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Notes from Day 3 of November IASB meeting

  • IASB Nov 2010 Image

19 Nov 2010

The International Accounting Standards Board (IASB) is holding its regular November meeting in Norwalk, United States.

Day 3 of the meeting, held on 18 November 2010, was joint meeting with the United States Financial Accounting Standards Board (FASB). We have also posted the notes from the late session of Day 2 of the meeting where the conceptual framework was discussed.

The topics discussed were as follows (click through for Deloitte observer notes on each topic):

  • Conceptual Framework — the Reporting Entity
    • Entity versus proprietary perspective
    • Requirement for combined financial statements
    • Revised project timeline
  • Emission Trading Schemes
    • Recognition of a liability for excess emissions in excess of initial allocation and measurement of liabilities in an emission trading scheme
    • Initial and subsequent measurement of purchased allowances (assets) (cap and trade scheme)
    • Balance sheet presentation of assets and liabilities in a cap and trade scheme
  • Fair Value Measurement
    • Premiums and discounts in a fair value measurement (including blockage factors)
    • Measurement uncertainty analysis disclosure
    • Portfolios of financial instruments
    • Measuring the fair value of own equity

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

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