Argentina will require IFRSs in 2012

31 Dec 2009

Argentina's Comisión Nacional de Valores (CNV, the National Securities Commission, an agency of the Argentine Ministry of Economics and Public Finance) has adopted a requirement that all companies that publicly offer equity or debt securities must prepare their financial statements using IFRSs, beginning with financial statements for the year ended 31 December 2012.

Companies may voluntarily file their financial statements in accordance with IFRSs starting in January 2011. Argentine companies that are currently preparing IFRS financial statements on a supplemental basis may adopt IFRSs starting in 2010. The new requirements were adopted by Resolución General No. 562 (PDF 509k – also available on CNV's website Here).

Year-end Newsletter – Closing Out 2009

30 Dec 2009

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – 'Closing Out 2009'.

The newsletter (PDF 159k) provides a high level overview of new and revised Standards and Interpretations that are effective for December 2009 and later accounting periods. Where applicable, the newsletter includes hyperlinks to past Deloitte newsletters dealing with the specific Standard or Interpretation in more detail. Those past newsletters are all available on here on IAS Plus. As always, entities should refer to the Standards and Interpretations themselves to identify all of the changes that may affect their particular circumstances.


New and revised Standards for 2009

30 Dec 2009

The following is a comprehensive list of new and revised IASB Standards and Interpretations that are effective for 31 December 2009 year ends and later periods.

All of the newsletters referred to may be downloaded without charge on our Newsletter Page. See also the news story immediately below for our comprehensive year-end IAS Plus Update Newsletter – Closing Out 2009.

New pronouncements effective for 31 December 2009 year ends

New Standards

Effective for annual periods beginning on or after

IAS Plus newsletter issued


Operating segments

1 January 2009

December 2006


IFRS for Small and Medium-sized Entities

Available immediately

July 2009

Amendments to Standards

IFRS 1 and IAS 27

Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate

1 January 2009

May 2008


Vesting Conditions and Cancellations

1 January 2009

January 2008


Enhancing disclosures about fair value and liquidity risk

1 January 2009

March 2009


Presentation of Financial Statements

1 January 2009

September 2007

IAS 23

Borrowing cost

1 January 2009

April 2007

IAS 32 and IAS 1

Puttable Financial Instruments and Obligations Arising on Liquidation

1 January 2009

February 2008

IAS 39

Clarification regarding assessment of embedded derivatives

Annual periods ending on or after 30 June 2009

March 2009

IAS 39 and IFRS 7

Reclassification of financial assets

1 July 2008

October 2008


Improvements to IFRSs


May 2008

New Interpretations


Customer Loyalty Programmes

1 July 2008

June 2007


Agreements for the Construction of Real Estate

1 January 2009

July 2008


Hedges of a Net Investment in a Foreign Operation

1 October 2008

July 2008


Transfers of Assets from Customers

Transfers made after 1 July 2009

February 2009


IAS 32 amendment endorsed for use in Europe

28 Dec 2009

The European Commission has completed the process of endorsing, for use in Europe, the October 2009 amendment to IAS 32 Financial Instruments: Presentation – Classification of Rights Issues.

The amendment provides that when an entity issues rights denominated in a currency other than the entity's functional currency, and those rights are issued pro rata to the entity's existing shareholders for a fixed amount of cash, they should be classified as equity even if their exercise price is denominated in a currency other than the issuer's functional currency. Click for the Commission Regulation (EC) No 1293/2009 (PDF 819k), the endorsement Regulation published in the Official Journal of the European Union on 24 December 2009.

IASB posts editorial corrections

27 Dec 2009

The IASB has posted Editorial Corrections to the following pronouncements:


  • Bound Volume 2009
  • Embedded Derivatives (issued March 2009)
  • Improvements to IFRSs (issued April 2009)
  • Additional Exemptions for First-time Adopters (issued July 2009)
  • Classification of Rights Issues (issued October 2009)
  • IFRS 9 Financial Instruments (issued November 2009)
  • IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (issued November 2009)

Deadline reminder – ED on IFRS 1

26 Dec 2009

We remind you that comments are due on 29 December 2009 on Exposure Draft (ED): Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (proposed amendment to IFRS 1).

The ED was issued on 26 November 2009. The ED proposes to amend IFRS 1 First-time Adoption of IFRSs to state that an entity need not provide the comparative prior-period information required by the March 2009 amendments to IFRS 7 Improving Disclosures about Financial Instruments for first-time adopters adopting before 1 January 2010.


Global IFRS and Offerings Services newsletter

24 Dec 2009

We have posted Deloitte's US Reporting Newsletter for Non-US Based Companies August-November 2009 Edition – includes news through 15 November 2009.

The newsletter is developed by Deloitte's Global IFRS and Offerings Services (GIOS) team – Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US GAAP and IFRSs and in complying with the SEC's financial reporting rules. The GIOS Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. Past GIOS Newsletters are Here.

In this issue of the GIOS newsletter:

IFRS Matters

  • IASB Issues IFRS on Classification and Measurement of Financial Assets
  • IASB Amends IAS 32 to Clarify Rights Issues
  • IASB Proposes Changes as Part of Its Annual Improvements Project
  • Trustees of IASC Foundation Publish Proposals on Enhanced Accountability and Stakeholder Outreach
  • IASC Foundation Exposes IFRS for SMEs Taxonomy for Public Comment
  • An Update on the FASB's and IASB's Joint Project on Accounting for Income Taxes
  • IASB issues Amendments to IAS 24
  • IASB Proposes New Approach to Accounting for Credit Losses
  • IFRS Tools

US GAAP Matters

  • FASB Issues ASUs on Revenue Arrangements
  • FASB Issues ASU on Accounting for Own-Share Lending Arrangements
  • FASB Issues Proposed ASU on Embedded Credit Derivative Scope Exception
  • FASB Provides Guidance on Accounting for Uncertainty in Income Taxes
  • FASB Issues Proposed ASU on Research and Development Assets Acquired in an Asset Acquisition
  • FASB Issues Proposal Regarding Ownership Provisions in the Consolidation Subtopic
  • FASB Issues Guidance on Measuring Fair Value of Certain Alternative Investments
  • FASB Issues ASU Regarding Measuring Liabilities at Fair Value
  • FASB issues a proposed ASU on the EITF consensus-for-exposure on Issue 09-B
  • FASB Proposes ASU on Oil and Gas Reserve Estimation and Disclosures
  • FASB Issues Technical Corrections and Other Changes to the Codification
  • AICPA Oil and Gas Guide Working Draft
  • FASB Votes to Defer Statement 167 for Interests in Certain Entities
  • Proposed ASU, Improving Disclosures About Fair Value Measurements: FASB Decides to Defer Sensitivity Analysis and to Issue Other Proposed Disclosures
  • Financial Reporting Considerations for Pension and Other Postretirement Benefits
  • First Steps Revisited: Additional Tax Relief for Business and Homebuyers
  • FASB Proposes to Amend Subsequent Events Date Disclosure Requirement
  • SEC Releases Staff Accounting Bulletin No. 113
  • Guidance on Material Modifications to Revenue Arrangements With Multiple Deliverables
  • EITF Reaches Consensus on Accounting for Stock Dividends
  • EITF Reaches Consensus-for-Exposure Regarding Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset
  • EITF Reaches Consensus-for-Exposure Regarding Impact of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades
  • EITF Reaches Consensus-for-Exposure on Casino Base Jackpot Liabilities
  • EITF Reaches Consensus-for-Exposure on the Definition of Deferred Acquisition Costs of Insurance Entities

Other Matters

  • AICPA's ASB Proposes Various Statements on Auditing Standards
  • SEC Proposes Rule to Provide Temporary Filing Accommodation for Static Pool Information
  • GAO Issues Report on Troubled Asset Relief Program
  • SEC Chairman Issues Letter to Broker-Dealer CEOs on Compensation Arrangements
  • SEC Sends Sample Letter to Public Companies About MD&A Disclosure Regarding Provisions and Allowances for Loan Losses
  • PCAOB Issues Staff Guidance
  • SEC's Division of Corporation Finance Issues Compliance and Disclosure Interpretations
  • SEC Announces New Division of Risk, Strategy, and Financial Innovation
  • SEC Investor Advisory Committee Forms Subcommittees
  • SEC Further Defers Section 404(b) Requirement for Non-accelerated Filers
  • SEC Staff Releases Observations From Review of Interactive Data Financial Statements
  • SEC Issues Draft Strategic Plan for 2010-2015
  • SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials
  • COSO Releases Paper on the Role of the Board of Directors in Enterprise Risk Management
  • SEC Observations and Expectations About Executive Compensation Disclosures
  • 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
  • SEC Releases PCAOB Proposal on Auditing Standard 7
  • Reports Released by the Institute of Internal Auditors Audit Executive Center
  • Sample Forms Published by the PCAOB


Downloadable podcast summaries of IASB meetings

24 Dec 2009

The IASB has launched a three-month trial of downloadable podcast summaries of monthly IASB board meetings.

The idea is to provide those who want to keep up to date on the IASB's work with a high level summary of discussions during board week, and to signpost where major projects are in their development cycles. Whilst IASB Update remains the official summary of board meetings, these short podcasts permit the IASB to provide additional context on individual decisions taken by the board. These 30-minute podcasts can be downloaded in MP3 format (approximately 35mb) via the IASB Website or through iTunes (subscribe to the IASB financial reporting channel). The IASB plans to trial this service for three months and then decide whether to make it permanent.


Top challenges for financial executives in 2010

23 Dec 2009

FEI CEO and President Marie N Hollein has compiled a list of the Top Challenges for Financial Executives for 2010.

They are published in the January-February 2010 issue of Financial Executive magazine. We have posted the article, which is copyright by Financial Executives International, with FEI's kind permission. A summary is presented below. Challenges 5 through 8 relate to financial reporting:

FEI CEO's Top Challenges for Financial Executives in 2010

  1. Economic Recovery and the US
  2. Health-Care Reform
  3. Employee Benefits
  4. Financial Regulatory Reform
  5. Global Convergence of US GAAP and IFRS
  6. Financial Instruments
  7. Financial Statement Presentation
  8. Revenue Recognition
  9. Business Taxation


IFRSs in your Pocket in Russian

23 Dec 2009

Deloitte & Touche CIS (Russia) has published МСФО в кармане 2009 – a Russian translation of IFRSs in Your Pocket 2009.

This pocket guide includes summaries of all IFRSs issued through March 2009. Please click here for Information about Deloitte Russia. Also available on our Russia Page is Deloitte's June 2009 English language guide Doing Business in Russia 2009, which includes a discussion of the financial reporting framework in Russia.

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