The FAF review staff will study significant accounting standards to assess whether the intended financial reporting objectives underlying those standards are being met. The review staff will report to the Trustees and FAF president. The review staff will test the initial review process by selecting one standard. The test is expected to be completed by midyear 2011. Click for FAF press release (link to FAF website).

According to the Due Process Handbook the IASB's post-implementation review process is currently as follows:

After an IFRS is issued, IASB members and staff hold regular meetings with interested parties, including other standard-setting bodies, to help understand unanticipated issues related to the practical implementation and potential impact of its provisions. The IFRS Foundation also fosters educational activities to ensure consistency in the application of IFRSs. After a suitable time (usually two years), the IASB may consider initiating studies in the light of:

• its review of the IFRS's application,
• changes in the financial reporting environment and regulatory requirements, and
• comments by the IFRS Advisory Council, the IFRS Interpretations Committee, standard-setters and constituents about the quality of the IFRS.

Those studies may result in items being added to the IASB's agenda. Click for an overview of the IASB's standard setting process (link to IASB website).

Ken Wild was a partner at Deloitte for 26 years until his retirement in 2010, for much of that time he led the UK firm's technical department and, more recently, the Global IFRS Leadership Team. Mr Wild was also a member of the ASB from 1994 to 2003 and IFRIC from 2003 to 2009. He also helped maintain IAS Plus and has written numerous articles and books on accounting. He is currently a Fellow, Judge Business School, Cambridge University, where he lectures on financial reporting in the School's masters' programmes.

• Heads Up — Volumen 17 — No. 27 — Agosto 2010 — FASB dibuja una ruta para los arrendamientos operacionales. ASU propuesto renueva la contabilidad de los arrendamientos. (PDF 434k)
• IFRS in Focus — Noviembre 2010 — IASB emite solicitud de puntos de vista buscando input sobre la transición y las fechas efectivas para ciertos proyectos de IASB (PDF 41k)
• El centro de excelencia IFRS - Un entorno compartido para la presentación de reportes IFRS puede ayudar a orientar la estandarización de la información financiera y los ahorros, también (PDF 429k)

The Japan Center of Excellence IFRS web pages are Here (in Japanese).

The topics discussed were as follows (click through for Deloitte observer notes on each topic):

• Post-employment benefits (IASB only)
  • Presentation
  • Disclosure
  • Classification
• Technical plan
  • Financial instruments
  • Discontinued operations
  • Conceptual Framework
• Asset and liability offsetting
  • Primary model — unconditional right and intention to offset
  • Simultaneous settlement of financial asset and liability
  • Unconditional right to offset
  • Comparison of financial statements prepared under IFRS and US GAAP
• Financial Instruments - Impairment
  • Education session
• Revenue Recognition
  • Update on outreach and comment letters
• Other Comprehensive Income
  • Major issues from respondents

The Board also discussed the conceptual framework (reporting entity phase). We will post notes from this additional topic on Friday 19 November.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

• The XBRL Advisory Council provides strategic advice to the Trustees and the Foundation's XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRSs).
• The XBRL Quality Review Team helps to assure the quality of XBRL taxonomy by reviewing taxonomies developed by the IFRS Foundation.

• Liabilities: IFRS to replace IAS 37
  • Recognition criteria - threshold for 'liability exists' criterion
  • Recognition - guidance for 'liability exists' criterion
  • Recognition - removal of 'probable outflows' criterion
  • Next Steps
• IFRS 1 - Removal of fixed dates
  • Comment letter analysis and effective date
• IFRS Interpretations Committee update
  • IFRS 2 Share-based Payment — Vesting and non-vesting conditions
  • IAS 32 Financial Instruments: Presentation — Put options written over non-controlling interests
• Financial Instruments - Hedge Accounting
  • Macro hedge accounting

The Board also discussed post-employment benefits. Notes from this additional topic will be posted on Thursday 18 November.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

The Economic Policy Report discusses various corporate governance matters, including the international harmonisation of accounting standards. In this regard, whilst acknowledging the benefits of IFRS, the report consider the possibility of maintaining 'diversity' in accounting standards, or permitting choice. This stance is quite different to the direction of the G20, which more strongly favours convergence of accounting standards (see our earlier story).

An extract from the report follows:

Click for APEC press release (link to the APEC website).