September

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Deloitte IFRS for SMEs newsletter in Spanish

09 Sep 2009

Deloitte (Colombia) is publishing a series of Spanish language bulletins about the new IFRS for SMEs.

We have previously posted Bulletins No 1 through 8 – links can be found Here. We have now posted No 9:
  • Bulletin No 9 (8 September 2009) continues the discussion, from the Bulletins 6, 7, and 8, on the treatment of financial instruments in the IFRS for SMEs. Click to Download Bulletin 9 (PDF 269k).
We have many resources in Spanish Here.

 

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IASCF Proposals for constitution changes

09 Sep 2009

The Trustees of the International Accounting Standards Committee Foundation (IASCF), the oversight body of the IASB, have published for public comment proposals that form the second part of a two-part review of the IASC Foundation constitution.

The objectives of the proposals are to enhance the governance of the organisation, improve the involvement of stakeholders with a broad range of perspectives in both developed and emerging markets, and make operational improvements.

The key proposals for changes to the IASCF constitution
  • Change of name of the IASC Foundation to the IFRS Foundation and the IASB to the IFRS Board
  • Replace all references to 'accounting standards' with 'financial reporting standards' throughout the constitution
  • Clarify the objectives of the organisation, in particular:
    • Clarify the need to take account of emerging economies and, as appropriate, the special needs of small and medium-sized entities, and
    • Not to broaden the scope to cover standards for public and not-for-profit entities
  • Clearly acknowledge the role the Monitoring Board now plays in the governance structure of the organisation
  • Formally recognise Africa and South America in the composition of the Trustees by requiring one Trustee from each of those two regions
  • Establish a procedure for an accelerated due process in exceptional circumstances
  • Provide for appointing up to two vice-chairmen for both the Trustees and the IFRS Board
  • Amend the length of a possible second term of the IFRS Board members to ensure appropriate turnover, as follows:
    • Board members would be appointed initially for a term of five years, with the option for renewal for a further three-year term. This will not apply to the Chairman and Vice-Chairman, who may be appointed for a second five-year term.
    • The Chairman or Vice-Chairman may not serve for longer than ten consecutive years.
  • Expressly provide that the IASB must consult the Trustees and the SAC when developing its technical agenda
Comments are requested by 30 November 2009. Click for:

 

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Stay Tuned Online – IFRS and UK GAAP update

08 Sep 2009

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

Each update lasts no more than an hour, and sessions are normally held three times a year, approximately at the end of March, July, and November. We intend to make a recording of each session available on IAS Plus for a period of at least four months from the date of the presentation. The 30 July 2009 Stay Tuned Online IFRS and UK GAAP Update archive is now available, covering the following topics:
  • IFRS for Small and Medium-sized Entities
  • ED 2009/5 Fair-value Measurement
  • DP2009/2 Credit Risk in Liability Measurement
  • IAS 39 The Sequel
  • ED 2009/6 Management Commentary
  • FRS 30 Heritage Assets and other UK developments
  • Other IFRS Developments
To access the recording Click Here (35.4mb WMV). When you click on this link, what happens will depend on how your computer is configured. The webcast may open directly in your media player, or you may be asked whether you want to open or save the file, or you may only be given a choice to save the file. You can play a saved file by clicking on it. There's a permanent link on our UK Country Page.

 

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New Deloitte SEA e-newsletter on financial reporting

08 Sep 2009

The Deloitte Southeast Asia (SEA) Assurance & Advisory Services Group has published the inaugural issue of a newsletter focussing on financial reporting issues from a Southeast Asia perspective.

This newsletter is a collaborative effort among the Deloitte member firms operating in Brunei, Guam, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The newsletter brings together recent updates on financial reporting developments both internationally and within the region, and features topical matters that would be of interest to our clients and our professionals. Many of our clients have asked for more information about the implications from recent pronouncements, industry-specific accounting issues, and differences between IFRSs and local GAAP. This newsletter is directed towards meeting these requests. This first issue sets the scene with an overview of the financial reporting framework of the jurisdictions in the region and their stage of IFRS adoption. Besides the news in brief on IFRSs and local standard-setting activities, Alan Nisbet, Head of Assurance & Advisory, Deloitte Southeast Asia, provides his thoughts on how the key changes in IFRSs will affect financial reporting for 2009.

Click to download Point of View Newsletter Issue No 1 (PDF 328k)

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IFRS for SMEs: A Summary from SAICA

08 Sep 2009

The South African Institute of Chartered Accountants (SAICA) has published IFRS for SMEs: A Summary – a 26-page overview of the IFRS for SMEs.

On 13 August 2009, South Africa became the first country in the world to adopt the IFRS for SMEs. It is effective immediately for all entities that are not publicly accountable and that do not elect to follow full South African standards, which are identical to full IFRSs. SAICA's new overview includes a 'bullet point' summary of each of the 35 sections of the IFRS for SMEs. It was prepared jointly by SAICA and W Consulting. We are grateful to them for giving us permission to post it on IAS Plus.

 

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Deadline reminder – financial instruments ED

07 Sep 2009

We remind you that comments are due on 14 September 2009 on the Exposure Draft: Financial Instruments: Classification and Measurement.

The ED was issued by the IASB on 14 July 2009 as the first part of its three-phase project to replace IAS 39 Financial Instruments: Recognition and Measurement. The Board decided to address classification and measurement of financial assets and financial liabilities first because they form the foundation of a standard on reporting financial instruments. Moreover, many of the concerns about IAS 39 that have been expressed during the financial crisis relate to its classification and measurement requirements. The IASB plans to finalise the classification and measurement proposals in time for non-mandatory application in 2009 year-end financial statements. The other two phases of the IAS 39 project are addressing Impairment and Provisioning and Hedge Accounting. Additionally, the Board's project on Derecognition of Financial Instrument will also result in amendments to IAS 39. The IASB plans to complete the replacement of IAS 39 during 2010, although mandatory application will not be before January 2012. The classification and measurement ED proposes that a financial asset or financial liability would be measured at amortised cost if two conditions are met: The instrument has basic loan features and it is managed on a contractual yield basis. A financial asset or financial liability that does not meet both conditions would be measured at fair value. This would include all investments in equity instruments (and derivatives on those equity instruments) – including those that do not have a quoted market price in an active market. The existing IAS 39 classifications of 'held to maturity' and 'available for sale' would be eliminated.

 

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Agenda for WSS meeting 10-11 September 2009

07 Sep 2009

On Thursday and Friday 10-11 September 2009, the IASB will host a meeting of World Accounting Standard-Setters (WSS) at the Renaissance Chancery Court Hotel, 252 High Holborn, London.

The meeting will be open to public observation. Presented below is the agenda for the meeting.

IASB Meeting with World Standard Setters – Agenda -- 10-11 September 2009, Renaissance Chancery Court Hotel, London

Thursday 10 September 2009 (9:30am to 17:45pm)

Morning 9:30-13:00

  • Welcome, Sir David Tweedie, IASB Chairman
  • IASB planning and priorities
  • Accounting and the financial crisis: Consolidation and derecognition
    • Consolidation project update
    • Derecognition project update
    • Break-out discussions of consolidation and derecognition (five groups)
Afternoon 14:00-17:45
  • Discussion group feedback (from morning) – consolidation and derecognition
  • Revenue recognition
  • Concurrent sessions:
    • Option 1 - IFRS for SMEs
    • Option 2 - Choose one of:
      • Financial instruments with characteristics of equity
      • Leases
      • Measurements under consideration (cross-cutting)

 

Friday 11 September 2009 (9:00am to 16:15pm)

Morning 9:00-13:00

  • Accounting and the financial crisis: Financial instruments (recognition and measurement)
    • IASB project update
    • FASB project update
    • Break-out discussions (five groups)
    • Discussion group feedback
Afternoon 14:00-16:15
  • Concurrent sessions:
    • Option 1 - IFRSs Technical Update and Q&A
    • Option 2 - Choose one of:
      • Financial instruments with characteristics of equity
      • Leases
      • Income taxes
      • Measurements under consideration (cross-cutting)
  • Implementation activities update
  • Concluding comments

 

 

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Agenda for September 2009 IASB meeting

06 Sep 2009

The IASB will hold its September 2009 regular monthly meeting at its offices in London on Tuesday to Friday 15-18 September 2009. The meeting will be open to public observation and will be webcast.

Presented below is the agenda for the meeting.

IASB Board Meeting Agenda -- 15-18 September 2009, London

Tuesday 15 September 2009

Wednesday 16 September 2009 (morning only)

Thursday 17 September 2009

Friday 18 September 2009

 

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Heads Up on FASB's income tax guidance

04 Sep 2009

Deloitte United States has published a Heads Up Newsletter titled Deferred No Longer: FASB Provides Guidance on Accounting for Uncertainty in Income Taxes and Eliminates Certain Disclosure Requirements for All Nonpublic Entities.

When FASB originally adopted its guidance on uncertainty in income taxes (Accounting Standards Codification (ASC) Section 740), it had deferred that guidance for certain nonpublic entities until the first annual financial statements for financial years beginning after 15 December 2008. That deferral was intended to give the FASB time to develop guidance that it has now published in the form of Accounting Standards Update (ASU) 2009-06. Therefore, nonpublic entities are required to apply all of the recognition and measurement principles of ASC 740. However, the FASB has provided those entities with relief from some of the income tax disclosure requirements. The IASB has proposed similar principles for recognising and measuring uncertainty in income taxes in its March 2009 Exposure Draft Income Tax. The IFRS for SMEs contains similar disclosure relief.
Click for Heads Up Newsletter: FASB Provides Guidance on Accounting for Uncertainty in Income Taxes and Eliminates Certain Disclosure Requirements for All Nonpublic Entities.

 

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Newsletter on annual improvements ED

04 Sep 2009

On 26 August 2009, the IASB published an Exposure Draft proposing improvements to the following eleven IFRSs:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards
  • IFRS 3 Business Combinations
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
  • IFRS 7 Financial Instruments: Disclosures
  • IAS 1 Presentation of Financial Statements
  • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  • IAS 27 Consolidated and Separate Financial Statements
  • IAS 28 Investments in Associates
  • IAS 34 Interim Financial Reporting
  • IAS 40 Investment Property
  • IFRIC 13 Customer Loyalty Programmes
Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – IASB Releases Omnibus Exposure Draft of Annual Improvements (PDF 71k) explaining the proposed improvements.
Click to go to the Project Page on the IAS Plus Website. Past issues of all IAS Plus newsletters are Here.

 

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.