Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.
The IASB and the US FASB will also hold a joint Board meeting on 26-28 October 2009 at FASB's offices in Norwalk, Connecticut USA.

 

Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.
The IASB and the US FASB will also hold a joint Board meeting on 26-28 October 2009 at FASB's offices in Norwalk, Connecticut USA.

 

The NAC is intended to serve as a standing resource for the FASB in obtaining input from the not-for-profit sector on existing guidance, current and proposed technical agenda projects, and longer-term issues affecting those organizations. Initially, the NAC will have 12-15 members from the not-for-profit sector. The first meeting of the NAC will take place in the middle of 2010. Click for Press Release (PDF 18k).

We have now posted No 15:

• Bulletin No 15 (20 October 2009) discusses Sections 18 and 19 of the IFRS for SMEs, which deal with business combinations and intangible assets. Click to Download Bulletin 15 (PDF 168k).

We have many resources in Spanish Here.

 

Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.
The IASB and the US FASB will also hold a joint Board meeting on 26-28 October 2009 at FASB's offices in Norwalk, Connecticut USA.

 

The agenda includes perspectives on financial reporting from financial analysts, institutional investors, and financial executives; global standards – will the IASB succeed; financial instruments; and IFRSs and regulation.

 

The amendment requires that rights, options, or warrants to acquire a fixed number of an entity's own equity instruments for a fixed amount of any currency are equity instruments – regardless of the currency in which the exercise price is denominated – if the entity offers the rights, options, or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. The amendment is effective for annual periods beginning on or after 1 February 2010, with earlier application permitted. The amendment is to be applied retrospectively.

Click to view IAS Plus Update Newsletter – Classification of Rights Issues (PDF 55k).

 

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

This 3,692-page book sets out comprehensive guidance for UK companies reporting under IFRSs. The book explains clearly the requirements of IFRSs and how they differ from UK GAAP; adds interpretation and commentary where IFRSs are silent or unclear; identifies related UK-specific requirements; and provides many illustrative examples. The manual deals comprehensively with those new standards that apply for periods beginning in 2009 and also covers those further pronouncements issued by the IASB up to 30 June 2009 that will apply from 2010, distinguishing clearly those that have not yet been endorsed by the European Commission. New material in this 2010 edition includes:

• IFRS 6 Exploration for and Evaluation of Mineral Resources;
• the revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards (November 2008);
• the amendment to IFRS 2 Group Cash-settled Share-based Payment Transactions (June 2009);
• the amendment to IFRS 7 Improving Disclosures about Financial Instruments (March 2009);
• the amendment to IAS 39 Eligible Hedged Items (July 2008);
• the amendments to IAS 39 and IFRS 7 Reclassification of Financial Assets (October 2008);
• the amendments to IFRIC 9 and IAS 39 Embedded Derivatives (March 2009);
• Improvements to IFRSs issued in April 2009;
• IFRIC 17 Distributions of Non-cash Assets to Owners;
• IFRIC 18 Transfers of Assets from Customers;
• partnerships;
• small and medium-sized companies;
• dormant, overseas and unlimited companies and companies limited by guarantee;
• TECH 01/09 Guidance on the determination of realised profits and losses in the context of distributions under the Companies Act 2006;
• increased guidance on going concern following the publication of guidance in this area by the Financial Reporting Council; and
• additional examples and guidance on issues arising in practice.

Orders may be placed via www.lexisnexis.co.uk/deloitte or call +44 (0) 845 370 1234. Click for Descriptive Booklet about This and Related iGAAP Publications for 2010 (PDF 248k).

 

The survey analyses the narrative reporting of 130 UK listed companies, split into two categories – investment trusts and other companies. It includes a review of:

• how compliance with the disclosure requirements of the Companies Act 2006, the Listing Rules, the Disclosure and Transparency Rules, and the Combined Code varied;
• the extent to which companies have adopted the Financial Reporting Council's November 2008 guidance on going concern. In this respect its publication is timely as the FRC has published recently its revised guidance, which will be effective for 31 December 2009 period ends; and
• the use of the ASB's Reporting Statement: Operating and Financial Review.

The main findings for companies other than investment trusts are: the length of the annual report has increased by 3% compared with 2008 and by 41% compared with 2005. 62% of those companies that reported after the November 2008 FRC Update on going concern and liquidity risk was published clearly took on board voluntarily the guidance therein. nine companies (2008: five) had received modified audit reports, seven (2008: four) of which related to group going concern. Another one related to a subsidiary going into administration post year-end; three areas saw dramatic increases compared with 2008: 83% (2008: 47%) discussed their capital structure and financing 68% (2008: 48%) discussed treasury policies 47% (2008: 22%) discussed their current and prospective liquidity 96% of companies (2008: 89%) clearly described their principal risks and uncertainties. Companies disclosed eight risks on average, with one FTSE 350 company identifying 30. The state of the economy was the most commonly noted risk; 84% of companies (2008: 77%) identified clearly their key performance indicators.

Click for A Telling Performance – Surveying Narrative Reporting in Annual Reports (PDF 4,325k).