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News

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Notes from January 2010 IASB meeting day 3

21 Jan 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

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

 

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Three new public sector financial instruments standards

20 Jan 2010

The International Public Sector Accounting Standards Board (IPSASB) has published three new standards that cover all aspects of the accounting for and disclosure of financial instruments: IPSAS 28 'Financial Instruments: Presentation'; IPSAS 29 'Financial Instruments: Recognition and Measurement'; and IPSAS 30 'Financial Instruments: Disclosures'.

The new standards fill a significant gap in the IPSASB literature. They are drawn primarily from IFRSs but also address a number of public sector-specific issues, including financial guarantee contracts provided for nil or nominal consideration and concessionary loans.

The standards are effective for annual financial statements covering periods beginning on or after 1 January 2013. IPSASs 28-30 may be downloaded without charge from the IPSASB section of IFAC's Publications and Resources Site (web.ifac.org/publications). Click for Press release (PDF 28k).

 

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Notes from January 2010 IASB meeting day 2

20 Jan 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

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

 

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IFRS insurance accounting newsletter

20 Jan 2010

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

This issue is titled Insurance Global GAAP in the Making and focuses on decisions made on the insurance project during the joint meetings of the FASB and the IASB in December 2009 and January 2010. An appendix presents a summary of key decisions to date. Click to download Issue 10 of the Insurance Accounting Newsletter (PDF 118k). There are permanent links all issues of the newsletter on our Insurance Accounting Newsletters directory.

 

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IASCF Trustees to meet 26-27 January

20 Jan 2010

The Trustees of the IASC Foundation, oversight body for the IASB, will meet on Tuesday and Wednesday, 26-27 January 2010, at the Caesar Park Hotel, Avenida Vieira Souto 460, Ipanema, Rio de Janeiro, Brasil.

The portion of the meeting on 26 January from 11:00am to 15:30pm is open to public observation. The agenda is below.

Agenda of the IASCF Trustees meeting - Public portion (26 January 2010)
  • 11:00-12:00 Second part of the Constitution Review
  • 12:00-12:45 Report of the Due Process Oversight Committee
  • 13:45-15:30 Report of the IASB Chairman

 

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Notes from January 2010 IASB meeting day 1

19 Jan 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the first day of the meeting.

 

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UK audit firm governance code

18 Jan 2010

An independent working group established jointly by the United Kingdom Financial Reporting Council and the Institute of Chartered Accountants in England and Wales has adopted a code of governance for the eight largest auditing firms in the UK.

Together, the eight firms audit 95% of the companies listed on the main board of the London Stock Exchange. The Audit Firm Governance Code is similar to governance codes that have been adopted by listed companies. Among other things, the code will require the eight audit firms to appoint independent, non-executive directors. The code takes effect in June 2010.
Click for:

 

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IFAC 2009 Global Leadership Survey

16 Jan 2010

Over 100 presidents and CEOs of IFAC member bodies responded to IFAC's Third Annual Global Leadership Survey.

Key findings cover a wide-range of topics, including the need to support small and midsize businesses in the current environment and the increasing importance of adoption of international standards. Here is an excerpt regarding international standards:
Confidence in international standards. Respondents believe that it is very important for IFAC to assist investors and other consumers of financial information in better understanding the standards and practices used by the profession. This includes, in particular, building confidence in international standards and developing and promoting adoption of high-quality international standards in auditing and assurance, public sector accounting, ethics, and accounting education. More than half had confidence that international standards would increase in importance over the next three years – and a similar number believe that the auditing and financial reporting standards published by IFAC (International Standards on Auditing (ISAs) and the International Public Sector Accounting Standards (IPSASs)), along with the International Financial Reporting Standards (IFRS) and IFRS for SMEs, will gain importance.

[On 22 January 2010, IFAC temporarily withdrew this report "to incorporate additional responses and update the list of respondents. The report will be re-issued within the next few weeks."]

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Fair values in emerging and transition economies

15 Jan 2010

The IASB staff team working on Fair Value Measurement is seeking input from practitioners in emerging and transition economies to help them identify any issues that might require additional clarification in the final IFRS on fair value measurements.

The staff would like, in particular, 'examples or case studies of transactions or situations specific to your jurisdiction that would make the fair value measurement guidance as proposed in the exposure draft impractical'. The Board will review the input and consider:
  • amending the proposals in the exposure draft for the final IFRS if they are found to be inadequate in some situations, or
  • publishing educational material to address the practical application of the fair value measurement principles, or
  • a combination of both
Examples should be sent to fvm@iasb.org by 31 January 2010.

Click for our Fair Value Measurement page.

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Joint Forum review of financial regulation

14 Jan 2010

The Joint Forum of financial supervisors has published Review of the Differentiated Nature and Scope of Financial Regulation: Key Issues and Recommendations.

This report analyses key issues arising from the differentiated nature of financial regulation in the international banking, insurance, and securities sectors. It also addresses gaps arising from the scope of financial regulation as it relates to different financial activities, with a particular focus on certain unregulated or lightly regulated entities or activities. The Joint Forum prepared this report at the request of the G-20 to help identify potential areas where systemic risks may not be fully captured in the current regulatory framework and to make recommendations on needed improvements to strengthen regulation of the financial system.
Annex 2 of the report (Fundamental Analysis of the Objectives of Financial Regulation) states: The objective of customer or stakeholder protection is not equivalent to the objective to reduce systemic risks. On the one hand, protecting customers may help to reduce systemic risk by for instance preserving market liquidity, while on the other this might increase systemic risks by undermining market discipline. To have financial supervisors put more emphasis on the objective of systemic risk reduction, the G-20 recommends in its 2009 report on Sound Regulation and Strengthening Transparency that 'as a supplement to their core mandate, the mandates of all national financial regulators, central banks, and oversight authorities, and of all international financial bodies and standard setters (IASB, BCBS, IAIS and IOSCO) should take account of financial system stability'.

The Joint Forum is a consortium of the Basel Committee on Banking Supervision, the International Organization of Securities Commissions, and the International Association of Insurance Supervisors that addresses issues common to the banking, securities, and insurance sectors, including the supervision of financial conglomerates. Click to Download the Joint Forum Report and Recommendations (PDF 986k).

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