All are open to public observation. Board and IFRIC meetings are webcast. Details, including agenda, of the meetings may be found (in due course) on the IASB's Website (click on 'meetings diary').

IASB-FASB Special Joint Board Meeting Date: Wednesday 10 February 2010 (Noon to 14:00pm GMT) Location: IASB Boardroom, London Meeting of the IASB/FASB Joint International Group on Financial Statement Presentation and Financial Institutions Advisory Group Date: Friday 12 February 2010 Location: The Financial Accounting Standards Board, Norwalk , CT USA IASB Regular Monthly Board Meeting - February 2010 Date: Monday-Friday 15-19 February 2010 (16-18 February will be joint with FASB) Location: IASB Boardroom, London Standards Advisory Council Meeting Date: Monday-Tuesday 22-23 February 2010 Location: Renaissance Chancery Court Hotel, London Meeting of IASB representatives with the Analyst Representative Group Date: Wednesday 24 February 2010 Location: IASB Boardroom, London Expert Advisory Panel on Impairment of Financial Assets) Date: Thursday-Friday 25-26 February 2010 Location: IASB Board Room, London IASB-FASB Special Joint Board Meeting Date: Tuesday-Wednesday 2-3 March 2010 Location: IASB Boardroom, London International Financial Reporting Interpretations Committee Meeting Date: Thursday-Friday 4-5 March 2010 Location: IASB Boardroom, London IASB-FASB Special Joint Board Meeting Date: Thursday 11 March 2010 Location: IASB Boardroom, London IASB Regular Monthly Board Meeting - March 2010 Date: Monday-Friday 15-19 March 2010 (15-17 March will be joint with FASB) Location: IASB Boardroom, London IASB-FASB Joint Board Meeting Date: Monday-Wednesday 22-24 March 2010 Location: IASB Boardroom, London

 

The IASB and FASB held a special Joint Board meeting at the IASB's offices in London on Tuesday 2 February 2010. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

This 2,918-page book sets out comprehensive guidance for entities reporting under IFRSs. The Guide:

• focuses on the practical issues faced by reporting entities;
• explains clearly the requirements of IFRSs;
• adds interpretation and commentary where IFRSs are silent, ambiguous or unclear; and
• provides many illustrative examples.

The Guide deals comprehensively with those new Standards that apply for periods beginning in 2009 and also covers those further pronouncements issued by the IASB up to 30 June 2009 that will apply from 2010. This edition of the manual includes new material dealing with:

• IFRS 6 Exploration for and Evaluation of Mineral Resources;
• the revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards (November 2008);
• the amendment to IFRS 2 Group Cash-settled Share-based Payment Transactions (June 2009);
• the amendment to IFRS 7 Improving Disclosures about Financial Instruments (March 2009);
• the amendment to IAS 39 Eligible Hedged Items (July 2008);
• the amendments to IAS 39 and IFRS 7 Reclassification of Financial Assets (October 2008);
• the amendments to IFRIC 9 and IAS 39 Embedded Derivatives (March 2009);
• Improvements to IFRSs issued in April 2009;
• IFRIC 17 Distributions of Non-cash Assets to Owners;
• IFRIC 18 Transfers of Assets from Customers; and
• additional examples and guidance on issues arising in practice.

Orders may be placed via www.lexisnexis.co.uk/deloitte or call +44 (0) 845 370 1234. Click for Descriptive Booklet about This and Related iGAAP Publications for 2010(PDF 248k).

 

The newsletter is now organised by topic rather than by standard-setter. Topics covered in this issue include:

Business Combinations FASB Issues ASU on Not-for-Profit Mergers and Acquisitions Consolidation FASB Votes to Finalize Deferral of Statement 167 for Certain Investment Funds FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10 FASB Issues ASU on Variable Interest Entities Contingencies IASB Reexposes Proposals for the Measurement of Liabilities in IAS 37 Earnings per Share FASB Issues Guidance on Accounting for Distributions to Shareholders With Components of Stock and Cash Fair Value Measurements and Disclosures FASB Issues ASU on Improving Disclosures About Fair Value Measurements AICPA Publishes Draft Issues Paper on Fair Value Measurements and Disclosures About Certain Issues Pertaining to Not-for-Profit Entities Financial Instruments FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income Income Taxes French Business Tax Law Change Stock Compensation FASB Issues ASU on Escrowed Share Arrangements and the Presumption of Compensation Transfers and Servicing FASB Issues ASU on Accounting for Transfers of Financial Assets Industry Accounting FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements Other Accounting Financial Reporting Considerations Related to Venezuela's Currency Exchange Controls and Highly Inflationary Status FASB Proposes Amendments to Subsequent-Events Disclosure Requirements FASB Publishes Revised Notice to Constituents About the Codification FASB Issues Technical Corrections to SEC Content AICPA Issues Technical Practice Aids SEC Matters SEC Approves Interpretive Guidance on 'Climate-Change' Disclosures SEC Approves PCAOB Auditing Standard 7 SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures SEC Issues Final Say-on-Pay Rules for TARP Companies SEC Issues Compliance and Disclosure Interpretations on Proxy Disclosure Enhancements Other Auditing PCAOB Issues Staff Guidance ASB Proposes Various Statements on Auditing Standards AICPA Issues Guidance on Compilation and Review Engagements AICPA's GAQC Issues Statement on Compliance Audits GASB Matters GASB Issues Final Statement on OPEB Measurements GASB Issues Final Statement on Chapter 9 Bankruptcies Other International FCAG Issues Letter to G-20 on IASB and FASB Progress IASB Issues Limited Exemption Amendment to IFRS 1

Click to view Accounting Roundup — January 2010. You will find past issues of Accounting Roundup Here.

 

On 28 January 2010, the IASB amended IFRS 1 First-time Adoption of International Financial Reporting Standards to exempt first-time adopters of IFRSs from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7). The amendment gives first-time adopters the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers. The amendment is effective on 1 July 2010, with earlier application permitted. This newsletter explains the amendment. Click to view IAS Plus Update Newsletter – Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (PDF 75k). Past issues of all of our IAS Plus newsletters are Here.

 

Our summary now includes over 175 issues:

• IFRS 2 Share-based Payment – Transactions in which the manner of settlement is contingent on future events
• IFRS 4 Insurance Contracts and IAS 32 Financial Instruments: Presentation – Scope issue for REITs
• IAS 18 Revenue – Receipt of a dividend of equity instruments
• IAS 27 Consolidated and Separate Financial Statements – Combined financial statements and redefining the reporting entity
• IAS 27 Consolidated and Separate Financial Statements – Presentation of comparatives when applying the 'pooling of interests' method
• IAS 32 Financial Instruments: Presentation – Application of the 'fixed for fixed' condition
• IAS 38 Intangible Assets – Amortisation method

 

A draft agenda has been posted on the IASB's website and is summarised below. The SAC provides a forum for the IASB to consult a wide range of interested parties affected by the IASB's work, with the objective of:

• advising the Board on agenda decisions and priorities in the Board's work,
• informing the Board of the views of the organisations and individuals on the Council on major standard-setting projects, and
• giving other advice to the Board or to the Trustees.

Standards Advisory Council Meeting Agenda22-23 February 2010, London

Monday 22 February 2010 (10:00am-17:30pm) Welcome and Chairman's preview Overview of last four months IASB Activities Report of the Chair and Vice-Chairs Update on major projects that are the most challenging in terms of meeting the June 2011 deadline Other activities NSS update – Overview of the role that the National Standard Setters (NSS) plays, including major projects underway or proposed EFRAG update – Overview of the role that the EFRAG plays, including major projects underway or proposed SEC update – Update on recent developments at the SEC and the roadmap for IFRS adoption in the US SAC Member activities XBRL and its interaction with disclosure requirements The IASB work plan post June 2011 Break-out Sessions (The IASB work plan post June 2011) Tuesday 23 February 2010 (9:15am to 12:30pm) The IASB work plan post June 2011 – Report back from the break-out sessions Effects analysis – What is effects analysis?

IPSAS 31 covers the accounting for and disclosure of intangible assets. It is primarily drawn from IAS 38 Intangible Assets. It also contains extracts from the SIC-32 Intangible Assets-Web Site Costs, adding application guidance and illustrations that have not yet been incorporated into the IAS.

At this point, IPSAS 31 does not deal with uniquely public sector issues, such as powers and rights conferred by legislation, a constitution, or by equivalent means; the IPSASB will reconsider the applicability of the standard to these powers and rights in the context of its conceptual framework project, which is currently in progress.

The IPSASB has also published Improvements to IPSASs, to conform with minor changes to IFRSs made by the IASB since the related IPSASs were originally released. These are part of a series of annual improvements that is modeled on a successful IASB annual update program.

Click for Press Release (PDF 22k).

 

The relevant rules cover a company's risk factors, business description, legal proceedings, and management discussion and analysis. The SEC's interpretative guidance highlights the following areas as examples of where climate change may trigger disclosure requirements:

• Impact of legislation and regulation
• Impact of international accords
• Indirect consequences of regulation or business trends
• Physical impacts of climate change

Click for SEC Press Release (PDF 34k). Click for the SEC's Interpretive Release on Climate Change Disclosures(PDF 139k).

 

CEBS'S framework for supervisory disclosure has been implemented at both EU and national levels since early 2007. This revision is the result of a public consultation in September 2009.

• CEBS Revised Disclosure Guidelines (PDF 219k)
• CEBS Press Release (PDF 156k)