The purpose of these round-table meetings is to listen to the views of, and obtain information from, interested stakeholders about the IASB/FASB exposure draft on leases.

The dates and locations of the roundtables are as follows (exact times and locations are yet to be announced):

• London - Friday 17 December 2010
• Hong Kong - Monday 20 December 2010
• Chicago, Illinois - Wednesday 5 January 2011
• Norwalk, Connecticut - Thursday 6 January 2011

Those who wish to participate in the round tables must register to do so by 1 November 2010. Click for IASB announcement (link to IASB website) and FASB media release (United States sessions only, link to FASB website).

The IASB is participating in the round-table meetings and has now published a statement that, at this stage, it remains committed to issue the final standard on consolidation at the end of 2010 despite the delay of these meetings. However, it will review its timetable for completion of the final standard on consolidation following the round-table meetings.

The first day will focus on accounting. The speakers will address questions related to governance of the standard setting process in an international context and will launch a debate on the objectives of financial reporting. Issues linked to the use of IFRS as the world-wide accounting standards such as convergence and the practical challenges of consistent application globally will also be discussed.

The second day will be dedicated to the European audit market. Discussions with a wide range of stakeholders will consider the need to further improve the European audit market and explore the best possible ways forward. The conference will offer a first glimpse of the results of the Green paper adopted on 13 October 2010.

More information on the conference is available on the European Commission's website.

The proposed IAPS highlights practical considerations for auditors when dealing with complex financial instruments, giving particular emphasis to auditing considerations relating to valuation and disclosure issues for financial statement items measured at fair value.

Along with the proposed IAPS 1000, the IAASB is also exposing for comment proposed changes to the current Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which explains the authority of this and future IAPSs.

Click here for IAASB Press Release (IFAC website), which includes a link to download the proposal. Comments are due by 11 February 2011.

The survey was based on 2009 annual reports published by 30 companies with a total market capitalisation of 572 billion francs, or 62% of the total market capitalisation of the Swiss stock exchange. In selecting the sample, the aim was to include not only the largest listed companies but also to ensure that entities which were selected varied as much by activity as by geographic location. Ten of the companies selected are included in the SMI index.

The main objectives of the survey were to discover:

• the level of variety in presentation of the primary statements in listed companies' financial statements;
• which critical judgments and key estimations directors consider to be the most significant when preparing their financial statements;
• how compliance with disclosure requirements and the accounting policy choices made under IFRSs varied;
• the impact of changes to accounting standards effective for the first time in 2009; and
• how companies comply with disclosure requirements specific to Swiss listed companies.

Click for:

• IFRS Survey 2010: A closer look at financial reporting in Switzerland (PDF 2,507k)
• Other IFRS-related publications from Deloitte
• Our country page Switzerland

 

Click for Japanese translation of IFRS in Focus newsletter: IASB issues Exposure Draft on First-time Adoption of IFRSs after a period of Severe Hyperinflation (PDF 185k). Here is the English Version (PDF 65k).

We have put permanent links to all Japanese translations of the IFRS in Focus newsletters here. The Japan Center of Excellence IFRS web pages are Here (in Japanese).

The ASU clarifies which costs incurred in the acquisition of new and renewal contracts should be capitalized. Within IFRSs, there is no guidance prohibiting or requiring the deferral of acquisition costs.

The ASU results from the September meeting of FASB's Emerging Issues Task Force. More information about the decisions reached at the EITF meeting can be found in the EITF Snapshot (PDF 129k).

The IASB and U.S. FASB are also currently working on a project on Insurance Contracts. A final IFRS is expected in the second quarter 2011.

A Green Paper has been issued, entitled Audit Policy: Lessons from the Crisis, which seeks to open debate on the role of the auditor, the governance and the independence of audit firms, the supervision of auditors, the configuration of the audit market, the creation of a single market for the provision of audit services, the simplification of rules for Small and Medium Sized Enterprises (SMEs) and Practitioners (SMPs) and the international co-operation for the supervision of global audit networks.

The Green Paper discusses some significant matters, including:

• whether the mandatory rotation of audit firms — not just of audit partners — should be considered
• whether the appointment, remuneration and duration of the engagement would be the responsibility of a third party, perhaps a regulator, rather than the company itself
• whether there is a need for more 'joint audits' or 'audit consortia'
• a genuine single market for the provision of audit services based on enhanced harmonisation of rules and the creation of a "European passport" for auditors which would allow them to provide services on an EU wide basis
• the need for a comprehensive debate on what needs to be done to ensure that both audits of financial statements and auditor reports are "fit for purpose"
• whether efforts should be made to create a specific environment for the audit of SMEs (e.g. "limited audits")
• when and how to introduce the International Standards on Auditing in the European Union.

Comments on the Green Paper close on 8 December 2010. The Commission will host a high level Conference on 10th February 2011, aimed at discussing the present Green Paper and the main findings of this consultation with all stakeholders and explore possible ways forward. Once this consultation phase is closed the Commission will announce any appropriate follow up measures and proposals in 2011.

Click for:

• European Commission press release (link to EC website)
• Deloitte media statement on the proposals by Deloitte CEO Jim Quigley.

 

The manual contains a set of rules which provide guidance on the preparation, filing and validation of XBRL filings created using the IFRS Taxonomy, the EDINET (Electronic Disclosure for Investors' NETwork) Taxonomy or the U.S. GAAP Taxonomy. The ITA project is aiming at achieving the convergence of these XBRL frameworks. It is hoped that this architectural convergence will support the analysis and comparison of financial data reported in XBRL format, by enabling software vendors to develop applications for IFRS, Japanese GAAP and U.S. GAAP reporting based on a single XBRL architecture.

Click for:

• IFRS Foundation press release
• Access to The Global Filing Manual
• Our XBRL project page