March

Updated EFRAG 'endorsement status report'

09 Mar 2010

At its meeting on 4 March 2010 the European Commission's Accounting Regulatory Committee (ARC) voted to recommend endorsement of four IFRSs: the revised IAS 24, amendments to IFRIC 14 on prepayments of a minimum funding requirement, IFRIC 19, and the amendment to IFRS 1 on a limited IFRS 7 disclosure exemption.

Consequently 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 9 March 2010 (PDF 120k). Currently, eight IASB pronouncements await endorsement action. You can always find the endorsement status report Here.

 

Deloitte Canada IFRS update webcast in French

09 Mar 2010

Cette webémission traitera des secteurs importants sur lesquels vous devrez porter votre attention, au fil des quatre volets suivants:

  • Un examen du plan de projet de l'IASB et de l'état d'avancement de projets d'importance et d'intérêt pour les sociétés canadiennes, notamment en ce qui concerne les activités à tarifs réglementés, la consolidation, les instruments financiers, les coentreprises et les provisions, entre autres enjeux
  • Le point sur l'état d'avancement des exposés-sondages des ACVM et sur les commentaires récemment formulés au sujet des informations relatives au passage aux IFRS à communiquer dans le rapport de gestion
  • Un aperçu des sujets débattus par le Groupe de discussions sur les IFRS du CNC
  • Quelques suggestions qui vous permettront de perfectionner les activités de conversion que vous mènerez au cours de 2010
  • Webémission: Mise à jour technique sur les IFRS – T1 2010
  • Date et heure: Le mercredi 7 avril 2010 de 14 h à 15 h 30 (HE)
  • Présentateurs: Robert Lefrançois, Nick Capanna
  • Inscription: Inscrivez-vous

 

Deloitte study of half-yearly reporting in the UK

09 Mar 2010

Deloitte (United Kingdom) has published Measuring by Halves, a survey of half-yearly financial reporting in 2009 by 130 listed companies in the United Kingdom.

The survey focuses on compliance with the requirements of IAS 34 Interim Financial Reporting and with the half-yearly reporting requirements in the Disclosure and Transparency Rules (DTR) contained in the Financial Services Authority Handbook.
Click for:

 

Study of new financial reporting models

08 Mar 2010

The Financial Reporting Faculty of the Institute of Chartered Accountants in England and Wales (ICAEW) has published Developments in New Reporting Models.

This report argues that business reporting has to change to reflect changes in business, in information technology, and in users' needs. This is a perpetual process. Therefore, the debate on the future of business reporting therefore needs to be reframed – not as a stark choice between an old model and a new one – but in terms of the need for continuing evolutionary improvements. Click to download: The report is copyright by ICAEW and is posted on IAS Plus with the kind permission of the ICAEW Financial Reporting Faculty.

 

Agenda for March 2010 IASB meeting

08 Mar 2010

The IASB will hold its March 2010 regular monthly meeting at its offices in London on Monday to Friday, 15 to 19 March 2010. Portions of the meeting are joint meetings with FASB.

You can access the agenda on our March 2010 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.

The Hundred Group and IASB debate IAS 37

08 Mar 2010

On 5 March 2010 Deloitte hosted a live webcast between The Hundred Group of Finance Directors in the United Kingdom and the IASB on the future of accounting for liabilities under IFRSs.

The IASB is in the final stages of a project to revise IAS 37. The original exposure draft (ED) was published for comment in July 2005. In January 2010, the IASB published another ED limited to the proposed revisions on measurement of liabilities, but on 22 February 2010 also put up on its website a 'working draft' of the revised IAS 37 standard in its entirety to enable interested parties to see the revised measurement guidance in the context of the proposed new IFRS. The comment period is until the 12th April. As part of its outreach activities, in this webcast with The Hundred Group, the IASB discusses all aspects of the proposed new IFRS.
The Hundred Group has written to the IASB to request full re-exposure and, failing that, an extension of the comment period on the current proposals since it is nearly five years since the original ED was published. Like many commentators the Hundred Group was critical of both the recognition and the measurement aspects of the proposals. Asking questions on behalf of The Hundred Group was representatives of three companies: Severn Trent, Tate & Lyle, and Tomkins plc. From the IASB, IASB member Bob Garnett responded to the questions and was joined by Joan Brown, the Project Manager for this project. The webcast was hosted by Veronica Poole, Deloitte Global IFRS Leader–Technical and Mark Smith, Vice-Chair of the Financial Reporting Committee of The Hundred Group.
A recording of the webcast is available Here. If you are prompted, the Passcode is 831344.

 

IFRS for SMEs in Lebanon

07 Mar 2010

Unlisted Lebanese companies can use the IFRS for SMEs.

Lebanese Ministerial Order No. 1/6258, dated 21 August 1996 and issued by the Minister of Finance, requires the following types of entities in Lebanon to use International Accounting Standards (now IFRSs):
  • All holding, offshore, limited liability, and joint stock companies, regardless of type, size, and number and turnover of employees;
  • All branches of foreign companies operating in Lebanon; and
  • All sole proprietorships and partnerships whose total number of employees exceeds 25 or that have annual turnover above LBP750 million (US$500,000).
Because the IFRS for SMEs is an IFRS, unlisted companies now have the option of using full IFRSs or the IFRS for SMEs, and many are choosing to follow the IFRS for SMEs. Companies listed on the Beirut Stock Exchange must use full IFRSs.

 

Notes from the March 2010 IFRIC meeting

06 Mar 2010

The International Financial Reporting Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday and Friday, 4 and 5 March 2010.

The preliminary and unofficial notes taken by Deloitte observers at the March 2010 IFRIC meeting are now available.

 

Venezuela has adopted the IFRS for SMEs

05 Mar 2010

The Federación de Colegios de Contadores Públicos de Venezuela (FCCPV, the professional accountancy organisation in Venezuela) has adopted the IFRS for SMEs for all SMEs in Venezuela.

Use of the IFRS for SMEs is voluntary for financial statements for the year ending 31 December 2010, and will become mandatory for the year ending 31 December 2011. Here is the FCCPV Website (in Spanish).

 

IFRS for SMEs in your Pocket — UK version

05 Mar 2010

Deloitte United Kingdom has published the UK edition of IFRS for SMEs in your Pocket.

This 88-page guide to the IFRS for SMEs is similar to Deloitte's very popular IFRSs in your Pocket guide to full IFRSs. This pocket guide is based on an international version* produced by Deloitte's IFRS Global Office. IFRS for SMEs in your Pocket takes each section of the IFRS for SMEs, summarises its requirements, and highlights differences with full IFRS requirements. Additional guidance describing application of the IFRS for SMEs in the UK is added in shaded text. The IFRS for SMEs is particularly relevant in the United Kingdom because the Accounting Standards Board (ASB) has proposed that the IFRS for SMEs should replace UK Financial Reporting Standards. Specifically, the ASB has proposed a three-tier approach to developing UK GAAP converged with IFRSs as follows:
  • Tier 1 – publicly accountable entities would apply IFRSs as adopted by the EU.
  • Tier 2 – all other UK entities, except those that elect to apply the Financial Reporting Standard for Smaller Entities (FRSSE), would apply the IFRS for SMEs.
  • Tier 3 – small entities could choose to continue to apply the FRSSE if they do not exceed two or more of the following criteria: turnover £6,500,000; balance sheet total £3,260,000; and average number of employees 50.
Entities in Tier 2 and Tier 3 would have the option of using EU-adopted IFRSs if they wished, and those in Tier 3 would have the option of using the IFRS for SMEs.

*Not yet available on IAS Plus. We expect to post it shortly.

Click to view IFRS for SMEs in your Pocket (PDF 273k).

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