The PCAOB has released a briefing paper for that meeting titled Auditing Fair Value Measurements and Using the Work of a Specialist. The paper examines audit issues relating to fair value measures and fair value disclosures, including those required by IFRS 7 Financial Instruments: Disclosures.

 

The meeting is open to public observation and will be webcast. The specific agenda topics have not yet been announced but will include one or more of the following:

• Financial Instruments: Classification and Measurement
• Financial Instruments: Impairment
• Financial Instruments: Hedge Accounting
• Financial Instruments: Derecognition

This meeting is in addition to the previously announced special meeting on Friday 16 October – and in addition to the regular October Board meeting on 19-23 October.

 

The amendment addresses the accounting for rights issues (rights, options, or warrants) that are denominated in a currency other than the functional currency of the issuer. Previously such rights issues were accounted for as derivative liabilities.

However, 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 for IASB Press Release (PDF 98k).

 

With regard to accounting, goals include supporting a single set of global accounting standards and promoting the ongoing FASB-IASB convergence work. Adoption of IFRSs for use by US domestic SEC registrants is not a specified goal. Click to download US SEC Strategic Plan 2010-2015 (PDF 441k). Comments are requested by 16 November 2009 to strategicplan @ sec.gov.

Here is the SEC's proposed accounting objective: Due to the increasingly global nature of the capital markets, the agency will promote high-quality financial reporting worldwide through, among other things, support for a single set of high-quality global accounting standards and promotion of the ongoing convergence initiatives between the FASB and the International Accounting Standards Board.

 

The meeting is open to public observation and will be webcast. The specific agenda topics have not yet been announced but will include one or more of the following:

• Financial Instruments: Classification and Measurement
• Financial Instruments: Impairment
• Financial Instruments: Hedge Accounting
• Financial Instruments: Derecognition

 

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

This newsletter provides brief descriptions of pronouncements affecting accounting, financial reporting, and corporate governance issued during 3Q-2009 by standard setters and regulators including FASB, EITF, AICPA, SEC, FASAB, PCAOB, GASB, IASB, IFRIC, and IAASB. This quarterly review consists of articles, adapted as necessary, from issues of Accounting Roundup published in July and August 2009, as well as new articles for the month of September. There's also information about upcoming Dbriefs Webcasts. You will find past issues Here. International and IFRS-related developments covered in this edition of Accounting Roundup include:

• IASB Proposes Improvements to Financial Instruments Accounting
• IASB Proposes Guidance on Classification of Rights Issues
• IFRIC Proposes Interpretation on Extinguishing Financial Liabilities With Equity Instruments
• IASB Issues IFRS for Small and Medium-Sized Entities
• IASB Amends the Retrospective Application of IFRSs for First-Time Adopters
• IASB Proposes Guidance on Rate-Regulated Activities
• IASB Proposes Changes as Part of Its Annual Improvements Project
• Trustees of IASC Foundation Publish Proposals on Enhanced Accountability and Stakeholder Outreach
• CAQ Publishes Guide to IFRSs

Click to view Accounting Roundup: Third Quarter in Review — 2009 (PDF 384k, 36 pages).

 

IFRS Insights provides news on the latest developments on IFRSs, practical suggestions for companies addressing IFRSs, updates on the regulatory environment, and references to relevant tools and resources. This issue includes:

• An overview of International Accounting Standards Board's (IASB) recently issued IFRS for Small and Medium-sized Entities
• An article about IFRS for insurance companies and a look at the industry's accounting landscape
• A brief overview of International Accounting Standard (IAS) 19, Employee Benefits
• Featured IFRS survey results on private companies

Click to view IFRS Insights July/August 2009. We have Permanent Links to all IFRS Insights on our USA country page.

 

This 347-page questionnaire summarises the recognition and measurement requirements in IFRSs issued on or before 30 June 2009. It may be used to assist in considering compliance with those pronouncements. It is not a substitute for your understanding of such pronouncements and the exercise of your judgment. Users of the questionnaire are presumed to have a thorough understanding of the pronouncements and should refer to the text of the pronouncements, as necessary, in considering particular items in this questionnaire. The items in this questionnaire are referenced to the applicable sections of the IFRSs. Click to download:

• 2009 IFRS Compliance Questionnaire – Word version (ZIP of a Microsoft Word file 730k).
• 2009 IFRS Compliance Questionnaire – PDF version (PDF 2,184k).

There is a permanent link on our Model Financial Statements Page.

This questionnaire does not address the requirements of IFRSs as regards presentation and disclosure – please refer to Deloitte's separate IFRS Presentation and Disclosure Checklist for 2009. This questionnaire is suitable for use in assessing recognition and measurement in financial statements prepared in accordance with IFRSs for periods beginning on 1 January 2009. It is not generally appropriate for use for earlier accounting periods – please refer to previous versions of this questionnaire on our Model Financial Statements Page.