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Notes from the IFRS Foundation Trustees meeting

Jan 12, 2012

The IFRS Foundation Trustees held a meeting in Singapore on January 12, 2012.

Deloitte observer notes are posted from the meeting (click for direct access to the notes):

Thursday, January 12, 2012

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

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IAASB feedback statement on disclosure consultation

Jan 11, 2012

The IAASB has released a "Feedback Statement" on the responses to its January 2011 discussion paper "The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications." The discussion paper solicited views and perspectives of different stakeholder groups on the challenges arising as financial reporting continues to evolve to meet the changing needs of users.

The Feedback Statement presents a summary of the range of views on some of the more significant challenges faced by participants across the entire financial reporting supply chain, including the impact of trends in financial reporting, applying materiality to disclosures, evaluating misstatements generated by disclosures, the availability of audit evidence to support disclosures, and work effort.

To address some of the issues identified respondents have called for more auditing guidance in certain identified areas. However, the majority of the respondents were of the view that some of the more important issues could not be addressed by the IAASB on its own, but would require international collaboration and cooperation, particularly with both the accounting standard setters — including the IASB, the FASB, and regulators.

The need for a "Disclosure Framework" is a recurring theme in recent times. For example, our comment letter (PDF 126k) on the IASB's Agenda Consultation noted the "development of a clear framework for disclosures in financial statements is critical and urgent."

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

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IFRS Advisory Council membership update

Jan 10, 2012

The Trustees of the IFRS Foundation have announced the appointments and reappointments to the IFRS Advisory Council for memberships that ended December 31, 2011.

The new terms began on January 1, 2012, and are between one and three years to enchance continuity.

In addition, Paul Cherry has been reappointed for another two years as chairman of the Advisory Council. Patrice Marteau has been reappointed for one year, and Charles Macek has been reappointed for three years, both as vice-chairmen of the Advisory Council.

Click for:

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Outcomes from recent Capital Markets Advisory Committee meeting

Jan 09, 2012

The IASB has released a summary of the Capital Markets Advisory Committee (CMAC) meeting, which was held in London on October 12, 2011. The CMAC was previously known as the Analyst Representative Group (ARG) and is a group of professional financial analysts who regularly meet with members of the IASB to provide the views of professional investors on financial reporting issues.

The topics discussed at the meeting included:

  • XBRL. The CMAC considered the IFRS taxonomy, custom tags, and the Thomson Reuters taxonomy model
  • Risk-free rate of return. There was a general view among the participants that the determination of the risk-free rate was not the responsibility of the IASB; discussion also included when "synthesized" risk-free rates may be appropriate (e.g., entities operating in the Eurozone or multi-nationals).
  • Impairment of financial instruments. The CMAC considered the IASB's current impairment model (the "three bucket approach") and considered matters such as "day one losses," information needs, and the use of expected values.
  • Transition disclosures. The CMAC discussed disclosures made when an IFRS is issued but is not yet mandatory, a preference for IFRS 1 type disclosures when a new standard is applied for the first time, and related matters.
  • Other. The CMAC discussed the usefulness of project-specific case studies for accounting proposals and the IASB's agenda consultation.

Click for more information (link to the IASB's Web site).

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Introductory message from the new chairman of the IFRS Foundation Trustees

Jan 04, 2012

The IASB has posted an introductory message from the new chairman of the IFRS Foundation Trustees, Michel Prada.

In his introductory message, Michel Prada speaks about his previous work and his dedication to the development of global financial reporting standards. He warns about "uncertainty and ambiguity" in markets and says that the financial crisis should not impede efforts toward global accounting standards. He is committed to "managing the delicate balance between independence, legitimacy and public accountability" in his role as chairman. Click Mr. Prada's introductory message on the IASB's Web site.

Michel Prada became the new chairman of the IFRS Foundation Trustees effective January 1, 2012. See our earlier story for more information about his appointment.

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Yong Li and Marco Onado appointed as Trustees of the IFRS Foundation

Jan 03, 2012

The Trustees of the IFRS Foundation have announced the appointments of Yong Li and Marco Onado as Trustees of the IFRS Foundation.

Yong Li is president of the Chinese Institute of Certified Public Accountants and a vice minister to the Ministry of Finance of the People’s Republic of China. President Li is a former executive director of the World Bank and a former first secretary of the Chinese delegation to the United Nations.

Marco Onado is a senior professor of financial institutions at the Bocconi University in Milan, Italy. He is also chairman of Pioneer Global Asset Management, a global investment manager. Professor Onado is a former commissioner of the Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian securities and markets regulator.

The appointments begin immediately and will expire in three years. The terms are renewable once. Click for the IASB's press release (link to the IASB's Web site) and for our overview of the Trustees currently working for the IFRS Foundation.

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