The objective of the consultation is to gain an understanding of EU stakeholders' views on the IFRS for SMEs. The Commission is especially interested to receive comments from the users of accounts, such as businesses, banks, and investors. The consultation period is from 17 November 2009 to 12 March 2010. The Commission said that the responses will assist the Commission in its ongoing review of the Accounting Directives. Click to download:

• Consultation Paper (PDF 58k)
• Questionnaire – Contains all the questions from the Consultation Paper (MS Word DOC 131k)

The Commission has indicated that French and German translations of these two documents will be available by the end of November 2009.

 

The theme of this issue (dated January 2010) is IFRS for All? Financial reporting by entities of every shape and size is at a crossroads. Three articles in this issue focus on the IFRS for SMEs. Others deal with the following issues, among others: the politics of accounting, directors' duties under the law, IFRSs in transition, writing 'the front half' of the annual report, and IFRSs in central government. By All Accounts is copyright by the ICAEW and is posted on IAS Plus with their kind permission. Click to:

• Download By All Accounts – Issue 1, January 2010 (PDF 1,240k)
• Go to Financial Reporting Faculty Website

 

It is also intended to help companies:

• Save money in the long run by investing the time and resources now, rather than completing the conversion on a rush basis with limiting options
• Prioritise actions to be included in year-end progress reports required in management's discussion and analysis (MD&A) for public companies in Q4 2009
• Prevent or minimise known difficulties that are commonly encountered in practice by Canadian entities
• Motivate immediate action by emphasising that certain tasks cannot wait until 2011

Click to download:

• 20 things to do before 2010 (English) (PDF 207k)
• Vingt choses à faire avant 2010 (French) (PDF 204k)

Our summary now includes over 170 issues:

• IFRS 3: Measurement of non-controlling interest
• IFRS 3: Unreplaced and voluntarily replaced share-based payment awards
• IFRS 5: Write-down of a disposal group
• IAS 23: Meaning of 'general borrowings'

 

This allows for a comparison of similar entities in the public and private sector.

Private sector businesses in Canada will also be required to use IFRSs starting on the same date. Click for Press Release (PDF 103k).

The revised IAS 24 also clarifies that disclosure is required of any commitments of a related party to do something if a particular event occurs or does not occur in the future, including executory contracts (recognised and unrecognised). The revised standard is effective for annual periods beginning on or after 1 January 2011, with earlier application permitted.

Click to view IAS Plus Update IASB Issues Amendments to IAS 24 (PDF 68k). Links to all past IAS Plus Update newsletters are Here.

 

The IASB issued IFRS 9 on 12 November 2009 as the first step in its project to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 introduces new requirements for classifying and measuring financial assets. Those requirements must be applied starting 1 January 2013, with earlier adoption permitted including for 2009. The IASB intends to expand IFRS 9 during 2010 to add new requirements for classifying and measuring financial liabilities, derecognition of financial instruments, impairment, and hedge accounting. By the end of 2010, IFRS 9 will be a complete replacement for IAS 39 – mandatory for 2013 and optional in earlier years. This newsletter explains the requirements of IFRS 9 in detail, compares IFRS 9 and IAS 39, and analyses the potential impact of a move to the new standard.

The headlines (from the IAS Plus Update Newsletter)

New classification and measurement requirements for financial assets New criteria for amortised cost measurement New measurement category – fair value through other comprehensive income Impairment assessment only for amortised cost assets     No more available-for-sale assets No more held-to-maturity assets and tainting rules No more embedded derivatives in financial assets No more unquoted equity investments measured at cost less impairment

 

• IAS 1 Presentation of Financial Statements (revised 2007)
• IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
• IAS 32/39 Financial Instruments - Part 1
• IAS 32/39 Financial Instruments - Part 3

The following modules had previously been translated and posted:

• Introduction to IFRS e-Learning
• Conceptual Framework
• IAS 2 Inventories
• IAS 10 Events After the Reporting Period
• IAS 11 Construction Contracts
• IAS 16 Property, Plant and Equipment
• IAS 24 Related Party Disclosures
• IAS 38 Intangible Assets
• IAS 41 Agriculture
• IFRS 3 Business Combinations
• IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
• IFRS 8 Operating Segments

To download the modules (there is no charge, but registration is required) click on the lightbulb icon on the CAS Plus home page or Click Here.

 

The ED was issued on 23 July 2009. The objective of the proposals in the ED is to establish whether and how assets and liabilities resulting from rate-regulated activities should be recognised and measured under International Financial Reporting Standards (IFRSs). If adopted, the proposed IFRS would:

• define regulatory assets and regulatory liabilities.
• set out criteria for their recognition.
• specify how they should be measured.
• require disclosures about their financial effects.

The IASB was asked for guidance on the issue from many jurisdictions. Clarifying the accounting for rate regulation is of particular importance for jurisdictions that are in the process of adopting IFRSs and where accounting for the effect of rate regulation is in place for some sectors. In those cases entities are currently recognising sometimes significant 'regulatory' assets and liabilities by reference to an existing US standard, in the absence of an IFRS. Click for IASB Press Release (PDF 107k). Here is the link to the IAS Plus Project Page.