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January

New issue of the IASB's Investor Perspectives

Jan 31, 2012

In April 2010, the Trustees of the IFRS Foundation and the IASB launched a program to enhance investors' participation in the development of IFRSs. One of the enhancements is a newsletter for investors, "Investor Perspectives." A new edition is now available.

In this issue, IASB member Patrick Finnegan discusses the IASB's agenda consultation:

All Investor Perspectives are archived on the IASB's Web site.

Summary of the January 2012 Trustees' meeting

Jan 30, 2012

The Trustees of the IFRS Foundation have announced the conclusions of their meeting in Singapore on 12 January 2012.

The Trustees discussed progress toward global adoption of IFRSs. They also received a report on the Due Process Oversight Committee (DPOC) that reviewed due process and post-implementation review methodology. The Trustees' Nominating Committee and the Monitoring Board approved several nominations and reappointments to the Trustees. Hans Hoogervorst, chairman of the IASB, gave the Trustees a detailed report on the work of the IASB since the last meeting in October 2011. The Trustees’ Executive Committee discussed the finalization of the strategy review.

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Final notes from the January IASB meeting

Jan 29, 2012

The IASB held its regular monthly meeting in London on January 25–27, 2012; part of it was a joint meeting with the FASB. Deloitte observer notes are posted from the remaining impairment session held on Friday.

Click for direct access to the notes:

Friday, January 27, 2012 (earlier sessions)

Click for the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

Additional notes from the January IASB meeting

Jan 27, 2012

The IASB's regular monthly meeting was held in London on January 25–27, 2012; part of it was a joint meeting with the FASB. Deloitte observer notes are posted from three of the sessions held on Friday.

Click for direct access to the notes:

Friday, January 27, 2012

Notes from Friday's "financial instruments: impairment" session will be posted soon.

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

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

Jan 27, 2012

At the January 27, 2012, joint IASB and FASB meeting, 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 Web site. Also see our Classification and Measurement session notes taken by Deloitte observers for more information.

Conclusions of the Trustees' Due Process Oversight Committee meeting

Jan 27, 2012

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

The DPOC discussed recommendations on 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.

Click here to read the notes on the IFRS Foundation's Web site.

Further notes from the January IASB meeting

Jan 27, 2012

The IASB's regular monthly meeting was held in London on January 25–27, 2012; part of it was a joint meeting with the FASB. Deloitte observer notes are posted from the sessions held on Thursday.

Click for direct access to the notes:

Thursday, January 26, 2012

Notes from Friday's sessions will be posted soon.

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

Notes from the January IASB meeting

Jan 26, 2012

The IASB's regular monthly meeting was held in London on January 25–27, 2012; part of it was a joint meeting with the FASB. Deloitte observer notes are posted from the session held on Wednesday.

Click for direct access to the notes:

Wednesday, January 25, 2012

Notes from Thursday's sessions will be posted soon.

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

Update on the IFRS for SMEs

Jan 26, 2012

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

The report Mr. Pacter presented, which is now available on the IASB's Web site, 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 Web site (29 KB).

FASB's impairment testing proposal deviates from IFRSs

Jan 26, 2012

The FASB has published a proposal under which an entity testing indefinite-lived intangible assets for impairment would have the option of performing a qualitative assessment to determine whether it is more likely than not that the asset is impaired.

Under current U.S. GAAP, assets with indefinite useful lives are similar to those under IAS 36, Impairment of Assets; they are reviewed at least annually for impairment. Under the proposal, certain assets such as trademarks, licenses, and distribution rights could be exempt from this requirement if the asset is determined to be more likely than not less than its fair value. In its proposal, the FASB acknowledges that this new guidance does not converge U.S. GAAP and IFRSs.

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Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.