Click for:

• EFRAG press release on IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011) (link to EFRAG website)
• EFRAG press release on amendments to IAS 32 and IFRS 7 (links to EFRAG website)

Links to the endorsement letters are provided in the press releases.

EFRAG has updated its endorsement status update accordingly.

IASB and ASBJ discussed the following topics:

• IFRS - US GAAP convergence,
• the IASB Agenda Consultation 2011,
• the ongoing review of the IFRS Interpretations Committee, being conducted by the Trustees, and
• opportunities for closer co-operation between the IASB and national accounting standard-setters, including the future relationship between the IASB and the ASBJ.

The IASB has posted to its website a press release with a summary of the discussions.

Sir David will continue his work to improve financial reporting with the ICAS. He has noted the need for increased transparency and clearer communication to restore confidence and trust in business and in the accounting profession. Sir David also noted that there is a need for principle-based accounting standards and a focus on the tone at the top, stating the following:

Under today's spotlight that tone at the top needs to be even more visibly evident; with values and integrity literally dripping through an organisation. Organisations and individuals that push ethical considerations to the heart of their strategies will stand a better chance of sustaining success over the long term.

Click for press release (link to ICAS website).

The report, The state of CSR in Australia: Stakeholders as readers of sustainability reports, was presented at the Australian Global Reporting Initiative (GRI) Conference on Sustainability and Integrated Reporting held in Melbourne on 26-28 March 2012.

The data collected from 16 research projects conducted by ACCSR between 2006 and 2011, relating to stakeholder perceptions of sustainability reports, was analysed to produce the report.

Some of the findings of the research include:

• A balanced report helps develop trust with stakeholders. Reporting both positive and negative, challenges and achievements, makes stakeholders more likely to see a sustainability report as a credible source of information
• In terms of engagement with the report, contractors, suppliers and financial stakeholders are most likely to completely read a sustainability report
• Stakeholders are more likely to use sustainability reports to understand an organisation's sustainability approach rather than sustainability performance
• The greatest 'reputational uplift' from sustainability reports is gained when stakeholders learn something new about an organisation - producing a sustainability report provides the potential to improve reputation with minimal risk.

Click for access to the ACCSR report (free registration required).

Mr Hoogervorst noted that most of the convergence work with the US Financial Accounting Standards Board is complete. Currently, there are four remaining convergence projects (leases, revenue recognition, financial instruments, and insurance). The chairman is hopeful that the SEC will make a timely decision about the U.S. adopting IFRSs, which will help expedite the completion of the  remaining convergence projects.

One of the most common items from the feedback received during meetings, round-table discussions, and other events was a request for a period of stability. Mr Hoogervorst noted that the IASB's future work programme would focus on 'fixing what needs fixing, and no more', including:

• completing revisions to the conceptual framework
• ensuring disclosure requirements are appropriate
• deciding what to do with other comprehensive income
• work on smaller projects, such as agriculture, business combinations under common control, hyperinflation and rate-regulated industries.

The chairman commented that the IASB has introduced a new research phase to the work programme. The research phase would be designed to gather preliminary views from within the IASB and other standard-setting groups before it is considered for the IASB’s work programme. Mr Hoogervorst emphasised working with other accounting standard-setting bodies to do research and report back their findings to the IASB, conducting much of the discussion paper phase of the IASB's standard-setting work.  Mr Hoogervorst noted this should enable the IASB to understand national and industry perspectives earlier in the standard setting process.

Further, Mr Hoogervorst remarked:

The introduction of a research phase to our work stream, delivered by other accounting standard-setting bodies within the parameters set by the IASB, is an excellent example of our desire to formalise and strengthen our relationships with other organisations such as the KASB.

Click for speech transcript (link to IASB website).

The matters discussed at the meeting, held on 29-30 March 2012, were as follows:

We have posted the above agenda for the meeting with the kind permission of the IFASS secretariat.

With the IASB beginning to focus on its post-convergence agenda and governance, the role and importance of regional and jurisdictional standard-setters going forward is a key challenge for the IFRS Foundation.  Hans Hoogervorst (IASB Chairman) commented recently about the "need for the IASB to strengthen and formalise its relationships with standard-setters, regulators and the accounting profession".

Mr. Fleck is succeeding Bill Knight who retired on 31 March after eight years as chairman.

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

The revised Guide to the IFRS for SMEs booklet is designed to provide a briefing of IFRS for SMEs for lenders, creditors, and other interested parties.

In the recent edition of IFRS for SMEs Update newsletter, the staff announced the adoptions of the IFRS for SMEs in Samoa and Ecuador. In Samoa, all non-publicly accountable entities will begin using IFRS for SMEs for financial reporting periods ending on or after 30 June 2012. In Ecuador, IFRS for SMEs is effective for all non-publicly accountable entities for years ending on or after 31 December 2012.

Click for:

• A Guide to the IFRS for SMEs booklet (link to IASB website).
• IFRS for SMEs Update: March 2012 (link to IASB website).

The agenda was publicly released on 2 April 2012 and is available here.