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2009

Notes from December 2009 IASB meeting day 4

19 Dec 2009

The IASB held its December 2009 monthly Board meeting at its offices in London on Tuesday to Friday, 15-18 December 2009. The portion of the meeting on 16-17 December will be a joint meeting with the US Financial Accounting Standards Board.

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

 

Heads Up on AICPA SEC-PCAOB conference

19 Dec 2009

Annually, the AICPA hosts a conference featuring speeches by, and question-and-answer sessions with, members of the SEC, PCAOB, FASB, IASB, and professionals from various industries. Deloitte United States has published a 47-page Heads Up Newsletter that extracts key insights from nearly 26 hours of material presented during this year's AICPA National Conference on Current SEC and PCAOB Developments held on 7 to 9 December.

In our IAS Plus News Story of 14 Dec 2009 we posted hyperlinks to each of the presentations. Here is an excerpt from the opening paragraph of the Heads Up:

If you are like many of us observing the actions of the SEC, you are wondering what date the Commission will set (and whether it will set a date at all) for public companies in the United States to make the switch from US GAAP to International Financial Reporting Standards (IFRSs). Well, if you are reading this publication for clues about that magical date, you will be disappointed. At this year's conference, the SEC did not provide much information on a new IFRS roadmap. However, the SEC and other presenters had a lot to say on a host of other topics. In the Executive Summary below, we cover the major themes discussed at the conference; later sections outline speeches in more detail by subject matter.

 

Notes from December 2009 IASB meeting day 3

18 Dec 2009

The IASB is holding its December 2009 monthly Board meeting at its offices in London on Tuesday to Friday, 15-18 December 2009. The portion of the meeting on 16-17 December will be a joint meeting with the US Financial Accounting Standards Board.

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

 

8 IFRSs await EU endorsement

18 Dec 2009

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 17 December 2009 (PDF 120k). The following eight IASB pronouncements are awaiting European Commission endorsement for use in Europe:

Standards

  • IFRS 9 Financial Instruments
Interpretations Amendments

 

You can always find the endorsement status report Here.

 

New IFRS e-Learning modules in Chinese

18 Dec 2009

Six additional IFRS e-Learning modules have now been translated into Chinese and posted on Deloitte's CAS Plus website – bringing the total available modules to 25:

  • IAS 12 Income Taxes
  • IAS 18 Revenue
  • IAS 21 The Effects of Changes in Foreign Exchange Rates
  • IAS 36 Impairment of Assets
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • IFRS 2 Share-based Payment

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.

IFRSs and IFRS for SMEs in Mauritius

18 Dec 2009

The Finance Bill 2009, published December 2009, would amend the accounting requirements in Mauritius to permit the IFRS for SMEs as an option for small state-owned enterprises.

The Bill awaits enactment by Parliament. After enactment, the accounting standards structure in Mauritius will be as follows:
  • Listed companies use full IFRSs.
  • State owned enterprises with revenue over 50 million rupees (about US$1.7 million) use full IFRSs.
  • Some state owned enterprises with a turnover 50 million rupees or less will have the choice between full IFRS and IFRS for SMEs.
  • The remaining state owned enterprises with revenue 50 million rupees or less can choose IFRS for SMEs or the Financial Reporting Framework and Standards issued under section 72 of the Financial Reporting Act. Such standards are being developed by the Financial Reporting Council of Mauritius (a proposal was published in September 2009).
  • Companies in Mauritius that are not state owned enterprises and that have turnover greater than 50 million rupees must use full IFRSs.
  • Companies in Mauritius that are not state owned enterprises and that have turnover 50 million rupees or less are exempted from preparing financial statements but must prepare a schedule of financial information (a summarised balance sheet and profit or loss account without notes).

 

CESR summaries of IFRS enforcement decisions

17 Dec 2009

The Committee of European Securities Regulators (CESR) has published its seventh batch of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information.

From time to time, CESR publishes extracts of selected decisions as a source of information to foster appropriate and consistent application of IFRSs in the EU. Topics covered in batch #7 of CESR's extracts:
  • Restructuring of financial obligations
  • Classification of a loan
  • Presentation of financial instruments
  • Classification of cash and cash equivalents
  • Revenue recognition
  • Customer loyalty programme
  • Segmental reporting
  • Provisions and contingent liabilities
  • Correction of an error
  • Half-yearly consolidated cash flow statement
  • Related party disclosures
  • Provisional purchase price allocation of a business combination
  • Purchase price allocation of a business acquisition
  • Business combination under common control
  • Identification of the acquirer in a business combination
  • Collective assessment for impairment of loans
Click to download this and earlier decision summaries:

 

Notes from December 2009 IASB meeting day 2

17 Dec 2009

The IASB is holding its December 2009 monthly Board meeting at its offices in London on Tuesday to Friday, 15-18 December 2009. The portion of the meeting on 16-17 December will be a joint meeting with the US Financial Accounting Standards Board.

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

 

New SEC disclosures about risk and governance

17 Dec 2009

The US Securities and Exchange Commission has approved new rules that improve corporate disclosure regarding risk, compensation and corporate governance matters when voting decisions are made.

In particular, the new rules require disclosures in proxy and information statements about:
  • The relationship of a company's compensation policies and practices to risk management.
  • The background and qualifications of directors and nominees.
  • Legal actions involving a company's executive officers, directors and nominees.
  • The consideration of diversity in the process by which candidates for director are considered for nomination.
  • Board leadership structure and the board's role in risk oversight.
  • Stock and option awards to company executives and directors.
  • Potential conflicts of interests of compensation consultants.
The new rules, which will be effective 28 February 2010, also require quicker reporting of shareholder voting results. Click for SEC Press Release (PDF 37k).

 

New Zealand model IFRS financial statements

17 Dec 2009

Deloitte New Zealand has published a Model Annual Report illustrating the application of New Zealand Equivalents to IFRSs by an entity that is not a first-time adopter of NZ IFRS.

The model annual report is divided into four sections:
  • Section A: Reporting obligations (PDF 320k) – This section provides background information regarding the reporting requirements and legislative framework in New Zealand.
  • Section B: Model annual report (PDF 267k) – This section contains model annual report disclosures and commentaries, including subjects such as corporate governance, the Companies Act 1993 disclosures and stock exchange disclosures.
  • Section C: Model financial statements (PDF 1,993k) – This section contains the model financial statements of Green Dot Holdings Limited, for the year ended 31 December 2009.
  • Section D: Other information (PDF 77k) – This section contains additional tools for users, including a listing of each NZ IFRS which is applicable for the year ended 31 December 2009, what is required in an NZX preliminary announcement, and a timeline of critical reporting dates for entities with a 31 December 2009 reporting date.

 

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.