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Overview of the last four months - Jurisdiction news

Date recorded:

In their review of developments in their jurisdiction or constituency, members noted some matters of general interest.

  • The G20 Leaders will meet in Australia in 2014.  Already, the ‘B20’, an informal grouping of chambers of commerce and business leaders in the G20 countries, are seeking for the G20 Leaders to promote ‘further acceptance/ adoption’ of IFRSs as part of their final communiqué.
  • The insurance industry in Europe and North America are concerned about the interaction of the financial instruments project and the insurance project, in particular the interaction between the forthcoming Insurance Contracts exposure draft, IFRS 9 and the Impairment exposure draft. In slightly unguarded comments, the IASB Chairman stated that he was more concerned about the Insurance Contracts project than he was about Impairment.  His personal view was that ‘everyone knew’ that banks were probably still hiding losses, few realised that insurance companies were in the same situation.  (In separate comments, Mr Hoogervorst was confident that Impairment was ‘done’; an exposure draft of revised proposals would be published in the first week of March.)
  • There was some discussion of whether there would be a Review Draft of the forthcoming IFRS on Revenue.  The IASB, noting the considerable post-exposure outreach and discussions they have already conducted, has not planned such a document (a Review Draft is a fully discretionary step in the IASB’s due process).  Some Council Members wanted a Review Draft, if only to avoid the IASB having to fix technical issues after the IFRS is issued; others thought that it was time to issue the IFRS, and were sceptical of the value of a Review Draft at this stage.

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