The topics discussed were as follows (click through to detailed Deloitte observer notes for that topic):

Tuesday 17 January 2012

• Active Committee projects
  • IAS 32 Financial Instruments: Presentation — Put options written over non-controlling interests
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets — Levies charged for participation in a market on a specified date
• Review of Tentative Agenda Decisions published in November IFRIC Update
  • IAS 19 Employee Benefits — Definition of termination benefits
• Items for continuing consideration
  • IFRS 11 Joint Arrangements — Acquisition of interest in joint operation
  • IAS 28 Investments in Associates — Share of other changes in equity
  • IFRIC 12 Service Concession Arrangements — Payments made by an operator in a service concession arrangement
  • IAS 33 Earnings per Share — Calculating EPS with non-cumulative preference dividends

Wednesday 18 January 2011

• Annual improvements — comment letter analysis
  
  • IFRS 1 First-time Adoption of International Financial Reporting Standards — Repeated application of IFRS 1
  • IFRS 1 First-time Adoption of International Financial Reporting Standards — Borrowing costs relating to qualifying assets for which the commencement date for capitalisation is before the date of transition to IFRSs
  • IAS 1 Presentation of Financial Statements — Clarification of the requirements for comparative information
  • IAS 16 Property, Plant and Equipment — Classification of servicing equipment
  • IAS 32 Financial Instruments: Presentation — Tax effect of distribution to holders of equity instruments
  • IAS 34 Interim Financial Reporting — Interim financial reporting and segment information for total assets
• New items for initial consideration
  • IAS 2 Inventories — Long-term prepayments for inventory supply contracts
  • IAS 41 Agriculture — Disclosure of the components of changes in fair value and associates valuation techniques
  • IAS 28 Investments in Associates and SIC 13 Jointly Controlled Entities — Non-Monetary Contributions by Venturers — Definition of the term 'non-monetary asset' in SIC 13 and IAS 28 (2011)
• Administrative session

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

The Update was issued due the current economic uncertainties in numerous countries. The Update aims to provide issues to UK listed companies that may occur when responding to the increasing country and currency risk when filing their annual and semi-annual financial reports. The Update notes the following:

The Update also suggests that additional guidance should be considered, such as the ESMA's statement Sovereign Debt in IFRS Financial Statements (see our earlier story).

Click for:

• FRC report: An Update for Directors of Listed Companies: Responding to increased country and currency risk in financial reports (PDF 761 KB, link to FRC website)

During the meeting, views were exchanged on the work of the trustees and the IASB on establishing IFRSs as the globally accepted set of accounting standards. Also during the discussion, the Singapore representatives expressed the challenges that companies in Singapore face with the implementation of IFRS.

Currently, the Singapore Financial Reporting Standards (SFRSs) are extensively align to IFRSs and the ASC is committed to achieving full convergence.

Click for:

• IFRS Foundation press release (link to IASB website)
• Our Singapore page

The most recent publications include:

• The leases project: an update for the lessee (Spanish firm newsletter)
• IFRS in Focus — IASB issues exposure draft clarifying the transitional requirements of IFRS 10 (Japanese translation)
• IFRS fokussiert — IASB decision to defer the mandatory application date of IFRS 9 to 2015 (German firm newsletter).

The page also highlights that Deloitte's 2011 Model Financial statements that reflect the early application of new and revised Standards are now available. The model financial statements illustrate the impact of a number of new and revised Standards and Interpretations that are mandatorily effective on 1 January 2011 and the impact of the early application of new and revised Standards that are not yet mandatorily effective on 1 January 2011 (e.g. IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities and amendments to IAS 1, IAS 12, and IAS 19). They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard.

Click for IFRS Model Financial Statements for 2011 including early adoption.

We have posted Deloitte observer notes from the meeting (click through for direct access to the notes):

Thursday, 12 January 2012

• Report of the IASB Chairman
• Due Process Oversight Committee
• Education and Content Services Committee
• Implementation of the Trustees' Strategy Review

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