May

Upcoming Oil & Gas IFRS training workshop

13 May 2010

Deloitte (United States) will present a two-day training workshop titled Oil & Gas IFRS in Houston on 16-17 June 2010. This educational program, which is open to the public, will explore the potential implications of IFRSs for the oil and gas industry, including the IASB's recent Discussion Paper Extractive Activities.

The keynote speaker will be Glenn Brady, the IASB's project manager on its extractive activities project. Details:
  • Date/Time: Wednesday and Thursday 16-17 June 2010, 8:30am to 5:30pm daily
  • Location: Omni Houston Hotel, Four Riverway, Houston, Texas 77056 USA, phone +1 713 871 8181
  • Fees: US$1,500 per person
  • Registration Information: Click Here

Navigating IFRS – two-day executive training programme

12 May 2010

Deloitte (United States) will conduct two-day executive training programmes covering key IFRS accounting principles and practical considerations related to IFRS implementation.

Deloitte IFRS leaders will deliver course sessions that address important technical accounting changes, tax considerations, technology, and systems questions. Dates and locations are:
  • Chicago: 22-23 June 2010, at Deloitte, 111 S. Wacker Drive
  • Houston: 15-16 September 2010, at Deloitte, 1111 Bagby Street
Click for Brochure with Detailed Programme and Registration Information (PDF 303k).

 

Europe is 'getting impatient' on convergence

12 May 2010

In his first speech outside of Europe since taking office as European Commissioner for Internal Market and Service, Michel Barnier spoke yesterday in Washington about the United States and Europe jointly building a new financial framework.

He said that Europe is getting impatient regarding convergence of IFRSs and US GAAP:

And let me also briefly mention the issue of accounting standards. I appreciate that the US authorities have made progress towards convergence. But in the EU, we are getting impatient. Going forward, it is crucial that we converge further.

Click for Mr Barnier's Remarks (PDF 152k). IAS Plus has comprehensive recent and historical news about IFRSs in the European Union Here.

Deadline reminder – ED on liability measurement

11 May 2010

We remind you that comments are due on 19 May 2010 on Exposure Draft: Measurement of Liabilities in IAS 37.

The ED was issued on 5 January 2010. IAS 37 currently requires an entity to record an obligation as a liability only if it is probable (likelihood greater than 50%) that the obligation will result in an outflow of cash or other resources from the entity. The ED proposes to drop the 'probability of outflows' criterion. Instead, an entity would account for uncertainty about the amount and timing of outflows by using a measurement that reflects their expected value, namely the probability-weighted average of the outflows for the range of possible outcomes. Therefore, liabilities within the scope of IAS 37 would be measured at the amount that the entity would rationally pay at the measurement date to be relieved of the liability. Normally, this amount would be an estimate of the present value of the resources required to fulfil the liability, which would take into account the expected outflows of resources, the time value of money, and the risk that the actual outflows might ultimately differ from the expected outflows.
Click for Exposure Draft: Measurement of Liabilities in IAS 37

 

Exposure Draft on measurement of financial liabilities

11 May 2010

The IASB has published for public comment an exposure draft (ED) proposing to amend the way the fair value option in IAS 39 Financial Instruments: Recognition and Measurement is applied with respect to financial liabilities.

Many investors and others have said that volatility in profit or loss resulting from changes in an entity's own credit risk is counter-intuitive and does not provide useful information – except for value changes relating to derivatives and liabilities held for trading (such as short sales). The IASB is proposing, therefore, that all gains and losses resulting from changes in 'own credit' for those financial liabilities that an entity chooses to measure at fair value should be recognised as a component of 'other comprehensive income' (OCI), not in profit or loss. Such gains or losses would be presented using a 'two-step approach':
  • As a first step, an entity would present the full change in fair value in profit or loss.
  • In the second step, the portion relating to changes in an entity's own credit risk would be presented as an offsetting entry in profit or loss and presented in OCI.

The ED does not propose any other changes for financial liabilities. Consequently, the proposals will affect only those entities that elect to apply the fair value option to their financial liabilities. Importantly, those who prefer to bifurcate financial liabilities when relevant may continue to do so. That is consistent with the widespread view that the existing requirements for financial liabilities work well, other than the 'own credit' issue that these proposals cover.

The proposals in the ED are presented as a self-contained issue for public comment. However, any finalised requirements would be included in IFRS 9 Financial Instruments in the chapter on classification and measurement of financial liabilities. Also, any guidance in IAS 39 or IFRS 7 Financial Instruments: Disclosures that is still relevant to the finalised requirements would be moved to IFRS 9 as well.

Comment deadline on ED/2010/4 Fair Value Option for Financial Liabilities is 16 July 2010. Click for IASB Press Release (PDF 100k). Link to IAS Plus Project Page.

Agenda for May 2010 IASB meeting

09 May 2010

The IASB will hold its monthly meeting for May 2010 at its offices in London on Monday to Thursday 17-20 May 2010 (no meeting on Friday 21 May).

Portions of the meeting are joint meetings with FASB. The meeting will be open to public observation and will be webcast. Presented below is the agenda for the meeting.

IASB Board Meeting Agenda17-20 May 2010, London

Monday 17 May 2010

IASB-FASB Joint Meeting (13:00-18:45pm London Time)

Tuesday 18 May 2010

IASB-FASB Joint Meeting (08:30-18:15pm London Time)

Wednesday 19 May 2010

IASB-FASB Joint Meeting (08:00-13:30pm London Time)

IASB Meeting (14:00-17:30pm London Time)

Thursday 20 May 2010

IASB Meeting (09:30-14:45pm London Time)

Notes from the May 2010 IFRIC meeting

08 May 2010

The IFRS Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday and Friday, 6 and 7 May 2010. We have published preliminary and unofficial notes taken by Deloitte observers at the meeting.

Click through for direct access to the notes:

Thursday 6 May 2010 (10:15-18:15)

Introduction

Active Committee projects

Review of Tentative Agenda Decisions published in March IFRIC Update

Items for continuing consideration

New items for initial consideration

Friday 7 May 2010 (09:00-12:30)

New items for initial consideration (continued from previous day)

Administrative session

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

Impact of Brazil's move to IFRSs on US companies

08 May 2010

Starting in 2010, the securities and banking regulators in Brazil are requiring all listed companies and all banks (listed and unlisted) to adopt IFRSs for their consolidated financial statements.

That change to the existing statutory reporting environment will affect Brazilian subsidiaries of US companies. In most cases, comparative data are required for 2009. To help our clients understand and plan for the challenges, costs, tax impacts, and long-term benefits of the change, Deloitte has published a briefing document titled IFRS: Changes in the Brazil Statutory Reporting Environment (PDF 352k). This briefing document summarises key issues related to the move to IFRSs in Brazil, including:
  • Overview of the changes to the existing Brazilian statutory environment
  • Impact on Brazilian subsidiaries of US companies
  • Timeline considerations for this change
  • Steps that US companies should take in light of these developments

Insurance accounting newsletter in German

07 May 2010

Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters.

We post these regularly on our IAS Plus Insurance Project Page.
Deloitte (Germany) is translating selected insurance newsletters into German. The latest is:
All of the earlier insurance newsletters available in German are on our Germany Country Page.

 

Model IFRS financial statements for 2009 in Russian

07 May 2010

Deloitte (Russia) has published International Financial Reporting Standard – Model financial statements for 2009 in the Russian language.

These financial statements are a translation of the English language version.
Click to download the Russian translation.
We have more information on financial reporting in Russia Here. Our model financial statements page is Here.

 

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.