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News

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Notes from the May 2010 IFRIC meeting

08 May 2010

The IFRS Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday and Friday, 6 and 7 May 2010. We have published preliminary and unofficial notes taken by Deloitte observers at the meeting.

Click through for direct access to the notes:

Thursday 6 May 2010 (10:15-18:15)

Introduction

Active Committee projects

Review of Tentative Agenda Decisions published in March IFRIC Update

Items for continuing consideration

New items for initial consideration

Friday 7 May 2010 (09:00-12:30)

New items for initial consideration (continued from previous day)

Administrative session

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

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New IPSASB public sector handbook

07 May 2010

The International Public Sector Accounting Standards Board (IPSASB) has published its 2010 Handbook of International Public Sector Accounting Pronouncements.

In two volumes, the handbook contains all current IPSASB pronouncements, including 31 accrual-based standards and the IPSASB's cash basis standard. Five of those standards were approved by the IPSASB in 2009, including requirements and guidance for all aspects of accounting for financial instruments, as well as intangible assets and agriculture. Click for Press Release (PDF 40k). It includes a link to download the handbook from the IPSASB website.
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IASB amends seven IFRSs

06 May 2010

The IASB has issued Improvements to IFRSs – a collection of amendments to seven IFRSs – as part of its program of annual improvements to its standards.

The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project. These amendments had been proposed in exposure drafts issued in August 2008 and August 2009. Most of the amendments are effective for annual periods beginning on or after 1 January 2011, although entities are generally permitted to adopt them earlier.

Click for IASB Press Release(PDF 104k).

 

IFRSSubject of amendment

IFRS 1 First-time Adoption of IFRSs

Accounting policy changes in the year of adoption

Revaluation basis as deemed cost

Use of deemed cost for operations subject to rate regulation

IFRS 3 Business Combinations

Transition requirements for contingent consideration from a business combination that occurred before the effective date of the revised IFRS

Measurement of non-controlling interests

Un-replaced and voluntarily replaced share-based payment awards

IFRS 7 Financial Instruments: Disclosures

Clarification of disclosures

IAS 1 Presentation of Financial Statements

Clarification of statement of changes in equity

IAS 27 Consolidated and Separate Financial Statements

Transition requirements for amendments arising as a result of IAS 27

IAS 34 Interim Financial Reporting

Significant events and transactions

IFRIC 13 Customer Loyalty Programmes

Fair value of award credits

 

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Notes from special 4 May 2010 IASB-FASB meeting

05 May 2010

The IASB and FASB held a special joint meeting on Tuesday 4 May 2010 at the IASB's offices in London.

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

 

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Bob Garnett will continue as Interpretations Committee chair

05 May 2010

Robert Garnett will continue as chair of the IFRS Interpretations Committee (IFRIC) for two years beginning 1 July 2010, following completion of his term as a member of the IASB on 30 June.

The IFRS Foundation Trustees have also reappointed three current IFRIC members whose terms expire on 30 June to new three-year terms starting 1 July 2010, as follows: Guido Fladt (PwC), Bernd Hacker (formerly of Siemens), and Andrew Vials (KPMG). In addition, Feilong Li, controller of CNOOC, the Chinese petroleum company, has been appointed to a three-year term on the Interpretations Committee. Mr Li replaces Darrel Scott (FirstRand Banking Group), who has been appointed as a member of the IASB from October 2010. Click for Press Release (PDF 99k). Click here for complete List of IFRIC Members.

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2010 Strategy matrix for global transfer pricing

03 May 2010

Deloitte's Strategy matrix for global transfer pricing continues to be the most comprehensive and authoritative guide of its kind.

The 2010 edition contains essential information on transfer pricing regimes in 51 jurisdictions around the world and the Organisation for Economic Co-operation and Development (OECD). This 76-page book provides guidance for planning for transfer pricing methods, documentation, penalties, and other issues. Click to download Deloitte's 2010 Transfer Pricing Guide (PDF 594k, 76 pages).
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IASB webcasts on pensions, extractive activities

02 May 2010

IASB staff will host separate live web presentations introducing the recently published Exposure Draft on defined benefit plans and the Discussion Paper on extractive activities.

Both presentations will give participants an opportunity to submit questions:

 

  • Webcast Topic: IASB Exposure Draft on Defined Benefit Plans
  • Date and Time: Thursday, 6 May 2010, 10:00am and repeated at 16:00pm London time
  • More Information and Registration: Click Here (IASB's website)

 

 

 

  • Webcast Topic: IASB Discussion Paper on Extractive Activities
  • Date and Time: Friday, 7 May 2010, 15:00pm London time
  • More Information and Registration: Click Here (IASB's website)

 

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IFRS XBRL taxonomy for 2010 is available

01 May 2010

The IASC Foundation has released the IFRS XBRL Taxonomy 2010. The 2010 taxonomy is consistent with IFRSs and with the IFRS for Small and Medium-sized Entities (SMEs), and for the first time both have been integrated into a single taxonomy.

The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). XBRL facilitates simpler and faster electronic filing of financial information and comparison of IFRS financial data by companies, regulators, investors, analysts, and other users of financial information. Click Here to access the IFRS Taxonomy files and accompanying materials on the Foundation's website.

 

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Implications of changes in UK reporting for US companies

30 Apr 2010

Many US companies are closely following the IFRS statements of the Securities and Exchange Commission, and have geared their internal efforts in response.

However, companies often have given less consideration to recent statutory developments elsewhere that may have more imminent implications. For example, the United Kingdom Accounting Standards Board is expected to issue an Exposure Draft soon, effective as early as 2012, that would require subsidiaries in the UK to shift their reporting from UK GAAP to an IFRS-based reporting regime. This shift could have tax, system, and other implications, and the required comparative periods could begin as early as 2011. To help clients understand and respond to these developments, Deloitte (United States) has published a briefing document titled IFRS: Changes in the UK Statutory Reporting Environment. This document that summarises key issues related to IFRSs and the UK statutory reporting environment, including:
  • Overview of the proposal from the UK Accounting Standards Board (ASB) to replace UK GAAP with an IFRS-based reporting regime
  • Impact of these statutory reporting developments on UK subsidiaries of U.S. companies
  • Timeline considerations for this potential change
  • Steps that US companies should take in light of these developments
Click to download IFRS: Changes in the UK Statutory Reporting Environment – Potential Implications for US Companies(PDF 188k).

 

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Agenda for special 4 May joint 2010 IASB-FASB meeting

30 Apr 2010

The IASB and FASB will hold a special joint meeting for on Tuesday, 4 May 2010, 12:30-15:45pm London time, at the IASB's offices in London.

You can access the agenda on our 4 May 2010 IASB meeting page. We will also post Deloitte observer notes on this page as they are available.

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