Click to download Una guía para la implementación del IFRS 1 (PDF 501k).

 

The report highlights key findings from the first phase of the IAASB's initiative to develop a process for gathering information to help it evaluate the effective and consistent implementation of the 'clarified' ISAs — a new style for ISAs that is designed to be easier to understand, translate, and implement.

To promote awareness and understanding of the clarified ISAs, the IAASB also has released a second series of ISA modules, focusing on some of the new and more significantly revised ISAs. The ISA modules combine short video presentations, accompanying slides, and supporting notes explaining the key principles of, and major changes in, individual ISAs.

Click here for IFAC Press Release (IFAC website), which includes a link to download the report and IAS modules.

The meeting was partly a joint meeting with the New Zealand Financial Reporting Standards Board (FRSB). The Boards are moving closer to harmonising financial reporting standards between the two countries, whilst maintaining compliance with IFRSs for larger for-profit entities (and reintroducing IFRS options in some cases). The Boards expect to finalise the first phase of the convergence project early in 2011.

The AASB also decided not to support Draft Interpretation DI/2010/1 Stripping Costs in the Production Phase of a Surface Mine due to a lack of apparent diversity in practice, an inappropriate unit of account and lack of clarity on the meaning of 'stripping campaign'. The Draft Interpretation is quite contentious in the Australian context due to the country's large resources base and prevalent use of the 'stripping ratio' approach to account for these costs.

Click to access Accounting Alert 2010/12.

It provides guidance on compliance with disclosure rules in the following areas:

• Environmental risks and related matters;
• Environmental risk oversight and management;
• Forward-looking information requirements as they relate to environmental goals and targets; and
• Impact of adoption of International Financial Reporting Standards (IFRSs) on disclosure of environmental liabilities.

There is no charge to attend the web presentation, but registration is required. Details of the webcast are as follows:

Topic:	Hedge Accounting
Date and time:	Monday, 8 November 2010, 11:00am and repeated again 3:00pm (London time)
More information on the webcast and registration:	click here (link to IASB website)
More information on IAS Plus:	For our agenda project page click here

The amendments in the proposed ASU "would remove from the assessment of effective control the criterion relating to the transferor's ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee." If finalized, this proposal would improve convergence with IFRSs, which do not contain a requirement to consider a transferor's ability to repurchase or redeem financial assets transferred on substantially agreed terms.

Comments on the proposed ASU are due by 15 January 2011.

Click for:

• Proposed ASU — Transfers and Servicing (Topic 860) - Reconsideration of Effective Control for Repurchase Agreements
• More information on the proposed ASU, see Heads Up Repo 101: FASB Gets Back to Basics on Repurchase Accounting (PDF 114k), published by Deloitte (United States).

Under IAS 12, the measurement of deferred tax liabilities and deferred tax assets depends on whether an entity expects to recover an asset by using the asset or by selling the asset. In some cases, it is difficult and subjective to assess whether recovery will be through use or through sale. To provide a practical approach in such cases, the proposed amendment would introduce a presumption that an asset is recovered entirely through sale unless the entity has clear evidence that recovery will occur in another manner.

Click for our earlier story on ED/2010/11 Deferred Tax: Recovery of Underlying Assets.

There is no charge to attend the web presentation, but registration is required. Details of the webcast are as follows:

Topic:	Financial Liability Accounting
Date and time:	Wednesday, 3 November 2010, 10:30am and repeated again 4:00pm (London time)
More information on the webcast and registration:	click here (link to IASB website)
More information on IAS Plus:	For our agenda project page click here

The newsletter covers United States and international accounting and auditing matters, including IASB-FASB convergence. Topics covered in this issue include:

Consolidation

• FASB Announces Change to the Schedule for Roundtables on the IASB Staff Draft on Consolidated Financial Statements

Contingencies

• FASB Delays Effective Date for Disclosure of Loss Contingencies

Financial Instruments

• IASB Issues Amendments to IFRS 7
• IASB Issues Amendments to IFRS 9

Receivables

• FASB Issues Proposed ASU on Accounting for Troubled Debt Restructurings by Creditors

Other Accounting

• FASB Issues Various ASUs and Proposed ASUs Related to Issues Discussed at September EITF Meeting
• IASB Issues Proposed Amendments to IFRS 1
• Global Filing Manual for XBRL Published as Part of Interoperable Taxonomy Architecture Project
• Trustees of the IFRS Foundation Appoint Hans Hoogervorst to Succeed Sir David Tweedie as Chairman of the IASB
• Duck-Koo Chung to Serve as Trustee of the IFRS Foundation
• Blue-Ribbon Panel Considers Separate Private-Company Standards Board and New GAAP Model That Would Contain Exceptions for Private Companies
• FASB and IASB Seek Input on Transition and Effective Dates for Major Projects

Other SEC Matters

• SEC Issues First Progress Report on Consideration of Incorporating IFRSs Into U.S. System
• SEC Updates Financial Reporting Manual
• CAQ Releases Highlights of SEC Regulations Committee's September 21 Meeting
• SEC Issues Proposed Rule on Say-on-Pay and Say on Golden Parachute
• SEC Seeks Comments on Compliance With Section 404(b)
• SEC Issues Proposed Rules Related to Asset-Backed Securities Offerings
• SEC Issues Proposed Rule on Reporting of Proxy Votes on Executive Compensation and Other Matters
• SEC Issues Stay on Proxy Access Rule Amendments
• SEC Issues Study on Extraterritorial Private Rights of Action
• SEC Advises Registrants to Enhance Disclosure About Mortgage and Foreclosure-Related Activities or Exposures

Other Auditing

• PCAOB Issues Report on Observations Made as Part of Its Auditing Inspections During the Economic Crisis
• PCAOB Issues Release on Unresolved Obstacles to Inspections in Non-U.S. Jurisdictions
• AICPA Investment Companies Expert Panel Updates TPAs
• A Summary of the October 13—14 Meeting of the PCAOB's Standing Advisory Group
• ASB Issues Clarified SASs as Part of Clarity Project

 

Mr Marshall replaces Ian Mackintosh who was recently appointed vice-chairman designate of the IASB (see our earlier story on the IASB appointments). He will take up his role as interim ASB chairman with immediate effect. Mr Marshall takes the helm just as the ASB has brought out one of its most controversial documents, the exposure draft of the new Financial Reporting Standard for Mid-Size Entities (FRSME). Click for the FRC press release (link to FRC website).