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July

Chinese translation of newsletter on financial instruments

28 Jul 2009

Deloitte China has published the Chinese translation of the IAS Plus Update newsletter Exposure Draft Proposes New Classification and Measurement Guidance for Financial Instruments.

Click for:

You will find links to these and many other IFRS materials in Chinese on our China Page.

 

Chinese translation of newsletter on IFRS for SMEs

27 Jul 2009

Deloitte China has published the Chinese translation of the IAS Plus Update newsletter Simplified Financial Reporting – IASB Provides Relief for SMEs.

Click for:

You will find links to these and many other IFRS materials in Chinese on our China Page.

 

Heads Up newsletter on financial instruments project

26 Jul 2009

Deloitte United States has published an issue of the Heads Up newsletter discussing the FASB and IASB joint Project on the classification and measurement of financial assets and financial liabilities.

On 14 July 2009, the IASB issued an Exposure Draft (ED) Financial Instruments: Classification and Measurement, which proposes a new classification and measurement model for financial assets and financial liabilities. Concurrently with the issuance of the IASB's ED, the FASB met on 15 July 2009 to begin its deliberations on the project. The FASB expects to issue its own ED on classification and measurement of financial instruments in late August 2009.
Click to download Heads Up: IASB Issues Exposure Draft and FASB Initiates Deliberations on New Classification and Measurement Requirements for Financial Assets and Financial Liabilities (PDF 138k).
Click for IAS Plus project page.

 

Notes from July 2009 IASB-FASB meeting day 2

25 Jul 2009

The IASB held its July 2009 monthly Board meeting at its offices in London on Tuesday to Friday, 21-24 July 2009. The portion of the meeting on 23-24 July was a joint meeting with the US Financial Accounting Standards Board.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the joint meeting.

 

Notes from July 2009 IASB-FASB meeting day 1

24 Jul 2009

The IASB is holding its July 2009 monthly Board meeting at its offices in London on Tuesday to Friday, 21-24 July 2009. The portion of the meeting on 23-24 July is a joint meeting with the US Financial Accounting Standards Board.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the joint meeting.

 

IASB amends IFRS 1 on first-time adoption

24 Jul 2009

The IASB has amended IFRS 1 'First-time Adoption of International Financial Reporting Standards'.

The amendments address the retrospective application of IFRSs in two particular first-time adoption situations:
  • Full-cost oil and gas assets. The amendments exempt entities using the full cost method from retrospective application of IFRSs for oil and gas assets. Entities electing this exemption will use the carrying amount under its old GAAP as the deemed cost of its oil and gas assets at the date of first-time adoption of IFRSs.
  • Determining whether an arrangement contains a lease. If a first-time adopter with a leasing contract made the same type of determination of whether an arrangement contained a lease in accordance with previous GAAP as that required by IFRIC 4 Determining whether an Arrangement Contains a Lease, but at a date other than that required by IFRIC 4, the amendments exempt the entity from having to apply IFRIC 4 when it adopts IFRSs.
The amendments are effective for annual periods beginning 1 January 2010, with earlier application allowed. Click for IASB Press Release (PDF 104k).

Click for IFRS 1 summary page.

Exposure Draft on rate-regulated activities

23 Jul 2009

The IASB has invited comment on proposals on the accounting for rate-regulated activities. The proposals are set out in an exposure draft Rate-regulated Activities. Comments are due 20 November 2009.

The objective of the proposals is to establish whether and how assets and liabilities resulting from rate-regulated activities should be recognised and measured under International Financial Reporting Standards (IFRSs). If adopted, the proposed IFRS would:
  • define regulatory assets and regulatory liabilities.
  • set out criteria for their recognition.
  • specify how they should be measured.
  • require disclosures about their financial effects.
The IASB was asked for guidance on the issue from many jurisdictions. Clarifying the accounting for rate regulation is of particular importance for jurisdictions that are in the process of adopting IFRSs and where accounting for the effect of rate regulation is in place for some sectors. In those cases entities are currently recognising sometimes significant 'regulatory' assets and liabilities by reference to an existing US standard, in the absence of an IFRS. Click for IASB Press Release (PDF 107k). Here is the link to the IAS Plus Project Page.

 

Notes from the July 2009 IASB meeting day 2

23 Jul 2009

The IASB is holding its July 2009 monthly Board meeting at its offices in London on Tuesday to Friday, 21-24 July 2009. The portion of the meeting on 23-24 July will be a joint meeting with the US Financial Accounting Standards Board.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

 

New Deloitte IFRS publication in Spanish

23 Jul 2009

Deloitte (Colombia) has published the Spanish translation of the following IFRS publication: Boletín de Actualización IAS Plus, Abril 2009: G20: Implicaciones para los IFRS.

IFRS insurance accounting newsletter

23 Jul 2009

Deloitte (United Kingdom) has published a special issue of its monthly newsletter focussing on the joint IASB and FASB project to develop a new, comprehensive, global financial reporting standard for insurance.

This issue reports on the meeting of the IASB's Insurance Working Group on 29-30 June 2009. Click to download Special July 2009 Issue of the Insurance Accounting Newsletter (PDF 116k). There are permanent links all issues of the newsletter Here.

 

Correction list for hyphenation

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