The FRC's report, 'Effective Company Stewardship: Enhancing Corporate Reporting and Audit', contains seven key recommendations including the recommendations that companies should take advantage of technological developments to increase the accessibility of the annual report and its components and that there should be greater investor involvement in the process by which auditors are appointed. The overall aim of the recommendations is to provide more balanced and comprehensive information to investors. Click for FRC press release and the FRC's report(both links to FRC website).

 

The meeting consisted of the election of Carlos Tavares as Vice-Chairman of ESMA. Tavares will be acting as the Chair of ESMA until the elected Chair of ESMA takes office. Also during the meeting, the BOS adopted rules and procedures that defined how ESMA will function and set up the Management Board. The ESMA also confirmed that all existing Level 3 measures issued by CESR will remain valid in their original status under ESMA.

The Statement of Protocol between the regulators intends to improve the accuracy and reliability of audit reports and help promote public trust in the audit process.

Click for the Statement of Protocol between PCAOB and POB (link to FRC website).

The amendments provide guidance for entities emerging from severe hyperinflation that are either resuming the presentation of IFRS-compliant financial statements or presenting IFRS-compliant financial statements for the first time.

Click for:

• IFRS in Focus Newsletter – IASB issues amendments to IFRS 1 on first-time adoption of IFRSs after period of severe hyperinflation (PDF 59k)
• Past editions of IFRS in Focus.

The Discussion Paper summarises the IVSC's preliminary views on the nature and causes of valuation uncertainty and on how this should be communicated to valuation users.

Comments on the Discussion Paper now close on 14 January 2011. Click for IVSC e-news (link to IVSC website).

The proposed program is grouped into the following topic areas:

• Developing and revising IAASB Standards:

• Maintaining a commitment to the International Standards on Auditing (ISAs) and the audit (including having input into the IASB's projects and their impacts on auditing standards)
• Enhancing public confidence through the development or revision of assurance and other standards that address demands of users of financial information, including greenhouse gas statements, XBRL, prospective information and integrated reporting

• Responding to concerns about implementation of IAASB Standards
• Ongoing outreach and other communication activities to promote adoption of IAASB Standards.

In addition, a number of consultation documents are expected over the coming weeks as the result of the IAASB's December 2010 meeting.

Comments on the Consultation Paper are requested by 4 April 2011. Click for press release (link to IFAC website).

You can access the agenda on our January 2011 IASB meeting page. We will also post Deloitte observer notes on this page as they are available

 

The next meeting of the Trustees in Tokyo will be chaired by the Trustee vice-chairs Tsuguoki Fujinuma and Robert Glauber. At the meeting the Trustees will discuss interim leadership of the Trustees and the process of identifying a permanent chair. In both respects the Trustees will co-operate closely with the Monitoring Board. The Trustees have also reaffirmed their commitment to maintaining the existing time line for the strategy review.

• In February/March 2011, the Trustees will analyse public comments and meet the IASB and the IFRS Advisory Council before reaching final conclusions.
• In April 2011, the Trustees will publish a report of the strategy review with a comment period to provide guidance on actions to be implemented.
• In July 2011, the Trustees will agree on a set of actions to be implemented, following public consultation. The Trustees will seek to co-ordinate this effort with the Monitoring Board's review.
• After July 2011, the Trustees will conduct required due process to adopt changes in the IFRS Foundation's Constitution, if appropriate.

Click for IFRS Foundation press release with next steps on Trustee chair and the strategy review (PDF 43k).

This issue describes the recent IASB amendments to IFRS 1 related to the removal of fixed dates for first-time adopters.

In addition, Deloitte (Canada) has issued two publications: (1) Modle d'tats financiers prpars en conformit avec les IFRS (the French translation of the Model Financial Statements for 2010 publication; model financial statements in this translation reflect the early adoption of IFRS 9 as issued in November 2009 and revised in October 2010) and (2) the final 2010 edition of the Countdown to IFRS newsletter, which contains articles on IFRS in Canada, Lightyear's final transition check, and top-10 tips for public companies filing their first interim financial statements.

Click for:

• IFRS in Focus IASB issues amendments to IFRS on removal of fixed dates for first-time adopters (PDF 77k)
• Modle d'tats financiers prpars en conformit avec les IFRS (ZIP 1,881k)
• Countdown to IFRS — Final Edition (PDF 1,714k). A French translation is also available (PDF 1,661k). Click here to visit our Canada country page.

 

IFRS in Focus, describing the recent IASB amendments to IAS 12, and IFRS on Point, highlighting the month's important IFRS developments and information.

In addition, the December 2010/January 2011 IFRS Insights newsletter from Deloitte (United States) has been posted. IFRS Insights is a newsletter on IFRS aimed at US companies.

Click for:

• IFRS in Focus IASB issues amendments to IAS 12 (PDF 61k)
• IFRS on Point IFRS Accounting Developments and Information: December 2010 (PDF 92k)
• IFRS Insights December 2010/January 2011 (PDF 992k)