December

Newsletter on IFRIC 17 – non-cash distributions

02 Dec 2008

Deloitte's IFRS Global Office has published a special edition of our IAS Plus Newsletter 'IFRIC 17: New Interpretation on Non-cash Distributions'.

The Interpretation was published on 27 November 2008 and is effective for annual periods beginning on or after 1 July 2009, with earlier application permitted. IFRIC 17 applies to pro rata distributions of non-cash assets except for common control transactions. Click for:

Accounting Roundup – November 2008

02 Dec 2008

We have posted the latest edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in the November 2008 issue (PDF 264k, 27 pages) include:

FASB Developments

  • FASB Proposes FSP to Delay Effective Date for Interpretation 48 (Uncertain Tax Positions) for Private Entities

EITF Developments

  • EITF Issue No. 08-1 Revenue Arrangements With Multiple Deliverables
  • EITF Issue No. 08-9 Milestone Method of Revenue Recognition
  • EITF Issue No. 08-6 Equity Method Investment Accounting Considerations
  • EITF Issue No. 08-7 Accounting for Defensive Intangible Assets
  • EITF Issue No. 08-8 Accounting for an Instrument (or an Embedded Feature) With a Settlement Amount That Is Based on the Stock of an Entity's Consolidated Subsidiary
  • EITF Issue No. 08-10 Selected Statement 160 Implementation Questions

AICPA Developments

  • AICPA Issues Revised Interpretation on the Confirmation Process
  • AICPA Issues Exposure Draft on Revision of SSARS Applicability to Reviews
  • AICPA Issues Two Proposed Statements Related to an Entity's Use of Service Organizations

SEC Developments

  • SEC Issues Final Rule on Mandatory Electronic Submission of Certain Investment Company Applications and Filings
  • SEC Issues Proposed IFRS Roadmap

FASAB Developments

  • FASAB Proposes Amendments to Guidance on Property, Plant, and Equipment
  • FASAB Issues Exposure Draft on Social Insurance Programs
  • FASAB Issues Draft Implementation Guidance on Accounting for Fiduciary Activities

International Developments

  • IASB Issues Fair Value Guidance

Other Developments

  • GAO Issues Interim Guidance on Communicating Internal-Control-Related Matters

You will find past issues of Accounting Roundup here.

iGAAP 2009 – A guide to IFRS reporting

02 Dec 2008

Deloitte's new iGAAP 2009 – A guide to IFRS reporting is the definitive guide for the global application of IFRS. This 2,700-page book provides essential and relevant guidance on a wide range of issues with analysis of key considerations for reporting entities, coupled with clear and unambiguous explanation of IFRS requirements.

For further support, there is expert commentary, particularly where IFRSs are silent, ambiguous, or unclear. And the guide includes a wealth of illustrative examples to demonstrate how the standards work in practice. iGAAP 2009 – A guide to IFRS Reporting (2,529 pages plus index) can be purchased through Lexis-Nexis online at www.lexisnexis.co.uk/deloitte or call +44 (0) 845 370 1234. The price is £85, ISBN 9780754535836, Product Code DIGGI. There is more information in this brochure (PDF 246k), which also has information about other Deloitte IFRS and UK GAAP publications available from Lexis-Nexis, including:

  • iGAAP 2009 – IFRS reporting in the UK
  • iGAAP 2009 – Financial statements for UK listed groups
  • iGAAP 2008 – Financial instruments: IAS 32, IAS 39 and IFRS 7 explained
  • ukGAAP 2009 – Financial reporting for UK unlisted entities
  • ukGAAP 2009 – Financial statements for UK unlisted groups

Basel Committee proposes fair value guidance

02 Dec 2008

The Basel Committee on Banking Supervision has invited comment on proposed Supervisory Guidance for Assessing Banks' Financial Instrument Fair Value Practices.

The comment deadline is 6 February 2009. The guidance is intended to help supervisors assess the rigour of banks' valuation processes and to promote improvements in risk management and control practices. The guidance supports one of the key recommendations for enhancing transparency and valuation set out in the April 2008 Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience. The main principles in the proposed Basel Committee guidance are:

  • strong valuation governance processes;
  • use of reliable inputs and diverse information sources;
  • independent verification and validation processes;
  • communication of valuation uncertainty to internal and external stakeholders;
  • consistency in valuation practices for risk management and reporting; and
  • strong supervisory oversight around bank valuation practices.

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Los IFRS en el sector inmobiliario

02 Dec 2008

Deloitte (Colombia) has published a Spanish translation of 'IFRS in Real Estate: More Than Just Accounting & Reporting', a document previously posted to IAS Plus.

Deloitte (Colombia) has published Los IFRS en el sector inmobiliario: Más que solo contabilidad y presentación de reportes (PDF 457k).

This is the Spanish translation of IFRS in Real Estate: More Than Just Accounting & Reporting (PDF 483k) previously posted on IAS Plus.

Tabla de Contenidos Table of Contents
  • Desafíos y oportunidades en el sector inmobiliario
  • La hoja de ruta
  • Dos enfoques para la conversión
  • Más que contabilidad e información financiera
  • Problemas técnicos de contabilidad para las compañías del sector inmobiliario
  • Suavizando la transición
  • Es tiempo para el liderazgo
  • Recursos & Contactos
  • Challenges and Opportunities in Real Estate
  • The Roadmap
  • Two Conversion Approaches
  • More Than Accounting and Financial Reporting
  • Technical Accounting Issues for Real Estate Companies
  • Smoothing the Transition
  • Time for Leadership
  • Resources & Contacts

Newsletter and Alert in Spanish

02 Dec 2008

Deloitte (Colombia) has published translations of two recent English language publications.

Stay Tuned Online – IFRS and UK GAAP updates

01 Dec 2008

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRS and other financial reporting issues.

Each update lasts no more than an hour, and sessions are held three times a year, approximately at the end of March, July and November. We intend to make a recording of each session available on IAS Plus for a period of at least four months from the date of the presentation. The topics covered in the November 2008 Stay Tuned Online IFRS and UK GAAP Update:

  • Amendments to IAS 39 and IFRS 7: Reclassification of financial assets
  • Improving disclosure of financial instruments
  • IASB educational guidance
  • Companies Act 2006 implementation update
  • Current trends in annual reports
  • Financial Reporting Review Panel update
  • Latest developments in IFRSs

To access the recording click here. (Please note that a small amount of audio is missing at the start of the penultimate session.)

17 IASB pronouncements await EU endorsement

01 Dec 2008

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 28 November 2008 (PDF 91k). Currently, there are 17 IASB pronouncements are awaiting European Commission endorsement for use in Europe (including 3 awaiting EFRAG advice and 8 awaiting an ARC recommendation), as follows:

 

Standards

  • IFRS 1 First-time Adoption of IFRS – Restructured standard (2008)
  • IFRS 3 Business Combinations (2008)

 

Interpretations

  • IFRIC 12 Service Concession Arrangements
  • IFRIC 13 Customer Loyalty Programmes
  • IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements, and their Interaction
  • IFRIC 15 Agreements for the Construction of Real Estate
  • IFRIC 16 Hedges of a Net Investment in a Foreign Operation
  • IFRIC 17 Distributions of Non-cash Assets to Owners

 

Amendments

  • IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, Jointly-Controlled Entity, or Associate
  • IFRS 2 Share-based Payment: Vesting Conditions and Cancellations
  • IAS 1 Presentation of Financial Statements (revised September 2007)
  • IAS 23 Borrowing Costs (revised March 2007)
  • IAS 27 Consolidated and Separate Financial Statements (2008)
  • IAS 32 and IAS 1 Amendments for Puttable Instruments and Obligations Arising on Liquidation
  • IAS 39 Amendments for Eligible Hedged Items
  • IAS 39 Amendments for Reclassification of Financial Assets
  • Improvements to IFRSs – 2007 (affects various standards)

 

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