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Agenda for 4-5 March 2010 IFRIC meeting

26 Feb, 2010

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday and Friday 4 and 5 March 2010 (morning only on 5 March).

The meeting is open to the public and will be webcast. The tentative agenda is shown below.

Agenda for the IFRIC Meeting

Thursday and Friday, 4 and 5 March 2010

Thursday 4 March 2010 (10:00-18:00h London time)

  • Introduction
  • IAS 16 Property, Plant and Equipment – Accounting for production phase stripping costs in the mining industry
  • IFRS 2 Share-based Payment – Vesting and non-vesting conditions
  • Review of Tentative Agenda Decisions published in January 2010 IFRIC Update
    • IAS 21 The Effects of changes in Foreign Exchange Rates – Determination of functional currency of investment holding company
    • IAS 32 Financial Instruments: Presentation – Debt/equity classification of instruments with obligation to deliver cash at the discretion of shareholders
    • IAS 36 Impairment of Assets – Transition provisions for IFRS 8 amendment
    • IAS 39 Financial Instruments Recognition and Measurement – Unit of account for forward contracts with volumetric optionality
  • Annual Improvements – 2008-2010 Cycle
    • Comment analysis for minor issues:
      • Accounting policy changes in the year of adoption (IFRS 1)
      • Clarification of statement of changes in equity (IAS 1)
      • Transition requirements for amendments made as a result of IAS 27R to IAS 21, IAS 28 and IAS 31
      • Fair value of award credit (IFRIC 13)
      • Accounting policy changes in the year of adoption (IFRS 1)
      • Clarification of statement of changes in equity (IAS 1)
      • Transition requirements for amendments made as a result of IAS 27R to IAS 21, IAS 28 and IAS 31
      • Fair value of award credit (IFRIC 13)
    • IFRS 3 Business Combinations – Unreplaced and voluntarily replaced share-based payment awards (comment letter analysis)
    • IFRS 3 Business Combinations – Measurement of NCI (review of examples)
    • IFRS 5 Non.current Assets Held for Sale and Discontinued Operations – Loss of significant influence over an associate or jointly controlled entity (comment letter analysis)
    • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – Change in terminology to the qualitative characteristics
    • IAS 40 Investment Property – Change from fair value model to cost model
  • Staff Recommendations for Tentative Agenda Decision
    • IFRS 1 First-time adoption of International Financial Reporting Standards – Accounting for costs included in self-constructed assets on transition
    • IFRS 5 Non.current Assets Held for Sale and Discontinued Operations – Reversal of impairment losses relating to goodwill
    • IAS 12 Income Taxes – Tax effect of distributions to equity holders
    • IAS 1 Presentation of Financial Statements – Comparative information

Friday 5 March (09:00-12:30h London time)

 

  • Staff Recommendations for Tentative Agenda Decision (continued from Thursday, if needed)
  • Annual Improvements 2009 – 2011 Cycle
    • IFRS 1 First-time Adoption of International Financial Reporting Standards – Hard wire dates
    • IFRS 3 Business Combinations – Contingent consideration and first-time adoption
    • IFRS 8 Operating Segments – Determination of scope
    • IAS 21 The Effects of Changes in Foreign Exchange Rates – Repayment of investment/CTA
    • IAS 26 Accounting and Reporting by Retirement Benefit Plans – Valuation of plan assets
    • IAS 34 Interim Financial Reporting – Consistency in disclosure of total segment assets
  • Administrative Session – IFRIC work in progress

 

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Special IASB meetings 3 and 11 March 2010

25 Feb, 2010

The IASB and FASB will hold special joint Board meetings at the offices of the IASB in London as follows (agendas and timings to be announced):

  • Wednesday 3 March 2010
  • Thursday 11 March 2010
The special IASB meeting that had been tentatively announced for Wednesday 2 March 2010 will not be held.

 

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Advisory Panel on impairment will meet

24 Feb, 2010

In November 2009, when it issued an Exposure Draft on Impairment of Financial Instruments Measured at Amortised Cost, the IASB announced that because of significant practical challenges in moving to an expected loss model, it will establish an Expert Advisory Panel comprising experts in credit risk management to advise the board.

The Advisory Panel was formed and held its first meeting in December 2009. It will hold its second meeting on Thursday 25 February (10:30-18:00h London time) and Friday 26 February (09:00-14:00h London time) 2010 at the IASB's offices in London. The meeting is open to public observation. Click for list of Advisory Panel Members (PDF 18k).
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Updated EFRAG 'endorsement status report'

23 Feb, 2010

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 22 February 2010 (PDF 120k). Currently, eight IASB pronouncements await endorsement action. You can always find the endorsement status report Here.

 

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Working draft of the Liabilities IFRS is available

22 Feb, 2010

The IASB staff has released a Working Draft of the Liabilities IFRS (planned successor to IAS 37 Provisions, Contingent Liabilities and Contingent Assets).

The working draft is based on proposals published for comment in 2005, amended for decisions the IASB has taken in the light of comments it received. In particular, the Board has decided to provide more guidance on applying the proposed measurement requirements. On 5 January 2010 it published for public comment a Re-exposure Draft of the proposed new guidance. Comments are requested by 12 April 2010. The Working Draft of the final IFRS is on the IASB's public website Project Page.

 

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IPSASB proposes service concession accounting by grantors

22 Feb, 2010

The International Public Sector Accounting Standards Board (IPSASB) is seeking comments on a proposed standard on accounting for service concession arrangements by the grantor.

Service concession arrangements – often called Private-Public Partnerships or PPPs – involve an operator providing services to the public on behalf of a grantor, which is usually the government or another public sector entity. For many countries, such arrangements are a means to ensure large-scale infrastructure projects, such as the building of roads and airports, can be developed and provided to the public for use. However, in some cases, they are not recognized in the financial statements, effectively concealing the financial position of the grantor. IPSASB has proposed guidance on how grantors should recognise, account for, and disclose assets in service concession arrangements. Currently, there is no international standard to address the accounting for such arrangements from the grantor's perspective. IFRIC 12 Service Concession Arrangements applies only to the operators of these arrangements. Click for IPSASB Press Release (PDF 35k).

 

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IOSCO Principles for Periodic Disclosure by Listed Entities

22 Feb, 2010

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a report Principles for Periodic Disclosure by Listed Entities.

The report includes a set of recommendations for disclosures that could be provided in the periodic reports, particularly annual reports, of entities whose securities are listed or admitted to trading on a regulated market in which retail investors participate. The disclosure principles also cover other issues related to periodic disclosure, such as the timeliness of disclosures, disclosure criteria, and storage of information. The principles are intended to provide a useful framework for securities regulators that are reviewing or revising their regulatory disclosure regime for periodic reports.

The IOSCO report identifies the following principles as essential for any periodic disclosure regime:

  1. Periodic reports should contain relevant information (the IOSCO report elaborates on this principle in considerable detail)
  2. For those periodic reports in which financial statements are included, the persons responsible for the financial statements provided should be clearly identified, and should state that the financial information provided in the report is fairly presented
  3. The issuer's internal control over financial reporting should be assessed or reviewed
  4. Information should be available to the public on a timely basis
  5. Periodic reports should be filed with the relevant regulator
  6. The information should be stored to facilitate public access to the information
  7. Disclosure criteria (including fair presentation, not misleading, no material omissions, clear and concise language)
  8. Equal access to disclosure by all investors at the same time
  9. Equivalence of disclosure in all markets in which the entity is listed
Click to download:
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Deloitte summary of IPSASs

22 Feb, 2010

Deloitte has published a booklet summarising the provisions of all International Public Sector Accounting Standards (IPSAS) issued by IFAC's International Public Sector Accounting Standards Board (IPSASB) as of 1 February 2010, namely IPSASs 1 to 31. The booklet also summarises a draft of IPSAS 32 not yet approved by the IPSASB.

Those summaries are intended as general information and are not a substitute for reading the entire Standard. Click to download Deloitte's IPSAS Summary Booklet (PDF 414k).

 

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Nominations invited for IFRIC membership

21 Feb, 2010

The IASC Foundation has invited applications for candidates to fill up to four vacancies on the International Financial Reporting Interpretations Committee (IFRIC) for terms that will expire on 30 June 2013. IFRIC is the interpretative body of the IASB.

Members are expected to attend about six two-day meetings each year held in London. Membership is unpaid, but the IASC Foundation meets members' expenses of travel on IFRIC business. Click for More Information on IASB's website.

 

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Comments invited on proposed 2010 IFRS XBRL taxonomy

21 Feb, 2010

The IASC Foundation invited comment on the proposed IFRS XBRL taxonomy for 2010. The proposed taxonomy is consistent with both full IFRSs and the IFRS for Small and Medium-sized Entities.

A separate taxonomy for the IFRS for SMEs will not be issued. The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). Comments on the proposed IFRS Taxonomy 2010 are invited by 22 April 2010. The proposed taxonomy and related material can be accessed Here. The final version is expected to be released at the end of April 2010.

 

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