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May

IASB webcast on financial instruments

19 May 2011

The IASB will provide updates on the statuses of both the impairment and the hedge accounting projects in a live webcast.

For the convenience of participants in different time zones two slots have been scheduled.
  • Tuesday, 24 May 2011 — Financial instruments, impairment and hedge accounting Webcasts will be held at 10am and 4pm, London time (GMT). Registration is available through the IASB's website.

 

Newsletter on IFRS 11

19 May 2011

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues new standard on joint arrangements describing the new standard on joint arrangements.

IFRS 11 was published on 12 May 2011, introduces new accounting requirements for joint arrangements and replaces IAS 31.

Click for IFRS in FocusIASB issues new standard on joint arrangements (PDF 69k).

EFRAG Update with meeting summary for the May EFRAG TEG meeting

19 May 2011

The European Financial Reporting Advisory Group (EFRAG) has released the May 2011 issue of its EFRAG Update newsletter.

On 29 April 2011, EFRAG held a meeting by public conference call to finalise its comment letter on the IASB Exposure Draft: Offsetting Financial Assets and Financial Liabilities.

The EFRAG TEG meeting held on 12 to 13 May 2011 focused on:

Click for the EFRAG Update (PDF 180k, link to EFRAG website). Links to earlier issues are available here.

 

Notes from regular May IASB meeting

19 May 2011

The IASB held its regular monthly meeting in London on 17-19 May 2011, much of which was a joint meeting with the FASB.

We've posted further Deloitte observer notes from a number of sessions of the meeting (click through for direct access to the notes for each topic):

Wednesday, 18 May 2011 (IASB/FASB) (other sessions)

  • Insurance contracts (includes summary of discussion on Tuesday 17 May)
    • Risk adjustment
    • Composite margins
    • Model comparison
  • Revenue recognition (expanded notes now available)
    • Amortisation and impairment of assets recognised from costs incurred to acquire/fulfil a contract with a customer
    • Onerous contracts

Thursday, 19 May 2011 (IASB)

  • IFRS Interpretations Committee — update from last meeting
  • Annual improvements

The leases discussion held on Tuesday resulted in a disagreement between the Boards – discussion was deferred until the Board advisors meet with the staff. We will post notes from the leases session on Thursday soon.

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

IASB meeting – session on Friday cancelled

19 May 2011

The IASB has announced that there will be no public Board sessions on Friday 20 May.

The session on Asset and Liability Offsetting has been cancelled. The revised summary of the agenda for the meeting can be found here.

 

IASB webcast on recently issued standards

18 May 2011

The IASB will introduce the four new International Financial Reporting Standards in two sets of live webcasts, each comprising of morning and afternoon sessions.

  • Monday, 23 May 2011 — Introducing IFRS 13 Webcasts will be held at 11am and 4pm, London time (GMT). Registration is available through the IASB's website.
  • Wednesday, 25 May 2011 — Introducing IFRSs 10, 11 and 12 Webcasts will be held at 9.30am and 3.30pm, London time (GMT). Registration is available through the IASB's website.

The IASB's 'suite of five standards' on consolidation, joint ventures and disclosures, and the new standard on fair value measurement were released on 12 May.

Changes to regular May IASB meeting agenda for Wednesday, Thursday and Friday

18 May 2011

The IASB has again revised the agenda for its regular meeting scheduled for 17-20 May 2011 in London.

  • The hedge accounting meeting originally scheduled for Thursday has been cancelled.
  • The annual improvements discussion and the Interpretations Committee update have been moved from Friday into the former hedge accounting slot on Thursday afternoon.
  • The asset and liability offsetting meeting remains on Friday but has been moved forward.
  • The revenue recognition session scheduled for Thursday and the leases session scheduled for Wednesday have swapped places resulting in an extended leases session on Thursday.

The revised summary of the agenda for the meeting can be found here. We maintain a summary of the agenda for the next scheduled IASB meeting, and details of future meeting dates, here.

Updated IASB work plan

18 May 2011

The IASB has published an updated work plan as a result of the issue of the 'suite of five' standards on consolidation, joint arrangements and disclosures and IFRS 13 Fair Value Measurement.

There have been few changes to the expected timing of pronouncements, which remain consistent with the recently issued IASB-FASB progress report on convergence. Highlights from the work plan include:

Click here for our summary of the IASB's agenda and timetable, which has been updated to reflect the revised work plan.

Notes from regular May IASB meeting

18 May 2011

The IASB is holding its regular monthly meeting in London on 17-20 May 2011, much of which is a joint meeting with the FASB.

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

Tuesday, 17 May 2011 (IASB/FASB) (other sessions)

Wednesday, 18 May 2011 (IASB/FASB)

Notes from the sessions on insurance contracts held on Tuesday and Wednesday will be posted shortly.

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

Correction list for hyphenation

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