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News

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Webcast to discuss ED Revenue from Contracts with Customers

09 Aug 2010

The staff of the IASB and FASB will hold a joint webcast on Thursday 12 August from 17:00 to 17:45 London time to discuss proposals in the Exposure Draft, Revenue from Contracts with Customers and their potential affect on the technology industry. The live webcast is free.

To register, go to the FASB website.

 

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Deloitte webcast on global financial reporting

06 Aug 2010

The pace of standard-setting developments at the IASB is unprecedented, and it is creating challenging times for financial and tax professionals. What developments should you know about now?

In this webcast from Deloitte's IFRS Global Office, we will discuss:
  • Updates on the IASB's evolving agenda and standard-setting activities
  • The IASB's exposure draft on revenue recognition
  • The IASB's exposure draft on leases
Stay informed about the latest developments from the IASB and their potential effects on your financial reporting and tax accounting.
  • Topic: IFRS: Important Third Quarter Developments
  • Date and time: 8 September, 9:00-10:00am London time (GMT +1), which is 4:00-5:00pm HKT (GMT +8)
  • Host: Joel Osnoss
  • Presenters: Phil Barden, Veronica Poole and Randall Sogoloff
  • More Info and Registration: Click Here

 

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Conclusions of the July 2010 meeting of the IFRS Foundation Trustees

06 Aug 2010

The Trustees of the IFRS Foundation, the body responsible for the promotion of International Financial Reporting Standards (IFRSs) and oversight of the International Accounting Standards Board (IASB), today announced the conclusions of their meeting in Washington, DC on 6 and 7 July 2010.

The Trustees received reports from the chairmen of the IASB, the IFRS Advisory Council and the Due Process Oversight Committee. They also discussed their strategic review:

Strategic Review:

After ten years of existence and with the number of countries adopting IFRSs growing, the Trustees agreed that it is an opportune moment to consider the organisation's strategy looking out over a ten-year time horizon. The Trustees' Executive Committee, led by the incoming Trustee Chair Tommaso Padoa-Schioppa, will lead the review on behalf of the Trustees. The review will consider the scope and mission of the IFRS Foundation, governance arrangements, the effectiveness of the standard-setting process and financing arrangements

Click for:

  • IFRS Foundation press release (PDF 18k) offering a summary of the conclusions reached at the meeting and providing links to the reports received

 

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IFRS Taxonomy 2010 updated for latest annual Improvements to IFRSs

05 Aug 2010

The IFRS Foundation today released the first interim release for the International Financial Reporting Standards (IFRS) Taxonomy 2010, which is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language).

This IFRS Taxonomy interim release reflects Improvements to IFRSs for the 2008-2010 project cycle, which was published in May 2010 as part of the IASB's annual improvements process.

Click for:

 

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IFRS insurance accounting newsletter

05 Aug 2010

Deloitte (United Kingdom) has published the August 2010 issue of Insurance Accounting Newsletter. This issue is titled 'The start of a new accounting era' and provides a detailed analysis of the main provisions in the Exposure Draft issued on 30 July by the IASB to revise substantially IFRS 4 Insurance Contracts.

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IASB/EFRAG convergence meeting

04 Aug 2010

On 26 August 2010 the International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) will meet in London.

These meetings take place twice a year and are used to discuss European ideas and input into projects on the IASB's agenda. The meeting will be open to public observation.
You can access the agenda on our August 2010 IASB/EFRAG meeting page.  We will also post Deloitte observer notes on this page as they are available
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Notes from special August IASB meeting

03 Aug 2010

The IASB met in London on 3 August 2010 for a special meeting related to the Financial Instruments project.

The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

The IASB has tentatively scheduled a further special meeting on Tuesday 24 August 2010 to continue discussions on the Financial Instruments project.

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CESR publishes report on trends, risks and vulnerabilities in financial markets

03 Aug 2010

The Committee of European Securities Regulators (CESR) has published a report on trends risks, and vulnerabilities that are directly relevant to securities markets regulators. Over the last decades, financial markets have been transformed by the rapid development of new financial instruments, the rise of new categories of key market participants, and a supportive technological environment. More recently, fundamental areas of the financial sectors have experienced a severe crisis. Going forward, CESR would like to contribute more to the understanding of these trends and risks and communicate its insights to the general public through regular reports.

The following findings, which are supported by thirteen detailed key trends, risks and vulnerabilities, are highlighted in the report:

  • In light of some global positive signs [...] a tendency to downplay the severity of the current crisis may emerge, accompanied by a reluctance to recognize the need for financial reforms. There is therefore a risk that urgently required regulatory measures are neither fully considered nor implemented in an appropriate way.
  • In fact, there are non negligible risks of a new deterioration in securities markets ahead [...]. [However, an] improvement has apparently been fuelled by the implementation of tough fiscal adjustment programmes in most European countries and the authorities' commitment to carry out stress tests in a significant number of European financial institutions and disclose the results.
  • The persistency of severe strains in the financial system was particularly evident in the fact that banks were still relying on the ECB's deposit facility for amounts which significantly exceed those observed in the aftermath of the Lehman default.
  • The financing requirements of countries and companies may become an issue in the near term.

Click for press release (PDF 120k). The report itself is available on CESR's website (PDF 3,310k). We have more information on the financial crisis on our credit crunch page.

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International Integrated Reporting Committee (IIRC) formed to pursue sustainability accounting framework

02 Aug 2010

The Prince's Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) have announced the formation of the International Integrated Reporting Committee (IIRC). The IIRC aims to create a globally accepted framework for accounting for sustainability, bringing together financial, environmental, social and governance information in an "integrated" format.

The IIRC brings together a cross section of representatives from civil society and the corporate, accounting, securities, regulatory, NGO, IGO and standard-setting sectors. It comprises a Steering Committee and a Working Group. The Steering Committee is chaired by Sir Michael Peat, Principal Private Secretary to TRH The Prince of Wales and the Duchess of Cornwall. Membership of the IIRC Steering Committee includes Sir David Tweedie (IASB Chairman), Robert H. Herz (FASB Chairman), Jane Diplock, (Chairperson, IOSCO Executive Committee), Robert Bunting (IFAC President), Jim Quigley (Chief Executive Officer of Deloitte), and many others.

More information about the IIRC follows:

Purpose of the IIRC

The IIRC is being created to respond to the need for a concise, clear, comprehensive and comparable integrated reporting framework structured around the organisation's strategic objectives, its governance and business model and integrating both material financial and non-financial information.

The objectives for an integrated reporting framework are to:

  • support the information needs of long-term investors, by showing the broader and longer-term consequences of decision-making
  • reflect the interconnections between environmental, social, governance and financial factors in decisions that affect long-term performance and condition, making clear the link between sustainability and economic value
  • provide the necessary framework for environmental and social factors to be taken into account systematically in reporting and decision-making
  • rebalance performance metrics away from an undue emphasis on short term financial performance
  • bring reporting closer to the information used by management to run the business on a day-to-day basis.

Role of the IIRC

The role of the IIRC is to:

  • raise awareness of this issue and develop a consensus among governments, listing authorities, business, investors, accounting bodies and standard setters for the best way to address it
  • develop an overarching integrated reporting framework setting out the scope of integrated reporting and its key components
  • identify priority areas where additional work is needed and provide a plan for development
  • consider whether standards in this area should be voluntary or mandatory and facilitate collaboration between standard-setters and convergence in the standards needed to underpin integrated reporting
  • promote the adoption of integrated reporting by relevant regulators and report preparers.

Click for press release (PDF 66k). The IIRC website can be accessed at www.integratedreporting.org

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Fair Value Measurement – IASB and FASB joint webinar

02 Aug 2010

The IASB and FASB have posted a joint webinar to introduce their respective exposure drafts on fair value measurement.

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