In coming to the decision to re-expose, the Board considered a number of factors including the length of time that has already been devoted to the project (the comprehensive project on insurance contracts was added to the IASB's agenda in 2001) and the importance of issuing a final standard soon. Balancing the belief that a re-exposure is necessary and the wish not to start discussions almost from scratch again by re-exposing the whole exposure draft (and thus to delay the finalisation of the standard), the IASB has decided on targeted questions on:

• treatment of participating contracts;
• presentation of premiums in the statement of comprehensive income;
• treatment of the unearned profit in an insurance contract;
• presenting, in other comprehensive income, the effect of changes in the discount rate used to measure the insurance contract liability; and
• the approach to transition.

A date for the re-exposure has not yet been announced. Please click for access to the corresponding press release on the IASB website.

The new timetable for IFRS adoption is as follows:

• Group 1: Publicly traded entities, public interest entities and large companies that a) are branches of parent companies that report under IFRS, b) parent companies of branches that report under IFRS and c) companies exporting or importing over 50% of their sales or purchases.  These entities will adopt full IFRS in 2015, with 2014 being the year of transition (meaning opening balances of the Statement of Financial Position as at 1 January 2014)
• Group 2:  Large and medium companies other than those included in group 1.  These entities will adopt the IFRS for SMEs in the 2016 fiscal year, meaning the year of transition being 2015 (opening balances of the Statement of Financial Position as at 1 January 2015).

A third group consisting of micro entities will apply standards especially developed for their needs (Normas de Información Financiera para Microempresas) from 2015.

Please click for the press release announcing the deferral (in Spanish).

Sir David was Chairman of the IASB for 10 years and served another decade before that as Chairman of the UK Accounting Standards Board. He overhauled UK GAAP and spearheaded the adoption of IFRS in over 100 countries. He will bring his vast experience to the IVSC, helping to advance the organisation's priorities: (1) promoting the recognition and adoption of the International Valuation Standards in the world’s major economies and (2) leading the development of the valuation profession worldwide bringing it together with users of valuation, regulators, legislators and opinion-formers.

Click for press release (link to IVSC website).

The objective of the meeting is for the SMEIG to discuss public responses to the Request for Information: Comprehensive Review of the IFRS for SMEs published in June 2012 and to develop a list of specific recommendations to the IASB for amendments to the IFRS for SMEs.

The Request for Information adresses to areas of possible improvements:

• Part A contains specific questions on particular sections of the IFRS for SMEs for respondents. These issues have been frequently raised by interested parties. Respondents are also invited to raise any other specific issues they may have relating to possible changes to particular sections of the IFRS for SMEs.
• Part B contains general questions about the IFRS for SMEs. Respondents are invited to raise any other general issues they may have relating to possible changes to the IFRS for SMEs.

The deadline for public responses to the Request for Information is 30 November 2012.

Please click for IASB press release announcing the first meeting of the SMEIG (link to IASB website)

The AcSB decided to end stakeholder uncertainty about a further extension now rather than waiting until closer to the end of 2012 and thus closer to the current mandatory application date (1 January 2013).

The reasons for the deferral are the same as for the last deferral announced in March 2012. Given recent statements the IASB has made publicly about the priority it intends to give rate-regulated activities when setting its future agenda, the AcSB said in accordance with earlier statements it would monitor future developments and consider the need for a further deferral should an interim solution not occur within a year, but remain a possibility.

The AcSB's decision is documented in the Accounting Standards Board Decision Summary for the 5-6 September meeting of the AcSB. The AcSB expects to issue the amendment to the Introduction to Part I of the CICA Handbook in October 2012.