IPSASB Publishes 2011 Handbook of Pronouncements

29 Apr 2011

The International Public Sector Accounting Standards Board (IPSASB) has published its 2011 Handbook of International Public Sector Accounting Pronouncements.

In two volumes, the Handbook contains all current IPSASB pronouncements, including 31 accrual-based standards and the IPSASB's cash basis standard. The 2011 Handbook incorporates the amendments made as a result of the IPSASB's 2010 Improvements Project, as well as a history of the amendments made to that standard. It can be downloaded free of charge in PDF format from the Publications and Resources page of the IFAC website.


Deloitte publications update

29 Apr 2011

The following Deloitte publications are now available:

Global Publications

Deloitte (Canada)

Deloitte (United Kingdom)

Deloitte (United States)


Extra filter for IFRSs in separate financial statements in Italy

28 Apr 2011

Since 2006, separate financial statements of Italian listed companies have to prepared according to IFRS as adopted by the EU.

This is stipulated by Decree 38/2005.

On 26 February 2011, the Legislative Decree no. 225/2010, converted into Law no. 10/2011, introduced modifications to article 4 of Decree 38/2005, stating that new IFRSs issued by the IASB and adopted by the EU after 1 January 2011 need to be endorsed by the Italian Ministry of Justice before they can be applied in the separate financial statements of Italian listed companies.

The endorsement process that is conducted in cooperation with the Italian standard setter is designed to verify the compatibility of each newly published IFRS with the Italian accounting principles. This new endorsement process only applies for IFRSs used in separate financial statements, not for consolidated financial statements.

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Agenda for May IASB-FASB special meeting on 4 May 2011

28 Apr 2011

The IASB and FASB are holding a special joint meeting in London on 4 May 2011.

You can access the agenda on our 4 May 2011 special joint meeting page.  We will also post Deloitte observer notes on this page as they are available

Notes from the special April IASB-FASB meeting

28 Apr 2011

The IASB and FASB held an additional meeting in London on 27 April 2011. We've posted Deloitte observer notes from the meeting (click through for direct access to the notes for each topic):

Wednesday, 27 April 2011

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

Notes on the insurance contracts discussion will be provided soon.

Conclusions of the March 2011 Trustees' meeting

28 Apr 2011

The IFRS Foundation Trustees have posted to their website a summary of the conclusions of their quarterly meeting in London on 30 and 31 March 2011.

Please click here to read the notes on the IFRS Foundation's website. The Trustees also met with the IFRS Foundation Monitoring Board on 1 April 2011. Deloitte observers attended both meetings. Their detailed notes have already been made available to you on 5 April 2011.


Trustees issue report on the future strategy of the IFRS Foundation

27 Apr 2011

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today published a report on the strategy of the IFRS Foundation as it enters its second decade.

The Trustees' Strategy Review covers four areas:
  • the IFRS Foundation's mission
  • governance
  • the standard-setting process
  • financing of the IFRS Foundation

The Trustees welcome comments by 25 July 2011 and will hold strategy review roundtables on 7 June in Tokyo, 8 June in Hong Kong, 13 June in New York, and 21-22 June in London.

Also, the Monitoring Board of the IFRS Foundation is conducting a review of the Foundation's governance. The goal of the Monitoring Board Governance Review is to lay out the responsibilities and roles of the Monitoring Board, Trustees and IASB.

The Monitoring Board and the Trustees are co-ordinating with each other to create an integrated package of the two reviews by the end of this August of this year.

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Shariah-compliant leases on the IASB's agenda for May

26 Apr 2011

Even though the meeting is still marked as "tentative" the IASB has posted to its website a very insightful staff paper on Shariah-compliant leases for the IASB/FASB special meeting on 11 and 12 May 2011. Wayne Upton, the IASB's Director of International Activities, has compiled the paper as background paper about issues in lessor accounting.

The paper focuses on Ijarah (leasing), Ijarah Muntahia Bittamleek (leasing with transfer of ownership) and Ijarah Thumma al-Bai' (leasing with subsequent sale of the leased object). The latter two are special constructions that were developed to allow for transactions that are common yet in their usual form not Shariah-compliant as they link two contracts that are by themselves permitted into a single contract that is not permitted. For the IASB's project on Leases this seems to suggest that a performance-obligation approach is Shariah-compliant while a derecognition approach or in-effect sale treatment would not be.

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Deadline reminder — ED on Offsetting

26 Apr 2011

We remind you that comments on the Exposure Draft: Offsetting Financial Assets and Financial Liabilities are due on 28 April 2011.

The ED proposes to require offsetting when an entity has the right to set-off a financial asset and financial liability and intends to either settle on a net basis or simultaneously.

Click for: Exposure Draft: Offsetting Financial Assets and Financial Liabilities (link to IASB website)

EFRAG and UK ASB to host event on considering the effects of accounting standards

25 Apr 2011

The European Financial Reporting Advisory Group (EFRAG) and the UK Accounting Standards Board (ASB), along with the European Commission (EC), will be hosting an event on 16 May in Brussels to (1) outline the proposals in Discussion Paper Considering the Effects of Accounting Standards, (2) provide an opportunity for EFRAG, the UK ASB, the EC and the IASB to present their views on how to consider effects to the standard-setting process, and (3) hear constituents views on the process and what other factors should be considered while in development of these proposals.

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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.