February

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Agenda for JIG-FIAG meeting

06 Feb 2010

The IASB/FASB Joint International Group (JIG) on Financial Statement Presentation and the Financial Institutions Advisory Group (FIAG) will meet on Friday 12 February 2010 from 8:00am to 3:00pm EST (New York time) at the offices of the Financial Accounting Standards Board in Norwalk, CT USA.

The JIG consists of senior professionals with extensive experience in and responsibility for the preparation, analysis, audit, and regulation of financial statements. The FIAG advises on presentation issues from the perspective of those who analyse and prepare financial institution financial statements. Presented below is the agenda for the meeting.

Agenda for the Joint JIG-FIAG Meeting
12 February 2010, Norwalk, CT USA
  • Welcome, Introductions
  • Classification, Cohesiveness, Definitions
  • Disaggregation principle (nature, function, Statement of Financial Position)
  • Direct method: Statement of Cash Flows
  • Analysis of changes in Statement of Financial Position line items
  • Remeasurements
  • Transitional provisions
  • Package of decisions and illustration
  • Post Exposure Draft: outreach, field test, next steps
Agenda papers are available Here.

 

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Heads Up on climate change disclosures

06 Feb 2010

Deloitte United States has published an issue of the Heads Up newsletter SEC Issues Interpretive Guidance on Disclosures Related to Climate Change discussing the SEC's recent interpretive release outlining its views on applying existing disclosure rules to climate-change matters.

In addition to summarising the disclosure rules and regulations, the release discusses considerations for registrants that are determining whether climate change and its related consequences have triggered a disclosure requirement. Here are:

 

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Updated EFRAG 'endorsement status report'

05 Feb 2010

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 4 February 2010 (PDF 119k). Eight IASB pronouncements await EC endorsement. You can always find the endorsement status report Here.

 

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IFRS Insights newsletter

05 Feb 2010

We have posted the IFRS Insights Newsletter for January-February 2010 from Deloitte & Touche LLP (United States).

IFRS Insights provides news on the latest developments on IFRSs, practical suggestions for companies addressing IFRSs, updates on the regulatory environment, and references to relevant tools and resources. This issue includes:
  • Updates on SEC activity and FASB/IASB convergence efforts
  • Share-based Payments: Accounting differences between US GAAP and IFRSs
  • Technical Corner: IFRS 9 Financial Instruments
  • IFRS Survey: A look at the numbers
Click to view:

 

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Two IASB Board Members are appointed

04 Feb 2010

The Trustees of the IASC Foundation have appointed two financial executives to the IASB:

  • Elke Koenig – former member of the executive board and chief financial officer (CFO) of Hannover Re Group (Germany). Dr Koenig has served as a senior financial executive in the insurance industry. From 2002 to 2009 she served as CFO of Hannover Re Group, a leading international reinsurance group. Previously she spent twelve years as a member of the senior management of Munich Re, with specific responsibility for the group's accounting and controlling activities. She is currently serving in non-executive capacities as chairperson of Hannover Finanz GmbH and as a member of the supervisory board of Deutsche Hypothekenbank Actiengesellschaft. Dr Koenig has been a member of the CFO Forum of European insurers, where she has been actively engaged in the IASB's project on insurance contracts.
  • Darrel Scott – CFO of the FirstRand Banking Group (South Africa). Mr Scott is CFO of the FirstRand Banking Group, one of the largest financial institutions in South Africa. He has responsibility for both statutory and regulatory financial reporting under the Basel II Accords. He serves on various governance, risk, operations and strategic committees of the Group. Mr Scott is also a member of the IASB's International Financial Reporting Interpretations Committee (IFRIC), a position from which he will resign to become an IASB member, and was formerly a member of the IASC Foundation's Standards Advisory Council (SAC).
Dr Koenig and Mr Scott will begin their five-year terms as full-time members of the IASB in July and October 2010 respectively. The appointments fill vacancies that will be created by the retirement of Robert Garnett and Gilbert Gelard on 30 June 2010. A search is ongoing for a replacement for Jim Leisenring, who also retires at the end of June 2010. Click for Press Release (PDF 28k).

 

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Research paper on definition of an asset

04 Feb 2010

The European Financial Reporting Advisory Group (EFRAG) and the Autorité des Normes Comptables (ANC, French accounting standard setter) have jointly published a staff research paper on the proposed new definition of an asset tentatively adopted by the IASB and FASB.

The paper – Pro-active Paper on the Definition of an Asset (PDF 336k) – is intended to serve as input to the IASB in its deliberation on the development of the Conceptual Framework Phase B.

Current definition of an asset in the IASB Framework: An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Proposed new definition: An asset of an entity is a present economic resource to which the entity has a right or other access that others do not have.
The paper tests a dozen arrangements against the two definitions: cash on hand, an account receivable, an assembled workforce, goodwill, a lottery ticket, an offer of future discounts to potential customers, know-how/knowledge acquired as a result of research expenditures, an improved position in the market/new customer relationship resulting from marketing efforts, contracts, a licence to operate in a restricted market, a deferred tax item for an unused tax loss, and a planned transaction. While the first six arrangements were also tested by the IASB/FASB staff, the last six arrangements were solely chosen and analysed by the EFRAG/ANC project staff.

 

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PCAOB progress in international audit firm inspections

04 Feb 2010

The US Public Company Accounting Oversight Board has released information about the status of inspections of registered non-US accounting firms.

(As of 20 Jan 2010 there were 926 non-US audit firms registered with the PCAOB.) The PCAOB said it conducted inspections of one or more registered firms in 33 jurisdictions as of December 2009. At the same time, the PCAOB noted that in 2009 it was denied access to information necessary to conduct inspections in China, Finland, France, Germany, Greece, Ireland, the Netherlands, Norway, Portugal, Sweden, Switzerland and the United Kingdom. Discussions are continuing with the relevant authorities in those jurisdictions in an effort to resolve their objections to PCAOB inspections. The PCAOB has announced the 28 jurisdictions in which the PCAOB plans to conduct inspections in 2010, including all of those in which access was denied in 2009. Click for PCAOB Announcement (PDF 40k) with active hyperlinks to additional information.

 

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Upcoming meetings

03 Feb 2010

The IASB has scheduled a large number of meetings over the next two months, including several special joint IASB-FASB Board meetings aimed at progressing agenda projects planned for completion by mid-2011. IAS Plus visitors might find a combined list helpful (below).

All are open to public observation. Board and IFRIC meetings are webcast. Details, including agenda, of the meetings may be found (in due course) on the IASB's Website (click on 'meetings diary').

IASB-FASB Special Joint Board Meeting

  • Date: Wednesday 10 February 2010 (Noon to 14:00pm GMT)
  • Location: IASB Boardroom, London
Meeting of the IASB/FASB Joint International Group on Financial Statement Presentation and Financial Institutions Advisory Group
  • Date: Friday 12 February 2010
  • Location: The Financial Accounting Standards Board, Norwalk , CT USA
IASB Regular Monthly Board Meeting - February 2010
  • Date: Monday-Friday 15-19 February 2010 (16-18 February will be joint with FASB)
  • Location: IASB Boardroom, London
Standards Advisory Council Meeting
  • Date: Monday-Tuesday 22-23 February 2010
  • Location: Renaissance Chancery Court Hotel, London
Meeting of IASB representatives with the Analyst Representative Group
  • Date: Wednesday 24 February 2010
  • Location: IASB Boardroom, London
Expert Advisory Panel on Impairment of Financial Assets)
  • Date: Thursday-Friday 25-26 February 2010
  • Location: IASB Board Room, London
IASB-FASB Special Joint Board Meeting
  • Date: Tuesday-Wednesday 2-3 March 2010
  • Location: IASB Boardroom, London
International Financial Reporting Interpretations Committee Meeting
  • Date: Thursday-Friday 4-5 March 2010
  • Location: IASB Boardroom, London
IASB-FASB Special Joint Board Meeting
  • Date: Thursday 11 March 2010
  • Location: IASB Boardroom, London
IASB Regular Monthly Board Meeting - March 2010
  • Date: Monday-Friday 15-19 March 2010 (15-17 March will be joint with FASB)
  • Location: IASB Boardroom, London
IASB-FASB Joint Board Meeting
  • Date: Monday-Wednesday 22-24 March 2010
  • Location: IASB Boardroom, London

 

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Accounting Roundup – January 2010

03 Feb 2010

We have posted the January 2010 Edition of Accounting Roundup published by Deloitte & Touche LLP (United States).

The newsletter is now organised by topic rather than by standard-setter. Topics covered in this issue include:

Business Combinations

  • FASB Issues ASU on Not-for-Profit Mergers and Acquisitions
Consolidation
  • FASB Votes to Finalize Deferral of Statement 167 for Certain Investment Funds
  • FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10
  • FASB Issues ASU on Variable Interest Entities
Contingencies
  • IASB Reexposes Proposals for the Measurement of Liabilities in IAS 37
Earnings per Share
  • FASB Issues Guidance on Accounting for Distributions to Shareholders With Components of Stock and Cash
Fair Value Measurements and Disclosures
  • FASB Issues ASU on Improving Disclosures About Fair Value Measurements
  • AICPA Publishes Draft Issues Paper on Fair Value Measurements and Disclosures About Certain Issues Pertaining to Not-for-Profit Entities
Financial Instruments
  • FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income
Income Taxes
  • French Business Tax Law Change
Stock Compensation
  • FASB Issues ASU on Escrowed Share Arrangements and the Presumption of Compensation
Transfers and Servicing
  • FASB Issues ASU on Accounting for Transfers of Financial Assets
Industry Accounting
  • FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements
Other Accounting
  • Financial Reporting Considerations Related to Venezuela's Currency Exchange Controls and Highly Inflationary Status
  • FASB Proposes Amendments to Subsequent-Events Disclosure Requirements
  • FASB Publishes Revised Notice to Constituents About the Codification
  • FASB Issues Technical Corrections to SEC Content
  • AICPA Issues Technical Practice Aids
SEC Matters
  • SEC Approves Interpretive Guidance on 'Climate-Change' Disclosures
  • SEC Approves PCAOB Auditing Standard 7
  • SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures
  • SEC Issues Final Say-on-Pay Rules for TARP Companies
  • SEC Issues Compliance and Disclosure Interpretations on Proxy Disclosure Enhancements
Other Auditing
  • PCAOB Issues Staff Guidance
  • ASB Proposes Various Statements on Auditing Standards
  • AICPA Issues Guidance on Compilation and Review Engagements
  • AICPA's GAQC Issues Statement on Compliance Audits
GASB Matters
  • GASB Issues Final Statement on OPEB Measurements
  • GASB Issues Final Statement on Chapter 9 Bankruptcies
Other International
  • FCAG Issues Letter to G-20 on IASB and FASB Progress
  • IASB Issues Limited Exemption Amendment to IFRS 1
Click to view Accounting Roundup — January 2010. You will find past issues of Accounting Roundup Here.

 

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Notes from Special 2 Feb 2010 IASB meeting

03 Feb 2010

The IASB and FASB held a special Joint Board meeting at the IASB's offices in London on Tuesday 2 February 2010. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

The IASB and FASB held a special Joint Board meeting at the IASB's offices in London on Tuesday 2 February 2010. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

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