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April

Notes from day 2 of the April 2009 IASB meeting

24 Apr 2009

The IASB is holding its April 2009 meeting at its offices in London on Wednesday to Friday 22-24 April 2009. The meeting is open to public observation and is being webcast.

Notes from day 3 of the April 2009 IASB meeting

24 Apr 2009

The IASB held its April 2009 meeting at its offices in London on Wednesday to Friday 22-24 April 2009. The meeting is open to public observation and is being webcast.

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

 

Notes from day 1 of the April 2009 IASB meeting

23 Apr 2009

The IASB is holding its April 2009 meeting at its offices in London on Wednesday to Friday 22-24 April 2009. The meeting is open to public observation and is being webcast.

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

 

Tiempos Turbulentos

23 Apr 2009

Deloitte (Colombia) has published the Spanish translation of a Deloitte (United States) accounting alert:

This accounting alert highlights the accounting issues and literature most likely to be relevant when assessing the accounting implications of today's financial environment. It focuses on the following:
  • determining fair values in inactive markets,
  • revised projections of economic outlook indicating impairment and lack of recoverability for many assets,
  • reduced availability of credit and increasing cost of finance,
  • increased levels of bankruptcy,
  • the impacts on hedge accounting, and
  • critical enhanced disclosure requirements.

 

Deloitte IFRS newsletter in Spanish

22 Apr 2009

Deloitte (Colombia) has published the Spanish translation of the following IAS Plus Update newsletter:

Deloitte comments to IASB on FASB FSPs

22 Apr 2009

Deloitte's IFRS Global Office has submitted to the IASB a Letter of Comment on IASB's Request for Views on Proposed FASB Amendments on Fair Value Measurement and Impairment Requirements.

On 19 March 2009, the IASB requested views on what were, then, two proposed FASB Staff Positions. The FASB has since adopted the two proposals as final FSPs, along with a third related FSP dealing with disclosures, as follows:
  • FSP FAS 157-4, which provides guidance on determining fair value when market activity has decreased
  • FSP FAS 115-2 and FAS 124-2, which addresses other-than-temporary impairments for debt securities
  • FSP FAS 107-1 and APB 28-1, which discusses fair value disclosures for financial instruments in interim periods
The Deloitte letter to the IASB provides our detailed views on each of the final FASB Staff Positions and contrasts them with IFRSs. Here are two excerpts from our letter:
  • Regarding FAS 157-4, the Deloitte letter to the IASB states: We believe that the FASB Staff Position FAS 157-4 is broadly consistent with the principles of fair value in IFRSs and the Expert Advisory Panel document and therefore an amendment to IFRSs is not necessary. However, in light of the IASB's imminent release of an exposure draft on Fair Value Measurements, the IASB should consider whether the words used in the FASB Staff Position FAS 157-4 are consistent with the exposure draft and whether the wording of the exposure draft should be aligned with the FASB Staff Position FAS 157-4. In addition, the IASB should seek the views of the Expert Advisory Panel to establish whether differences in the words of the FASB Staff Position FAS 157-4 and the Expert Advisory Panel report are expected to have any practical effect.
  • Regarding FAS 115-2 and 124-2, the Deloitte letter to the IASB states: As noted in the request for views, the differences between U.S. GAAP and IFRSs with respect to scope, impairment triggers, impairment measurements, and recoveries are numerous and complex. A short term project to fully converge with FASB's amendment would entail substantial changes to IFRSs that would require significant efforts and would create unnecessary complexities (e.g., recognizing impairments of held-to-maturity securities that are not due to credit in other comprehensive income). Instead, we would encourage both Boards to expedite their work on a joint standard that would improve reporting for all financial instruments including impairment issues (e.g., loss recognition triggers, measurement of losses, recognition of recoveries, etc.).

 

Chinese translation of newsletter on G20 and IFRSs

22 Apr 2009

Deloitte China has published the Chinese translation of the following IAS Plus Update newsletter: Chinese Translation of IAS Plus Update Newsletter – G20: Implications for IFRSs.

Click for:

 

PCAOB alert on fair value and impairment audit issues

22 Apr 2009

The US Public Company Accounting Oversight Board has issued a Staff Audit Practice Alert to inform auditors of public companies about potential implications on reviews of interim financial information and annual audits of three recently-issued Financial Accounting Standards Board Staff Positions relating to fair value measurements, impairments of financial assets, and disclosures.

See the IAS Plus News Story of 14 April 2009 for more information about the FSPs. The PCAOB's alert is intended to remind auditors of their responsibilities in conducting reviews of interim financial information and annual audits in light of the new FSPs related to fair value measurements and other-than-temporary impairments. Click for:

 

IASB roundtables on consolidation and derecognition

21 Apr 2009

The IASB will conduct three two-day public roundtable discussions on its exposure drafts on Consolidation and Derecognition of Financial Instruments.

The roundtables will take place in Toronto on 1 and 2 June 2009, in Tokyo on 8 and 9 June 2009, and in London on 15 and 16 June 2009. Interested parties may register on the IASB's Website. The IASB plans to issue new requirements on consolidation by the end of 2009 and on the derecognition of financial instruments in the first half of 2010. Click for Press Release (PDF 101k).

 

 

IASB updates its 'Who We Are' booklet

21 Apr 2009

The International Accounting Standards Board has published an updated version of IASB and the IASC Foundation – Who We Are and What We Do.

This six-page booklet contains a great deal of information about the organisation and its work, including the mission; structure; due process; lists of Board members, IASCF Trustees, and senior staff; funding; use of IFRSs; and contact details. We are grateful to the IASC Foundation for giving us permission to post the booklet on IAS Plus. Click to download IASB and the IASC Foundation – Who We Are and What We Do (PDF 328k - link updated to the latest version).

 

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.