2015

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January 2015 IASB meeting notes — Part 2 (concluded)

27 Jan 2015

The International Accounting Standards Board (IASB) met at its offices in London on 20-22 January 2015, some of it a joint meeting with the FASB. We have posted the remaining Deloitte observer notes from the sessions on the disclosure initiative, IFRS implementation issues, and emission trading schemes.

Click through for direct access to the notes:

Thursday, 22 January 2015

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.
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IPSASB video series on adopting and implementing IPSASs

27 Jan 2015

The International Public Sector Accounting Standards Board (IPSASB) has issued three videos as part of a series examining the challenges and benefits of governments adopting International Public Sector Accounting Standards (IPSASs) and accrual accounting.

In the video interviews, which are between 15 and 25 minutes long, IPSASB members from different nations describe the process and share key details, timelines, and lessons learned in their jurisdictions in connection with the adoption of IPSAS. The first three videos are (all links to IPSASB website):

In addition, the IPSASB has redesigned its Adoption and Implementation website.

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January 2015 IASB meeting notes — Part 1

23 Jan 2015

The International Accounting Standards Board (IASB) met at its offices in London on 20-22 January 2015, some of it a joint meeting with the FASB. We have posted the Deloitte observer notes from the sessions on leases, conceptual framework, IFRS for SMEs, and insurance contracts. Additional notes will be posted in due course.

Click through for direct access to the notes:

Tuesday, 20 January 2015

Wednesday, 21 January 2015

Thursday, 22 January 2015

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

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IPSASB aligns IPSASs with recent IASB pronouncements

23 Jan 2015

The International Public Sector Accounting Standards Board (IPSASB) has finalised 'Improvements to IPSASs 2014'. The changes incorporate relevant amendments made by the International Accounting Standards Board (IASB) in the 2009-2011 and 2010-2012 cycles of annual improvements, and the changes made by 'Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)'.

Improvements to IPSASs 2014 makes amendments made to four International Public Sector Accounting Standards (IPSASs):

  • IPSAS 1 Presentation of Financial Statements - clarification of comparative information requirements;
  • IPSAS 17 Property, Plant and Equipment - classification of servicing equipment, clarification of the revaluation methodology, acceptable methods of depreciating assets;
  • IPSAS 28 Financial Instruments: Presentation - tax effects of distributions to holders of equity instruments; and
  • IPSAS 31 Intangible Assets - clarification of the revaluation methodology, clarification of acceptable methods of amortising assets.

All amendments are effective for annual financial statements covering periods beginning on or after 1 January 1 2015. Please click to access the finalised amendments on the IPSASB website.

Deloitte comment letter on tentative agenda decision on IAS 12 — Deferred tax on associates Image

We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee

20 Jan 2015

We have published our comment letters on IFRS Interpretations Committee agenda decisions on IAS 12, IAS 19, IFRS 10 and IFRS 11, as published in the November 2014 IFRIC Update.

More information about the issues is set out below:

IssueMore information
IAS 12 Income Taxes — Selection of applicable tax rate for measurement of deferred tax relating to investment in associate
IAS 19 Employee Benefits — Should longevity swaps held under a defined benefit plan be measured at fair value as part of plan assets or on another basis as a qualifying insurance policy?
IFRS 10 Consolidated Financial Statements — Control of a structured entity by an operating lessee
IFRS 10 Consolidated Financial Statements — Control of a structured entity by a junior lender
IFRS 11 Joint Arrangements — Application issues

You can access all our comment letters to the IASB, IFRS Foundation, and IFRS Interpretations Committee here.

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Latest IASB ‘Investor Update’ issued

20 Jan 2015

The IASB has issued the fourth edition of its newsletter, "IASB Investor Update," to provide investors with quick access to information on current accounting and financial reporting issues. The newsletter aims to keep investors informed on new and changing guidance.

This issue features:

The IASB Investor Update newsletter is available on the IASB's website.

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IFRS Foundation appoints new Trustee

20 Jan 2015

The IFRS Foundation has announced the appointment of Kurt Schacht as Trustee of the IFRS Foundation. The appointment will begin with immediate effect and will expire on 31 December 2017.

Mr Schacht is Managing Director of the CFA Institute, leading its advocacy and regulatory affairs activities across Asia, Europe and the Americas. He currently serves as Chairman of the US Securities and Exchange Commission's Investor Advisory Committee and is on the advisory board of the Millstein Center for Global Markets at Columbia Law School.

For more information, see the press release on the IASB's website.
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Agenda for the January 2015 IFRS Interpretations Committee meeting

20 Jan 2015

The IFRS Interpretations Committee will meet at the IASB's offices in London on 27 January 2015. The agenda for the meeting is now available.

The Committee will:

  • continue discussion of issues arising on IAS 12, IAS 16, IAS 39, IAS 21, and IAS 32;
  • consider finalising tentative agenda decisions on IAS 28, IFRIC 21, IAS 39, IFRS 13, and IFRS 12;
  • consider new issues on IAS 40 and IAS 24.

The full agenda for the meeting can be found here. We will update this page for any changes to the agenda, and our Deloitte observer notes from the meeting as they become available.

Deloitte comment letter on IASB ED/2014/4 'Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value' Image

We comment on the proposed amendments for measuring quoted investments in subsidiaries, joint ventures and associates at fair value

16 Jan 2015

We have published our comment letter on the International Accounting Standards Board's (IASB) Exposure Draft ED/2014/4 'Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value'.

The IASB's proposed amendments would confirm that the unit of account for investments in subsidiaries, joint ventures and associates is the investment as a whole, but that the fair value measurement of quoted investments in subsidiaries, joint ventures and associates should be the product of the quoted price multiplied by the quantity of financial instruments held, without adjustments. The IASB also proposed to align the fair value measurement of a quoted CGU to the fair value measurement of a quoted investment. Lastly, the proposed amendments also included an addition to the Illustrative Examples for IFRS 13 to illustrate the application of paragraph 48 of that standard to a net risk exposure of Level 1 financial assets and financial liabilities.

We disagree with the departure from the principle that fair value measurement should be consistent with the unit of account of the asset or liability to be measured.

Click for the full comment letter.

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European Union Image

US and EU remain committed to convergence, stress the importance of consistent application

16 Jan 2015

Participants in the U.S. - EU Financial Markets Regulatory Dialogue (FMRD) met on 12 January 2015 to exchange information on regulatory developments as part of their ongoing dialogue and discuss their strong cooperation and shared interests in continuing to implement and enforce robust standards, including those on the G-20 financial regulatory agenda.

Participants discussed recent developments regarding the use of IFRS and US GAAP and "reiterated their commitment to convergence on high quality accounting standards and committed to continue their efforts regarding consistency in the application of accounting standards in practice".

The FRMD has been the forum for discussion of EU and US regulators since 2002. It brings together representatives of the European Commission (DG MARKT), the European Supervisory Authorities (ESAs - European Banking Authority, European Insurance and Occupational Pensions Authority, European Securities and Markets Authority) and the U.S. Treasury and independent regulatory agencies, including the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation, and Securities and Exchange Commission (SEC).

Please click to access the full joint statement on the EC website. The next meeting of the FMRD will take place in Brussels, Belgium in July 2015.

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