News

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IASB and FASB seek to reduce differences in classification and measurement models for financial instruments

27 Jan, 2012

At today's joint IASB meeting with the Financial Accounting Standards Board (FASB), the Boards agreed to work together to find ways to reduce differences in their respective classification and measurement models for financial instruments.

The discussions will shape the FASB’s ongoing redeliberation of a proposed Accounting Standards Update on financial instruments, while the IASB will consider these discussions as part of its project to undertake limited-scope changes to IFRS 9, Financial Instruments.

Click for the press release on the IASB's website. Also, see our Classification and Measurement session notes taken by Deloitte observers at today's meeting for more information.

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Conclusions of the Trustees' Due Process Oversight Committee meeting

27 Jan, 2012

The IFRS Foundation Trustees' Due Process Oversight Committee (DPOC) has posted to their website a summary of the conclusions of their meeting in Singapore on 12 January 2012.

The DPOC discussed recommendations regarding the IASB's planned post-implementation review procedure, which begins with IFRS 8 Operating Segments. Post-implementation reviews are a mandatory due process step for all new IFRSs and major amendments to IFRSs.

Please click here to read the notes on the IFRS Foundation's website.

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Further notes from the January IASB meeting

27 Jan, 2012

The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions held on Thursday.

Click through for direct access to the notes:

Thursday, 26 January 2012

Notes from Friday's sessions will be posted soon.

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

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Updated EFRAG 'endorsement status report'

27 Jan, 2012

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.

Click to download the Endorsement Status Report as of 26 January 2012 (PDF 199k).

Since the last report, draft endorsement advices have been issued for the amendments to IAS 32 and IFRS 7.

You can always find the endorsement status report Here.

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Notes from the January IASB meeting

26 Jan, 2012

The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the session held on the first day of the meeting.

Click through for direct access to the notes:

Wednesday, 25 January 2012

Notes from the Thursday's sessions will be posted soon.

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

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Update on the IFRS for SMEs

26 Jan, 2012

On Friday 20 January 2012, the EFRAG's SME Working Group met with IASB Board member Paul Pacter in Brussels to discuss various matters relating to the IFRS for SMEs.

The report Mr Pacter presented is now available on the IASB website and contains information on Q&A status, and discusses the comprehensive review process of the IFRS for SMEs every three years. The first review will take place in the second half of 2012, and modification would occur to (1) reflect any new or revised IFRSs in the IFRS for SMEs or (2) address implementation questions that have arisen.

Click for the report on the IASB's website (29 KB).

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Yael Almog appointed as Executive Director of the IFRS Foundation

24 Jan, 2012

The Trustees of the IFRS Foundation have announced the appointment of Yael Almog as Executive Director of the IFRS Foundation.

Ms Almog will manage day-to-day operations of the organisation and provide executive leadership, supporting the work of the Trustees. She currently serves as Director of the Department of International Affairs of the Israel Securities Authority (ISA), the Israeli market regulator.

Ms Almog's appointment follows the departure of Tom Seidenstein, Chief Operating Officer, who after more than 10 years of service left the Foundation to return to the United States.

Click for the IASB press release (link to IASB website).

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Trustees reappoint three IASB members

24 Jan, 2012

The Trustees of the IFRS Foundation has announced the reappointment of three current IASB members.

Stephen Cooper (Great Britain) and Wei-Guo Zhang (China) have been appointed for a second five-year term. Their office terms now end on 1 August and 30 June 2017 respectively. Paul Pacter (United States) had initially indicated to the board that he wanted to be available for only one two-years term. He has agreed to a re-appointment of six additional months to allow sufficient time for the appointment of a successor. His term now ends on 31 December 2012.

The Trustees are continuing their search for three additional members to fill the existing or soon-arising vacancies. Elke Konig stepped down in December 2011 and John Smith will be stepping down in June 2012 after serving the maximum two, five-year terms. Also, a new Board position will be available in July 2012 as the IASB expands its membership to 16.

Click for the IASB press release (link to IASB website).

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Scott Evans reappointed as a trustee of the IFRS Foundation

24 Jan, 2012

The Monitoring Board of the IFRS Foundation has approved the re-appointment of Scott Evans to serve as a Trustee for a second three-year term. His office term now ends on 31 December 2014.

Click for the press release (link to IASB website).

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ICAEW issues summary of its auditor-investor forum

24 Jan, 2012

The Institute of Chartered Accountants in England and Wales (ICAEW) has published a report summarising the some of the key highlights of its Auditor-Investor Forum held on 24 November 2011.

During the forum, investors, auditors and financial statement preparers had discussions on the main issues related to 2011 year-end bank reporting, more specifically, exposure to sovereign debt, risks taken to secure returns and liquidity management. The report also states that differences between IFRS and US GAAP, such as IFRS having more restrictions on netting of financial instrument positions versus US GAAP's less restrictive stance, continue to cause issues when comparing US and non-US firms.

Click for the ICAEW Auditor-Investor Forum report (link to ICAEW website).

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