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

 

The VRG met on 12 April 2010 and discussed the four issues listed below. Deloitte (United States) has published the 19 April 2010 edition of the Heads Up (PDF 114k) explaining the four issues:

• VRG Issue No. 2010-01: FASB's and IASB's Joint Project on Fair Value Measurement and Disclosure
• VRG Issue No. 2010-02: Fair Value Measurement of Leased Investment Properties
• VRG Issue No. 2010-03: Measurement of Reacquired Rights in a Business Combination
• VRG Issue No. 2010-04: Fair Value Measurement of Accounts Receivable, Accounts Payable, and Other Accrued Liabilities

 

The proposal addresses requirements for auditors to communicate with audit committees of public company boards of directors. Deloitte (United States) has published an issue of the Heads Up newsletter PCAOB Issues Proposed Auditing Standard on Communications With Audit Committees (PDF 97k). The PCAOB has asked for comments on the proposal by 28 May 2010.

 

MASB's objectives in adopting the IFRS for SMEs are:

• provide improved comparability for users of accounts
• enhance the overall confidence in the accounts of SMEs
• reduce the significant costs involved of maintaining standards on a national basis
• provide a platform for growing businesses that are preparing to enter public capital markets, where application of full Malaysian FRSs (soon to be fully converged with IFRSs) is required

Click here to Download Exposure Draft 72 and the related comment questionnaire from MASB's website. Comment deadline is 30 September 2010.

 

This approach would, if finalised, significantly affect the manner in which entities determine whether to classify many financial instruments as liabilities or equity and account for exercises of options and conversions of debt into equity instruments. Click to download Heads Up Newsletter (PDF 127k).

 

These financial statements are a translation of the English language version. Click to download Minta pénzügyi kimutatások 2009 (PDF 1,221k). There are permanent links to all of our model IFRS financial statements Here.

 

We post these regularly on our IAS Plus Insurance Project Page. Deloitte (Germany) is translating selected insurance newsletters into German. The latest is:

• (PDF 371k)Translation of UK Issue 12: (PDF 130k)

All of the earlier insurance newsletters available in German are on our Germany Country Page.

For the last six years Mr Pacter has served as Director of Small and Medium sized Entities (SMEs) for the IASB. He has also been webmaster of IAS Plus since its inception in December 2000. Mr Pacter has expressed his desire to limit his IASB term to two years, rather than the customary five year term that he was offered by the Trustees, and will therefore serve full-time from 1 July 2010 to 30 June 2012. As an IASB member, he will continue to chair the new SME Implementation Group on behalf of the IASB.

Click for Press Release (PDF 152k).

 

In November 2009, the two Boards issued a Joint Statement reaffirming their commitment to improve IFRSs and US GAAP and to bring about their convergence. As part of that commitment, the Boards committed to monthly joint meetings and agreed to publish quarterly updates on progress toward convergence. Click to Download the Latest Quarterly Progress Report (PDF 69k).