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January

Two Deloitte IFRS newsletters in Chinese

28 Jan 2010

Deloitte China has published the Chinese translations of two IAS Plus Update newsletters.

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Deloitte IFRS newsletter in Spanish

27 Jan 2010

Deloitte (Colombia) has published a Spanish translation of the IAS Plus Update newsletter on the IASB's proposed amendments to IAS 37.

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We have many resources in Spanish here.

 

Model IFRS financial statements for 2009 in Danish

26 Jan 2010

Deloitte (Denmark) has published IFRS Eksempelregnskab 2009 – Model IFRS Financial Statements for 2009 in the Danish language.

Each item in the financial statements is cross-referenced to the relevant source in IFRSs. There are permanent links on our Model Financial Statements Page and on our Denmark Page.
Click for: IFRS Eksempelregnskab 2009 (PDF 1,769k, 175 pages)

 

Two IASB-FASB advisory bodies to meet 12 Feb

25 Jan 2010

A meeting of the IASB/FASB Joint International Group (JIG) on Financial Statement Presentation and Financial Institutions Advisory Group (FIAG) will be held on Friday 12 February 2010 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 Boards formed the FIAG in 2006 to assist them in addressing presentation issues from the perspective of those who analyse and prepare financial institution financial statements.

 

Two special IASB-FASB joint meetings in February

24 Jan 2010

In addition to the IASB's regular monthly meeting on 15-19 February 2010, the IASB will hold two special joint meetings with FASB at the IASB's offices in London on 2 and 10 February 2010.

The agendas for the meetings are as follows:

Agendas of special joint IASB-FASB meetings 2 and 10 February 2010, London

Tuesday 2 February 2010 from 12:00pm - 15:30pm (GMT)

 

Wednesday 10 February 2010 from 12:00pm - 14:00pm (GMT)

 

Model IFRS financial statements including IFRS 9

23 Jan 2010

Deloitte's IFRS Global Office has published a version of our illustrative IFRS financial statements for 2009 that illustrate early adoption of IFRS 9 'Financial Instruments', which was issued in November 2009. IFRS 9 is effective 1 January 2013, but early adoption is permitted starting in 2009.

We urge UK ASB to adopt quickly the IFRS for SMEs

22 Jan 2010

Deloitte UK has asked the UK Accounting Standards Board (ASB) to make the IFRS for SMEs available quickly to preparers to adopt on a voluntary basis as an alternative to current UK GAAP.

Deloitte's letter was sent in response to the ASB's Consultation Paper on the Future of UK GAAP, which proposes to replace UK GAAP with the IFRS for SMEs starting in 2013. Our view is that it should be available as an option sooner. Our letter said that UK GAAP has become unwieldy and confusing and there has been uncertainty over its future for too long.

The Deloitte submission to the ASB may be downloaded:

  • From the ASB Website (http://www.frc.org.uk/Our-Work/Publications/ASB/Consultation-Paper-Policy-Proposal-The-Future-of-U/UK-GAAP-August-2009.aspx) or
  • Here on IAS Plus (PDF 3,844k).

The closing date for responses to the ASB is 1 February 2010.

 

Do banks need special accounting standards?

22 Jan 2010

In a speech to the Institute of Chartered Accountants in England and Wales, Adair Turner, Chairman of the UK Financial Services Authority discussed the question: Banks are different: should accounting reflect that fact?

Mr Turner set out the issue as follows:

Whether that should be the case is now subject to intense debate, with two very different points of view.
  • And there is a demand that bank accounting standards must reflect the concerns of prudential regulators. There is a belief that banks are different, and that accounting standards need to recognise this.
  • Among many securities analysts and investors, however, and among some accounting standards setters, there is a belief that accounts are for investors and not for regulators, that they must tell the 'truth' as it exists at one particular point in time, and that any influence of prudential regulators on bank accounting standards could be a Trojan horse for a wider politicisation.
This tension exists even within the regulatory community. Around the table of the international Financial Stability Board, the prudential regulators and central banks are the most convinced that banks are different and that the accounting standards setters must listen to us. The pure securities regulators, conversely, tend to be more sympathetic to the 'accounts are for investors' philosophy. And indeed the tension exists within the accounting standards-setting bodies, complicating any progress towards the convergence of international accounting standards. The International Accounting Standards Board (IASB), under David Tweedie's leadership, has been sympathetic to the idea that it must be involved in close dialogue with the prudential regulators. The Financial Accounting Standards Board (FASB) has been more wedded to the 'accounts are for investors only' philosophy, and to the philosophy that banks, in their accounting, should be treated no differently from anybody else.
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Model IFRS financial statements for 2009 in German

22 Jan 2010

Deloitte (Germany) has published IFRS Musterkonzernabschluss Dezember 2009 — Model IFRS Financial Statements for 2009 in the German language.

Each item in the financial statements is cross-referenced to the relevant source in IFRSs. There are permanent links on our member firm publication page for Germany.

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Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.