IFRSs and many other financial reporting standards require valuation measurements for certain assets, liabilities and equity interests. Professional valuers are often involved in the calculation of these valuations or in assisting auditors in their determination of whether the values are reasonable and well supported. The draft guide notes the following on how to create effective interaction between the professional valuer and the auditor:

Comments on the exposure draft are due by 15 September 2012.

Click for IVSC exposure draft (link to IVSC website).

The agenda for the meeting is set out below:

Agenda for the meeting

Click for access to the full agenda and agenda papers (link to IASB website).

The following is a summary of the changes in the revised work plan, which is dated 14 June 2012:

• Leases - the target date for the re-exposure of the proposals is now fourth quarter of 2012 (previously second half of 2012)
• IFRS for SMEs - comprehensive review 2012-2014 - the updated work plan formally includes this new project which was confirmed at the June 2012 IASB meeting.  An Invitation to Comment (later retitled to a Request for Information) is expected in late June or early July, with further due process steps to occur over 2013-2014, and 2015 set as the target effective date for any amendments resulting from the review.

The work plan confirms the following milestones are expected to be reached by the end of June:

• Agenda Consultation - release of Feedback Statement
• General hedge accounting - review draft of finalised IFRS
• IFRS 10 transition guidance - finalised amendment
• Post-implementation review of IFRS 8 - release of a Request for Information
• IFRS for SMEs - comprehensive review 2012-2014 - release of an Invitation to Comment (as noted above).

Click for IASB work plan as of 14 June 2012 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

In the comment letter, we agree with the discussion paper's observation that a focus on user needs when re-assessing financial reporting of income taxes, such as the need for additional clarity on current and likely future tax payments, should be a central consideration.

Click through for direct access to the notes:

Thursday, 14 June 2012

• Post-implementation review of IFRS 8 (IASB)
• IFRS for SMEs (IASB)

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

In particular, this podcast focuses on the boards' discussion on a possible method for determining a revenue-like measure, 'earned premiums'.

To listen to the podcast, please click here (link to IASB website).

The IIRC received 214 responses to its Discussion Paper from organisations and individuals from over 30 countries.  Reporters, accounting bodies and standard setters represented well over a third of all responses, but responses were also received from a broad spectrum of other organisations and individuals.

The responses received revealed strong stakeholder support for the IIRC to begin the next phase of its framework development. This will include specific work streams on several topics including materiality, the concept of value and business models. The IIRC has stated its intention to conduct this phase in close dialogue with a full range of stakeholders to ensure the process is transparent and informed by market participants.

The IIRC’s analysis identifies four significant areas that need to be explored further to develop the framework:

• Basic concepts underlying Integrated Reporting — including the definition of Integrated Reporting, what Integrated Reporting is (or is intended to become) and how Integrated Reporting should relate to existing reporting strands (e.g. financial, management commentary, governance and remuneration, and sustainability reporting)
• Target audience for Integrated Reporting — While the primary audience of an Integrated Report is investors, the IIRC believes it clear that investors are not the only audience
• From whose perspective “value” should be considered — value to the organisation, to investors, to other stakeholders, or to society at large?
• Timing of the release of the framework — inter-relationship with the IIRC's pilot programme, the need for more conceptual work, and that time should be taken to ensure a high-quality product.

Partly in response to the points above, the IIRC has announced the deferral of its original plans to finalise an integrated reporting framework in 2012, and instead is now targeting completion of the framework by the end of 2013.

Click for more information (link to IIRC website).

The agenda for this meeting is reproduced below:

Agenda for the meeting

Further details of this meeting are also available on the IASB's website.