July

IFRS Foundation Trustees appointed and reappointed

04 Jul 2013

The Trustees of the IFRS Foundation have announced the appointment of one new Trustee representing the Asia-Oceania region and the reappoinment of three current Trustees of the IFRS Foundation.

The new Trustee is Joji Okada, Chief Financial Officer, Senior Executive Managing Officer and Representative Director of Mitsui & Company Limited, one of the largest trading companies in Japan with 150 offices across 67 countries.  His appointment follows the retirement of Noriaki Shimazaki, who stepped down from the Trustees in June this year. Mr Okada’s appointment will begin with immediate effect and will expire on 31 December 2015, renewable for a further three-year term.

The IFRS Foundation Monitoring Board also approved the reappointment of Duck-Koo Chung (Asia-Oceania), Dick Sluimers (Europe) and Antonio Zoido (Europe) to serve second terms as Trustees.

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FASB and IASB announce joint roundtable meeting on revised leases proposals

02 Jul 2013

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) will be hosting several public joint roundtable meetings concerning the revised leases proposals in the FASB Accounting Standards Update, ‘Leases: (Topic 842)’ and the IASB’s Exposure Draft, ‘Leases’.

The meeting will provide participants an opportunity to discuss the proposals in greater detail with both the FASB and IASB. In order to cover a wide range of views on the topic, the Boards are seeking participation from preparers, auditors, investors, and others.

Roundtable meeting schedule
Tuesday, September 10, 2013
Sao Paulo, Brazil
Location: TBD
Meeting time: TBD
Registration deadline: July 22
Monday, September 16, 2013
IASB Office
30 Cannon Street
London EC4M 6XH
United Kingdom
Meeting times: TBD
Registration deadline: July 22
Monday, September 23, 2013
FASB Office
401 Merritt 7
Norwalk, CT 06856
Meeting times: 9:00 a.m.–12:00 p.m. EDT and 1:00 p.m.–4:00 p.m. EDT
Registration deadline: July 22
Thursday, October 3, 2013
Sheraton Gateway Los Angeles
6101 W Century Blvd
Los Angeles, CA 90045
Meeting times: 9:00 a.m.–12:00 p.m. PDT and 1:00 p.m.–4:00 PDT (nonpublic entity roundtable)
Registration deadline: July 22
Friday, October 4, 2013
Singapore
Location: TBD
Meeting time: TBD
Registration deadline: July 22

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IVSC consults on derivatives valuation

02 Jul 2013

The International Valuations Standards Council (IVSC) has released an exposure draft on the valuation of equity derivatives, the first of a planned series that will include similar guidance on derivatives for foreign exchange, fixed income and commodities.

The IVSC is convinced that the lack of globally accepted and recognised standards for the valuation of derivatives has led to a lack of trust in the valuations that are produced. The problem is particularly acute with over the counter (OTC) products which are not traded on exchanges and for which current price information is not available. And yet all companies that hold any sort of financial instrument need to value these in their accounts.

The ED lists the main types of equity derivatives with a description for each of the listed products. It describes various valuation models and includes the key assumptions and other inputs required. However, products and valuation models are not mapped to each other, i.e. the ED does not contain comments on each model's relative applications and when it is appropriate to use one rather than another.

Comments on the ED are requested by 30 September 2013.

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Agenda for the upcoming IFRS Foundation Trustees meeting

02 Jul 2013

An agenda has been released for the upcoming meeting of the IFRS Foundation Trustees, scheduled to be held in Johannesburg on Thursday 11 July 2013.

The agenda for the meeting is reproduced below:

 

Thursday 11 July 2013

IFRS Foundation Trustees meeting (10:30-12:15)

  • Report of the IFRS Foundation Chair
  • Report of the IASB Chair and Senior Technical Directors
  • Technical update - disclosures
  • Due Process Oversight Committee (DPOC) report

Agenda papers from this meeting are not yet available, but will be made available on the IASB's website in due course.

European Parliament publishes new Accounting Directive

01 Jul 2013

The European Union has published the Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC in the Official Journal on 29 June 2013.

As reported earlier in our 13 June 2013 article, the Directive aims simplifying the accounting requirements for small companies and improves the clarity and comparability of companies' financial statements within the Union.

The Directive enters into force starting twenty days after it has been published in the Official Journal of the European Union. The EU Member States have to incorporate the rules of the Directive with their national law by 20 July 2015.

Full text of Directive 2013/34/EU is available on the European Commission website.

The revised Transparency Directive, which was also approved by the European Parliament on the same day as the new Accounting Directive, has not been published in the Official Journal yet. The text is however available in the "Texts adopted" section of the EC website.

BAC report recommending greater use of IFRS in Japan now available in English translation

01 Jul 2013

On 20 June 2013, Japan’s Business Accounting Council (BAC) issued its final report on the use of International Financial Reporting Standards (IFRSs) in Japan. The report recommends a number of measures, and may result in four possible sets of accounting standards that could be used by Japanese public companies, including greater, but not mandatory, use of IFRSs or IFRS-based standards.

So far, the report was only available in the Japanese language. The Financial Services Authority of Japan (FSA) has now published an English language translation of the report.

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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.