wednesday.

Click through for direct access to the notes:

Tuesday, 19 February 2013

Wednesday, 20 February 2013

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

IFRS Foundation (blue) Image

IFRS conference in Amsterdam announced

21 Feb, 2013

The IFRS Foundation has announced that its upcoming conference will be held in Amsterdam (The Netherlands) on 27-28 June 2013. The conference will outline the future of financial reporting and will feature the latest IASB update, covering the major IFRSs, implementation issues, an update on the conceptual framework and the latest research projects.

The conference will feature presentations by IASB Chairman Hans Hoogervorst, IASB members (Stephen Cooper, Philippe Danjou, Martin Edelmann, Patrick Finnegan and Takatsugu Ochi), senior IASB technical staff and other IFRS experts.

Some of the topics to be covered at the conference include:

  • The future of financial reporting
  • IASB update
    • Major IFRSs
    • Implementation
    • Conceptual framework
    • Research projects
  • Keynote address by Klaas Knot (President, De Nederlandsche Bank)
  • Technical update on financial instruments

The conference will also feature:

Morning break-out sessions Afternoon break-out sessions
  1. Financial Instruments: macro hedge accounting
  2. Leases
  3. Rate regulated activities
  4. Conceptual Framework (Part 1): presentation and disclosure (including XBRL)
  1. Financial Instruments: Impairment
  2. Leases
  3. Implementation Update
  4. Insurance Contracts
  5. Conceptual Framework (Part 2): elements and measurement

In addition, special interest sessions will be available to attendees interested in:

  • Investor-focused IFRS update
  • Implementing forthcoming financial instruments requirements
  • Implementing forthcoming revenue recognition requirements
  • Implementing IFRS 10 and IFRS 12

More details, including registration information, are available on the IASB website.

IASB (International Accounting Standards Board) (blue) Image

English translation of online paper on ten misconceptions regarding IFRSs

21 Feb, 2013

The International Accounting Standards Board (IASB) has made available an English translation of Philippe Danjou's online paper 'An Update on International Financial Reporting Standards (IFRSs)'. The online paper was original available in French only.

As mentioned in our previous article, the paper answers the ten frequent criticisms concerning IFRSs. The views expressed in this paper are the personal views of Mr Danjou and not the official views of the IASB.

The English and French versions of the paper are available on the IASB website.

FRC Image
Financial Reporting Lab Image

UK 'lab' publishes report on the presentation of market risk disclosures

21 Feb, 2013

The United Kingdom Financial Reporting Council (FRC) has published another project report from its Financial Reporting Lab. The report on 'Presentation of market risk disclosures’ focuses on a large bank's changed risk disclosures and investors' reactions to those changes.

The Financial Reporting Lab was launched in October 2011 and is designed to focus on helping listed UK companies communicate more effectively with investors and analysts through participation of listed companies, professional investors and the retail shareholder community.

The bank whose financial reports were used as a basis for discussion (HSBC1)) volunteered a project to look at changes made to its risk disclosure during 2011 when static policy information was separated from current measures of key risk figures and changes to assumptions. The updated presentation moves a significant amount of recurring information into an appendix immediately following the primary risk disclosure. The result of this change is a primary risk disclosure that is focused on current period results and dynamic risk trends facing the bank and the industry.

Investors were evenly split as to whether the amended presentation improved the clarity and usability of the risk section of the annual report or neither enhanced nor hindered the quality or clarity of the risk disclosures.

Please click for the FRC press release and access to the report (all links to FRC website).

1) In October 2012, the Enhanced Disclosures Task Force (EDTF), published a report Enhancing the Risk Disclosures of Banks, reflecting industry and investor views on risk reporting. The EDTF was co-chaired by HSBC’s Chief Accounting Officer. About half of the investor participants in the Lab project were also members of the EDTF.

2013feb Image

Further notes from the February IASB meeting

21 Feb, 2013

The IASB's February meeting is being held in London on 18-22 February 2013, some of it a joint meeting with the FASB. We have posted Deloitte additional observer notes from a number of the Conceptual Framework sessions held on Tuesday and Wednesday.

Click through for direct access to the notes:

Tuesday, 19 February 2013

Wednesday, 20 February 2013

In addition, education sessions where held on revenue recognition and leases.  No decisions were made at these sessions and our observer notes for those sessions will be incorporated into the meeting notes for the later decision-making sessions.

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

2013feb Image

IASB podcast on 18 February 2013 meeting on conceptual framework

20 Feb, 2013

The International Accounting Standards Board (IASB) has posted a podcast of the Conceptual Framework session held during its meeting on Monday, 18 February 2013.

The podcast summarises the discussion that took place during Monday's conceptual framework session. Also, IAS Plus and IFRS Monitor notes on this session are available on the IASB website. The podcast and notes are part of an emergency measure the IASB has taken due to a technical issue with their recording system. IAS Plus is pleased to have the opportunity to provide the IASB with our observer notes.

As with all IASB meetings, Deloitte observer notes on all the sessions are available on the IAS Plus meeting page.

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.