• The new effectiveness testing requirements
• A new way to account for financial options used for hedging
• Hedge accounting for risk components of non-financial items

This webinar is free of charge, however registration is required.

These model financial statements for the year ended 31 December 2010 illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs. They also illustrate the impact of the application of a number of new and revised Standards and Interpretations, including IFRS 9 Financial Instruments (as issued in November 2009 and revised in October 2010).

A PDF version of these model financial statements will be available soon and posted with our various IFRS model financial statements and related checklists, including translations, which are available Here

Click for Deloitte's IFRS Illustrative Financial Statements for 2010 with early adoption of IFRS 9 (ZIP of a Microsoft Word file 461k).

• Income Taxes
  • Scope of exception
  • Effective date

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the meeting. The next meeting (IASB/FASB joint) will be a special meeting on Financial Instruments: Impairment scheduled for 8 December 2010.

• Changes to the financial reporting framework in Singapore (PDF 1,376k)
• The top 10 issues mining companies will face in the coming year (PDF 3,834k)
• IFRS Project Insights – Income Taxes (PDF 51k)

The SFRS for Small Entities is based on the IFRS for SMEs. The main differences are the references to Singapore Financial Reporting Standards (SFRS) instead of IFRS, as well as the description of the scope and applicability of the SFRS for Small Entities. The ASC has stated in its accompanying 'Statement on Applicability' that these changes do not constitute a deviation from the IFRS for SMEs.

An entity is eligible to the apply the SFRS for Small Entities if it is not publicly accountable, publishes general purpose financial statements for external users, and meets the definition of a 'small entity' (for each of the previous two consecutive financial reporting periods, with amended application to newly incorporated entities). An entity qualifies as a small entity if it meets at least two of the three following criteria:

• total annual revenue of not more than S$10 million
• total gross assets of not more than S$10 million
• total number of employees of not more than 50.

The standard applies (as an option) as an alternative framework to the Singapore Financial Reporting Standard (SFRS) for the preparation and presentation of general purpose financial statements of entities for financial reporting periods beginning on or after 1 January 2011. Click for ASC press release (link to ASC website).