This 16-page booklet sets out some of the key differences between IFRS for SMEs and Dutch GAAP for annual periods beginning on or after 1 January 2009. It also includes general information about the IFRS for SMEs and the applicability of the IFRS for SMEs by Dutch legal entities. Click to download IFRS for SMEs and NL GAAP: Showing You the Key Differences (PDF 578k).

 

The Boards also express their agreement to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. In the interest of timely and continued progress, the two Boards also committed to monthly joint meetings and to provide transparency and accountability by providing quarterly updates on their progress on convergence projects. The oversight foundations of both Boards also issued a statement supporting the two Boards in their convergence efforts, as did the IASCF Monitoring Board. Click for:

• IASB-FASB Joint Statement (PDF 75k)
• Statement of IASCF and FAF Trustees (PDF 9k)
• Statement of IASCF Monitoring Board (PDF 77k)
• IASB Press Release (PDF 107k)

 

This 134-page publication includes a special introduction by Martin Tesar, IFRS Partner of Deloitte Czech Republic, a comparison of the major differences between IFRSs and Czech GAAP, plus all of the information in the English language edition.

IFRS do kapsy 2009 (link to Deloitte (Czech Republic) website)

This is one of the phases of the IASB's comprehensive project to replace IAS 39.

• The existing incurred loss model. Currently, IAS 39 recognises impairment of financial assets using an 'incurred loss model'. An incurred loss model assumes that all loans will be repaid until evidence to the contrary (known as a loss or trigger event) is identified. Only at that point is the impaired loan (or portfolio of loans) written down to a lower value.
• IASB's proposed expected loss model. The model proposed in the new ED is an 'expected loss model'. Under that model, expected losses are recognised throughout the life of a loan or other financial asset measured at amortised cost, not just after a loss event has been identified. The expected loss model avoids what many see as a mismatch under the incurred loss model – front-loading of interest revenue (which includes an amount to cover the lender's expected loan loss) while the impairment loss is recognised only after a loss event occurs. Proponents of the expected loss model believe it better reflects the lending decision. Under the IASB's proposed expected loss model, a provision against credit losses would be built up over the life of the financial asset based on the expected cash flows of the instrument (including expected credit losses), not market values. Extensive disclosure requirements would provide investors with an understanding of the loss estimates that an entity judges necessary.

Because of significant practical challenges in moving to an expected loss model, the IASB will establish an Expert Advisory Panel comprising experts in credit risk management to advise the Board. Deadline for comments on the ED is 30 June 2010. Click for IASB Press Release (PDF 99k).

Update: Click for list of Advisory Panel Members (PDF 18k).

In addition, there will be some Canadian early adopters filing their first IFRS financial statements in 2010. Deloitte Canada will present a webcast on Canadian adoption of IFRSs, as follows:

Webcast topic: IFRS Technical Update–A Sea Change. Specific topics to be covered include: Canadian GAAP update: critical matters impacting 2009 Looking back: A recap of recent changes in IFRSs Looking ahead: Our IFRS new year predictions Recent regulatory developments on IFRSs Countdown to 1 January 2010: A final review of your opening balance sheet checklist Date and Time: Tuesday, 1 December 2009, 14:00pm Toronto time (EST), duration 90 minutes Presenters: Don Newell, National Leader IFRS Services; Clair Grindley, Associate Partner National IFRS Services; Kerry Danyluk, Partner GIOS; and Anshu Grover, Senior Manager Global Centre of Excellence More Information and Registration

We have now posted No 17:

• Bulletin No 17 (3 November 2009) discusses Section 21 of the IFRS for SMEs, which deals with provisions and contingencies. Click to Download Bulletin 17 (PDF 231k).

We have many resources in Spanish Here.

 

The checklist is formatted to allow the recording of a review of financial statements, with a place to indicate yes/no/not-applicable for each presentation and disclosure item. Click to download:

• IFRS Presentation and Disclosure Checklist for 2009 (Word version, Spanish) (ZIP of a Microsoft Word file 383k).
• IFRS Presentation and Disclosure Checklist for 2009 (PDF version, Spanish) (PDF 1,863k)

 

The newsletter is now organised by topic rather than by standard-setter. Topics covered in this issue include:

Revenue

• FASB Issues ASUs on Revenue Arrangements With Multiple Deliverables and Software Revenue Recognition

Debt

• FASB Issues ASU on Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing

Derivatives

• FASB Issues Proposed ASU on Embedded Credit Derivative Scope Exception
• IASB Amends IAS 32 to Clarify Rights Issues

Other Accounting

• IASC Foundation Exposes IFRS for SMEs Taxonomy for Public Comment
• AICPA Publishes Working Draft of Oil and Gas Guide
• GAO Issues Report on Troubled Asset Relief Program

SEC Matters

• SEC Further Defers Section 404(b) Requirement for Nonaccelerated Filers
• SEC Staff Releases Observations Based on Review of Interactive Data Financial Statements
• SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials
• SEC Proposes Rule to Provide Temporary Filing Accommodation for Static Pool Information
• SEC Issues Staff Accounting Bulletin to Revise Guidance on Oil- and Gas-Producing Activities
• SEC's Division of Corporation Finance Issues Compliance and Disclosure Interpretations on Oil and Gas Rules
• SEC Staff Issues Bulletin on Shareholder Proposals
• SEC Issues Final Rule Adopting Updated EDGAR Filer Manual

Other Auditing

• ASB Proposes Various Statements on Auditing Standards

Click to view October 2009 Edition of Accounting Roundup (PDF 357k). You will find past issues of Accounting Roundup Here.

 

The ED will be issued shortly.

Date and Time: Thursday, 5 November 2009, 11:00am London time

Presenters: IASB staff

Project Page on IAS Plus Website

 

 

This version of IFRS 9 will represent a partial replacement of the existing IAS 39 – replacement of the principles for classifying and measuring financial assets. This is one of several phases of IAS 39 replacement, the others being hedge accounting, impairment, derecognition, and classification and measurement of financial liabilities. The European Financial Reporting Advisory Group (EFRAG) has posted on its website an Invitation to Comment relating to the endorsement of IFRS 9 for use in the EU. EFRAG is consulting both on its assessment of IFRS 9 against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from the implementation of IFRS 9 in the EU. Comments are requested by 13 November 2009. Click here for More Information on EFRAG's Website.