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G20 leaders urge 'international standards'

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What the new Enhanced Disclosure Task Force report means for banks
08 Dec 2015
In the wake of the financial crisis, the G20 asked the IASB to revise accounting requirements so that financial institutions’ expected credit losses were captured as well as losses that had been incurred. The Financial Stability Board (FSB) also established the Enhanced Disclosure Task Force, a group comprising banks, analysts, investors and auditors. Banks should consider the Enhanced Disclosure Task Force (EDTF) guidance for their next annual reports. Those with December year ends should act quickly to ensure appropriate implementation. In particular, banks' Chief Accountants need to consider their implementation projects in the light of the new recommendations to ensure that the appropriate data are available for their expected credit loss disclosures.
Need to know — The Greek debt crisis: Financial reporting implications for 30 June
27 Jul 2015
This newsletter outlines the financial reporting implications of the Greek debt crisis and the main issues preparers should consider in their IFRS financial statements as at 30 June 2015.
B20 Report - Unlocking Investment in Infrastructure
24 Jun 2014
This report published by the B20 Panel of six international accounting networks formed to analyse existing accounting and corporate reporting practices and to suggest improvements that would help the corporate reporting model provide a broader perspective of business performance that is more conducive to long-term investment concludes that – for the most part – changes to accounting principles would not increase the attractiveness of long-term infrastructure investments, but supports the IASB's ongoing work to improve financial reporting.
Responding to the EDTF recommendations: A review of 2012 year end reporting
13 Jul 2013
This publication from Deloitte (UK) reviews the implementation of the 32 recommendations included in the Enhanced Disclosure Task Force (EDTF) Report ‘Enhancing the Risk Disclosure of Banks’ by banks that were members of the EDTF Working Group . The report also highlights examples of good practice for others to consider in their 2013 planning.
Directors alert 2013 — Lead or be led: Time to take advantage of the new business reality
29 Jan 2013
This publication from the Deloitte Global Center for Corporate Governance focuses on the important role that boards of directors have to play in helping their organisations determine how to respond to the new operating environment in place since the global financial crisis.
Looking beyond the numbers - Review of banks’ annual reports
18 Oct 2012
There has been an unprecedented level of interest in banks’ financial statements during the last few years. Debate has taken place at G20 meetings and in parliamentary enquiries and stories about banks, including their reported performance, feature daily in the newspapers. The new Interim Financial Policy Committee and the Financial Services Authority are taking an active interest in information reported by banks. This has prompted Deloitte (United Kingdom) to take a step back and evaluate the UK banks’ most recent annual reports.
Deloitte comment letter on tentative agenda decision: IAS 39 — Scope of paragraph AG5
05 Sep 2012
We agree with the IFRS Interpretations Committee’s decision not to add onto its agenda a project to consider whether paragraph AG5 of IAS 39 could apply when determining the effective interest rate on initial recognition of the new Greek government bonds (GGBs) received as part of the restructuring of GGBs in March 2012.
Deloitte member firm comment letter on Eurostat IPSAS consultation
22 May 2012
In our opinion, International Public Sector Accounting Standards (IPSAS) are suitable for implementation in the European Member States. We consider IPSAS to be high-quality accounting standards for governments, which in many respects, as amended to reflect specific public sector requirements, follow IFRS which provided consistency to international reporting in the private sector.
Deloitte comment letter on ED/2009/12 'Financial Instruments: Amortised Cost and Impairment'
29 Jun 2010
We agree with the Board’s objective in this phase of the IASB project to replace IAS 39 to address weaknesses of the incurred loss model in IAS 39 that were highlighted during the global financial crisis. However, we have concerns about the specific requirements proposed by the IASB, in particular those to determine, and allocate, the initial estimate of expected credit losses on a financial asset and to use a probability-weighted outcome approach. Overall, we believe that the measurement principle would not be operational if the Board were to adopt the ED in its current form.

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