The proposed redrafting aims to assist the ongoing worldwide development of continuing professional development systems and compliance mechanisms.

Comments on the exposure draft are requested by 8 March 2011. Click for IAESB press release (link to IFAC website).

The panel also addressed related issues such as how the new board would work with the Financial Accounting Standards Board (FASB) throughout the standard-setting process, what would be the new board's mission and structure, and how it would be potentially funded. The panel also began preparation of a draft report containing its recommendations, and is expected to issue the report to the FAF Board of Trustees in early 2011 and then to the public.

Click for press release (link to FAF website).

Until now, Peruvian companies (public and non-public) issue financial statements under Peru Generally Accepted Accounting Principles (PEGAAP) which is IFRS based after endorsement by the Consejo Normativo de Contabilidad (CNC). The last endorsement of IFRS by CNC was on August 23, 2010 which is effective since January 1, 2011. Therefore non-public companies will continue to issue financial statements under PEGAAP, while public companies will apply IFRS 1 and issue financial statements under full IFRS as issued by IASB.

CONASEV has indicated that public companies should prepare the first financial statements under IFRS by December 31, 2011; investment funds, and others should prepare the first financial statements under IFRS by December 31, 2012. Early application of IFRS is optional and should be communicated to CONASEV. The adoption of IFRS should be definitive and unreserved. Interim financial statements will be presented under IFRS for the year 2012 (if early adoption was elected, 2011).

CONASEV's resolution is a significant step towards transparency and high quality financial information in the Peruvian stock market.

Click for resolution Nº 102-2010-EF/94.01.1 (PDF 195k, in Spanish)

"First, the coalition of nations supporting IFRS could break apart. Rather than two sets of accounting standards, IFRS and U.S. GAAP, we could go back to pre-2000 fragmentation. Many national accounting systems would exist. The cost, in terms of lack of transparency and comparability, higher accounting expenses, etc., would be extremely large.

The second basic scenario is even worse from a U.S. perspective. The coalition in support of IFRS could hold and the U.S. would become isolated. The U.S. would no longer play the large and constructive role it now plays in IFRS development and oversight. I believe that without active U.S. participation the overall quality of the international accounting standards would deteriorate. Remember, there is less concern about transparency and investor protection in some other parts of the world."

Click for keynote speech excerpt (link to IASB website).

• Hong Kong Financial Reporting Standards – Illustrative Annual Financial Statements 2010 (PDF 3,624k)
• Heads Up newsletter Sharing Views on the Revenue Project (PDF 126k)
• Heads Up newsletter FASB Proposes to Delay Effective Date of Disclosures About TDRs by Creditors (PDF 89k)
• December 2010 edition of EITF Snapshot (PDF 88k)
• November 2010 edition of Accounting Roundup (PDF 390k)
• December 2010 edition of Australia Accounting Alert

• 10 December 2010 – Paul Pacter: Capital providers need good small business reporting, too

All Investor Perspectives are archived on the IASB's website.

The IFRS for SMEs, the first set of international accounting requirements developed specifically for small and medium-sized entities, has been adopted in three countries in Central and South America.

	Chile. The Chilean Government has agreed to require the IFRS for SMEs for all entities that are not publicly accountable starting in 2013. Formal announcement of the details will be published shortly. Click here to visit our Chile country page.
	Guatemala. The Guatemalan Institute of Public Accountants and Auditors has approved the adoption of the IFRS for SMEs for fiscal years beginning on or after of 1 January 2011. Click here to visit our Guatemala country page.
	Venezuela. The Federation of Certified Public Accountants of Venezuela has approved the adoption of the IFRS for SMEs for fiscal years beginning on or after of 1 January 2011. Early adoption is permitted from 2010. Large unlisted companies that, since 2008, have been required to use full IFRSs may switch to the IFRS for SMEs or keep their financial statements under full IFRSs. Click here to visit our Venezuela country page.

The proposals in the ED would result in a consistent approach to lease accounting for both lessees and lessors – a 'right-of-use' approach.