2012

2012feb Image

IASB releases agenda for its February meeting

21 Feb 2012

The IASB will be holding its February 2012 meeting on 27 February – 2 March 2012, much of it a joint meeting with the FASB.

You can access the agenda on our February 2012 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.

IFAC (International Federation of Accountants) (lt gray) Image

Fifth edition of IFAC survey reveals key concerns, support for global IFRS adoption

20 Feb 2012

The International Federation of Accountants (IFAC) has published its Fifth Annual Global Leadership Survey. IFAC received 123 responses to the survey from a total of 93 member bodies and associates in 71 countries and jurisdictions, as well as four affiliates, regional accountancy organisations, and groupings.

Some of the key findings of the survey include:

  • The following issues were rated highly:
    • reputation and credibility of the profession
    • the needs of small and medium size practices and small and medium sized entities
    • the difficult global financial climate
    • public sector and sovereign debt issues
    • increase regulation (including proposed European Union (EU) legislation).
  • International Financial Reporting Standards (IFRS) were viewed as being most important for global adoption, implementation and enforcement, with International Standards on Auditing (ISAs) being ranked second, then followed by the Code of Ethics for Professional Accountants, and International Public Sector Accounting Standards (IPSASs)
  • Respondents indicated that IFAC‘s top priority should be setting standards and guidance, but with a number of other areas also important.

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

iasb.gif Image

IASB event for 'IFRS teachers'

20 Feb 2012

The IASB has announced that the IASB technical staff will hold a one-day event for those teaching International Financial Reporting Standards (IFRSs).

The event will be held in the IASB Board Room in London on Monday 14 May 2012 and will include a number of sessions taking a variety of forms — presentations, question and answer sessions, a Framework-based teaching workshop and feedback from the participants.

Participation is limited to a maximum of 40 IFRS teachers, with no more than four participants from each country. Click for more information (link to IASB website).

European Union Image
IPSAS (old) Image

Eurostat consultation on the suitability of IPSAS for the EU Member States

20 Feb 2012

The Statistical Office of the European Union (Eurostat) has issued a public consultation on the assessment of suitability of the International Public Sector Accounting Standards (IPSAS) for the Member States of the EU.

On 8 November 2011 the Council of the European Union adopted the Council Directive concerning the requirements for the fiscal framework of the Member States. It calls on the Commission to carry-out by the end of 2012, an evaluation of the suitability of IPSAS for the EU Member States.

The IPSASs are based on International Financial Reporting Standards (IFRSs) and are adapted to meet the specific needs of the public sector. The focus of IPSAS is accrual accounting.

This consultation period ends on 11 May 2012. All citizens and organizations can participate in the consultation. Contributions from national governments / national authorities and stakeholders will be asked directly. A summary of the results of the consultation will be published in the second half of 2012.

Click for the Eurostat consultation page (link to European Commission web site).

CMAC (Capital Markets Advisory Committee) (mid blue) Image

Agenda for Capital Markets Advisory Committee meeting

17 Feb 2012

The Capital Markets Advisory Committee is meeting in London on 22 February 2012 with representatives of the IASB. The agenda for the meeting is set out below.

Capital Markets Advisory Committee meeting agenda
22 February 2012, London
Wednesday, 22 February 2012

Click for access to the full agenda and agenda papers (link to IASB website).

iasb.gif Image
FASB (old) Image

IASB and FASB to hold roundtable meetings on revised revenue recognition proposals

17 Feb 2012

The IASB and FASB have announced plans to hold several public roundtable meetings in March, April, and May 2012 to discuss the revised joint revenue recognition proposals.

The locations and dates of the roundtables are as follows:

An additional roundtable meeting will be scheduled in May 2012 for US private entities.

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

Turkmenistan Image

Current status of accounting and audit reforms in Turkmenistan

17 Feb 2012

In July, 2010, the President of Turkmenistan issued a Decree approving the National Accounting and Audit Reform Program (NAARP). The Program aims to bring the national accounting and audit system in compliance with international standards and requirements of a market economy.

According to NAARP, new national accounting standards harmonized with international financial reporting standards (IFRS) will be introduced into pilot sectors of the economy beginning on 1 January 2013, with full transition for the rest of the economy as of 1 January 2014. The banking sector was required to fully transition to IFRS by 2011.

The measures underway to implement the National Accounting and Audit Reform Program include updating and developing the relevant regulatory framework; developing national accounting and financial reporting standards for both the private and public sectors; training specialists and professional accountants; and introducing best international practice through cooperation with leading financial institutions of the world. Based on an agreement formalized between the Turkmen Finance of Ministry and the IFRS Foundation in 2011, IFRS is currently being translated into the Turkmen language in order to facilitate its implementation in the country.

Following the approval of NAARP, a new Turkmenistan Accounting Law was adopted in 2010, while the country’s new Audit Law is currently under development.

Click for Turkmenistan country page.

European Union Image

ESMA extends comment deadline on materiality consultation paper

16 Feb 2012

The European Securities and Markets Authority (ESMA) has extended the comment period to consultation paper Considerations of materiality in financial reporting.

ESMA had published the paper in November 2011, for comments from interested parties regarding their understanding of various aspects of materiality so an uniform application of this concept can be formulated. Comments deadline is now extended to 30 March 2012.

The European Financial Reporting Advisory Group (EFRAG) has, accordingly, extended the comment period on its draft consultation paper to 16 March 2012.

Click for:

IFRS Foundation (blue) Image

IFRS Foundation conference in Europe announced

16 Feb 2012

The IFRS Foundation announced the dates for its conference in Europe, which will be held in Frankfurt, Germany on 27 and 28 June 2012.

The conference will feature presentations by Hans Hoogervorst, Chairman, Ian Mackintosh, Vice-Chairman, and other IASB members, senior IASB technical staff, and IFRS experts. The conference will provide an update on the active projects and plans of the IASB. Some of the highlights of the conference topics include the following:

  • IASB update
    • Update on IASB's future agenda consultation
    • Current agenda projects
    • Recently issued standards
    • Interpretations and annual improvements
    • Post-implementation reviews
  • Perspectives on IFRS
  • Financial Instruments
    • Replacement of IAS 39

There will also be pre-conference special interest sessions from 9:30 to 12:00 on 27 June 2012 on the implementation of IFRS 10, IFRS 11, IFRS 12, and IFRS 13.

Additional conference details, including registration, are available here.

Globe.gif Image

Sustainability and integrated reporting update

14 Feb 2012

A summary of recent developments in sustainability reporting, integrated reporting and related topics, focused on developments from the Global Reporting Initiative (GRI), a report from CPA Australia and a survey from the Climate Disclosure Standards Board (CDSB).

The topics are as follows:

  • Australian GRI Conference on Sustainability and Integrated Reporting. The Global Reporting Initiative (GRI), with the support of the Australian government, is holding its inaugural regional Conference in Melbourne, Australia on 26-28 March 2012. The outcomes of this conference are designed to help inform GRI’s thinking on integrated reporting and the next generation of its Sustainability Reporting Guidelines ("G4"). More information is available at www.australiangriconference.org
  • New sustainability reporting requirements in Brazil and India. The São Paulo stock exchange and the Securities and Exchange Board of India (SEBI) have recently introduced new sustainability reporting requirements. More information is available in this article from the GRI (link to GRI website)
  • Impact of sustainability issues on capital investment decisions. CPA Australia has published a report outlining preliminary findings on current practices around the integration of sustainability issues in investment decisions. The report is available on the CPA Australia website (PDF 1488k)
  • Carbon reporting survey. The Climate Disclosure Standards Board (CDSB) is undertaking a survey on the disclosure of climate change related-information under the increasing number of mandatory and voluntary reporting frameworks. The survey can be accessed through the CDSB website
  • Reporting guidance for event organisers. GRI has published an 'Event Organizers Sector Supplement' (EOSS) to its sustainability reporting guidelines. More information is available in this article from the GRI (link to GRI website).

Click for our sustainability page.

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.