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July

IASB seeks candidates for the methodology for fieldwork and effects analyses consultative group

25 Jul 2012

The International Accounting Standards Board (IASB) is seeking candidates for membership to the consultative group that will assist the IASB in developing an agreed methodology for fieldwork and effect analyses.

Consistent with the recommendations from the 2011 Trustees' Strategy Review, the group will provide information on, and an assessment of, fieldwork and effect analyses methodologies that are used currently and whether and, if so, how they might be applied to the IASB’s standard-setting activities, together with advice on the most appropriate methodology (or methodologies) that might be used.

The establishment of the consultative group will also assist the IASB in identifying the 'extent to which it can, and should, meet the needs of bodies responsible for the endorsement of IFRSs in their jurisdictions with respect to effect analysis' so that endorsement bodies might rely on the IASB effects analyses instead of conducting their own analysis.

The IASB expects the consultative group to have 12 to 20 members and will be taking applications until 14 September 2012.

More information on the terms and candidacy for membership are available on the IASB website.

SMEIG members reappointed by IFRS Foundation

25 Jul 2012

Members of the SME Implementation Group (SMEIG) have been reappointed by the Trustees of the IFRS Foundation for an additional two-year term ending 30 June 2014.

The SMEIG first task as part of their second term will be to analyse the feedback from the Request for Information (part of the IASB's initial comprehensive review of the IFRS for SMEs) and to make recommendations to the IASB for possible enhancements to IFRS for SMEs.

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

IASB webcast on financial instruments projects

25 Jul 2012

On 30 and 31 July 2012 IASB staff will give a web update on the Financial Instruments Projects including a question and answer session.

Details of the web updates are provided below:

Topic: Update on the Financial Instruments Projects
Date and time: Monday, 30 July 2012 15:00 GMT+1 and
Tuesday, 31 July 2012 09:00 GMT+1
More information: Click here

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Separation of the role of Chairman of the IASB and Chief Executive Officer of the IFRS Foundation reflected in new Constitution

25 Jul 2012

The Trustees of the IFRS Foundation have published a drafting review of the IFRS Foundation Constitution. The document reflects changes to the Constitution regarding the separation of the role of Chairman of the IASB and Chief Executive Officer of the IFRS Foundation.

The changes are one of the results of the Monitoring Boards governance review 2010-2011. They have already been implemented by appointing Yael Almog as Executive Director of the IFRS Foundation earlier this year.

The Trustees have announced that further changes to the IFRS Foundation Constitution may be considered in the future, however, they felt that the reality of this change should be reflected in the Constitution as soon as possible.

Comments on the drafting review are requested by 23 October 2012.

Please click for:

New report calls for integrated reporting in light of global financial crisis

24 Jul 2012

A joint report by the United Nations Environment Programme Finance Initiative (UNEP-FI), the International Institute for Sustainable Development (IISD), and the Blended Capital Group explores lessons learned from the global financial crises, and outlines a number of recommendations, including a global integrated reporting standard.

The report, entitled Lenses and Clocks: Financial stability and systemic risks, provides an overview of the developments during the financial and economic crisis of 2007–2012 and the ongoing response to that crisis, and then highlights a number of areas related to the "re-engineering" of the global financial system, relating sustainable finance and investment thinking to these areas.

The report laments the focus on 'short-term' outcomes and analyses some of the initiatives and policy responses to issues identified from the global financial crisis.  In critiquing the global convergence of accounting standards, the report notes:

It appears... that international efforts to bring about convergence around one standard, the International Financial Reporting Standards, have faltered and the accounting community has to a large degree accepted that, at this stage, an integrated global accounting system is beyond its reach, with many of the key unresolved issues still on the table in 2012. Agreement over the valuation and pricing of banking assets, notably the complex financial products such as derivatives that sat at the heart of the initial sub-prime crisis in the United States, as well as loans and loan-like instruments, appear to be, once again, at the epicentre of the schism across the accounting world.

The recommendations of the report are outlined as a series of four 'propositions':

  • Proposition 1: Build a deeper understanding of how policy-makers, market regulators and international financing institutions can support the growth and main-streaming of responsible investment and inclusive finance approaches.
  • Proposition 2: Establish a monitoring body, which ensures that  global financial architecture is managed on sustainable fiduciary principles.
  • Proposition 3: Investigate why long-term pension investment has not resulted in a financial system that more obviously serves the interests of savers and supports global sustainability.
  • Proposition 4: Build on the work of the Integrated Reporting Committee and others to promote transparency in the operations of financial and commercial organisations.

The recommendations on proposition 4 include a call for a new protocol on integrated reporting which would cover at least all listed entities on the 50-plus major stock exchanges of the world:

The international community should agree to the adoption by stock exchange authorities and market regulators worldwide of a United Nations protocol that requires listed entities to abide by an integrated reporting standard covering sustainability issues promoting transparency in the operations of financial and commercial organizations. Such a protocol would build on the work of the International Integrated Reporting Committee and would embed a requirement to include a vote on the quality of the integrated report at the annual general meetings of listed corporations.

 

Click for access to the full report (link to the UNEP-FI website)

Final notes from the July IASB meeting

23 Jul 2012

The IASB's July meeting was held in London on 16-20 July 2012, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions on financial instruments: impairment and financial instruments: classification and measurement.

Click through for direct access to the notes:

Friday, 20 July 2012

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

Further notes from the July IASB meeting

20 Jul 2012

The IASB's July meeting was held in London on 16-20 July 2012, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions on insurance contracts, investment entities and revenue recognition.

Click through for direct access to the notes:

Monday, 16 July 2012

Thursday, 19 July 2012

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

IASB and FASB webcast on Leases

20 Jul 2012

The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) held a live webcast on 19 July 2012 to provide an update on proposals relating to the joint Leases project. This webcast is now available on the IASB's website.

During the webcast, the Boards' discussed the following:

  • why there is a need for a leases project
  • updates on proposed leases models
    • Right-of-use model
    • Lessee accounting model
    • Lessor accounting model
  • classification of leases, and
  • the current state of the leases project.

Click here to view the IASB-FASB webcast.

Further notes from the July IASB meeting

19 Jul 2012

The IASB's July meeting was held in London on 16-20 July 2012, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions on financial instruments: classification and measurements and financial instruments: impairment.

Click through for direct access to the notes:

Wednesday, 18 July 2012

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

IASB begins public consultation phase of the IFRS 8 post-implementation review

19 Jul 2012

The International Accounting Standards Board (IASB) has initiated the public consultation phase of IFRS 8 'Operating Segments' post-implementation review (PIR) process. As part of the public consultation phase, the IASB has published for comment a Request for Information (RFI) on the effect of implementing the standard.

The purpose of the review is to gather "feedback on whether the standard is functioning as intended, as well as more practical information on the challenges and costs associated with implementing the standard." In addition to the RFI, the IASB will be holding outreach activities internationally to gather more feedback on the effect of implementing IFRS 8.

The IFRS 8 standard marks the first instance the IASB has conducted a PIR of a major standard since PIR was introduced by the Trustees in 2007.

Comments on the RFI are due by 16 November 2012.

A live web presentation on the RFI will be available on 26 July 2012 by the IASB staff. Presentation details are available on the IASB website.

Click for (links to IASB website):

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.