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September

Final notes from the September IASB meeting

Sep 28, 2012

The IASB's September meeting was held in London on September 24–28, 2012; some of it was a joint meeting with the FASB. The remaining Deloitte observer notes are posted from the sessions on insurance contracts, revenue recognition, impairment, IFRIC Update, IFRS 11 — acquisition of interest, IAS 28/IFRS10, and the conceptual framework.

Click for direct access to the notes:

Monday, September 24, 2012

Tuesday, September 25, 2012 (IASB education sessions)

Wednesday, September 26, 2012

Thursday, September 27, 2012

Friday, September 28, 2012 (IASB-FASB)

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

IASB decides on targeted reexposure of insurance proposals

Sep 28, 2012

The IASB announced that it will reexpose its proposals on accounting for insurance contracts; however, it will do so with targeted questions. Although the deliberations on the project are not complete, the IASB believes that reexposing the proposals will contribute to reducing uncertainty in the market.

In coming to the decision to reexpose, the Board considered a number of factors including the length of time that has already been devoted to the project (the comprehensive project on insurance contracts was added to the IASB's agenda in 2001) and the importance of issuing a final standard soon. Balancing the belief that a reexposure is necessary and the wish not to start discussions almost from scratch again by reexposing the whole exposure draft (and thus to delay the finalization of the standard), the IASB has decided on targeted questions on:

  • Treatment of participating contracts.
  • Presentation of premiums in the statement of comprehensive income.
  • Treatment of the unearned profit in an insurance contract.
  • Presenting, in other comprehensive income, the effect of changes in the discount rate used to measure the insurance contract liability.
  • The approach to transition.

A date for the reexposure has not yet been announced. Click for access to the corresponding press release on the IASB's Web site.

Additional notes from the September IASB meeting

Sep 27, 2012

The IASB's September meeting was held in London on September 24–28, 2012; some of it was a joint meeting with the FASB. Deloitte observer notes are posted from sessions on macro hedge accounting, bearer biological assets, annual improvements (2011–2013), and investment entities.

Click for direct access to the notes:

Wednesday, September 26, 2012

Thursday, September 27, 2012

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

Further notes from the September IASB meeting

Sep 26, 2012

The IASB's September meeting was held in London on September 24–28, 2012; some of it was a joint meeting with the FASB. Deloitte observer notes are posted from Wednesday's sessions on rate-regulated activities and classification and measurement.

Click for direct access to the notes:

Wednesday, September 26, 2012

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

Sir David Tweedie appointed as chairman of the IVSC

Sep 26, 2012

The International Valuation Standards Council (IVSC) has announced the appointment of Sir David Tweedie as chairman of the IVSC's Board of Trustees, effective October 29, 2012.

Sir David was chairman of the IASB for 10 years and served another decade before that as chairman of the UK Accounting Standards Board. He overhauled UK GAAP and spearheaded the adoption of IFRSs in over 100 countries. He will bring his vast experience to the IVSC, helping to advance the organization's priorities: (1) promoting the recognition and adoption of the International Valuation Standards in the world’s major economies and (2) leading the development of the valuation profession worldwide, bringing it together with users of valuation, regulators, legislators, and opinion-formers.

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

Notes from the September IASB meeting

Sep 25, 2012

The IASB's September meeting was held in London on September 24–28, 2012; some of it was a joint meeting with the FASB. Deloitte observer notes are posted from Monday's session on revenue recognition.

Click for direct access to the notes:

Monday, September 24, 2012

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

Notes from the September joint IASB and FASB meeting

Sep 21, 2012

The IASB held a meeting in London on September 20, 2012; part of it was a discussion with the FASB on leases.

Click for direct access to the notes:

Thursday, September 20, 2012

FASB discusses the scope of its alternative impairment model

Sep 20, 2012

The FASB continued deliberating the current expected credit loss (CECL) model, its proposed impairment model for financial assets.

The Board discussed the scope of the CECL model and unanimously agreed that the model should apply to the following financial instruments:

  • Trade receivables.
  • Lease receivables.
  • Loan commitments that are not measured at fair value through net income (FV-NI).
  • Financial guarantees that are not measured at FV-NI and not accounted for as an insurance contract. The Board agreed that the CECL model should apply to all financial guarantees that are not accounted for at FV-NI and that ultimately do not fall within the scope of its forthcoming final standard on insurance contracts.

The FASB staff noted at the Board meeting that it would develop application guidance to help preparers apply the CECL model to the above mentioned financial instruments.

For more information about the FASB’s decisions on its alternative impairment model, see our earlier stories from August 24, 2012, and September 10, 2012.

A Guide through IFRS 2012 ("Green Book") is now available

Sep 20, 2012

The IFRS Foundation has announced that "A Guide through IFRS 2012" is now available. This volume (nicknamed the "Green Book") includes the full text of the standards, interpretations, and accompanying documents (such as the Basis for Conclusions) issued by the IASB as of July 1, 2012, with extensive cross-references and other annotations. This edition does not contain documents that are being replaced or superseded but remain applicable if a reporting entity chooses not to early adopt the newer versions.

The new requirements since July 1, 2011 include:

The Green Book can be purchased for £90 plus shipping for the two-book set (academic, developing country, and volume discounts apply). Click for more information and ordering details.

Notes from the September IFRS Interpretations Committee meeting

Sep 20, 2012

Deloitte observer notes are now available from the IFRS Interpretations Committee meeting held in London on September 18 and 19, 2012. In its active project on contingent pricing of property, plant, and equipment and intangible assets, the Committee discussed several models developed by the staff and the question of how closely a model should be tied to the leases project model that is not yet finalized. The discussions will be continued at a future meeting. The Committee also confirmed its tentative decisions published in the May IFRIC Update and discussed a number of other issues.

The topics discussed at the meeting include (click to access detailed Deloitte observer notes for each topic):


Tuesday, September 18, 2012 (10:00-17:15)

Introduction

Active Committee Projects

Items for continuing consideration

Review of tentative agenda decisions published in the May IFRIC Update

Wednesday, September 19, 2012 (09:00-12:15)

New items for initial consideration

Administrative session

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

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