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March

IFRS XBRL taxonomy for 2012 is available

Mar 30, 2012

The IFRS Foundation has published the IFRS Taxonomy 2012. The IFRS Taxonomy is a translation of IFRSs into eXtensible Business Reporting Language (XBRL).

The 2012 taxonomy is consistent with IFRSs as issued by the IASB as of January 1, 2012, and it contains XBRL tags for all IFRS disclosure requirements.

Click here to access the IFRS Taxonomy files and accompanying materials on the IFRS Foundation's Web site.

Global banks react to developing accounting reform

Mar 29, 2012

Deloitte has issued its "Second Global IFRS Banking Survey — Q1 2012: A changing landscape." The survey highlights the views on accounting change of 56 major banking groups.

The survey focuses on the implementation challenges of IFRS 9, including both the impairment proposals and classification and measurement as well as the challenges of implementation of the new standards, IFRSs 10, 12, and 13. The survey also summarizes the views of banks on the wider implications of accounting change to regulatory capital, loan pricing, and canvasses views on convergence and the timetable for adoption of IFRS 9.

Deloitte will continue its series of surveys to capture the views of the banking industry over the coming months and years as the proposals become finalized and the implementation challenges develop.

Click for:

Monitoring Group and PIOB consult on governance of IFAC activities

Mar 29, 2012

The Monitoring Group (MG) and the Public Interest Oversight Board (PIOB) have released consultation papers on the governance of various organizations operating under the auspices of the International Federation of Accountants (IFAC).

The aim of the MG paper is to request views from stakeholders and the public at large on the governance of those institutions involved in the activity of issuing international standards for accountants in the fields of auditing and assurance, ethics, and education, with the final goal of improving audit quality.

The MG paper follows the completion in 2010 of an effectiveness review of the 2003 IFAC Reforms and aims to build on and completing the effectiveness review through a comprehensive governance review of the full architecture currently in place.

The MG paper presents a number of questions and recommendations across numerous IFAC organizations currently under PIOB oversight including the International Auditing and Assurance Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), the International Accounting Education Standards Board (IAESB), and the Compliance Advisory Panel (CAP), as well as PIOB's oversight of the Nomination Committee of IFAC.

The MG paper also acknowledges a need for independent oversight of the International Public Sector Accounting Standards Board (IPSASB), which could add to its credibility and facilitate wider international adoption of International Public Sector Accounting Standards (IPSAS). The report notes the increased importance of this oversight in light of the global financial crisis and sovereign debt issues, and recommends the IPSASB be subject to PIOB oversight, rather than creating an public sector exclusive oversight body.

The PIOB consultation paper seeks views on the review of its mission and medium and long-term strategy and explains the new oversight methodology developed and applied after the recommendations of the MG effectiveness review.

Comments on the consultation papers close on June 28, 2012. Click for press release (link to the IOSCO's Web site).

SEC adopts U.S. GAAP taxonomies

Mar 28, 2012

On March 26, 2012, the SEC updated its EDGAR system to support registrants’ use of the U.S. GAAP 2012 taxonomies and the U.S. Mutual Fund Risk/Return Summary 2012 taxonomy for interactive data (XBRL) submissions.

The taxonomies are available on the SEC’s Web site.

The SEC also issued a final rule that revises the EDGAR Filer Manual to support upgrades to the 2012 taxonomies. As noted on the SEC’s Web site, the "SEC staff strongly encourages companies to use the most recent version of the [U.S. GAAP taxonomies] for their Interactive Data submissions to take advantage of the most up to date tags related to new accounting standards and other improvements." The U.S. GAAP 2012 taxonomies reflect accounting standards issued during the past year and other corrections and improvements to the 2011 U.S. GAAP taxonomies.

Release notes on the taxonomies, which include a summary of changes from the 2011 taxonomies release, are available on the SEC’s Web site. In addition, the FASB’s We bsite contains links to guidance and supporting documents about the details of the changes.

New IFRS for SMEs training module

Mar 28, 2012

The IFRS Foundation Education Initiative has developed a training module for Section 22 of the IFRS for SMEs, "Liabilities and Equity."

Ultimately, the IFRS for SMEs training material will include 35 stand-alone modules — one for each section of the IFRS for SMEs. Currently, 28 modules are available. Most are also available in Arabic, Russian, Spanish, and Turkish.

Click for more information on the Section 22 training module or access all training modules on the IASB's Web site.

Insurance notes from the March IASB meeting

Mar 24, 2012

The IASB held its regular monthly meeting on March 20 and 21, 2012, in London; part of it was a joint meeting with the FASB. Deloitte observer notes are posted from the insurance sessions held on Tuesday and Wednesday.

Click through for direct access to the notes:

Tuesday, March 20, 2012 (earlier sessions)

  • Insurance contracts (IASB)
    • Education session — Potential use of other comprehensive income (OCI) for presenting certain changes in an insurance liability.
    • Loss recognition test.

Wednesday, March 21, 2012 (earlier sessions)

  • Insurance contracts (IASB-FASB)
    • Separation of investment components from insurance contracts.
    • Unit of account.

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

New supervisory cooperation arrangement between SEC and ESMA

Mar 23, 2012

The SEC has entered into supervisory cooperation arrangements with the European Securities and Markets Authority (ESMA) and the Cayman Islands Monetary Authority.

These arrangements will (1) allow the SEC staff to share information about various regulated financial entities and (2) lead to the establishment of "mechanisms for continuous and ongoing consultation, cooperation and the exchange of supervisory information related to the oversight of globally active firms and markets."

Click for the SEC press release (link to the SEC's Web site).

New learning guide available for FASB Codification

Mar 23, 2012

The Financial Accounting Foundation has published a new learning guide for the "FASB Accounting Standards Codification" that is complimentary to all subscribers.

The Learning Guide for the Codification Research System is part of an ongoing improvement process for the FASB Accounting Standards Codification® research system platform. This guide is complimentary to all subscribers (Professional, Academic, and Basic View) and is available at http://asc.fasb.org.

The learning guide incorporates a "learning by doing approach" by including real-life scenarios, work-related tasks, and exercises to reinforce learning. The chapters in the guide are as follows:

    1. Getting Started with the Codification.
    2. Navigating the Codification.
    3. Working with Section-Level Content.
    4. Understanding the Scope of Guidance.
    5. Citing Codification Content.
    6. Working with Research Results.
    7. Working with Pending Content.
    8. Working with Archived Content.
    9. Working with Glossaries.
    10. Working with Nonauthoritative Content.
    11. Searching: Fundamental Techniques.
    12. Searching: Advanced Techniques.
    13. Keeping Track of Changes to the Codification.
    14. Cross-Referencing Codification Content and Its Sources.
    15. Assembling Content for Greater Efficiency.
    16. Working with XBRL Elements.
    17. Providing Feedback on the Codification.

IAASB issues updated standard on use of internal auditors

Mar 23, 2012

The IAASB has released a revised International Standard on Auditing (ISA) on the use of internal auditors in external audits.

The revised ISA 610 Using the Work of Internal Auditors is the result of an exposure draft issued in July 2010 and is designed to enhance the performance of external auditors by enabling better consideration and leveraging, as appropriate, of the knowledge and findings of the internal audit function in making risk assessments, strengthening the framework for the evaluation, and, when appropriate, using the work of internal auditors in obtaining audit evidence.

The revised pronouncement is effective for audits of financial statements for periods ending on or after December 15, 2013. Click for IAASB press release (link to IFAC website).

Notes from the March IASB meeting

Mar 22, 2012

The IASB held its regular monthly meeting on March 20 and 21, 2012, in London; part of it was a joint meeting with the FASB. Deloitte observer notes are posted from some sessions held on Tuesday and Wednesday: post-implementation reviews, effective dates, macro hedge accounting, and a review of the efficiency and effectiveness of the IFRS Interpretations Committee.

Click for direct access to the notes:

Tuesday, March 20, 2012

Wednesday, March 21, 2012

* Notes from the insurance sessions held on Tuesday and Wednesday will be posted soon.

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

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.