Based on the jurisdiction profiles the IFRS Foundation has compiled, the article describes developments in the adoption of IFRSs since the European Union adopted IFRSs in 2005. Mr Danjou writes about the many jurisdictions that have adopted IFRSs since then as well as about the jurisdictions that haven't  - among them China and the United States. He lists three lessons that are to be learned from this anlysis:

• IFRSs now play a preeminent role throughout the world - the majority of jurisdictions have made a commitment to IFRSs and the jurisdictions that apply them represent more than half of the world's wealth.
• The European Union continues to be a major user of IFRSs but it is no longer the dominant one.
• IFRSs are applied by 52 per cent of the Fortune 500 companies; US GAAP is applied by 29 per cent of these companies.

Please click to access Mr Danjou's article (English translation) on the IASB website. It is also available in the original version (French).

Mr Cooper described four key advances made during deliberation concerning issues in practice. These key advances include:

• Current, updated measure of insurance contract liabilities.
• Using an asset-based discount rate only where relevant.
• Recognising profit as services are delivered.
• Recognising that in many respects insurance is not that different from other industries.

In addition, he stated one of the next steps for the IASB is to resolve issues concerning the pattern of profit recognition for participating contracts.

For more information, see the ‘Investor Perspective’ on the IASB’s website.

The ASBJ stresses that it very much appreciates the IASB's long-term efforts in developing an accounting standard for insurance contracts. Yet the ASBJ believes that there are still controversies that reflect technical aspects as well as significant impact on insurers' financial reporting. Among these, the ASBJ has come to believe that the presentation of the CSM warrants further consideration.

The proposal to presented the CSM as AOCI  aims at promoting consistency between the presentation requirement of the CSM and the definition of a liability under the Conceptual Framework. The ASBJ also believes that this AOCI presentation could be applied irrespective of whether insurance contracts contain non-participating or participating features as the CSM would not significantly differ between participating contracts and non-participating contracts.

The paper was prepared by the ASBJ to stimulate discussions at the next ASAF meeting as well as globally. It's overall aim is to contribute to the IASB's ongoing deliberations and thus to support the Board in developing an insurance contract accounting standard that will be accepted globally.

Please click to access the paper on the ASBJ's website.

Click through for direct access to the notes:

Thursday, 19 Feb­ru­ary 2015

• Dynamic risk management.

Friday, 20 Feb­ru­ary 2015

• Post-implementation review of IFRS 3.

The pre­lim­i­nary and un­of­fi­cial notes taken by De­loitte ob­servers for the entire meeting are also avail­able.

The topics discussed at the meeting included:

• “What information about an entity’s rate-regulated activities and the rate-regulatory environment do users need?
• Where do users currently obtain information about rate regulation?; and
• Whether users prefer the impact of rate regulation to be included in the primary financial statements or/and as disclosures.”

For more in­for­ma­tion, see the press release and report on the EFRAG's website.

This reports complements a feedback statement on additional EFRAG outreach activities on rate regulation.

On 16 May 2013, the IASB and FASB issued a revised exposure draft to improve the accounting for leases. The boards will be ending their redeliberations soon and will be deciding on an effective date within the next few months. According to this update, the new leases standard is expected to be issued by the IASB before the end of 2015, which is slightly different than the IASB’s current work plan of an expected issuance in second half of 2015.

For more in­for­ma­tion, see the document on the IASB’s website. In addition, Deloitte has followed the re­de­lib­er­a­tions of the IASB and all tentative decisions to date; see our leases project page for details.

The table cross references the requirements in the CDSB Reporting Framework, which will be available as completed version in March, with commonly used reporting provisions such as CDP, SASB, GRI, IIRC, UN Global Compact as well as regulatory requirements such as the new EU Non-Financial Reporting Directive, the UK Companies Act, the German Sustainability Code and Grenelle II. The table allows stakeholders to identify similar requirements and shows how information collected for one reporting audience/purpose can be used to satisfy other audiences and purposes.

Please click to access the table and a corresponding press release on the CDSB website.

Click through for direct access to the notes:

Thursday, Feb­ru­ary 19, 2015

• Disclosure initiative.

Friday, Feb­ru­ary 20, 2015

• IFRS implementation issues.

The pre­lim­i­nary and un­of­fi­cial notes taken by De­loitte ob­servers for the entire meeting are also avail­able.