The ED was issued on 26 August 2009. It proposes amendments to eleven IFRSs. The most significant proposals address:

• measurement of non-controlling interests under IFRS 3 Business Combinations
• impairment of investments in subsidiaries, associates, and jointly controlled entities in the separate financial statements of the parent, investor, or joint venturer
• amendments to the disclosure principles for interim reporting under IAS 34 Interim Financial Reporting
• removal of the requirements in IAS 40 Investment Property to transfer investment property carried at fair value to inventories when it will be developed for sale

 

The UK Accounting Standards Board has already indicated its intent to replace UK Financial Reporting Standards with the IFRS for SMEs, effective in 2012. "Perhaps only a few would change in 2010," she writes, "but it would be their choice. On the ASB timetable an exposure draft is due to be issued in 2010, with the standard following in 2011, only a matter of months before the January 2012 implementation date.... The techies may be relied on to raise the tedious. But are there any real hurdles? In short, the only question is 'What is best for business?'" Click for Decision Time by Isobel Sharp (PDF 309k).

 

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

The workshops will be held in Kuala Lumpur, Malaysia on 20-22 January 2010 and in Hyderabad, India on 25-27 January 2010. The intensive and interactive 3-day sessions will provide a detailed understanding of the IFRS for SMEs and equip the trainers to replicate the training in their own country. Besides trainers, other interested stakeholders are also invited to participate. For details of the workshops, please see the CAPA Website or click here to Download the Workshop Information and Registration Form (PDF 177k). The IFRS for SMEs training materials being developed by the IASCF are expected to be completed by the end of 2009 and will be available without charge on the IASB's website.

 

This 13-page newsletter explains the requirements of IFRS 9 Financial Instruments, issued 12 November 2009 and effective mandatorily in 2013 and optionally starting in 2009. IFRS 9 replaces the existing classification and measurement requirements in IAS 39 for financial assets. It changes the manner in which entities classify and measure investments in debt and equity securities, loan assets, trade receivables, and derivative financial assets by requiring entities to classify financial assets as being measured at either amortised cost or fair value depending on the entity's business model and the contractual cash flow characteristics of the asset. The issuance of IFRS 9 represents the completion of the first phase of the IASB's project to replace IAS 39. Other phases address classification and measurement of financial liabilities, recognition and measurement of impairments, hedge accounting, and derecognition. The IASB expects to replace the remaining portions of IAS 39 during 2010.

Click to view Heads Up IASB Issues IFRS on Classification and Measurement of Financial Assets (PDF 171k).

 

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

Click for IASCF Tienda Online / Online Shop.

 

We have now posted No 19:

• Bulletin No 19 (17 November 2009) discusses Section 23 of the IFRS for SMEs, which deals with revenue. Click to Download Bulletin 19 (PDF 244k).

We have many resources in Spanish Here.

 

The objective of the consultation is to gain an understanding of EU stakeholders' views on the IFRS for SMEs. The Commission is especially interested to receive comments from the users of accounts, such as businesses, banks, and investors. The consultation period is from 17 November 2009 to 12 March 2010. The Commission said that the responses will assist the Commission in its ongoing review of the Accounting Directives. Click to download:

• Consultation Paper (PDF 58k)
• Questionnaire – Contains all the questions from the Consultation Paper (MS Word DOC 131k)

The Commission has indicated that French and German translations of these two documents will be available by the end of November 2009.