April

G20 finance ministers will watch convergence efforts

16 Apr 2011

The G20 Finance Ministers and Central Bank Governors met in Washington DC on 14-15 April 2011. They agreed, among other things, to closely watch the progress of the IASB and FASB's convergence efforts.

The final communiqué states:
"We will review at our next meeting progress made by the IASB and FASB towards completing their convergence project by the end of 2011 and look forward to the outcome of the ongoing IASB governance review process."

The full communiqué is available on the French Department of Trade and Industry's website.

Following this week's joint IASB-FASB meeting, Sir David Tweedie and Leslie Seidman had conceded that they need to extend the timetable for several of their projects. They maintained, however, that they intend to finish the convergence programme by end of 2011. See our previous article for more details.

IAESB research projects to set the agenda for future education standards

15 Apr 2011

The International Accounting Education Standards Board (IAESB) has announced the completion of four research projects, which will inform its standard-setting agenda in the area of professional accountancy education.

The results of the four projects, supported by International Association for Accounting and Education Research (IAAER) and Association of Chartered Certified Accountants (ACCA), will provide insights into the IAESB's current project to review the International Education Standards. The IAAER is also supporting further research, with the ACCA agreeing to fund a second round of projects.

Click for the IAESB announcement (link to IFAC website).

Upcoming Dbriefs webcast: IFRS Public Policy Update

15 Apr 2011

A Dbriefs webcast discussing the significant public policy implications of the move to a single set of global accounting standards is scheduled to be held on Wednesday, 11 May 2011.

The topics to be covered include:

  • The effect that the forthcoming change in IASB leadership may have on the IASB
  • The IFRS Foundation governance and strategy reviews
  • Public policy debates taking place worldwide, including the SEC's consideration of IFRS for U.S. registrants

Full details of the webcast are provided below:

Topic: IFRS Public Policy Update: What Does the Future Hold?
Date and time: Wednesday, 11 May 2011
9:00-10:00am London time (GMT +1), which is 4:00-5:00pm Hong Kong Time (GMT +8)
More information: Click Here
Registration: Click Here

Final Notes from the April IASB meeting

15 Apr 2011

The IASB is holding its April meeting in London on 12-15 April 2011, much of it a joint meeting with the FASB.

We've posted the remaining Deloitte observer notes of the meeting (click through for direct access to the notes for each topic):

Thursday, 14 April 2011 (IASB)

Friday, 15 April 2011 (IASB)

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

In connection with the meeting, the IASB and FASB decided to extend the timetable for several of their projects. See our previous article for more details.

Responses to the EU consultation on disclosure of non-financial information by companies

15 Apr 2011

In November 2010, the Services of the Internal Market and Services Directorate General of the European Commission started a public consultation in order to gather stakeholders' views on ways to improve the disclosure by enterprises of non-financial information (e.g.

social and environmental). In recent years, there have been calls to improve the comparability, reliability, and relevance of information disclosed by enterprises. The Commission has now posted to its website the responses received and a summary report of the consultation (link to EC website, please scroll down for comment letters and summary report). The report states:

The relevance of sustainability reporting is being increasingly recognized internationally. We offer a separate page on the topic on IAS Plus featuring current developments and other resources.

Q&A report from recent Deloitte global financial reporting Dbriefs webcast

15 Apr 2011

On 30 March 2011, a Deloitte Dbriefs webcast on global financial reporting was held, entitled IFRS: Important Developments.

A 'Q&A Report' has been published containing a summary of audience questions submitted during the live webcast, together with suggested answers. Topics covered include the IASB's forthcoming pronouncements on joint ventures, consolidation, and financial instruments, and consideration of the likely release of finalised pronouncements from the IASB.

Click for:

Further Notes from the April IASB meeting

14 Apr 2011

The IASB is holding its April meeting in London on 12-15 April 2011, much of it a joint meeting with the FASB.

We've posted Deloitte observer notes from day 3 of the meeting (click through for direct access to the notes for each topic):

Thursday, 14 April 2011 (IASB-FASB)

The notes for the session on hedge accounting will be posted soon.

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

SME Implementation Group publishes three draft guidance for public comment

14 Apr 2011

The SME Implementation Group has published for public comment three questions and answer documents (Q&A) on draft guidance related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).

The three Q&As cover:
  • Captive insurance subsidiaries
  • Interpretation of traded in a public market'
  • Investment funds with only a few participants

Comments are due 15 June 2011. Click for:

 

Chairmen of the IASB and FASB extend convergence timeline

14 Apr 2011

In a recent podcast, Sir David Tweedie, Chairman of the IASB, and Leslie Seidman, Chairman of the FASB, discuss the achievements of the convergence project and provide a revised timeline for completing the remaining projects.

The IASB and FASB will be extending, by a few months, the timeline for completing their convergence projects on revenue recognition, leases, financial instruments and insurance contracts. Chairman Seidman explained that the delay is due to the significant amount of constructive feedback received and that it will take additional time to work through all the issues.

An extract from the transcript follows:

"... we have decided to extend the timetable for a few additional months to enable us to check whether our conclusions will last the test of time. We are also mindful of the G20 target, we have been reminded of that many times over the last few years, and we intend to try to finish this convergence programme by end of 2011. The June target has helped us to get there but at the same time it is clear that we need a little more time to check the conclusions, and to ensure that the standards are of the highest quality."

The IASB and FASB are expected to issue an updated convergence progress report shortly, which will be posted on the IASB and the FASB websites.

Click for the IASB announcement (link to IFRS website).

Notes from the April IASB meeting

13 Apr 2011

The IASB is holding its April meeting in London on 12-15 April 2011, much of it a joint meeting with the FASB.

We've posted Deloitte observer notes from days 1 and 2 of the meeting (click through for direct access to the notes for each topic):

Tuesday, 12 April 2011 (IASB-FASB)

Wednesday, 13 April 2011 (IASB-FASB)

  • Leases
    • Types and classification of leases
    • Initial and subsequent measurement and presentation of lessee accounting
    • Initial and subsequent measurement and presentation of lessor accounting
  • Revenue Recognition
    • Allocating the transaction price
    • Licences and rights to use intangible assets
    • Fulfilment costs
  • Financial Instruments – Impairment
    • Summary of feedback from outreach meetings and comment letters

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

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