The International Public Sector Accounting Standards Board (IPSASB) has completed its improvements project for 2010 with the release of Improvements to IPSASs – 2010.

The 2010 improvements amend existing International Public Sector Accounting Standards (IPSASs). The amendments consist of two parts:

• Part 1 - amendments that are drawn from the IASB document, Improvements to IFRSs issued in April 2009
• Part 2 - amendments that relate to inconsistent references to standards, terminology and structure resulting from IPSASB's general review of existing IPSASs.

The amendments generally apply to periods beginning on or after 1 January 2012 and may be early adopted. Click for IFAC press release (link to IFAC website).

• Financial Instruments: Impairment

• Scope — short-term trade receivables
• Scope — individual financial instruments
• Allocation of expected losses
• Good book/bad book consideration

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the meeting. The next IASB meeting will be a special meeting on Income Taxes scheduled for 3 December 2010.

The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have published an updated Progress report on their convergence efforts.

The report provides an update on progress under the Memorandum of Understanding between the IASB and FASB on the convergence of IFRSs and US generally accepted accounting principles (US GAAP) and confirms many of the decisions made at recent meetings of the boards.

The report confirms a target completion date of June 2011 or earlier for the following priority projects:

• joint projects on financial instruments, revenue recognition, leases, the presentation of other comprehensive income, and fair value measurement
• IASB projects on consolidation and insurance contracts.

In order to meet the June 2011 deadline, consideration of a number of other projects has been deferred until after June 2011, or timetables extended. This includes four joint projects, the investment company aspects of the consolidation project, and a number of independent projects of both boards.

The IASB has updated its Work Plan to reflect the above changes and provide more detail of the expected timing of pronouncements. A summary of the expected timing under the revised work plan is provided below (all pronouncements are finalised standards, unless otherwise noted):

Click for:

• 'Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards' (link to IASB website)
• Updated IASB work plan (link to IASB website)
• Our IASB agenda page, updated for the above changes.

Click for:

• L'IASB publie des ajouts à l'IFRS 9 concernant la comptabilisation des passifs financiers (PDF 70k)
• English editions of IFRS in Focus.

We support the efforts to enhance the process for making improvements to IFRSs, including amendments to IFRSs to clarify guidance and wording or to correct unintended consequences, conflicts or oversights. We think that the criteria proposed in the Consultation Document are appropriate when identifying discrete issues in IFRSs that need to be resolved. However, we recommend that the remit of the IFRS Interpretations Committee be broadened so it can prepare draft amendments to IFRSs (including Implementation Guidance) to help ensure that urgent or emerging accounting issues are identified and addressed in a timely and efficient manner. Click to Download our Comment Letter (PDF 57k). All of our past comment letters are here.

We do not support the finalisation of this draft Interpretation. Much of the current apparent diversity in practice tends to be due to the underlying physical differences in mines and we are not convinced that the current practice produces results that are sufficiently inappropriate to warrant the publication of a final interpretation. We are also concerned about the Committee attempting to address specific issues on extractive activities on a piecemeal basis rather than through the IASB project. Click to Download our Comment Letter (PDF 90k). All of our past comment letters are here.

• Lease accounting: IASB's Exposure Draft may significantly change the financial reporting of leases
• IFRS 1 review prior to transition to IFRSs
• An update on Canadian and international standard setting activities

• Armenian and Simplified Chinese translations of the IFRS for SMEs. The translations can be accessed via the IASB's IFRS for SMEs webpage. You will need to be a registered user to access the translation. Registration is free of charge.
• Japanese translation of the Request for Views on Effective Dates and Transition Methods that was published in English by the IASB in October 2010. The Request for Views in English, French and Japanese can be accessed here.
• Japanese translation of the Staff Draft of Exposure Draft IFRS X: Financial Statement Presentation that was published in English by the IASB on 1 July 2010. The Staff Draft can be accessed via the IASB's Staff Draft webpage.
• Japanese translation of A Briefing for Chief Executives, Audit Committees & Boards of Directors 2010 that was published in English by the IASB in August 2010. Available for free for eIFRS subscribers, available to purchase from the IASB's web shop.
• Spanish translations of DisclosuresTransfers of Financial Assets (Amendments to IFRS 7) and the Conceptual Framework for Financial Reporting 2010, on the IASB's New and revised standards webpage (eIFRS subscribers only).