2012

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Final notes from the January IASB meeting

29 Jan 2012

The IASB held its regular monthly meeting on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have now also posted Deloitte observer notes from the remaining impairment session held on Friday.

Click through for direct access to the notes:

Friday, 27 January 2012 (earlier sessions)

Click here to go to the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

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Additional notes from the January IASB meeting

27 Jan 2012

The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from three of the sessions held on Friday.

Click through for direct access to the notes:

Friday, 27 January 2012

Notes from Friday's Financial instruments: Impairment session will be posted on Monday.

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

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IASB and FASB seek to reduce differences in classification and measurement models for financial instruments

27 Jan 2012

At today's joint IASB meeting with the Financial Accounting Standards Board (FASB), the Boards agreed to work together to find ways to reduce differences in their respective classification and measurement models for financial instruments.

The discussions will shape the FASB’s ongoing redeliberation of a proposed Accounting Standards Update on financial instruments, while the IASB will consider these discussions as part of its project to undertake limited-scope changes to IFRS 9, Financial Instruments.

Click for the press release on the IASB's website. Also, see our Classification and Measurement session notes taken by Deloitte observers at today's meeting for more information.

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Conclusions of the Trustees' Due Process Oversight Committee meeting

27 Jan 2012

The IFRS Foundation Trustees' Due Process Oversight Committee (DPOC) has posted to their website a summary of the conclusions of their meeting in Singapore on 12 January 2012.

The DPOC discussed recommendations regarding the IASB's planned post-implementation review procedure, which begins with IFRS 8 Operating Segments. Post-implementation reviews are a mandatory due process step for all new IFRSs and major amendments to IFRSs.

Please click here to read the notes on the IFRS Foundation's website.

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Further notes from the January IASB meeting

27 Jan 2012

The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the sessions held on Thursday.

Click through for direct access to the notes:

Thursday, 26 January 2012

Notes from Friday's sessions will be posted soon.

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

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Updated EFRAG 'endorsement status report'

27 Jan 2012

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 26 January 2012 (PDF 199k).

Since the last report, draft endorsement advices have been issued for the amendments to IAS 32 and IFRS 7.

You can always find the endorsement status report Here.

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Notes from the January IASB meeting

26 Jan 2012

The IASB's regular monthly meeting is being held on 25-27 January 2012 in London, part of it a joint meeting with the FASB. We have posted Deloitte observer notes from the session held on the first day of the meeting.

Click through for direct access to the notes:

Wednesday, 25 January 2012

Notes from the Thursday's sessions will be posted soon.

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

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Update on the IFRS for SMEs

26 Jan 2012

On Friday 20 January 2012, the EFRAG's SME Working Group met with IASB Board member Paul Pacter in Brussels to discuss various matters relating to the IFRS for SMEs.

The report Mr Pacter presented is now available on the IASB website and contains information on Q&A status, and discusses the comprehensive review process of the IFRS for SMEs every three years. The first review will take place in the second half of 2012, and modification would occur to (1) reflect any new or revised IFRSs in the IFRS for SMEs or (2) address implementation questions that have arisen.

Click for the report on the IASB's website (29 KB).

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FASB's impairment testing proposal deviates from IFRS

26 Jan 2012

The United States Financial Accounting Standards Board (FASB) has published a proposal in which an entity testing indefinite-lived intangible assets for impairment would have the option of performing a qualitative assessment to determine whether it is more likely than not that the asset is impaired.

Under current US GAAP, assets with indefinite useful lives are similar to those under IAS 36 Impairment of Assets; they are reviewed at least annually for impairment. Under the proposal, certain assets such as trademarks, licenses and distribution rights could be exempt from this requirement, if the asset is determined to be more likely than not less than its fair value. In their proposal, the FASB acknowledges that this new guidance does not converge US GAAP and IFRS.

Click for:

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Scott Evans reappointed as a trustee of the IFRS Foundation

24 Jan 2012

The Monitoring Board of the IFRS Foundation has approved the re-appointment of Scott Evans to serve as a Trustee for a second three-year term. His office term now ends on 31 December 2014.

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

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