The agenda for that portion of the meeting is:

• Report of the IASB Chairman
• Report of the IFRS Advisory Council Chairman
• Report of the Due Process Oversight Committee
• Discussion of Strategy Review

 

You can access the agenda on our June 2010 special joint IASB-FASB meeting page. We will also post Deloitte observer notes on this page as they are available.

The meeting is open to public observation and will be webcast. The agenda for the meeting is presented below.

• Analyst Representative Group (ARG): The ARG is a group of approximately 15 professional financial analysts who meet three times a year with representatives of the IASB to provide the views of professional investors on financial reporting issues. The ARG was formed in 2003.
• Global Preparers Forum (GPF): The GPF is a group of representatives of companies that use IFRSs with whom the IASB meets several times a year. The purpose of the Global Preparers Forum is to provide input into concepts and proposals that the IASB is developing and offer advice to the IASB on the practical implications of its intended proposals for preparers of financial statements. The meetings are open to public observation.

Agenda for the Joint Meeting Analyst Representative Group and Global Preparers Forum 25 June 2010, London
Work plan update Financial Statement Presentation Leases Post-2011 IASB Agenda

 

• Balance Sheet Offsetting (new project page created)
• Insurance Contracts
• Leases
• Liabilities - IAS 37

 

He will take over from Gerrit Zalm, who currently serves as Chairman and whose term was expiring this year, after the Trustees' meeting on 7 and 8 July 2010. Mr Padoa-Schioppa briefly served as Chairman of the Trustees from January 2006 to May 2006, when he was asked to become Italy's Minister of Economy and Finance. From 1998 to 2005, he was a member of the first Executive Board of the European Central Bank. He is currently President of Notre Europe and Chairman of Promontory Europe. Click for Monitoring Board Announcement(PDF 298k).

 

In the area of financial reporting, President Obama urged renewed 'efforts to enhance transparency and increase disclosure by our large financial institutions'. He said that greater transparency and disclosure will 'promote market integrity and reduce market manipulation'. Click to download President Obama's Letter to the G20 (PDF 114k).

The ED was issued on 5 November 2009. The ED proposes to modify the way impairment losses are recognised on financial assets measured at amortised cost.

• Current standard: IAS 39 recognises impairment of financial assets using an 'incurred loss model'. An incurred loss model assumes that all loans will be repaid until evidence to the contrary (known as a loss or trigger event) is identified. Only at that point is the impaired loan (or portfolio of loans) written down to a lower value.
• Proposed standard: The model proposed in the ED is an 'expected loss model'. Under that model, expected losses are recognised throughout the life of a loan or other financial asset measured at amortised cost, not just after a loss event has been identified. The expected loss model avoids what many see as a mismatch under the incurred loss model – front-loading of interest revenue (which includes an amount to cover the lender's expected loan loss) while the impairment loss is recognised only after a loss event occurs.

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

 

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

 

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