The roundtables will be held on 10 October 2010 and 2 November 2010 and will include discussion on Consolidation (Codification Topic 810, originally issued as FASB Interpretation 46(R)) and Income Taxes (Codification Topic 740, originally issued as FASB Interpretation 48).

As noted in our earlier story, the United States AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies is seeking input on the preparation of private company financial statements in the United States. Submissions close on 15 September 2010.

The Financial Accounting Foundation (FAF) has also released an 'In Focus' publication providing an update on the Blue-Ribbon Panel's activities, including the outcomes of recent meetings. The Blue-Ribbon Panel appears to prefer a 'home grown' alternative to the possible adoption of the IFRS for SMEs. The next meeting of the Panel is scheduled for 8 October 2010. Following is an extract from the 'In Focus' publication summarising the most recent Panel meeting:

...the panel began its discussion of alternative standard-setting models and structures. Most panelists preferred one of three models: Keep current U.S. GAAP, but improve the system for considering potential differences for private companies Reorganize U.S. GAAP into a "baseline" for all entities, with separate public company add-ons Create a separate stand-alone private company GAAP based on current U.S. GAAP (similar to what Canada has done with Canadian GAAP). Panel members also indicated that private companies should not be leading any charge to IFRS in the United States.

Click for:

• FASB Media Advisory on the roundtables (link to FASB website)
• 'In Focus' on the Blue Ribbon Panel's activities (link to FAF/FASB website)
• Our United States country page

 

A Press Release (PDF 48k) issued by the IASB summarizes the discussions of the two boards on the following topics:

• financial instruments (classification and measurement of financial liability, impairment and hedge accounting)
• consolidation
• leases
• revenue recognition

 

The September edition (PDF 83k) discusses the IFRIC meeting held on 2-3 September 2010.

All issues of IFRIC Review are available Here.

You can access all our Deloitte IFRS publications Here.

The alert covers:

• The big picture issues for September 2010 - the 'next wave' of IFRS, global financial crisis and financial reporting and other considerations (including the Christchurch earthquake)
• The new and revised accounting pronouncements for September 2010 - standards, amendments and Interpretations.

Click to download the Quarterly Accounting Alert (PDF 276k). Past editions of the New Zealand Accounting Alerts are available here.

During the roundtable several financial instruments topics will be discussed, including:

• Update on the FASB's Accounting for Financial Instruments Exposure Draft (ED)
• Latest deliberations on IASB's expected loss impairment model and other related implementation issues
• Potential changes by FASB and IASB related to Offsetting of Financial Asset and Financial Liabilities
• Business and reporting implications of the FASB/IASB Leases ED

Details of the roundtable:

Title:	IASB/FASB Financial Instruments Roundtable
Date and time:	28 September, 8:00am to 12:30pm EDT
Venue:	Harvard Club, 35 West 44th Street, New York, New York

This FAQ discusses the background of the project, its applicability to different industries, the proposed leases model and other issues.

Click for:

• IASB ED/2010/9 Leases (link to IASB website)
• Proposed Accounting Standards Update - Leases (Topic 840) (link to FASB website)
• Our Leases project summary

 

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:

• 10 September 2010 – Patricia McConnell: Financial Statement Presentation – are the proposals in the staff draft an improvement over the discussion paper?

The proposal would amend one aspect of IAS 12 Income Taxes. Under IAS 12, the measurement of deferred tax liabilities and deferred tax assets depends on whether an entity expects to recover an asset by using the asset or by selling the asset. In some cases, it is difficult and subjective to assess whether recovery will be through use or through sale. To provide a practical approach in such cases, the proposed amendment would introduce a presumption that an asset is recovered entirely through sale unless the entity has clear evidence that recovery will occur in another manner. The presumption would apply when investment properties, property, plant and equipment or intangible assets are remeasured at fair value or revalued at fair value.

Exposure draft ED/2010/11 Deferred Tax: Recovery of Underlying Assets is open for comment until 9 November 2010.

Click for:

• IASB press release (PDF 36k)
• Access to the ED on the IASB's website
• Summary of the decisions leading up to the publication of the ED

 

The webinar discusses the Boards' rationale in developing the proposals, changes from the October 2008 Discussion Paper and changes from current practice.

The recorded webcast is presented by Patricia McConnell (IASB) and Marc Siegel (FASB). It is offered free of charge (registration is required) and will be available for viewing until 9 December 2010. Click for:

• Access to the webinar (link to IASB website)
• Our Financial Statement Presentation page.

 

The participants at each roundtable will consist of preparers, auditors, and users of financial statements. The FASB's financial instruments project is a joint project with the IASB.

Click for:

• FASB Media Advisory (link to FASB website)
• Our Financial Instruments – Hedging project page