July

Deloitte comment letter on conceptual framework for financial reporting

16 Jul 2010

Deloitte's IFRS Global Office has submitted a letter of comment to the IASB on Exposure Draft 2010/2 Conceptual Framework for Financial Reporting – The Reporting Entity.

Below is an excerpt from the letter:

We generally agree with the proposals. In particular, we agree with the proposed definition of a reporting entity and with the requirement that a parent should present consolidated financial statements when it controls another entity. However, we do not believe that it is appropriate to define the concept of control as part of this chapter of the Conceptual Framework.

We agree with the conclusion that parent-only financial statements may provide useful information. However, we do not believe that the Conceptual Framework should specify the timing and the manner in which parent-only financial statements should be presented in relation to consolidated financial statements.

All of our past letters of comment to the IASB are Here.
Click for: ED 2010/12 Conceptual Framework for Financial Reporting - The Reporting Entity (IASB website)

 

US reform act introduces new disclosures for payments to governments, puts pressure on IASB on PWYP disclosures

16 Jul 2010

The US Senate has passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act, subject to Presidential approval, introduces a large number of reforms to the US financial system in regulation, investor and consumer protection, corporate governance and reporting.

The Act also introduces new disclosures in relation to extractive activities around amounts paid to governments. The Act requires:
  • Public Disclosure. Requires public disclosure to the United States Securities and Exchange Commission (SEC) of payments made to the US and foreign governments relating to the commercial development of oil, natural gas, and minerals
  • SEC Filing Disclosure. The SEC must require those engaged in the commercial development of oil, natural gas or minerals to include information about payments they or their subsidiaries, partners or affiliates have made to the US or a foreign government for such development in an annual report and post this information online.

These reforms effectively introduce the 'Publish What You Pay' (PWYP) proposals which are currently being considered as part of the IASB's Extractive Activities project. There have already been calls for the IASB to adopt the equivalent requirements in the Discussion Paper as soon as possible. Any response by the IASB would be limited by its due process requirements, including in the first instance a decision by the IASB to take the Extractives Activities project onto its agenda.

This development may make constituent comment on the IASB Discussion Paper more important. IASB DP/2010/1 Extractive Activities is open for comment until 30 July 2010.

Related information: Our Extractives Activities project page

IFRS insurance accounting newsletter

15 Jul 2010

Deloitte (United Kingdom) has published the July 2010 issue of Insurance Accounting Newsletter. This issue is titled Last minute convergence and focuses on the discussions of the three special meetings and the normal Board monthly meeting in June 2010 during which the Boards resolved a number of major longstanding disagreements.

The expected publication date of the Exposure Draft is July 2010 and further public Board meetings are not expected to take place before the Boards vote on the ED. Click to download Issue 16 of the Insurance Accounting Newsletter (PDF 125k). There are permanent links all issues of the newsletter on Here.

 

Proposed international auditing standard on using the work of internal auditors

15 Jul 2010

The International Auditing and Assurance Standards Board (IAASB) has proposed a revised International Standard on Auditing (ISA) that addresses the external auditor's responsibilities relating to using internal auditors' work during an audit.

The proposed standard, ISA 610 Using the Work of Internal Auditors, aims to enhance the external auditor's performance by providing a stronger framework for evaluating and using the work and assistance of an entity's internal auditors. Click here for IAASB Press Release (IFAC website), which includes a link to download the proposal. Comments are due by 15 November 2010.

 

Agenda for July 2010 IASB meeting has been changed

14 Jul 2010

The agenda for the July 2010 IASB meeting has been changed. There have been changes to the agenda and running order on Thursday 22 July 2010 and Friday 23 July 2010. Consolidations will now be an IASB-only meeting.

We have updated our page with the Next Meeting Agenda accordingly.

 

Retired Deloitte Partner to lead FASB, GASB standards review

14 Jul 2010

The Financial Accounting Foundation (FAF) announced that Mark Schroeder, a recently retired senior partner at Deloitte & Touche LLP, has been named post-implementation review leader for standards issued by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

Click here to read the news release (FAF website).

 

Webcasts on IFRS for SMEs

14 Jul 2010

The World Bank has published on their website a two-part webcast presentation by IASB member Paul Pacter entitled An Overview of the IFRS for SMEs.

The presentation is based on the first of the 20 training modules used in the IASB's 'Train the trainer' workshops for the IFRS for Small and Medium-sized Entities (IFRS for SMEs). The first module reviews the requirements in each of the 35 sections of the IFRS for SMEs and highlights differences with full IFRSs. Each part of the webcast is approximately one hour long.Click for:

 

Podcast of July 2010 IFRS Interpretations Committee meeting

14 Jul 2010

The IFRS Foundation has made available a podcast summary of the main topics and project discussed at the July 2010 IFRS Interpretations Committee meeting.

The podcast is available on the IFRS Foundation website.

 

PCAOB Proposes New Auditing Standard on Confirmation

13 Jul 2010

At its meeting on 13 July, the Public Company Accounting Oversight Board approved for public comment a proposed audit standard Confirmation.

If approved, this Standards will supersede the current PCAOB standard, AU sec. 330, The Confirmation Process. Click here to download the exposure draft (PDF 295k). Comments are due 13 September 2010.

 

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.