October

Model IFRS financial statements for 2009

28 Oct 2009

We have posted Deloitte's final model IFRS financial statements for the year ended 31 December 2009. (Several weeks ago we had posted a preliminary, unformatted MS Word version.) These statements illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs.

They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard. You can always find links on our Model Financial Statements Page.

 

Investment property under construction

28 Oct 2009

Deloitte China has published Accounting for Investment Properties Under Construction – A Practical Guide.

This 16-page guide explains the May 2008 amendment to IAS 40 that brings property under construction or development for future use as an investment property within the scope of IAS 40. The amendment is effective 1 January 2009. While the guide is written in terms of Hong Kong Accounting Standard 40 (HKAS 40), that standard is identical to IAS 40 Investment Property.
Click to view Accounting for Investment Properties Under Construction – A Practical Guide (PDF 219k).

 

Deloitte IFRS newsletter in Spanish

27 Oct 2009

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

We have many resources in Spanish Here.

 

Notes from joint IASB-FASB meeting day 1

27 Oct 2009

The IASB and the US Financial Accounting Standards Board are holding a joint meeting at the FASB's offices in Norwalk, Connecticut USA, Monday to Wednesday 26-28 October 2009.

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

Joint ARG and GPF meeting with IASB

27 Oct 2009

On Tuesday 10 November 2009, representatives of the IASB will meet with the Analyst Representative Group and the Global Preparers Forum at the offices of the IASB.

The meeting will be open to public observation.
  • The IASB's Analyst Representative Group (ARG) is a group of professional financial analysts who meet with five members of the IASB to provide the views of professional investors on financial reporting issues.
  • The IASB's Global Preparers Forum (GPF) is a group of representatives of companies that use IFRSs. The GPF provides input into concepts and proposals that the IASB is developing and offers advice to the IASB on the practical implications of its intended proposals for preparers of financial statements.

 

Agenda for 5-6 November 2009 IFRIC meeting

26 Oct 2009

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday and Friday 5 and 6 November 2009 (morning only on 6 November). The meeting is open to the public and will be webcast.

The tentative agenda is available on our meeting page for the meeting.

 

Heads Up on software revenue recognition

25 Oct 2009

Deloitte United States has published a Heads Up Newsletter on Reconfiguring the Scope of Software Revenue Recognition Guidance under US GAAP.

Because the number of tangible products that incorporate computing components and software has increased, the way in which revenue is recognised for them has received more scrutiny. For example, questions have arisen about whether entities should account for sales of cell phones, PDAs, copiers, and other similar products that incorporate software as (1) sales of software or (2) sales of tangible products. To address these concerns, the FASB has issued ASU 2009-14 (formerly Issue 09-32), which reflects the consensus of the Emerging Issues Task Force and amends ASC 985-6053 (formerly SOP 97-24) to exclude from its scope certain tangible products that contain software that functions together with nonsoftware deliverables to deliver the tangible product's essential functionality. The ASU does not create any new methods of revenue recognition, but its amendment to the scope of existing guidance can significantly affect an entity's periodic revenue.
Click to view Heads Up Reconfiguring the Scope of Software Revenue Recognition Guidance (PDF 144k).

 

Agenda project pages updated

25 Oct 2009

We have updated the following pages on IAS Plus to reflect the discussions and decisions at the IASB's regular October 2009 Board meeting and the special meetings held on 6, 15, and 16 October 2009:

Notes from day 5 of the October IASB meeting

24 Oct 2009

The IASB held its regular monthly meeting at its offices in London on Monday to Friday 19-23 October 2009.

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

IASB seeks experts on expected cash flows

23 Oct 2009

The IASB is forming an expert advisory panel (EAP) to advise the Board on the issues relating to application of the Expected Cash Flow approach (ECF) in measuring impairment of assets.

Click for IASB Information Form (PDF 35k). Persons interested in participating should contact the IASB via email (iasb @ iasb.org) by 5 November 2009.

 

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.