September

Notes from Day 3 of the September IASB meeting

17 Sep 2010

The IASB met in London on Thursday 16 September for the third day of its regular monthly meeting.

The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

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

Japanese translation of our IFRS in Focus newsletter on insurance contracts

17 Sep 2010

Deloitte's IFRS Centre of Excellence in Japan has published a Japanese translation of the following IFRS in Focus newsletter: Insurance contracts.

Click for the Japanese translation of IFRS in Focus Insurance contracts (PDF 111k). Here is the English Version (PDF 105k).

The Japan Center of Excellence IFRS web pages are Here (in Japanese).

PCAOB announces participants in roundtable on communications with audit committees

16 Sep 2010

Further to our story on 8 September, the U.S. Public Company Accounting Oversight Board (PCAOB) has released the agenda and announced the participants to the public roundtable regarding its proposed standard on auditors' communications with audit committees on Tuesday, 21 September 2010.

The participants include representatives of audit committees, investors, auditors, issuers and others:
  • Dennis R. Beresford, Ernst & Young Executive Professor of Accounting, Terry College of Business, The University of Georgia, and Director on the board of various public companies
  • Jeb Burns, Chief Investment Officer, Municipal Employees Retirement System of Michigan
  • Roger Coffin, Associate Director Weinberg Center of Corporate Governance, Associate Professor of Practice, University of Delaware
  • J. Michael Cook, Director on the board of various public companies
  • James D. Cox, Brainerd Currie Professor of Law, School of Law, Duke University
  • Robert Dohrer, National Director of Assurance Services, McGladrey & Pullen, LLP
  • Lisa Gaynor, Assistant Professor of Accounting, University of South Florida
  • Linda L. Griggs, Partner, Morgan, Lewis & Bockius LLP
  • Arnold C. Hanish, Vice President of Finance and Chief Accounting Officer, Eli Lilly & Company
  • Patricia Ann K. Harvey, Vice President, Corporate Audit and Enterprise Risk Management, Delta Air Lines
  • Judith Richards Hope, Distinguished Visitor from Practice and Professor, Georgetown University Law School, and Director on the board of various public companies
  • Gary Kabureck, Vice President and Chief Accounting Officer, Xerox Corporation
  • Robert Kueppers, Deputy Chief Executive Officer, Deloitte LLP
  • Alex J. Mandl, Non-Executive Chairman, Gemalto, N.V., and Director on the board of various public companies
  • Mary Hartman Morris, Investment Officer, Global Equity, California Public Employees' Retirement System
  • George Munoz, Principal, Munoz Investment Banking Group, LLC, and Director on the board of various public companies
  • Donald T. Nicolaisen, Former Chief Accountant, Securities & Exchange Commission, and Director on the board of various public companies
  • Samuel Ranzilla, Audit Partner and National Managing Partner, Audit Quality and Professional Practice, KPMG LLP
  • Lawrence Salva, Senior Vice President, Chief Accounting Officer and Controller, Comcast Corporation
  • R. Harold Schroeder, Portfolio Manager-U.S. Financials, Carlson Capital
  • Lynn E. Turner, Senior Advisor and Managing Director, LECG
  • Joan Waggoner, Partner in Charge of Quality Assurance, Blackman Kallick LLP
  • Karen Hastie Williams, Director on the board of various public companies
The roundtable will be open to the public, and also audible via Webcast and podcast on the PCAOB Web site.
Click for:

 

Upcoming IASB/FASB roundtables announced

16 Sep 2010

The International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) plan to hold a series of public roundtable meetings between November 2010 and January 2011 for the Revenue Recognition, lnsurance Contracts and Leases projects.

Revenue Recognition

  • Thursday 4 November in Norwalk, Connecticut, USA
  • Monday 8 November in Kuala Lumpur, Malaysia
  • Wednesday 10 November in London, UK
  • Tuesday 23 November in California, USA

Insurance Contracts

  • Thursday 9 December in Tokyo, Japan
  • Thursday 16 December in London, UK
  • Monday 20 December in Norwalk, Connecticut, USA

Leases

  • Friday 17 December in London, UK
  • Monday 20 December in Hong Kong
  • Wednesday 5 January in Chicago, Illinois, USA
  • Thursday 6 January in Norwalk, Connecticut, USA

Registration will be opened shortly, and details of how to register to participate (including the deadline for registrations) will be announced soon on the IFRS Revenue Recognition, Insurance Contracts, and Leases project pages.

Edition 2 of 'Tracking IFRS' from Deloitte India issued, discussing first-time adoption

16 Sep 2010

Publication First-time adoption: IFRS 1 vs. Indian IFRS 1 - Convergence made easy ('Tracking IFRS' Issue 2) withdrawn as of February 2011 as the relevant previous Ind AS exposure draft has been revised significantly.

An up-to-date comparison is included in Issue 8 (please refer to our list of 'Tracking IFRS' issues).

 

Update on IASB outreach activities

15 Sep 2010

As part of its outreach activities, the IASB regularly undertakes a number of discussion group forums in various locations around the globe.

Usually hosted by local standard setters, these forums provide a way for the IASB to communicate with constituents on its plans and understand local jurisdictional impacts. Accordingly, these forums present a unique opportunity for constituents not only to better understand the IASB's proposals, but also to put forward their suggestions and concerns.

The table below summarises outreach meetings planned in the coming weeks:

Date

Location (Host)

Topics

More information

28 September 2010

Brussels, Belgium (EFRAG)

General update, Financial instruments, Revenue recognition, Leases

EFRAG site

4-5 October 2010

Singapore (Accounting Standards Council)

General update, Insurance contracts, Leases, Revenue recognition

ASC site

7-8 October 2010

Kuala Lumpur, Malaysia (Malaysian Accounting Standards Board)

Revenue recognition, Leases, Consolidation, Insurance contracts (latter by invitation only)

MASB site

11 October 2010

Paris, France (Autorité des Normes Comptables (ANC))

To be confirmed

To be confirmed

13 October 2010

Oslo, Norway (Norwegian Accounting Standards Board)

General update, Revenue recognition, Leases

NASB site

14 October 2010

Copenhagen, Denmark (Foreningen af Statsautoriserede Revisorer)

General update, Revenue recognition, Leases

To be confirmed

Notes from Day 2 of the September IASB meeting

15 Sep 2010

The IASB met in London on Wednesday 15 September for the second day of its regular monthly meeting, much of it a joint meeting with the FASB.

The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

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

IASB decides to continue project to replace IAS 37

15 Sep 2010

During today's meeting, the IASB decided, by a large majority, to continue to develop an IFRS to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets with an expected measurement model, but to reconsider aspects of the measurement requirements with a view to address reliability and cost-benefit concerns.

As part of this process, the IASB will reconsider the proposal to require a risk adjustment and/or the need for further guidance on how to measure the risk adjustment. The IASB will also consider whether further action is needed to address concerns about the difficulties and risks of applying the proposals to US litigation. The IASB will continue to discuss the key issues identified from the comment letters received, subject to the pressures of finalising the existing MoU projects and hopes to publish an Exposure Draft by June 2011.

Detailed Deloitte observer notes from the meeting are available Here. More information on the project is available in our Liabilities: IAS 37 Amendments project page.

Upcoming webcasts from Deloitte Canada

14 Sep 2010

Deloitte (Canada) is holding two 'Deloitte update' webcasts on financial reporting topics during September:

  • Quarterly technical update - an overview of the key IFRS highlights since June 2010, including developments at the international standard setter level and those specific to Canada
  • Revenue recognition proposals - an overview of the proposed revenue recognition standard, highlights of the potential impact on current practices and industry specific issues.

The live webcasts are offered free of charge (registration is required). Details are below:

Topic: IFRS Quarterly Technical Update
Date and time: 21 September 2010 2:00 pm – 3:30 pm EDT (CA)
More information on the webcast and registration: Click here

 

Topic: IASB/FASB Revenue Recognition Webcast
Date and time: 27 September 2010 2:00 pm – 3:30 pm EDT (CA)
More information on the webcast and registration: Click here
More information about the revenue project on IAS Plus: Click Here

Notes from Day 1 of the September IASB meeting

14 Sep 2010

The IASB met in London on Tuesday 14 September for the first day of its regular monthly meeting.

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.