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2011

IFRS XBRL taxonomy in Korean

23 Dec 2011

The IFRS Foundation has published a Korean translation of the IFRS (International Financial Reporting Standards) Taxonomy 2011.

The taxonomy is an official IFRS Foundation translation of the complete 2011 taxonomy label linkbases into Korean, created using official terminology.

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IAASB publishes guidance on providing assurance on pro forma information

22 Dec 2011

The International Auditing and Assurance Standards Board (IAASB) has released a new International Standard on Assurance Engagements (ISAE) dealing with pro forma information included in prospectuses.

ISAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus provides guidance on the nature and extent of a practitioner’s work when engaged to report on the compilation of pro forma financial information. Among other matters, it establishes minimum benchmarks for suitable criteria for the compilation of such information.

The new standard is effective for assurance reports dated on or after 31 March 2013. Click for IAASB press release (link to IFAC website).

EFRAG and UK ASB issue discussion paper on income tax

22 Dec 2011

The European Financial Reporting Advisory Group (EFRAG) and the UK Accounting Standards Board (UK ASB) have issued discussion paper 'Improving the Financial Reporting of Income Tax'.

The discussion paper provides possible enchancements to the requirements for financial reporting of income tax currently in IAS 12. Specifically, it provides possible changes to the reconciliation of tax expense to a standard rate; revisions to the requirements in respect of uncertain tax positions; and whether deferred tax should be discounted. Further, the discussion paper provides alternative approaches that could result in a replacement standard of IAS 12. The alternative approaches are the flow-through approach, the partial allocation approach, the valuation approach, and the accruals approach.

Comments on the paper are invited by 29 June 2012. The discussion paper can be downloaded via the press release on EFRAG's website.

EFRAG consolidated report of joint events on the IASB agenda consultation 2011

22 Dec 2011

The European Financial Reporting Advisory Group (EFRAG), in cooperation with the National Standard Setters (NSS), consolidated feedback statement summarising the input received from the eight European events held from October to November.

The IASB published a consultation paper in late July 2011 to seek public input on the strategic direction of its future work program. EFRAG and the NSS organised meetings with the purpose to help EFRAG gather European constituents' views for EFRAG's response to the IASB's consultation paper. The outreach meetings were held in October and November in eight European cities. On 5 December 2011, EFRAG issued its final comment letter to the IASB regarding the IASB Agenda Consultation 2011 Request for view. Feedback and views from the constituents who attended the outreach meetings were integrated into EFRAG's final comment letter.

A consolidated report on all activities during this integration feedback received is now available (PDF 598 KB, link to EFRAG website).

Updated IASB work plan released

21 Dec 2011

The IASB has released an updated work plan, dated 20 December 2011, incorporating the impacts of recently issued pronouncements and outlining revised 'current best estimates' for its various projects. A number of projects has been deferred, the expected timing of other projects more precisely defined, and deadlines for finalisation of IFRSs on leases and revenue recognition projects now not explicitly stated within the timeframes outlined (so now not expected before the end of 2012).

The following is a summary of the revised work plan:

  • Financial instruments:
    • Impairment - re-exposure clarified as being expected in the second quarter of 2012 (previously first half 2012)
    • Macro hedge accounting - an exposure draft on macro hedge accounting now due in third quarter 2012 (deferred from possible issue in first half of 2012)
    • General hedge accounting - a review draft of general hedge accounting requirements now expected in the first quarter of 2012 (previously fourth quarter 2011), with the targeted completion clarified as the second quarter of 2012 (previously first half of 2012)
  • Other core projects:
    • Leases - re-exposure clarified as being expected in the second quarter of 2012 (previously first half 2012), no stated target date for a finalised IFRS (previously second half of 2012)
    • Revenue recognition - no stated target date for a finalised IFRS (previously second half of 2012)
    • Insurance contracts - review draft or re-exposure clarified as being expected in the second quarter of 2012 (previously first half of 2012), no target date set for a finalised IFRS
  • Post-implementation reviews – there have been no changes in the indicative timing for the following reviews:
  • Agenda Consultation - a 'Feedback Statement' and roundtables are expected in the first quarter of 2012, with agenda decisions made during the course of 2012
  • Other projects:

Click for IASB work plan as of 20 December 2011 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

EFRAG announces composition of the Technical Expert Group for April 2012

21 Dec 2011

The European Financial Reporting Advisory Group (EFRAG) has announced the new composition of their technical experts group (TEG) for April 2012. TEG is the operational arm of EFRAG.

Joanna Frykowska and Serge Pattyn were elected as new members of TEG. Mike Ashley was confirmed as Vice-Chairman of TEG. The previous TEG members who stood for re-election, Nicklas Grip, Nicolas de Paillerets, Hans Schoen and Andrea Toselli were reappointed.

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Updated EFRAG 'endorsement status report'

21 Dec 2011

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 21 December 2011 (PDF 199k). Currently, the following 14 IASB pronouncements await endorsement action:

  • IFRS 9 Financial Instruments
  • IFRS 10 Consolidated Financial Statements
  • IFRS 11 Joint Arrangements
  • IFRS 12 Disclosures of Interests in Other Entities
  • IFRS 13 Fair Value Measurement
  • IAS 27 Separate Financial Statements (2011)
  • IAS 28 Investments in Associates and Joint Ventures (2011)
  • Amendments to IAS 12 Deferred tax: Recovery of Underlying Assets
  • Amendments to IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-Time Adopters
  • Amendments to IAS 1 Presentation of Items of Other Comprehensive Income
  • Amendments to IAS 19 Employee Benefits
  • Amendments to IFRS 7 Disclosures — Offsetting Financial Assets and Financial Liabilities
  • Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities
  • IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

Roundtables on investment company proposals to be held early in 2012

20 Dec 2011

During February and March 2012, the IASB and FASB are holding a number of public roundtables on their proposals to exempt investment entities from consolidation.

The IASB published Exposure Draft ED/2011/4 Investment Entities on 25 August 2011, proposing to define 'investment entities' as a separate type of entity that would be exempt from the consolidation accounting requirements in IFRS 10 Consolidated Financial Statements. Comments on the Exposure Draft close on 5 January 2012.

Details of the roundtables, including the registration deadline, are set out in the table below:

 

Country Location Date Deadline
Canada Toronto 17 February 2012 27 January 2012
United Kingdom London 29 February 2012 8 February 2012
United States Norwalk 20 March 2012* 28 February 2012*
Malaysia Kuala Lumpur 27 March 2012 6 March 2012

* The date of the Norwalk roundtable was changed to 16 March 2012 in mid January 2012. The registration deadline was also brought forward to 24 February 2012.

Click for more information on the IASB's website.

Elke König to step down as member of the IASB

20 Dec 2011

The IASB has announced that effective 31 December 2011 Elke König is stepping down from the IASB.

She has been appointed as President of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the German Federal Financial Supervisory Authority.

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IASB publishes proposed amendments to IFRS 10

20 Dec 2011

The IASB has published Exposure Draft ED/2011/7 'Transition Guidance (Proposed amendments to IFRS 10)' for public comment.

The proposed amendments address the transition guidance in IFRS 10 Consolidated Financial Statements by clarifying retrospective application. Comments on the exposure draft are due by 21 March 2012.

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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.