Patrick Finnegan, IASB member, and Joanna Yeoh, Technical Manager, report on developments in the project following the IASB meeting on 15 November 2011 and joint IASB/FASB meeting on 16 November 2011. To listen to the podcast, please click here (link to IASB website).

Click for our insurance contracts project page.

The SME Implementation Group (SMEIG) develops non-mandatory guidance on the IFRS for SMEs in the form of questions and answers (Q&As). In September 2011 a third batch of Q&As on draft guidance related to the implementation IFRS for SMEs was published. Also open for comment is the fourth batch of Q&As published two days ago.

On 26 July 2011, the International Accounting Standards Board (IASB) launched a public consultation to seek broad public input on the strategic direction and overall balance of its future work programme. The IASB thinks that its future work should fall into broad categories: 'Developing financial reporting' and 'Maintaining' existing IFRSs.

Click for our previous stories on:

• Third batch of SME Implementation Group questions and answer documents
• Request for Views Agenda Consultation 2011

The new MFRS Framework represents the finalisation of proposals published in June 2011.

The MFRS Framework comprises Standards as issued by the International Accounting Standards Board (IASB) that are effective on 1 January 2012. It also comprises new and revised Standards recently issued by the IASB that will be effective after 1 January 2012 such as Standards on financial instruments, consolidation, joint arrangements, fair value measurement and employee benefits, among others. The adoption of the MFRS Framework will allow Malaysian entities to be able to assert that their financial statements are in full compliance with IFRSs.

The MFRS Framework is to be applied by all Malaysian entities other than private entities for annual periods beginning on or after 1 January 2012. However, certain 'transitioning entities' (essentially those involved in agriculture and real estate construction) will be allowed to defer adoption of the new MFRS Framework for an additional one year, so that it will be mandatory for annual periods beginning on or after 1 January 2013.

Click for MASB press release (link to MASB website).

This MoU was developed to ensure greater consistency in the boards' standard-setting activities. In the MoU, the boards lay out a 'communication and co-operation process' which provides information on meetings, projects, crises, programs, soliciting feedback and more.

Click for IASB press release (link to IASB website).

Click for the Endorsement Status Report as of 18 November 2011. Currently, the following thirteen 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 IFRS 7 Financial Instruments: Disclosures
• 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
• IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

Click for access to the Q&As:

• Recycling of cumulative exchange differences on disposal of a subsidiary (link to IASB website)
• Fallback to IFRS 9 Financial Instruments (link to IASB website)

Q&As are non-mandatory guidance. Comments are due by 31 January 2012.

This batch makes editorial corrections and changes to ED/2011/4 Investment Entities (issued August 2011), IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004), IFRS 7 Disclosures – Transfers of Financial Assets (Amendments to IFRS 7) (issued October 2010), IFRS 9 Financial Instruments, IFRS 13 Fair Value Measurement (issued May 2011), IAS 19 Employee Benefits (issued June 2011), Bound Volume (Red Book) 2011, Bound Volume (Education) 2011, Bound Volume (Blue Book) 2012 and IFRS for SMEs (issued July 2009).

Details of the editorial corrections are available available on the IASB's website.

EFRAG is supportive of what the proposed amendments are trying to achieve, but it believes that the Board should limit the scope of the proposed transitional relief to entities that, under their previous GAAP, accounted for government loans as liabilities.

Comments on the letter are invited by 27 December 2011. The draft comment letter can be downloaded via the press release on EFRAG's website.

Click for our earlier story on the issuance of ED/2011/5.

The files correspond to the text used for the adoption of IFRSs into law, and do not include the accompanying material such as the Bases for Conclusions and Implementation Guidance.

Please click for:

• access to the French translation in the secure eIFRS subscriber area of the IASB website (you need to log in and then navigate to the 'Latest Additions' section)
• access to the Spanish translation in the 'Official IFRS translations' area of the IASB website

Click through for direct access to the notes:

Wednesday, 16 November 2011 (other sessions)

• Insurance Contracts (IASB-FASB)

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