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News

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Updated summary of agenda rejections by the Interpretations Committee

24 Jul 2010

We have updated our Summary of Issues Not Added to the Agenda of the Interpretations Committee to reflect the Committee's final decisions at its May and July 2010 meetings not to add the following topics to its agenda.

Our summary now includes 185 issues:
  • 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 disposal group impairment losses relating to goodwill
  • IAS 1 Presentation of Financial Statements – Going concern disclosure
  • IAS 26 Accounting and Reporting by Retirement Benefit Plans – Valuation of plan assets
  • IAS 39 Financial Instruments: Recognition and Measurement – Impairment of financial assets reclassified from available-for-sale to loans and receivables

 

 

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Two new publications from Deloitte

23 Jul 2010

We've posted two new Deloitte publications dealing with IFRS issues and developments: IFRIC Review and IFRS Alert.

IFRIC Review

IFRIC Review is a new communication that examines matters discussed at the IASB's IFRS Interpretations Committee (IFRIC).

The July edition (PDF 84k) discusses the IFRIC meeting held on 8-9 July 2010.

All issues of IFRIC Review will be available here.

 

IFRS Alert

IFRS Alert highlights important IFRS accounting developments that may require immediate action. This IFRS Alert (PDF 67k) provides an update on potential accounting implications as a result of recent actions taken by the Venezuelan government regarding foreign currency exchange controls.

All IFRS Alerts will be available here.

You can also access all our Deloitte IFRS publications.

 

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Notes from day 5 of July 2010 IASB meeting

23 Jul 2010

The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB.

The topics discussed on day 5 were as follows (click through to detailed Deloitte observer notes for that topic): Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.
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CEBS publishes results of its 2010 EU-wide bank stress tests

23 Jul 2010

The Committee of European Banking Supervisors (CEBS) published the results of its 'stress tests' of 91 European banks.

CEBS has published the following documents on its website:
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Notes from day 3 of July 2010 IASB meeting

22 Jul 2010

The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB.

The topics discussed on day 3 were as follows (click through to detailed Deloitte observer notes for that topic): Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the meeting.

 

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IASB-FASB meeting – Agenda changes

22 Jul 2010

The agenda for the July 2010 IASB meeting has been changed again.

We have updated our page with the Next Meeting Agenda accordingly. Hedge Accounting was not discussed yesterday but moved to today. Also, there will be a short session on Rate-regulated Activities to discuss the way forward. On Tuesday the IASB hat concluded that it seems unlikely for the Board to reach a decision that would allow for a solution to be found in time for the adoption of IFRSs by Canada.

 

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Notes from day 4 of July 2010 IASB meeting

21 Jul 2010

The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB.

The topics discussed on day 4 were as follows (click through to detailed Deloitte observer notes for that topic):

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

 

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The Future of UK GAAP

21 Jul 2010

In August 2009 the Accounting Standards Board (ASB) had issued a consultation paper Policy Proposal: the Future of UK GAAP, which set out proposals for the future reporting requirements for UK and Irish entities.

The deadline for comments on the proposal ended 1 February 2010. The ASB's next steps include developing and drafting a Financial Reporting Exposure Draft (FRED) for consultation. The FRED will include an impact assessment. The ASB has now issued a request for responses to aid the development of that impact assessment. The request for responses Assessing the impact of the Accounting Standards Board proposals for the future of UK and Irish Financial Reporting can be downloaded here (PDF 75k). The deadline for responses is 20 August 2010.
Click for earlier story: Proposal to adopt IFRS for SMEs in place of UK/Irish FRSs

 

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Additional Board meeting on 24 August

21 Jul 2010

The IASB will hold an additional Board meeting on 24 August 2010 from 11:00 to 15:00 to discuss the Financial Instruments project.

The IASB accelerates its work on this issue in order to meet the Q2 2011 deadline for replacing IAS 39 with a new standard. Together with the additional Board meeting on 3 August 2010, the extra meeting will enable the staff to make faster progress on this project.

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