Our summary now includes 187 issues:

• IFRS 1 First-time Adoption of International Financial Reporting Standards – Repeat application of IFRS 1
• IAS 21 The Effects of Changes in Foreign Exchange Rates – Repayments of investments and foreign currency translation reserve

The live webcast is offered free of charge. Viewers will have the opportunity to email questions during the event.

Topic:	Revenue Recognition Project: Potential Effects on the Construction Industry
Date and time:	Monday, 13 September 2010, 11:00–12:15pm EDT (US) / 4:00–5:15pm BST (UK)
More information on the webcast and registration:	Via IASB
More information about the revenue project on IAS Plus:	Click here

To assist the IASB in its efforts to gather views from European constituents, as well as to inform itself of whether, and to what extent, preliminary views of the European Financial Reporting Advisory Group (EFRAG) are representative of European views, EFRAG has decided to organise outreach events throughout Europe from September to November 2010, in partnership with European National Standard Setters. To avoid any duplication of effort, EFRAG has decided to invite the IASB to participate in these events. The objective of these events is to

• present the IASB's tentative decisions to constituents;
• present EFRAG's tentative views, highlighting areas of support and focusing on areas of concern;
• seek views from constituents in Europe on the proposals; and
• seek views from constituents in Europe on possible improvements to those proposals.

Tentative locations and dates are, as follows:

• Amsterdam: Tuesday 26 October 2010
• Helsinki: Monday 15 November 2010
• Warsaw: Friday 26 November 2010
• Stockholm: Monday 22 November 2010
• Oslo: Friday 19 November 2010
• Madrid: Tuesday 23 November 2010
• Italy: timing and location to be confirmed
• UK: timing and location to be confirmed

 

Click for Japanese translation of IFRS in Focus IFRS Interpretations Committee issues Draft Interpretation on Stripping Costs in the Production Phase of a Surface Mine (PDF 54k). Here is the English Version (PDF 74k)

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

The exposure draft proposed minor amendments to the May 2009 ED on fair value measurement. The May 2009 ED proposed a three-level fair value hierarchy that categorises observable and non-observable market data used as inputs for fair value measurements. Under that hierarchy, Level 3 inputs are 'unobservable inputs' used for the fair value measurement of assets or liabilities for which market data are not available. Required disclosures would include a 'measurement uncertainty analysis' (sometimes called a 'sensitivity analysis'). The June 2010 ED would enhance the original proposal by requiring the measurement uncertainty analysis disclosure to reflect the interdependencies between unobservable inputs used to measure fair value in Level 3.

Below is an excerpt from the comment letter:

We support the Board’s efforts to enhance the disclosures for fair value measurements that are categorised within Level 3 of the fair value hierarchy and the concept of a measurement uncertainty analysis disclosure for Level 3 fair value measurements. However, we have concerns about whether the proposed measurement uncertainty disclosure in the ED is operational. Entities are likely to encounter operational difficulty in applying the proposed guidance because of a lack of clarity about: the threshold for identifying alternative inputs; the inputs to use when there is a range of reasonable inputs and which techniques to use when there are multiple techniques (each with a range); and the objective of the correlation assessment.

Click for:

• Complete letter of comment to IASB (PDF 40k)
• Our fair value measurement project page
• Summary of ED/2010/7
• IFRS in Focus Newsletter IASB issues Exposure Draft on Fair Value Measurement Disclosures (PDF 60k).

 

You can access the agenda on our September 2010 IASB meeting page. We will also post Deloitte observer notes on this page as they are available.

IFRS Insights is a newsletter on IFRS aimed at US companies. This issue includes:

• A discussion on the importance of using a program management office (PMO) to coordinate IFRS efforts
• Why companies may want to consider if a change to their transfer pricing is - or will be - warranted
• An overview of the IASB and FASB exposure drafts on revenue recognition
• An industry feature for oil and gas companies.

• IFRS Insight: August 2010 (PDF 600k)
• Our IFRS Insight archive page.

 

In light of the roundtable, the Board is reopening the comment period on the proposal until 21 October 2010.

Click for:

• Public Roundtable announcement (PDF 63k)
• Press Release on proposed auditing standard (PDF 39k)

 

Click for:

• Our previous story
• CEBS statement
  

The Nigerian Accounting Standards Board (NASB) has announced a staged implementation of IFRS, as follows:

• Publicly listed entities and significant public interest entities are expected to implement IFRS by 1 January 2012
• Other public interest entities are expected to implement IFRS by 1 January 2013
• Small and medium-sized entities are expected to implement by 1 January 2014.

NASB has also been directed by the Nigerian government to immediately create a centre of excellence to cater for regulators, auditors and other professional accountants in the understanding of the IFRS. Click for:

• Our previous story
• Our Nigeria country page