April

Philippines has adopted the IFRS for SMEs

02 Apr 2010

The IFRS for SMEs has been adopted in the Republic of the Philippines effective 1 January 2010. It is known as the Philippine Financial Reporting Standard for SMEs (PFRS for SMEs).

In the Philippines, listed companies, large unlisted companies, financial institutions, and public utilities are all required to use full PFRSs, which are nearly identical to full IFRSs. The PFRS for SMEs must be used by any other entity that has total assets of between P3,000,000 and P350,000,000 (US$70,000 to $8,000,000) or total liabilities of between P3 million and P250 million (US$70,000 to $5,500,000). Entities below those thresholds (so-called 'micro entities') may use the PFRS for SMEs or 'another acceptable basis of accounting'. PFRSs are developed by the Philippine Financial Reporting Standards Council and approved and issued by the Securities and Exchange Commission (P-SEC). Click for:

 

Agenda for 8 April 2010 Special IASB meeting

01 Apr 2010

The IASB will hold a special meeting at its offices in London on Thursday 8 April 2010. Portions of the meeting are joint with FASB.

You can access the agenda on our 8 April 2010 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.

Deloitte Canada IFRS transition newsletters

01 Apr 2010

Deloitte Canada has published the March 2010 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events.

Articles in this issue include:
  • Assessing and Building IFRS Financial Literacy Across the Organization
  • The Real Deal – the focus this month is on Provisions, Contingent Liabilities and Contingent Assets
  • An update on International standard setting activities
Click below for: Related items:

 

Argentina proposes to adopt IFRS for SMEs

01 Apr 2010

As previously reported on IAS Plus, Argentina will require all companies that publicly offer equity or debt securities to switch to IFRSs starting in 2012, with an option to use IFRSs in 2011 or, in some cases, 2010.

On 19 March 2010, the Federación Argentina de Consejos Profesionales de Ciencias Económicas (the national professional accounting body in Argentina) issued an exposure draft proposing to adopt the IFRS for SMEs as an option for all entities not required to use full IFRSs.

The exposure draft proposes that those private entities should also be permitted to use accounting standards that the Federation has issued or may issue in the future. Click for Technical Resolution No. 29 (PDF 32k, Spanish). The IASB has published a Spanish translation of the IFRS for SMEs (NIIF para las PYMES), available for free download here.

G20 leaders urge 'international standards'

01 Apr 2010

The leaders of Canada, France, Korea, United Kingdom, and United States have sent a Joint Letter to the other leaders of the G20 countries highlighting the need for continued cooperation on the regulatory reform agenda to strengthen the international financial system that they agreed to at their summit meeting in Pittsburgh in September 2009.

The Statement (PDF 102k) that was issued following the Pittsburgh summit set out, as one of many goals, complete convergence of accounting standards across the G20 member nations by June 2011. In their new letter, the five leaders reiterate their call for adoption of international standards and for peer reviews to evaluate compliance.
An excerpt:

Collectively we have been making steady progress toward stabilizing and strengthening the global financial system by fortifying prudential oversight, improving risk management, promoting transparency, and reinforcing international cooperation. While confidence in the financial system has improved, more work is required to restore the soundness of some global banks' balance sheets, to avoid leaving the global financial system vulnerable and restricting its ability to provide the credit needed to fuel sustainable economic growth....

There can be no let up in our commitment to... implementing international standards and agreeing to undergo periodic peer reviews to evaluate our adherence to these standards.

Click for:

 

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