This newsletter describes the recent IASB publication of the first part of the Conceptual Framework. The objective of the conceptual framework project is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged. The project is being carried out in phases.

Click for:

• IFRS in Focus Newsletter – IASB completes first phase of joint project on Conceptual Framework for Financial Reporting (PDF 67k)
• Past editions of IFRS in Focus
• Our project page on Phase A of the Conceptual Framework project

 

• Comment letter on tentative agenda decision: IAS 1 Presentation of Financial Statements — Current/non-current classification of a callable term loan (PDF 27k)
• Comment letter on tentative agenda decision: IAS 19 Employee Benefits — Accounting for a statutory employee profit sharing arrangement (PDF 27k)
• Comment letter on tentative agenda decision: IAS 32 Financial Instruments: Presentation — Put options written over non-controlling interests (PDF 33k)
• Comment letter on tentative agenda decision: IAS 36 Impairment of Assets — Calculation of value in use (PDF 27k)
• Comment letter on tentative agenda decision: IFRS 2 Share-based Payment — Share-based payment awards settled net of tax withholdings (PDF 33k)

Click here to view all of our past letters of comment to the IASB.

 

Click for the Japanese translation of IFRS in Focus newsletter: IASB issues Exposure Draft on Deferred Tax: Recovery of Underlying Assets (PDF 193k). Here is the English Version (PDF 67k).

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).

In October 2009, the CSA proposed amendments that would have required investment funds to transition to IFRS by 1 January 2011. The Accounting Standards Board (AcSB) recently decided, however, to defer the mandatory IFRS changeover date for investment companies in order to give the International Accounting Standards Board (IASB) time to implement the proposed exemption for investment companies from having to consolidate investments they control. The CSA would prefer that the proposed IASB consolidation exemption be in place before requiring investment funds to transition to IFRS; the new goal for IFRS implementation for investment funds is now 1 January 2012.

This edition discusses the joint IASB-FASB exposure draft Leases, including the key proposals and how they differ from existing Indian GAAP.

Click for:

• Tracking IFRS - Issue 3 Exposure draft on Leases (PDF 1,384k)
• Our India country page
• Our Leases project page

 

One of the enhancements is a newsletter for investors. Board members Stephen Cooper, Patrick Finnegan and Patricia McConnell publish timely updates on financial reporting matters. A new issue of the Investor Perspectives is now available:

• 7 October 2010 – Patrick Finnegan: Making sense of Insurance contracts

All Investor Perspectives are archived on the IASB's website.

The DP gives constituents the opportunity to comment on an insurance accounting model proposed by the IASB in its exposure draft (ED), Insurance Contracts, that, if adopted in the United States, would result in sweeping changes to the existing U.S. model. In addition, the DP summarizes the ED's key provisions, indicates the FASB's preliminary views, and includes an appendix with a table comparing current U.S. GAAP with the (1) ED's proposed model and (2) FASB's preliminary views.

 

Click to download:

• Heads Up newsletter FASB Issues Discussion Paper on Insurance Contracts (PDF 129k)
• Access to the discussion paper (link to FASB website)
• Our summary of the insurance contracts project

 

We post these regularly on our IAS Plus Insurance Project Page. Deloitte (Colombia) has translated the July 2010 issue into Spanish:

• Convergencia en el ltimo minuto (PDF 52k) Translation of UK Issue 16: Last minute convergence (PDF 125k)

The newsletter 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. Many more Spanish language translations of Deloitte publications can be found here: Recursos en Español.