Click for Comparison between HK Financial Reporting Standards and International Financial Reporting Standards to reflect differences as of 1 July 2009

[The most up-to-date version of the comparison may be found Here.]

 

This booklet highlights the accounting considerations and other considerations that are important to the insurance industry in Canada when making the transition to IFRSs in 2011. Topics covered include:

• Insurance contracts - product classification
• Insurance contracts - financial statement presentation and disclosure issues
• Insurance contracts - embedded derivatives and unbundling
• Insurance contracts - measurement approach
• Financial instruments

 

We have updated the following pages on IAS Plus to reflect the discussions and decisions at the IASB's regular September 2009 Board meeting:

• Classification of Rights Issues (proposed amendment to IAS 32)
• Credit Risk in Liability Measurement
• Derecognition
• Conceptual Framework – Objectives and Qualitative Characteristics
• Conceptual Framework – Reporting Entity
• Financial Statement Presentation
• Financial Instruments with Characteristics of Equity
• Financial Instruments: Classification and Measurement
• Financial Instruments: Replacement of IAS 39: Hedge accounting
• Financial Instruments: Replacement of IAS 39: Impairment
• Insurance Contracts
• Leases
• Liabilities – Amendments to IAS 37
• Post-employment Benefits
• Related Party Disclosures
• Revenue Recognition

 

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

Deloitte China has published the Chinese translations of two IAS Plus Update newsletters:

Additional Exemptions for First-time Adopters

• Chinese Translation (PDF 203k).
• Here is the English Version (PDF 78k)

IASB Releases Omnibus Exposure Draft of Annual Improvements

• Chinese Translation (PDF 249k).
• Here is the English Version (PDF 71k)

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

 

The meeting will be webcast. The agenda will be reconsideration of IAS 39 – specifically:

• Financial Instruments: Classification and Measurement – whether the cost exemption for unquoted securities that cannot be reliably measured should be removed, as proposed in the exposure draft
• Impairment of Financial Instruments

 

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

Whilst ostensibly proposing approaches producing outcomes similar to common industry practice, there are a number of interesting issues and considerations arising from the draft Discussion Paper – such as potentially mandating capitalisation of exploration expenditure and much more information about the fair value of reserves and resources. This edition of Extracting Value explores some of these issues, beginning the commercial and pragmatic analysis of the proposals. An excerpt:

In summary terms, the Discussion Paper proposes to: introduce mineral reserve and resource definitions based on industry practice eliminate 'phase accounting' – separate accounting for exploration and evaluation, development, production and so on – in favour of one asset, either a 'mineral asset' or 'oil and gas asset' account for mining and oil and gas projects using a 'unit of account' which is effectively the 'area of interest' accounting commonly used in Australia under current standards require measurement based on historical cost, but countenancing the possibility of using another measure such as current value or (more likely) fair value retain a modified impairment approach to assets in the exploration and evaluation stage introduce extensive disclosures, including a form of 'standardised value' for reserves/resources and possibly responding to the 'publish what you pay' lobby. Click for Extracting Value Newsletter, Issue 6, September 2009.

 

The IASB will hold a webcast on the project to replace IAS 39 Financial Instruments: Recognition and Measurement:

Webcast topic: Replacement of IAS 39. More specifically: an overview of the feedback received on the Exposure Draft Financial Instruments: Classification and Measurement, the Request for Information – Impairment of Financial Assets, and the Discussion Paper Credit Risk in Liability Measurement, and the next steps in the project Date and Time: Wednesday 23 September 2009 at 11:00 and again at 17:00 London time (GMT +1 hour) Presenters: IASB staff More Information and Registration (link to IASB website)