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News

SEC (US Securities and Exchange Commission) (dark gray) Image

Common financial reporting issues facing smaller companies

14 Jan 2010

During 2009 the US Public Company Accounting Oversight Board hosted a series of Forums on Auditing in the Small Business Environment.

Participants were auditors from smaller registered public accounting firms. At those Forums, the staff of the Division of Corporation Finance of the Securities and Exchange Commission reviewed common financial reporting issues facing smaller issuers that they have identified during their staff reviews of filings for smaller public companies. Click to download the SEC Staff Slide Presentation (PDF 267k) summarising some of the issues they have noted. Other SEC information for small businesses may be found here on the SEC's Website.

 

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Two Bound Volumes of IFRSs for 2010

13 Jan 2010

The IASB plans to publish two types of Bound Volume (BV) of IFRSs for 2010: One will be the traditional BV including all pronouncements issued at the publication date, including those that do not become mandatory until after 2010 (will have a red cover and nicknamed the "Red Book"). The other will be a BV of only those pronouncements whose application is mandatory as of 1 January 2010 (will have a blue cover and nicknamed the "Blue Book")

To give an example, in November 2009 the IASB issued IFRS 9 Financial Instruments with an effective date of 1 January 2013. This new IFRS, together with its copious amendments to other IFRSs, will be consolidated in the 2010 Bound Volume (the Red Book), as it was issued before 1 January 2010. It will not be included in the new Blue Book, as its effective date means that it is not required for annual reporting periods beginning on 1 January 2010.

The IASB expects to release the Blue Book – titled Consolidated Without Early Application – around 20 January 2010. They expect to have a facility for placing orders for this volume shortly on IASB's Website.

 

European Union (old) Image

Hearing on nomination of Michel Barnier

13 Jan 2010

Two committees of the European Parliament will hold joint hearings on the nomination of Michel Barnier as Commissioner for Internal Market and Services of the European Commission.

Mr Barnier has prepared written responses (PDF 156k) to questions posted in advance by the committees. His comments on accounting include:
In the area of financial information, one of my priorities will be the adoption by all of our partners, including the United States, of high-quality global accounting standards, in line with the recommendations of the G20. I would also like to improve the governance of the IASB significantly. As regards SMEs, I would like to put forward an ambitious proposal for the modernisation of accounting regulations. Lastly, with regard to the statutory audit of accounts, my priorities will be to enhance international cooperation in order to enable mutual recognition of supervisory systems in respect of [auditors], and potential adoption of the international [auditing] standards (ISA).

The EU has set up a special Website for Commissioner Confirmation Hearings. Click for Mr. Barnier's CV (PDF 76k).

FEE (Federation of European Accountants - Fédération des Experts-comptables Européens) (lt green) Image

FEE paper on bank provisioning and reserving

13 Jan 2010

The European Federation of Accountants (FEE) has published a paper Bank Provisioning and Reserving: A Comparison of Alternatives.

The paper is intended to help clarify the meaning of particular terms used by policy-makers, banks, regulators, accountants, and others in respect of bank provisioning and reserving, "since there is not yet a common understanding of what these terms are meant to cover". The paper is also intended to assist the readers of the recently issued joint EFRAG/FEE paper Impairment of Financial Assets: The Expected Loss Model (see IAS Plus News Story of 10 Dec 2009) by providing background information and an outline of the key terms of the various approaches and models that are currently being debated. FEE's announcement also notes that the paper "may also help to better understand the current discussions on impairment in relation to the proposals of the International Accounting Standards Board (IASB) for the impairment of financial assets". Click for:

 

FSB (Financial Stability Board) (lt green) Image

Financial Stability Board welcomes IASB progress

10 Jan 2010

The Financial Stability Board (FSB) met in Basel on 9 January 2010 to take forward its regulatory policy reform agenda and reaffirm the timelines for policy development and implementation in 2010. The meeting also agreed on a framework for strengthening adherence to international standards, and reviewed current conditions and adjustment in the financial system.

Regarding IFRSs, the Report of the Meeting (PDF 42k) states:

Strengthening accounting standards. As requested by the G20 Leaders, the FSB continues to monitor progress in implementing G20 and FSB recommendations for improved, converged accounting standards. FSB members welcomed the IASB's plan to continue its enhanced technical dialogue with prudential authorities and market regulators on financial institution reporting issues, and to conclude its full review of the financial instruments standard by the end of this year.
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Notes from the January 2010 IFRIC meeting

09 Jan 2010

The International Financial Reporting Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday and Friday 7 and 8 January 2010. We have posted preliminary and unofficial notes taken by Deloitte observers at the meeting.

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

 

THURSDAY 7 JANUARY 2010 (10:00-18:15)

Introduction

Active Committee projects

Review of tentative agenda decisions published in November 2009 IFRIC Update

Annual improvements – Deliberation of comments received

 

FRIDAY 8 JANUARY 2010 (09:00-12:30)

Staff recommendations for tentative agenda decisions

Administrative session

 

Click to go to the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

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Deloitte webcast on year-end reporting

08 Jan 2010

On 13 January 2010, Deloitte (United States) will hold a 90-minute Dbriefs webcast on year-end reporting issues that will cover some IFRS matters.

Specific topics will include:
  • Themes and highlights from the December SEC/AICPA Conference
  • Recent developments related to US registrants' adoption of IFRSs
  • Regulatory views on disclosures related to goodwill impairments and non-GAAP measures
  • Comprehensive updates around the latest financial reporting developments
Details about the webcast:
  • Title: Year-End Reporting Issues: An Update on Current Issues and Items on the Horizon
  • Date and time: 13 January 2010, 2:00pm to 3:30pm US Eastern Standard Time (New York time)
  • Click here for More Information and Registration

 

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Agenda for January 2010 IASB meeting

08 Jan 2010

The IASB will hold its January 2010 regular monthly 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.

The Board will not meet on Friday. The meeting will be open to public observation and will be webcast. Presented below is the agenda for the meeting.

IASB Board Meeting Agenda18-21 January 2010, London

Monday 18 January 2010 – Joint meeting with FASB (13:00-19:00pm London time)

Tuesday 19 January 2010 – Joint meeting with FASB (08:00-18:45pm London time)

Wednesday 20 January 2010 – Joint meeting with FASB until 12:45pm (08:00-16:30pm London time)

Joint Meeting:

Thursday 21 January 2010 (08:30-14:15pm London time)

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Updated EFRAG 'endorsement status report'

07 Jan 2010

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

The update reflects the endorsement of the amendment to IAS 32 on classification of rights issues (see our article from 28 December). Click to download the Endorsement Status Report as of 7 January 2010 (PDF 119k).

The following seven IASB pronouncements await EC endorsement:

Standards

  • IFRS 9 Financial Instruments
Interpretations Amendments
You can always find the endorsement status report here.

 

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Share-based payment – IFRS v US GAAP

07 Jan 2010

Deloitte LLP (United States) has published A Closer Look at Share-based Payment Plans and IFRS: Accounting Differences that Matter. Differences between IFRSs and US GAAP – even in areas where there has been substantial convergence – could result in changes that may ultimately affect a company's financial statements and income tax position.

A closer look at how US GAAP and IFRS differ for share-based payment plans can reveal important issues that companies may need to focus on as they develop an IFRS transition strategy. Areas of differences examined in this publication include:
  • Classification of share-based payments
  • Measurement and recognition
  • Effective tax rate
  • Information systems

Click for: A Closer Look at Share-based Payment Plans and IFRS: Accounting Differences that Matter (PDF 908k).

 

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