July

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Agenda project pages updated

24 Jul 2010

We have updated the following pages on IAS Plus to reflect the discussions and decisions at the IASB meeting held July 19-23, 2010:

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Heads Up on FASB ASU on receivables disclosures

23 Jul 2010

Further to our earlier story, Deloitte (United States) has published a new Heads Up newsletter (PDF 132k) discussing the FASB's newly issued Accounting Standards Update (ASU) No. 2010-20, Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses.

The ASU requires more robust and disaggregated disclosures about the credit quality of an entity's financing receivables and its allowance for credit losses.

The objective of enhancing these disclosures is to improve financial statement users' understanding of:

  • the nature of an entity's credit risk associated with its financing receivables; and
  • the entity's assessment of that risk in estimating its allowance for credit losses as well as changes in the allowance and the reasons for those changes.

The disclosure requirements are similar to those required by IFRS 7 Financial Instruments: Disclosures, however the IFRS 7 disclosures are wider in scope. Click for:

Click for earlier story: FASB issues ASU on receivables disclosures, releases webinar on new requirements

 

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Two new publications from Deloitte

23 Jul 2010

We've posted two new Deloitte publications dealing with IFRS issues and developments: IFRIC Review and IFRS Alert.

IFRIC Review

IFRIC Review is a new communication that examines matters discussed at the IASB's IFRS Interpretations Committee (IFRIC).

The July edition (PDF 84k) discusses the IFRIC meeting held on 8-9 July 2010.

All issues of IFRIC Review will be available here.

 

IFRS Alert

IFRS Alert highlights important IFRS accounting developments that may require immediate action. This IFRS Alert (PDF 67k) provides an update on potential accounting implications as a result of recent actions taken by the Venezuelan government regarding foreign currency exchange controls.

All IFRS Alerts will be available here.

You can also access all our Deloitte IFRS publications.

 

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Canadian Securities Administrators publishes review of IFRS transition efforts

23 Jul 2010

The Canadian Securities Administrators (CSA) has published IFRS Transition Disclosure Review, which discusses the quality of issuers' disclosures about their transition to IFRSs.

This review focuses on issuers' disclosures related to its IFRS transition efforts. Click here to view the press release.

You will find more information about financial reporting in Canada on our Canada Page.

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CEBS publishes results of its 2010 EU-wide bank stress tests

23 Jul 2010

The Committee of European Banking Supervisors (CEBS) published the results of its 'stress tests' of 91 European banks.

CEBS has published the following documents on its website:
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Canadian guide to interim financial reporting

23 Jul 2010

Deloitte (Canada) has published IAS 34 – Interim financial reporting: A Canadian perspective, a comprehensive reference source on interim financial reporting for financial statement preparers and users with a working knowledge of Canadian GAAP and securities requirements.

The guide is available in English and French.

The guide includes suggested model interim financial statements for a Canadian issuer in the post-IFRS changeover regime. These are based on the model interim financial statements provided in our global publication but tailored so that they look and feel, to the user, much more like the Canadian interims they have seen in the past without taking away from the mandatory IAS 34 requirements.

Click for:

 

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Notes from day 5 of July 2010 IASB meeting

23 Jul 2010

The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB.

The topics discussed on day 5 were as follows (click through to detailed Deloitte observer notes for that topic): Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.
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FASB issues ASU on receivables disclosures, releases webinar on new requirements

22 Jul 2010

The FASB has issued Accounting Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. Companies will be required to provide more information about the credit quality of their financing receivables in the disclosures to financial statements, such as aging information and credit quality indicators. The FASB has released a webinar on the requirements, which will be available until October 2010.

The effective date differs for public and nonpublic companies:

  • For public companies, the amendments that require disclosures as of the end of a reporting period are effective for periods ending on or after 15 December 2010. The amendments that require disclosures about activity that occurs during a reporting period are effective for periods beginning on or after 15 December 2010.
  • For nonpublic companies, the amendments are effective for annual reporting periods ending on or after 15 December 2011.

On convergence with IFRSs, the ASU notes:

How Do the Provisions Compare with International Financial Reporting Standards (IFRS)?

The disclosures required by the amendments in this Update are similar, but not identical, to those required by IFRS 7 Financial Instruments: Disclosures. However, the scope of IFRS 7 includes all financial instruments, not just financing receivables and the allowance for credit losses. The FASB decided to limit the scope of this Update because it does not want to delay the improved transparency in an entity's financial statements about the allowance for credit losses and the credit quality of financing receivables.

The FASB and the International Accounting Standards Board (IASB) currently have a joint project on accounting for financial instruments, including disclosures.

Click for:

 

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Additional FASB meeting on Thursday July 22

22 Jul 2010

The US FASB will hold an additional Board meeting on 22 July 2010 commencing at 7:00am to discuss the Leases project.

The FASB intends to discuss application guidance on when to apply which accounting model and accounting for sale and leasebacks. This meeting will precede the joint meeting with the IASB later in the day. If necessary, the Board will also discuss minor issues on technical projects, agenda decision announcements, or administrative matters. Click here for the Notice of Meeting (link to FASB website).

 

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Notes from day 3 of July 2010 IASB meeting

22 Jul 2010

The IASB is holding a meeting on 19-23 July 2010 at the IASB's office in London, some of which is a joint meeting with the FASB.

The topics discussed on day 3 were as follows (click through to detailed Deloitte observer notes for that topic): Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the meeting.

 

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