News

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Bound Volume of IFRSs will be issued next month

18 Feb, 2010

The IASB has announced that the Bound Volume of IFRSs for 2010 (the 'Red Book') will be published in March as a two-volume set.

This is the traditional Bound Volume that contains the latest versions of IFRSs and the supporting documents (illustrative examples, implementation guidance, bases for conclusions and dissenting opinions) as issued by the IASB at 1 January 2010, including those standards that become mandatory after 1 January 2010. In January, the Board published a version of the Bound Volume (the 'Blue Book') that contains only those pronouncements whose application is mandatory as of 1 January 2010. The main changes in the Red Book are the inclusion of:
  • one new standard: IFRS 9
  • one revised standard: IAS 24 (the 2003 version of IAS 24 that was superseded has been omitted – the superseded version can still be used for 2009 and 2010)
  • amendments to IFRSs that were issued as separate documents
  • amendments to IFRSs issued in the second annual improvements project
  • amendments to other IFRSs resulting from those revised or amended standards ('consequential amendments')
  • two new Interpretations: IFRICs 18 and 19
Because of the growing size of the contents, the 2010 Red Book is published in two parts:
  • Part A presents the unaccompanied IFRSs and their introductions and explanatory rubrics.
  • Part B contains the accompanying (non-mandatory) documents, such as bases for conclusions, implementation guidance, and illustrative examples.

 

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Notes from February 2010 IASB meeting day 2

17 Feb, 2010

The IASB is holding its February 2010 monthly Board meeting at its offices in London on Monday to Friday, 15-19 February 2010.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

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Francoise Flores named as new EFRAG TEG Chair

17 Feb, 2010

The Supervisory Board of the European Financial Reporting Advisory Group (EFRAG) has named Francoise Flores of France as the new chair of the EFRAG Technical Expert Group (TEG) effective 1 April 2010. She will replace Deloitte Denmark Partner Stig Enevoldsen as TEG chair.

Ms Flores has been a member of TEG for six years and its vice-chair for two years. Mike Ashley of the UK has been appointed vice-chair of TEG. The Supervisory Board also announced several reappointments and several new appointments to TEG, including Deloitte UK Partner Andy Simmonds. TEG's responsibilities include providing a coordinated European response to IASB discussion documents and proposals and making a recommendation to the European Commission regarding acceptance or rejection of an IASB standard or interpretation for use in the EU. The complete TEG membership as of 1 April 2010 will be:

Voting members:

  • Francoise Flores, Industry, France, EFRAG TEG Chair
  • Mike Ashley, Auditor, UK, EFRAG TEG Vice-Chair
  • Alan Dangerfield, Industry, Switzerland
  • Gabi Ebbers, Insurance specialist, Germany
  • Nicklas Grip, Banking and financial instruments specialist, Sweden
  • Araceli Mora, Professor, Spain
  • Nicolas de Paillerets, Industry, France
  • Hans Schoen, former Auditor, The Netherlands
  • Andy Simmonds, Auditor, UK (appointed)
  • Anna Sirocka, Auditor, Poland
  • Andrea Toselli, Auditor, Italy
  • Carsten Zielke, User, Germany

Non-voting members:

  • Liesel Knorr – German Accounting Standards Board
  • Jerome Haas – Autorité des Normes Comptables (French standard setter)
  • Ian Mackintosh – UK Accounting Standards Board

 

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Notes from February 2010 IASB meeting day 1

16 Feb, 2010

The IASB is holding its February 2010 monthly Board meeting at its offices in London on Monday to Friday, 15-19 February 2010.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

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IASCF Trustees complete Constitution Review Part 2

15 Feb, 2010

The Trustees of the IASC Foundation, the oversight body of the IASB, have completed part two of the 2008-2010 Constitution Review – announcing a number of changes aimed at enhancing public accountability, stakeholder engagement, and operational effectiveness.

The changes include:

  • Introduction of three-yearly public consultations on the IASB's technical agenda: In addition to consulting the Trustees and its advisory council annually on the existing and future agenda, the IASB will undertake a three-yearly public consultation on its future technical agenda.
  • Emphasis on adoption of IFRSs: The Constitution will emphasise that convergence is a strategy aimed at promoting and facilitating the adoption of IFRSs, but is not an objective by itself.
  • A commitment to a 'principle-based' approach: The Constitution will call for IFRSs 'based upon clearly articulated principles'.
  • Specific designation of investors: The new Constitution specifically identifies investors as a target audience for financial information (in addition to other participants in the world's capital markets and other users of financial information).
  • A requirement for due process and the introduction of an emergency procedure: The Constitution will include a provision for an accelerated due process only in the most exceptional circumstances and only after approval by at least 75 per cent of the Trustees.
  • Creation of vice chairs for both the Trustees and the IASB: The new Constitution will establish the possibility of two vice chairs for both the Trustees and the IASB. This will both ease the burden on the chair, and give the option of wider geographical distribution in the leadership.
  • Improved language to account for a broad range of stakeholders, both by type and location: The Constitution will note the need to 'take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings'.
  • Reduction in duration of possible second term of IASB members to ensure practical experience: While the Constitution will still permit the possibility of a second term for IASB members, the Trustees have reduced the second term from five years to three for IASB members not serving as the chair or a vice chair.
  • Names in use across the organisation to be streamlined: The names in use across the organisation will be more closely aligned with the standards. The IASC Foundation will become the IFRS Foundation, as soon as the practical arrangements can be made. The interpretations committee and advisory council will be known as the IFRS Interpretations Committee and IFRS Advisory Council, respectively. Stakeholders supported retaining the name of the IASB, and the Trustees concurred.

The changes take effect 1 March 2010. Click for IASCF Press Release (PDF 109k).

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We disagree with three IFRIC draft agenda decisions

13 Feb, 2010

In letters to the International Financial Reporting Interpretations Committee, Deloitte Touche Tohmatsu has disagreed with the IFRIC's tentative decisions, in January 2010, not to take onto the IFRIC's agenda three requests for an interpretation, as follows:

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Notes from Special 10 Feb 2010 meeting

11 Feb, 2010

The IASB and FASB held a special joint meeting on 10 February 2010 at the IASB's offices in London.

Click to view the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.

 

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IFRS insurance accounting newsletter

11 Feb, 2010

Deloitte (United Kingdom) has published the February 2010 issue of Insurance Accounting Newsletter.

This issue is titled Road to Convergence and focuses on the discussions held in the three hour long joint IASB-FASB meeting of 19 January and the subsequent FASB meeting on 27 January. The long awaited exposure draft is finally taking shape and although a few issues remain unresolved, the road to convergence for insurance accounting is in sight. The expected publication date of the Exposure Draft is May 2010 with a comment period until September 2010. Click to download Issue 11 of the Insurance Accounting Newsletter(PDF 105k).

 

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Michel Barnier approved as EU Internal Market Commissioner

10 Feb, 2010

The European Parliament has voted to approve the new European Commission – one Commissioner from each of the 27 EU Member States.

The new Commissioners take office on 10 February 2010 for terms that end 31 October 2014. By that vote, Michel Barnier of France was approved as Commissioner for Internal Market and Services. Among other things, his responsibilities will cover accounting and auditing matters, including liaison with the International Accounting Standards Board and the IASC Foundation. Mr Barnier replaces Charlie McCreevy. Click for Mr Barnier's CV (PDF 76k).
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European Commission conference on accounting and auditing

10 Feb, 2010

On 8 February 2010, the European Commission hosted a one-day conference on international developments in accounting and auditing.

The morning session focused on accounting issues, and the afternoon on auditing. In the morning session, the first panel discussed national experiences in implementing IFRSs. The second panel discussed the progress made towards the adoption of IFRSs. Click for:

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