January

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IFRS for SMEs training materials published

19 Jan 2010

The International Accounting Standards Committee Foundation has published the first 12 modules of its comprehensive set of training materials for the IFRS for SMEs.

There will be one training module for each of the 35 sections in the IFRS for SMEs, and the remaining 23 modules are planned for release in the next few months. Each module is one PDF file and can be downloaded without charge from the IASCF Website.

Each module includes the following:

  • Introduction — an overview of the module, including:
    • Learning objectives — a description of the capabilities and competencies that the learner should attain by successfully completing the module.
    • The IFRS for SMEs and the material that accompanies, but does not form part of, the IFRS.
    • An overview of the requirements of the section ie a brief technical summary.
  • Requirements — the full text of the section of the IFRS for SMEs with added notes and worked examples. The notes and examples are designed to clarify and illustrate the requirements.
  • Significant estimates and other judgements — a discussion of significant estimates and other judgements in accounting for transactions and events in accordance with that section of the IFRS for SMEs.
  • Comparison with full IFRSs — a summary of the main differences between this section of the IFRS for SMEs and the corresponding full IFRS.
  • Test your knowledge — a collection of multiple-choice questions (with answers) designed to test the learner's knowledge of the requirements of this section of the IFRS for SMEs.
  • Apply your knowledge — a collection of case studies (with solutions) designed to develop the learner's ability to account for transactions and events in accordance with this section of the IFRS for SMEs.
Click here to go to the IASCF Web Page to Download the Training Materials. Available modules cover Sections 1, 3, 4, 5, 8, 10, 13, 16, 17, 24, 25, and 32 of the IFRS for SMEs. Click here for Press Release (PDF 103k).

 

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Notes from January 2010 IASB meeting day 1

19 Jan 2010

The IASB is holding its January 2010 monthly Board meeting at its offices in London on Monday to Thursday, 18-21 January 2010. The sessions on Monday, Tuesday, and Wednesday morning are joint with the FASB.

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the first day of the meeting.

 

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Ten millionth visitor to IAS Plus

19 Jan 2010

Some time this evening we recorded our ten millionth visitor to IAS Plus since we started in December 2000. We thank you all for visiting.

 

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UK audit firm governance code

18 Jan 2010

An independent working group established jointly by the United Kingdom Financial Reporting Council and the Institute of Chartered Accountants in England and Wales has adopted a code of governance for the eight largest auditing firms in the UK.

Together, the eight firms audit 95% of the companies listed on the main board of the London Stock Exchange. The Audit Firm Governance Code is similar to governance codes that have been adopted by listed companies. Among other things, the code will require the eight audit firms to appoint independent, non-executive directors. The code takes effect in June 2010.
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SEC guidance on non-GAAP financial measures

17 Jan 2010

The staff of the US Securities and Exchange Commission has issued Compliance and Disclosure Interpretations (C&DIs) on disclosure of non-GAAP financial measures.

Among other things, the new guidance clarifies that the SEC does not discourage registrants from disclosing non-GAAP financial measures in filings with the SEC. For example, one of the new Q&A clarifies that there is no prohibition against disclosing a non-GAAP financial measure that is not used by management in managing its business. Click for SEC Guidance on Non-GAAP Financial Measures (PDF 48k). Deloitte United States has published a Heads Up Newsletter (PDF 100k) explaining the SEC's new guidance.

 

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New standard on engagement quality review

16 Jan 2010

The US Securities and Exchange Commission approved Auditing Standard No 7 Engagement Quality Review (EQR) issued by the Public Company Accounting Oversight Board.

The standard is effective for engagement quality reviews of audits and interim reviews for fiscal years that began on or after 15 December 2009. Accordingly, for interim reviews of public companies that file financial reports on a calendar-year basis, the EQR standard is applicable beginning with the quarter ending 31 March 2010.
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IFAC 2009 Global Leadership Survey

16 Jan 2010

Over 100 presidents and CEOs of IFAC member bodies responded to IFAC's Third Annual Global Leadership Survey.

Key findings cover a wide-range of topics, including the need to support small and midsize businesses in the current environment and the increasing importance of adoption of international standards. Here is an excerpt regarding international standards:
Confidence in international standards. Respondents believe that it is very important for IFAC to assist investors and other consumers of financial information in better understanding the standards and practices used by the profession. This includes, in particular, building confidence in international standards and developing and promoting adoption of high-quality international standards in auditing and assurance, public sector accounting, ethics, and accounting education. More than half had confidence that international standards would increase in importance over the next three years – and a similar number believe that the auditing and financial reporting standards published by IFAC (International Standards on Auditing (ISAs) and the International Public Sector Accounting Standards (IPSASs)), along with the International Financial Reporting Standards (IFRS) and IFRS for SMEs, will gain importance.

[On 22 January 2010, IFAC temporarily withdrew this report "to incorporate additional responses and update the list of respondents. The report will be re-issued within the next few weeks."]

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Comparison of Malaysian FRSs and IFRSs

15 Jan 2010

Deloitte KassimChan (Malaysia) has published Malaysian FRSs and IFRSs: A Comparison.

This publication is a reference guide to FRSs issued by the Malaysian Accounting Standards Board (which are applicable to entities other than private entities) and IFRSs as of 15 November 2009.
Click for:
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IFRS compliance questionnaire for 2009 in Spanish

15 Jan 2010

Deloitte (Colombia) has published 'Cuestionario de Cumplimiento IFRS 2009' – the Spanish translation of our 'IFRS compliance questionnaire for 2009'.

This 384-page questionnaire summarises the recognition and measurement requirements in IFRSs issued on or before 30 June 2009. It may be used to assist in considering compliance with those pronouncements. It is not a substitute for your understanding of such pronouncements and the exercise of your judgement. The items in this questionnaire are referenced to the applicable sections of the IFRSs. Click to download:

Click here for links to download the English version. Our page of IFRS resources in Spanish is here.

 

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Fair values in emerging and transition economies

15 Jan 2010

The IASB staff team working on Fair Value Measurement is seeking input from practitioners in emerging and transition economies to help them identify any issues that might require additional clarification in the final IFRS on fair value measurements.

The staff would like, in particular, 'examples or case studies of transactions or situations specific to your jurisdiction that would make the fair value measurement guidance as proposed in the exposure draft impractical'. The Board will review the input and consider:
  • amending the proposals in the exposure draft for the final IFRS if they are found to be inadequate in some situations, or
  • publishing educational material to address the practical application of the fair value measurement principles, or
  • a combination of both
Examples should be sent to fvm@iasb.org by 31 January 2010.

Click for our Fair Value Measurement page.

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