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Deloitte Canada Countdown IFRS transition newsletters

02 Aug 2009

Deloitte Canada has published the July 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events.

Articles in this issue include:
  • IFRS Around the World
  • The Real Deal – Foreign Exchange
  • Public Sector Accounting Board Exposure Draft – Financial Reporting by Certain Government Organizations
  • Exposure draft – Financial Instruments: Classification and Measurement
  • Deloitte IFRS publications and events
  • International Round-up – Updates and News from the IASB
Click below for: You will find more information about financial reporting in Canada on our Canada Page.

New Deloitte IFRS publication in Spanish

01 Aug 2009

Deloitte (Colombia) has published the Spanish translation of the following IFRS publication:

You will find our resources in Spanish Here.


We disagree with IASB's income tax ED

01 Aug 2009

Deloitte has submitted comments on the IASB Exposure Draft Income Tax.

We acknowledge the Board's objectives in its income tax project to address the significant practical and conceptual issues arising under IAS 12 Income Taxes and achieve closer convergence with US GAAP. However, we question whether these objectives have been met in the ED. We recommend the IASB does not proceed with the proposals in the ED and instead commences a more thorough and comprehensive project. We appreciate this will result in a further delay in meeting the IASB's timetable in this area and suggest any particularly pressing issues are dealt with through the improvements process whilst the more comprehensive project is undertaken. We have commented throughout our response on a number of issues which annual improvements could redress. Below is an excerpt from our letter. Click to:

We believe clear principles have not been established and articulated in the ED. Furthermore, many of the proposals are ambiguous or produce counterintuitive outcomes which are difficult to reconcile from a conceptual viewpoint. It is difficult to understand the IASB's intention in developing the various 'rules' proposed in the ED, save perhaps an intention to simplify the current Standard by mandating a particular approach. However, we expect an IFRS based on the ED's current proposals will not be well accepted by constituents as these 'rules' will:

  • produce outcomes that are inconsistent with the Framework
  • not be representationally faithful of the economic substance of the underlying tax consequences expected, and
  • be difficult to rationally explain.
In particular, we believe the starting point of the proposed calculation methodology, the definition of tax basis, and its reliance on an assumption of sale at the reporting date is flawed, does not produce meaningful outcomes and is unhelpful in addressing the issues commonly arising under IAS 12. We believe that the existing 'management intention' approach should be retained and specific guidance be developed to eliminate existing uncertainties in applying the approach. In our view, this would provide more meaningful information to the users of the financial statements as it better reflects the actual future tax consequences an entity expects.


IASB and Deloitte to debate IAS 39 proposals

01 Aug 2009

On 6 August 2009 Deloitte will be hosting a live webcast challenging the International Accounting Standards Board (IASB) on their proposals to replace IAS 39 Financial Instruments: Recognition and Measurement.

This free event will:
  • bring you up to date on the IASB's project to replace IAS 39 and their 14 July 2009 exposure draft (ED) Financial Instruments: Classification and Measurement;
  • debate the key features of the ED and challenge the conclusions and practicalities; and
  • give you the opportunity to put your questions to the IASB Board and staff members leading the project and Deloitte's leading financial instrument accounting experts.
The proposals will have widespread impact if finalised and therefore the webcast will be of interest to all that report under IFRS or plan to adopt IFRS. Comments are due 14 September 2009. Details of the webcasts:
  • Webcast topic: IAS 39 – The Sequel
  • Date and Time: Thursday, 6 August 2009 from 14:00 to 15:00 London time (GMT +1 hour)
  • Presenters: John Smith, IASB Board member; Gavin Francis, IASB Director of Capital Markets; Sue Lloyd, IASB Senior Technical Consultant; Jens Berger, IASB Practice Fellow; Veronica Poole, Deloitte, Head of UK IFRS Centre of Excellence; Andrew Spooner, Deloitte, Lead Financial Instrument Partner
For those unable to attend the live event a recording will be available subsequently on


Global IFRS and Offerings Services newsletter

01 Aug 2009

We have posted Deloitte's US Reporting Newsletter for Non-US Based Companies May-June 2009 Edition – includes news through 15 July 2009.

The newsletter is developed by Deloitte's Global IFRS and Offerings Services (GIOS) team – Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US GAAP and IFRSs and in complying with the SEC's financial reporting rules. The GIOS Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. 

In this issue of the GIOS newsletter:

IFRS Matters

  • IASB Issues Annual Improvements Standard
  • IASB Issues Exposure Draft on Fair Value Measurement
  • IASB Proposes Amendments to Clarify Accounting for Pension Plan Prepayments
  • Tips on Applying IFRS
  • IFRS Tools
U.S. GAAP Matters
  • SEC Issues Technical Amendments to Confirm Various Rules, Forms, and Schedules to Statements 141(R) and 160
  • Deloitte Roadmap on SOP 97-2
  • FASB Codification
  • FASB Proposes Guidance on Fair Value Measurement of Liabilities
  • FASB Issues Statement on Not-for-Profit Mergers and Acquisitions
  • FASB Proposes Guidance on Applying Interpretation 48 to Pass-Through and Tax-Exempt Not-for-Profit Entities
  • FASB Issues Statement on Subsequent Events
  • FASB Issues Proposal on Estimating the Fair Value of Investments in Investment Companies
  • SEC Releases Staff Accounting Bulletin 112
  • FASB Issues New Standard on Transfers of Financial Assets; Amends Guidance Related to Variable Interest Entities
Other Matters
  • AICPA Issues Guidance on Applying Agreed-Upon Procedures to XBRL-Tagged Data
  • AICPA Issues Exposure Draft on Compilation and Review Standards
  • XBRL 2009 Taxonomies Released
  • PCAOB's Staff Practice Alert No. 4 Highlights Auditor Considerations Regarding Fair Value Measurements, Disclosures, and
  • Other-Than-Temporary Impairments
  • SEC Issues New Compliance and Disclosure Interpretations
  • PCAOB Issues Concept Release on Possible Revisions to Audit Confirmations Standard
  • AICPA Proposes Clarifying and Converging SAS
  • IASC Foundation Issues IFRS Taxonomy 2009 and Publishes XBRL Handbook for Public Comment
  • SEC Staff Issues Compliance Guide for Small Entities
  • Other SEC Rules Issued or Proposed Recently
  • International Practices Task Force Highlights
  • AICPA Issues Practice Aid on Fair Value Measurement Disclosures for Master Trusts
  • SEC Staff's Views on Filing Registration Statements After the Adoption of Statement 160, FSP APB 14-1, and FSP EITF 03-6-1
  • SEC Staff Issues Interpretations on XBRL Rules, Executive Compensation Disclosures, and Form 8-K
  • SEC Proposes Rule Amendments to Increase Safeguards on Investor Funds
  • CAQ Releases Guide on Public-Company Auditing
  • SEC Creates Investor Advisory Committee
  • SEC Considering Executive Compensation Proposals

Click to view US Reporting Newsletter for Non-US Based Companies May-June 2009 Edition (PDF 123k).

New Deloitte IFRS publications in Spanish

01 Aug 2009

Deloitte (Colombia) has published the Spanish translations of the following IFRS publications:

You will find our resources in Spanish Here.


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